Karoll: Bulgarian securities, Karoll Broker and the Interactive Brokers route

Karoll’s Bulgarian brokerage combines domestic exchange access with introduced international accounts and its own CFD services. The Financial Supervision Commission’s January 2026 account of the exchange awards records 64,902 BSE trades in 2025, the highest broker trade count. That measure establishes its local importance; the overall turnover award went to another intermediary.[2]

The current domestic contract requires funds sufficient for the intended trade and costs. The domestic FAQ still quotes an old lev opening threshold; a replacement euro minimum was not established from that page. Confirm the minimum for the chosen domestic onboarding route.[8][4]

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Domestic securities are held under Karoll’s Bulgarian investment-service relationship. International shares and ETFs are held through the introduced IBKR route. MT4 and Karoll Dealing provide contracts for differences: a share, index, commodity or crypto reference in a CFD ticket describes price exposure and does not create ownership of the underlying asset.[3]

IBKR permissions determine access to margin, short sales and more complex products. Karoll publishes a €2,000-equivalent minimum for margin/short selling, with additional collateral requirements. EEA retail investors cannot buy ETFs lacking the required PRIIPs key information document; an existing holding may still be closed.[5]

The domestic schedule took effect on 1 September 2026. Additional assistance costs 0.10%, minimum €5, above the applicable dealing commission.[7]

The spot-currency sheet separately describes a 0.06% adjustment for automatic conversion on accounts opened through IMPACT, with no separate conversion commission. That product-specific statement does not establish automatic conversion pricing for every Karoll-introduced account.[12]

The CFD FAQ says bank deposits and withdrawals are free. Its linked 29 December 2024 OTC tariff still quotes a one-lev outgoing-bank charge and other lev amounts. A reconciled current euro bank-withdrawal charge for these CFD accounts was not established; obtain the payable amount for that route. The September domestic tariff cannot resolve this separate contract’s discrepancy.[16][17]

Domestic electronic access uses a personal certificate and credentials; report certificate loss or compromise promptly. If electronic dealing fails, the securities agreement permits office instructions or the agreed recorded remote route. Confirm the status of an earlier order before placing a replacement; the alternative channel does not guarantee an immediate fill.[8]

Ordinary retail CFD leverage is capped at 1:30 for the qualifying major-currency products; instrument limits can be lower.[16]

The mobile domestic platform supports market, limit and iceberg orders, editing of quantity/price/expiry, ten levels of market depth and account reports. It synchronises the domestic account with desktop and web access; this does not establish that personal display preferences synchronise across devices.[20]

The MT4 contract distinguishes market, limit and stop instructions and permits expiry dates or ongoing validity. A stop becomes a market order and does not guarantee its trigger price. At 100% margin usage new exposure is restricted; retail stop-out begins below 50%, versus 30% for professionals. Retail negative-balance protection applies to the CFD account; professional clients can owe more.[18]

MT4 financing uses the applicable instrument’s 365- or 360-day basis and is applied daily on the next business day. Margin can change with market risk. Withdrawals must leave the collateral needed for open positions, so account equity and freely withdrawable cash can differ.[18]

Karoll Dealing separately allows the client to select the liquidation priority: last-in-first-out, largest margin, largest loss, or the standard method using currently tradable positions. It can close exposure below 50% margin coverage; retail liability is limited to the CFD account. Standard stop orders still become market instructions.[19]

Use the bank details and client reference issued for the selected account. Domestic securities sale proceeds normally become withdrawable after T+2 settlement. Inbound and outbound domestic securities instructions can be submitted at an office or through Karoll Broker’s free-text request module; have the delivering and receiving records matched before transfer.[4]

For the introduced account, fund from an account in the client’s name using IBKR-generated instructions. Karoll recommends IBKR mobile authentication when SMS codes fail. A change of phone or security method should follow the provider’s recovery process; no universal post-recovery cash hold was established for all three service routes.[5]

IBKR’s current Irish fee page grants two free withdrawal requests each calendar month. Subsequent EUR withdrawals cost €1 by SEPA or €8 by wire; beneficiary/correspondent charges are additional. Its ACATS transfer fee is zero in either direction, while DWAC costs USD 100/settled transfer and DRS has separate deposit/rejection charges. These are method-specific charges, not a promise that every international transfer is free.[24]

Incoming and outgoing IBKR securities transfers start at Client Portal → Transfer & Pay → Transfer Positions. The available route depends on the asset and country; global free-of-payment transfers and US-specific systems have different instructions. Confirm issue eligibility, receiving registration and any charge before sending either side’s instruction.[25]

Both CFD agreements allow two weeks’ written termination notice, starting after execution of the last pre-notice order. Close or arrange disposal of open exposure and settle charges before access ends.[18][19]

The general conditions distinguish dormant fees from termination. A domestic account with no trades or assets for three months can end automatically. Twelve months without trades while assets remain permits closure with one month’s notice; special no-contact cases have additional conditions. CFD accounts can end without notice after 12 trade-free months only when there are no open positions and no cash across the two CFD systems.[9]

On termination, pay outstanding charges and instruct both securities and cash disposal. The general conditions permit separate holding of unclaimed cash and transfer of securities to the personal Central Depository record.[9]

The specific January 2026 securities contract supplies the seven-day transfer-instruction deadline above; its older general conditions use a shorter period.[8]

The FSC register identifies КАРОЛ АД, company number 831445091, as the Bulgarian investment intermediary. Its registered address and Sofia operating office differ; the office is at 1 Zlatovrah Street.[1]

For eligible claims against Karoll, the January 2026 contract states compensation of 90%, capped at €20,000, covering failure to return eligible client property.[8]

The euro introduction law explicitly replaced the former BGN 40,000 ceiling with €20,000 on 1 January 2026. Old lev figures should not be converted mechanically.[22]

IBKR Ireland reconciles and segregates client money and fully paid securities. Its Irish Investor Compensation Scheme covers eligible private clients at 90% of the eligible loss, maximum €20,000; institutional/professional clients are excluded. Certain securities and qualifying margin cash held at IBKR LLC can instead fall within US SIPC protection: USD 500,000, including USD 250,000 cash, with an excess policy up to USD 30m/client including USD 900,000 cash and a USD 150m aggregate limit. Futures and options on futures are excluded. This is custody-specific protection, not another universal Karoll insurance limit.[23]

Domestic trade history is available in the platform; the securities desk can supply detailed reports.[4]

IBKR statements and tax documents belong to the introduced account. Save reports before closure: later access is time-limited. Closure requires settlement of recent deposits, conversion to the base currency and valid withdrawal instructions; small non-base balances below USD 1,000 equivalent may be converted automatically. IBKR retains the account for three months after the closing withdrawal to reconcile later charges and credits.[26]

Complaints are free and may be sent to Compliance at 1 Zlatovrah Street or by email. Karoll registers them by the next business day, investigates within ten business days and normally responds within fourteen business days of receipt. Complex cases receive the reason and a revised timetable within that fourteen-day period. The sectoral financial-instruments conciliation commission at the Bulgarian consumer authority is an escalation route.[21]

CopyTrading connects a real MT4 account to a separate mobile service. The provider can charge a fixed subscription or a performance fee shown in its profile. Copy sizing can follow fixed volume, the provider’s volume or a risk multiplier. Copying authorises future trades under that setting; it is not the same as receiving a research alert.[27]

The app FAQ sets a minimum of 100 account-currency units. To disconnect, open Account → Who am I copying → provider → Edit copy → Stop copying. Its named Soft Stop halts copying but leaves existing positions open; Hard Stop halts copying and closes them. The ordinary Stop copying button’s treatment of already-open positions is not separately stated, so verify and close or manage residual exposure explicitly. An alert-only setting does not stop trading.[28]

Karoll’s published Advance FX terms name a separate agreement with Pelican Exchange Limited; Karoll supplies signals and executes the CFD trades. The stated fee is 25% of new monthly equity profit, including unrealised results, above the previous after-fee high-water mark and adjusted for cash movements. Losses must be recovered before another performance fee arises. Pelican pays 90% of the collected fee to Karoll under their arrangement. The page states no exit fee; withdrawals retain the CFD margin constraint. Review copy sizing after cash movements. Daily/monthly statements are described; model returns do not guarantee future results.[29]

The linked Pelican general terms describe an appointed-representative relationship with London & Eastern LLP. The FCA’s indexed firm record instead identifies the appointed-representative registration as no longer current. The operative contracting entity and permissions for a new copying connection therefore require reconciliation before granting authority.[30][31]

A separate discretionary portfolio page describes risk-profiled mandates and monthly reports, using a tripartite arrangement and referring to Karoll Capital Management as manager. That is distinct from ordinary Karoll execution and Pelican copying. Current mandate minimums, management remuneration and termination notice were not established from the public page; obtain those terms for the actual manager before granting discretion.[32]

The Bulgarian regulator also records Karoll’s 2025 leadership on beam—BGN 10.8m turnover and 7,870 trades—and BSE International—BGN 38.6m and 3,540 trades. These are dated, segment-specific results. They do not establish market leadership for the separate introduced global account or for every type of Bulgarian investment service.[2]

Headquarters

Sofia, Bulgaria

Confirm the receiving entity, account currency and product permissions first. For a CFD withdrawal, resolve the current bank charge; for a domestic transfer, obtain both custody instructions; for a managed or copied portfolio, establish exactly when new trading stops and who retains responsibility for existing positions. The applicable contract, rather than shared Karoll branding, determines each outcome.[3][9][28]