Interactive Brokers launches global stock trading app

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Interactive Brokers (IBKR +1.9%) is launching a mobile trading app that will allow investors to trade stocks around the world, increasing competition with Robinhood Markets (HOOD -0.7%).

Called IBKR GlobalTrader, the application is designed to make it easy for new investors to use and powerful enough for experienced stock traders, the company said. The app lets investors make deposits in up to 23 different currencies.

"The IBKR GlobalAnalyst tool helps both beginners and advanced traders find investment opportunities, and then they can use the simple IBKR GlobalTrader app to trade stocks worldwide," said Steve Sanders, executive vice president of marketing and product development at Interactive Brokers (NASDAQ:IBKR).

The app features zero trading commissions for U.S. residents and commissions starting at US$0.0035 per share for investors outside of the U.S. Commissions on foreign exchange transactions are 3 basis points times the trade value.

The app also allows trading of fractional shares and has a swap feature that lets traders switch positions in the same dollar amount from one security to another. Trading in bitcoin (BTC-USD), Bitcoin cash (BCH-USD), ethereum (ETH-USD), and Litecoin (LTC-USD) is available to clients of IB LLC through Paxos Trust.

In January, U.K.-based banking app Revolut started a commission-free stock trading app, heating up competition with Robinhood and other online brokerages.