The EU's 2018 PRIIPs regulation banned US-listed ETFs for European retail investors overnight. Most brokers simply removed access. Interactive Brokers did not. Understanding why starts with understanding how it is structured.
The custody structure that makes the difference
IBKR routes European clients through IBKR Ireland and IBKR Central Europe, both regulated entities. This means access to UCITS-compliant equivalents of US giants — Vanguard FTSE All-World UCITS, iShares Core MSCI World UCITS — without the PRIIPs restriction that blocks US-listed ETFs.
What multi-currency accounts actually mean
Most brokers convert your deposit to their base currency automatically, charging a spread you rarely see quoted. IBKR holds 16 currencies natively. If you earn in GBP, invest in EUR-denominated ETFs, and receive dividends in USD, you can hold each in its native currency and convert only when convenient — which is never when a broker's system forces the timing.
The fee structure, honestly
IBKR Pro charges a minimum of $1.00 per trade or $0.005 per share for European clients. On a €500 ETF trade, that is 0.20% — more than Degiro's flat fee but typically offset by narrower spreads and better execution quality on larger orders. For investors trading above €2,000 per order, IBKR's total cost of ownership is usually lower.