Interactive Brokers, the $27 billion broker, saw a 33% jump in client accounts in August even as the Daily Average Revenue Trades (DARTs) dropped. Its ending client equity also dropped in August as market volatility continued.
Interactive Brokers is a leading stocks, equity options, futures, and forex broker that provides its solutions around the world. In its monthly disclosures, the company said that its DARTs stopped by 9% from the same month in August. This is understandable considering that 2021 was one of the most volatile years in recent years.
Interactive Brokers also said that the number of its client accounts jumped to 1.99 million, which was 2% higher than in July and 33% from August 2021. At the same time, the ending client equity crashed by 15% in August to $310.1 billion.
The company published its quarterly results a few weeks ago. They showed that its net revenue dropped from $717 million to $656 million. This performance is mostly because the financial market has been sluggish this year. Its income before raxes dropped from $453 million in Q2 2021 to over $393 million in 2022.
Interactive Brokers is working to improve its business. In August, the company announced that it was expanding its cryptocurrency trading, meaning that clients can trade coins like BTC, ETH, and BCH. In May, the firm introduced fractional shares trading for European stocks and ETFs.
In March, Interactive Brokers introduced IBKR GlobalTrader that makes it possible for people to trade global assets around the world.