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How to buy an ETF from IBKR Mobile

Baptiste Wicht | Updated: |

(Disclosure: Some of the links below may be affiliate links)

Interactive Brokers is my favorite broker. It is the best broker available for Swiss investors. They have low fees and offer a wide range of investment instruments.

However, Interactive Brokers can be confusing when you are starting. Indeed, it has four different user interfaces. In this article, I help you buy and sell shares from the IBKR Mobile Interface. You can do almost everything on your phone.

Trading with Interactive Brokers

Interactive Brokers has two simple interfaces to trade: Account Management and IBKR Mobile, their mobile application. I have already covered how to buy an ETF from Account Management. Now, I want to cover the mobile app. I know many people like to trade from their phones more than from their computers.

We will see how we can buy an ETF from the IBKR Mobile application. We will see how to deposit funds, how to convert currencies, and finally, how to buy an ETF or any other share, for that matter. I chose the VT ETF since it is a large part of my portfolio. But these steps are the same for any ETF.

IBKR Mobile

The best broker
Interactive Brokers
5.0
No custody fees

The broker you need to buy stocks and ETFs reliably and at extremely affordable prices. Trade U.S. stocks for as little as 0.5 USD!

Pros:
  • Extremely affordable
  • Wide range of investing instruments
Invest your money Read My Review

You can do a lot of things from the IBKR Mobile application:

  • Visualize your portfolio
  • Track your performance
  • Buy and sell shares with the most common order types
  • Get news about the market
  • Easily convert currencies

These features are the main ones. But there are tons of other features on the mobile application.

There are only a few missing features that you cannot do easily from the mobile application:

  1. Request a withdrawal
  2. Easily deposit funds
  3. Generate reports

For these features, you will need to use Account Management. You can announce the deposit of funds from the mobile application. However, this starts a browser inside the application with the Account Management interface inside. This is not well done, so I do not use it.

Access the application

First of all, you will need to have an Interactive Brokers account before using IBKR Mobile. If you do not have one already, create an Interactive Brokers account in a few simple steps.

If you have not done so, you must install the application on your phone. You can find it for Apple and Android devices. Just go to your favorite app store and search for IBKR Mobile. Make sure it comes from Interactive Brokers.

Then start the application. You will have to enter your username and password. And then, you will have to enter your second-factor authentication passcode.

IBKR Mobile Login
IBKR Mobile Login
IBKR Mobile Second Factor Login
IBKR Mobile Second Factor Login

Deposit Money into your account

If you do not have money available in your account, the first thing you will have to do is to transfer some cash to your account. If you already have cash, you can directly go to the next section.

As I said before, it is possible to transfer cash directly from the IBKR mobile application. But it is not as convenient as Account Management. If you have a computer available, I would advise you to do your money transfers from there.

To transfer money to your account from IBKR Mobile:

  1. Open the Left Menu
  2. Click on “Account Management”
  3. Click on “Fund Transfers”
  4. Select the Deposit Method you want to use
  5. Enter the amount you want to transfer
  6. Click on Continue
  7. Order the transfer from your current bank

All the information for the bank transfer is provided on the interface when selecting the deposit method and entering the amount. Be careful to use the correct information. If Interactive Brokers cannot identify a transfer from you, it will return the money to your bank account directly.

If you have not yet created a Deposit Method, you can also create one from here:

  1. Open the Left Menu
  2. Click on “Account Management”
  3. Click on “Fund Transfers”
  4. Choose the currency
  5. Click on “How To Wire Funds”
  6. Fill all the fields
  7. Enter the amount you want to transfer
  8. Click on Continue
  9. Initiate the transfer from your current bank

Next time, you will not have to enter your bank information.

Deposit funds from IBKR Mobile
Deposit funds from IBKR Mobile
Declare a new deposit method from IBKR Mobile
Declare a new deposit method from IBKR Mobile

Now, you have to wait for the transfer to come from your bank to Interactive Brokers. If you transfer CHF, you just need to use the CHF IBAN! Otherwise, you will have to pay fees for the transfer.

The money may take a few days to reach IB. But generally, it is quite fast. I usually get the money on the next working day after I transfer it.

Convert currency from IBKR Mobile

Now, if you plan to buy an ETF in a currency you do not have, you will have to convert the currency first. For instance, if you want to buy the VT ETF in USD and only have CHF, you must buy some USD with your CHF.

From the IBKR Mobile application, there are two ways to convert currencies:

  1. Use the integrated feature “Convert Currency”. This feature is relatively new. It is straightforward, but you have less control.
  2. Use the trading system to buy as a share. You have more control, but it takes some time to get used to it.

We will see how to do it both ways.

1. Convert currency the easy way

In IBKR Mobile, there is an integrated feature to easily convert money. You can find the Convert Currency option in the left menu.

To convert currency with this feature is simple:

  1. Open the Convert Currency feature
  2. Choose the base currency (CHF in my example)
  3. Choose the target currency (USD in my example)
  4. Enter the amount you want to convert
  5. Just slide to initiate the conversion.
  6. It be will be executed as soon as possible.

Your order will be made on the best exchange possible, depending on the amount you convert. And you will do the exchange at the market price.

I like this way of converting currency. It is more intuitive. The only limitation is that you cannot choose another stock market order type, such as a Limit order, for instance. If you want more control, you can use the second technique.

Left Menu on IBKR Mobile
Left Menu on IBKR Mobile
A Buy Order for Currency on IBKR Mobile
A Buy Order for Currency on IBKR Mobile

2. Convert currency the trading way

The second technique is the same one we can use for trading any share on the stock market. This way is the same one we used on the account management interface.

Converting currency with this feature is also straightforward:

  1. Open the search
  2. Search for the currency pair you need (USD.CHF in our case)
  3. Choose the Forex option for the currency pair
  4. Click Buy on the below part of the screen
  5. Choose the amount of currency you want to buy (this is the target currency)
  6. Choose the market order you want. You should use either Limit or Market here.
  7. Choose the order duration. Day duration should always be fine for Forex conversion.
  8. Once you are ready, slide to submit the buy order
  9. IB will execute the order as soon as possible

You may receive a warning if you convert less than 25’000 USD. You can safely ignore this warning! This warning simply tells that it will not use IDEALPRO but another foreign exchange routing system.

Once IB has executed the order, you can buy an ETF with this money. Usually, this is almost instant unless you convert an enormous amount of money.

Search for USD.CHF on IBKR Mobile
Search for USD.CHF on IBKR Mobile
USD.CHF Forex on IBKR Mobile
USD.CHF Forex on IBKR Mobile
A Buy Order for Currency on IBKR Mobile
A Buy Order for Currency on IBKR Mobile

Buy an ETF from IBKR Mobile

Now that you have money in the correct currency, you can finally buy your ETF. Buying an ETF is extremely similar to the second option for buying currency.

Buying an ETF on IBKR Mobile is simple:

  1. Open the search
  2. Search for the ETF you want (VT in our example)
  3. Choose Stock for the ETF
  4. Click Buy on the below part of the screen
  5. Choose the number of shares you want to buy
  6. Choose the market order type you want to use. If you do not know what to use, you can use Limit order. If the ETF is very popular, you can use a Market order without too much surprise.
  7. Choose the duration of the order.
  8. Once you are ready, slide to submit the buy order
  9. IB will execute the order as soon as possible

Depending on the order you choose and the duration you choose, it may take a while for the order to be fulfilled.

I always use a Limit and a duration of a day. I do not want to do some market timing. Indeed, I just want to buy it at the current price. Not using a market order is to avoid surprises if the spread is too large.

You may also see a warning when you execute this order. If you do not have real-time prices for the ETF you plan to buy, you will see a notice from IB. This warning just means that the prices you see are delayed by 15 minutes. If you use a Limit Order, you can safely ignore this warning.

Search for VT on IBKR Mobile
Search for VT on IBKR Mobile
The VT ETF Stock on IBKR Mobile
The VT ETF Stock on IBKR Mobile
A buy order for the VT ETF on IBKR Mobile
A buy order for the VT ETF on IBKR Mobile

Conclusion

The best broker
Interactive Brokers
5.0
No custody fees

The broker you need to buy stocks and ETFs reliably and at extremely affordable prices. Trade U.S. stocks for as little as 0.5 USD!

Pros:
  • Extremely affordable
  • Wide range of investing instruments
Invest your money Read My Review

Now, you know everything there is to know about trading from IBKR Mobile. As you can see, you can do pretty much everything from this simple interface. With the Account Management interface, these are the two best interfaces of Interactive Brokers.

If you follow all these steps, you will have transferred money into your account, converted some money into another currency, and finally bought shares of your favorite ETF.

For almost everything, this interface is convenient. I just wish IB had added a better way of transferring money from the mobile application. But this is something I only do once a month. So I guess it is not that bad.

If you like the mobile application better than the web application, you can use IBKR Mobile to do everything. If you invest only a few times per month and only use a few ETFs in your portfolio, you need nothing else other than this application.

To learn more about Interactive Brokers, you can learn how to use the Account Management interface. If you want to know more, you can also learn about the different user interfaces of IB.

What do you think about IBKR Mobile? Which of the IBKR User Interfaces do you prefer?

Recommended reading

Photo of Baptiste Wicht
Baptiste Wicht started The Poor Swiss in 2017. He realized that he was falling into the trap of lifestyle inflation. He decided to cut his expenses and increase his income. Since 2019, he has been saving more than 50% of his income every year. He made it a goal to reach Financial Independence and help Swiss people with their finances.
Discover Swiss Financial Secrets That Maximize Your Money!

Learn easy ways to optimize your finances and save thousands in Switzerland with our exclusive e-book. Learn about the most cost-effective financial services tailored for savvy residents and expats!

Get Your FREE Swiss Money-Saving Guide

8 thoughts on “How to buy an ETF from IBKR Mobile”

  1. Very helpful although I am still mystified by the iPhone app which is the only way I’ve traded so far on IB, buying mostly small amounts (under CHF 2k) of a number of mainly Eastern European stocks I can’t get via my accounts at Hargreaves and Fidelity US. I happen to be Swiss but living in the UK forever so no Swiss financial institution will touch me except PostFinance (I keep a flat in Valais). I work in USD, CHF & GBP but of course have to convert into HUF, NOK, PLN or EUR as the case may be, a bit of a nuisance since I have to allow for commissions etc. My grief is that by comparison with US Fidelity, UK Hargreaves or Interactive Investors you don’t see right away your gain or loss in your home currency. My apps are all in French b/c my iPhone is and perhaps that makes it worse. Also IB won’t let me link my USD bank a/c for ACH transfers as Fidelity does only b/c I’m not a U.S. customer but registered as British. Funnily enough the way for me to get USD to IB is from my fidelity a/c which allows bank transfers. As you noted CHF from PostFinance transfers faultlessly and free when I use IB’s Citibank IBAN.

    1. Hi Jennifer,

      I have never tried the app on iPhone, but it must be similar to Android, no?
      Normally, if you select the base currency as your home currency, you should see loss and gain in your home currency, no? At least for the total portfolio.

  2. Hi! Quick question on currency conversion, I’m not using IB but I would like to know how it works.

    Let’s assume my base currency is CHF, and I have 1k.
    Will I have an IBAN for such account?

    And if I want to convert 100 CHF into EUR, where does it “store” my money? Does it associate them to a EUR based account?

    Bottom line, I would like to be able to transfer back and forth these two currencies.

    Thanks!
    Marco

    1. Hi Marco,

      It’s not a personal IBAN. It’s IB’s IBAN and you use your account number as a reference for the money to be directed to your account.
      The money is “stored” in your account. And they have a EUR IBAN, but again, it’s not a personal IBAN.

      I think it would work. You can send CHF to your account and then send EUR back from your account.
      Keep in mind that currency conversion cost 2 USD. So, it’s really bad for 100 CHF, but really good once the numbers start to increase.

  3. Hello! When I try to buy ETF (for example VTI Arca) – it is written “Contract is not available for trading”. What does it mean. I got all permissions for index options, but still cannot buy.

  4. Great post! I was not aware you can convert currency directly instead of “buying” it from the market!
    Awesome!
    Thanks

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