You can run TWS directly from your internet browser, or download the application to your desktop and run it from your PC. If you have a broadband connection, we recommend running the browser-based version of TWS, since this requires minimal maintenance and ensures that you are always running the latest release.

If you use a dial-up connection, we suggest downloading the TWS standalone version and running it from your desktop, as this may result in better performance. To download the standalone version, from the Software menu select Trader Workstation. From the Software tab, select your platform from the Standalone Downloads section.

Note that you must have Internet access in order to receive market data and submit orders, regardless of whether you are running TWS from the browser or from your desktop.

Once your account has been approved and funded, you'll be able to successfully log in to the Trader Workstation.

To log in to the browser-based version, in the upper right corner of the IB website use the Login dropdown menu to select TWS. In the Login box, enter your username and password, and click Login.

To log in to the standalone version, double-click the TWS icon on your desktop, enter your username and password, and click Login.

TWS supports direct-access trading for options, futures, forex, stocks, bonds and funds. It's easy to add market data to your trading window.

1. Click in a blank line, enter an underlying symbol and hit Enter.
   
   
2. Choose a product. For assets that require you to define or select an asset class, select the expiration month and year.
   
   
3. In the Contract Selection box, highlight the contract(s) you want to add and click OK.
   Hint: Use the filters in the left pane to limit selections that are shown in the right pane.
   
   
4. Continue to add ticker lines to your trading window. Choose SMART as the routing destination to get best-price execution through IB SmartRouting^SM.

Click in the bid or ask price for a specific contract to instantly create an order directly below the ticker line.

• Click the Ask price of an asset to create a BUY order.
  
  
• Click the Bid price of an asset to create a SELL order.

Use the Order Wizard to help modify order parameters before you transmit, or to help you create an order based on your trading objective. The categories in the left pane (Basic, Size, Price, Timing, Algorithm, Protection, Speed, Routing, Conditional, and Display) control the output selections in the right pane. Any changes you make to the order using the Order Wizard are reflected immediately in the order line. To open the Order Wizard, click the Order Wizard icon in the trading toolbar.

To transmit the order, click the "T" in the Status field. To cancel an order, click the "C" in the Status field.

Click the Account icon on the Trading toolbar to open the Account window. This window shows real-time balances, margin requirements, buying power, P&L, market values, portfolio details and more for your account.

View real-time trade reports listed line by line, and netted by contract.

Click the Trades icon on the Trading toolbar to open the real-time Trades window. This displays daily execution reports, including those completed during after-hours trading. For orders with multiple legs, or orders that execute portions at different prices or on different exchanges, click the "+" sign to the left of the execution to see details. You can elect to have the Trades icon on the toolbar blink to notify you of an execution using the Settings menu.

Use the Feature Selector to define the modules in your environment, and Global Configuration to configure all aspects of your workstation.

Once you're comfortable using TWS, you may want to change some of your configuration settings, add some advanced features, or hide features that you don't use. To configure features, on the Configure menu select Global Configuration. Use the left pane to navigate to different TWS features, use the right pane to configure them.

To display or hide features, on the Configure menu select Feature Selector. Use the Expand key to the left of each category to see individual features. Those that are currently available are checked. To hide a feature, simply uncheck it. You can hide and display features at any time, and do not need to restart TWS.

Options involve risk and are not suitable for all investors. For more information, read the “Characteristics and Risks of Standardized Options” before investing in options. For a copy call 203 618-5800 or click here. There is no guarantee of execution. Orders will be routed to US options exchanges.

Interactive Brokers LLC is a member of NYSE, FINRA, SIPC

The Trader Workstation (TWS) is our full-featured java-based trading and order entry application. The TWS demo mirrors the actual TWS in both form and function except market data is simulated based on the previous week's ticks and orders are not actually executed and cleared. However, TWS functionality will be identical to the actual application.

The IB TWS demo is available from 00:20 - 23:50, seven days a week. If you experience technical difficulties with the demo system please email tac@interactivebrokers.com.

If you are using a dial-up connection to the Internet, we suggest you install TWS directly onto your computer by clicking here. This will allow you to connect to both the demo and production TWS systems more quickly on future visits to the site.

Please choose one of our TWS demos below. Our single users Individual Demo and our Multi-user Advisor Demo (1 master and 2 client accounts) utilize Reg T Margin calculations. Our Portfolio Margin demo utilizes value at risk based margin calculations for US stocks, stock options, index options and single stock futures. Portfolio Margin accounts are available for customers with over USD 100,000 (or USD equivalent) in their account.

Use the online version to take advantage of the index, search and other navigational features. Use the printable PDF version to print multiple topics or the entire guide.

IB offers a Paper Trading Account which allows traders to use the full range of IB trading facilities in a simulated environment using real market conditions. Use this test environment to:

• Learn TWS features such as order types without risk.
  
  
• Learn market dynamics in new exchanges and products.
  
  
• Simulate and test trading strategies.
  
  
• Test Application Program Interface (API) applications.

• You create a Paper Trading Account login from the Account Management menu for your production account. This service is accessed under the menu Trading Access.
  
  
• Accounts are created within 24 hours under normal business circumstances. You will be notified by email when the account is ready for trading.
  
  
• Paper Trading Accounts are only available when the regular trading account has been approved and funded.

• Paper Trading Accounts have a separate password and username. To use the account, log into TWS using the user ID and password for your Paper Trading Account in the same way you would log into your regular account.
  
  
• Please save and protect the PaperTrader user ID and password in the same way you would protect other confidential password information.

• Use TWS with your Paper Trading Account exactly as you would use a regular Trader Workstation (TWS) or Application Program Interface (API). You can use most IB order types, trade all contracts available through the TWS, and experiment with almost every aspect of the TWS platform.
  
  
• Your trading window will clearly indicate that you are working in a simulated account. If you do not see this, you are trading in your production account and will be liable for all trade entered.
  
  
• Trades entered into this Paper Trading Account will not actually execute on any exchange or settle at a clearing house. However, the price of your executions will be determined by real market prices and sizes.
  
  
• Trading permissions, market data subscriptions, base currency, and other account configurations are the same as specified for your regular account.
  
  
• A Paper Trading Account statement will be provided each day and is available under Account Management/Report Management for your Paper Trading Account.
  
  
• All customers will start with USD 1,000,000 of paper trading Equity with Loan Value, and this equity will fluctuate as if the trades had executed in the real market.
  
  
• You may reset your cash equity at any time by accessing Account Management for your Paper Trading Account and selecting Trading Access/Paper Trading Account Reset. Your account will be reset to USD 1,000,000. Please note that reset requests should be entered before 16:00 ET in order to take effect for the next business day.

Although the paper trading account simulates most aspects of a production TWS account, you may encounter some differences due to its construction as a simulator with no execution or clearing abilities. These differences include but are not limited to:

• No support for some order types including: VWAP, Auction, RFQ, and Pegged to Market.
  
  
• Fills are simulated from the top of the book; no deep book access.
  
  
• Limited combo and EFP trading.
  
  
• Interest does not accrue.
  
  
• Stops and other complex order types are always simulated in paper trading; this may result in slightly different behavior from a TWS production account.
  
  
• Penny trading for US Options is not supported. You will be able to submit the order but it will not receive a penny fill.
  
  
• The trade simulator will reject the remainder of any exchange-directed market order that partially executes. This may or may not match behavior of a real-world exchange. Market orders received while there is no quote on the opposite side will be held until the market data arrives (i.e. until the first partial fill).
  

Click on a build number or a topic in the table below to access the associated Release Notes. Notes for the most recent build are listed first.

Build 889 November 11, 2008	Accumulate/Distribute Algo Tool Reuters Fundamentals Adds Charts Ability to Activate Disabled Features from Order Ticket Market Depth Data Aggregated on a Single Window Use Subscription eSignal Market Data Add/remove Trades Summary columns	Build 888 October 8, 2008	Interactive Analytics Model Navigator View "Away" Positions in TWS IndexTrader Tool for Index Baskets Ignore Opening Auction TIF Setting Turn off Auto Save Settings in TWS Search Hidden Liquidity via SmartRouting Real-time Charts Enhancements ScaleTrader Enhancements Column Filter Field in Layout Manager Button Panel on All Trading Pages Current Price Order Management Field
Build 887 August 26, 2008	Enhanced API support for algos and Volatility orders Real time charts now has Commentary notes box New Ticker Row configuration page includes Fixed Income display settings Global Configuration breaks out Display settings Option to rename "Relative" orders to "Pegged-to-Primary"	Build 886 July 21, 2008	Integrated Stock Window workspace CSFB Algos Greek Portfolio Options Algo View Greeks in OptionTrader Advisors - Set Default Allocation Account on a Page Enhanced Portfolio Page Shows More Information New Checkmark Signifies Order Attributes Convert Local Currency Values to Base for Display Sort Pages Tabs Alphabetically Compare Chart to Index
Build 885 June 18, 2008	Group windows to link tickers, orders FX Portfolio Sums FX Trades Activity Style Configuration Page Pegged to Midpoint Order Type Set Pre-Open Order Instructions Trading Class Field for American/European Combos Highlight Price in Charts Enhanced Scale Progress Box Column Layout Window Easier to Use New Report Menu Items in IB Risk NavigatorSM	Build 884 April 24, 2008	Thomson Reuters Worldwide Fundamentals ScaleTrader Auto Restart and Restore Order Size Market Data Graphic Spinners Added
Build 883 March 27, 2008	Trade Mutual Funds, T-Notes and T-Bonds New Look and Feel for TWS View Reuters Fundamentals in TWS New Standard File Format for Basket Orders Feature and Contract Search Functions IB Risk NavigatorSM Aggregates Greeks Across Underlyings	Build 882 January 6, 2008	Interactive Order Wizard Apply market outcome scenarios to all IB Risk Navigator reports Keltner Channel indicator and editing enhancements in charts Option Analytics window adds Greeks for puts Performance Enhancements for API
Build 881 January 2, 2008	Risk Analysis: IB Risk NavigatorSM New Contract Selection Menu Chart Enhancements: Constant Number for Bars; Replace Bar Data

The table below outlines our suggestions for both minimum and recommended system requirements to run the IB TraderWorkstation^SM.

The enhancements and modifications below are in build 891 of TWS. To identify the build number, on the TWS Help menu select About Trader Workstation.

The Rebalance Portfolio window allows both export and import to and from Excel via the .csv file type. Two new commands are available from the File menu and on the Rebalance toolbar. The Export command saves the current portfolio the named .csv file. This file can be opened in Excel or other .csv file editors, modified and saved, and then imported back into the TWS Rebalance tool using the Import command.

The Market Scanners feature, a page-level tool that allows you to define parameters and filters and then scans the markets and returns the top contracts that fulfill your criteria, can now scan an instrument across global markets. The first addition to the global scan functionality is Global Futures. In addition, the selection area has been redesigned for easier use and better visibility. Four tables across the top of the page, Instrument, Location, Filter and Parameter replace the drop-down selection fields and allow you to see all available choices as you define the market scan criteria. To define a scan, select the instrument, for example Global Futures. Note that the entries in the Location table change based on the instrument selection. Next, check the market centers to include in the scan, using the scroll bar to see the complete list. Define filter criteria if desired. the choose the scan Parameter and click Query above the Parameters box.

The OEP (Order Entry Panel) in the ISW now displays the algo destinations, including IBALGO, JEFFALGO and CSFBALGO. When you select an algo destination, the associated sub panel, with fields to define the algo parameters, automatically opens. Also, non-valid boxes will not display to keep the interface clean. In addition, two problems were addressed: the first resulted in orders not accurately displaying in the deep book panels, and the second didn't allow the price value to be changed in replace mode.

The Exit configuration page has been renamed Lock and Exit, and includes a group of TWS "Lock" settings that allow you to set an auto lock time for inactivity, or to remove any auto lock setting. On the Display, Ticker Row configuration page, a new Uptick background color picker allows you to define a new color for upticks that will display in all Change and P&L related columns. On the General page, a new Table Editing section includes a checkbox to activate keyboard editing for users who prefer to edit order parameters without having to use the mouse. Select Enable keyboard entry on order lines to make the order fields editable when you tab.

The real-time chart now takes up the whole frame and the horizontal and vertical axes labels now appear in the same color as the chart. In addition, labels on the horizontal axis are no longer rotated but marked based on what text can fit.

Advisor accounts can now display the Position and P&L for different accounts at the same time. To do this, create multiple pages and associate each page with an account from the Page/Settings dialog. The P&L and Position fields on each page will show the information for that account. Detach one or multiple pages and to view all in a single view. In addition, the allocations are now context-sensitive based on contract. For contracts that do not allow allocation via Allocation Groups or Profiles, these selections will not be displayed on the order line in the Allocation drop-down list.

The following items have been fixed or modified in build 891 of TWS:

• Four new event sounds have been added to the Sound Manager: Opening Order Filled; Opening Order Partially Filled; Closing Order Filled and Closing Order Partially Filled.
  
  
• A new "Double Left Click" click event has been added to the list of available Mouse Shortcut hot key click assignments.
  
  
• The BasketTrader "Import" feature has been fixed to allow .csv files that contain the Clearing field to be imported into the BasketTrader.
  
  
• The Close All Positions feature has been modified to act consistently regardless of where it is opened. Currently the displayed dialog box is slightly different when opened from the Account window than it is when opened from the trading window.
  
  
• The Cancel All Orders on Page function did not work as expected when canceling child bracket orders after the parent executed, if the "Don't Show This Message Again" box was simultaneously checked. This has been fixed.
  
  
• The Page menu now includes the Show Buttons Panel command. This allows you to display the Buttons panel on any trading page.
  
  
• Problems that occurred when opening combo charts have been fixed.
  
  
• The drag-and-drop action in the Generic combo box has been fixed to work as expected.
  

© 2001 - 2008 Interactive Brokers LLC. All rights reserved. Sun, Sun Microsystems, the Sun Logo and Java are trademarks or registered trademarks of Sun Microsystems, Inc. in the United States and other countries. Excel is a trademark or registered trademark of Microsoft Corporation in the United States and/or other countries. eSignal is a registered trademark of Interactive Data Corporation.