Our ForexBrokers.com team spent seven months and hundreds of hours assessing 43 different forex broker accounts
for trading FX. In total, over 6,000 data points were collected. For this review, we will compare Alpari vs Interactive Brokers.
To start this comparison, first, we will take a look at the fees charged for trading forex. It's important to note this is no easy task. Not every broker shares their average spreads, spreads can be fixed or variable (floating), execution policies differ, and brokers can act as market makers (dealers) or act as agents for execution. To simplify things, we analyzed everything for you and provide a single star rating for cost. Both Alpari and Interactive Brokers are rated 4.00 stars.
Cost aside, we can now turn our focus to regulation alongside currency availability. For regulation, it's very important to select a broker you can trust with your money. Interactive Brokers is regulated in a major hub, while Alpari is not. Interactive Brokers is a publicly traded company, Alpari isn't. How many currency pairs are available to trade? Interactive Brokers boasts an offering of 85 different currency pairs compared to Alpari's 48 available pairs.
To round out our comparison, let's look at the popular tools and features forex traders prefer. For platforms, some FX traders prefer MetaTrader. Alpari makes Meta Trader available to clients, while Interactive Brokers does not. Within the trading platform, charting should be robust, so we counted the number of drawing tools and total technical indicators made available. Alpari offers its clients access to 31 charting tools while Interactive Brokers has 9 charting tools, a difference of 22. Alpari trails Interactive Brokers by 70 total different indicators (for example, moving averages), with Interactive Brokers offering 121 and Alpari offering 51.
Overall, Interactive Brokers takes the upper hand with 4.50 stars over Alpari's 3.50 stars. And, when it comes to individual category awards, neither Alpari nor Interactive Brokers were rated Best in Class - Platforms & Tools, Best in Class - Research, Best in Class - Customer Service, Best in Class - Active Trading, Best in Class - Mobile Trading and Best in Class - Investor Education.