After spending seven months and hundreds of hours researching 43 different forex brokers
for trading FX, our team at ForexBrokers.com team collected over 6,000 data points. For this review, we will compare Alpari vs Interactive Brokers.
To compare these two FX brokers, we will first take a look at the fees charged for trading (no easy task). Not every forex broker publicizes their average spreads, spreads data can vary, as can execution policies and how commissions are charged. Specifically, is the broker a dealing desk (market maker), no dealing desk (agency broker) or are both execution methods offered (dealing desk + STP/ECN)? To simplify this research, we assessed everything for you and provide a single star rating for cost. Both Alpari and Interactive Brokers are rated 4.00 stars.
Commissions and fees aside, let's take a look at regulation and currency availability. Trust is critical, and you should highly consider choosing a broker that regulated in a major hub. Interactive Brokers is regulated in a major hub, while Alpari is not. Interactive Brokers is a publicly traded company while Alpari is not. As far as how many currency pairs are available for trading, here's the answer. Alpari trails Interactive Brokers by 67 total currency pairs (for example, EUR/USD), with Interactive Brokers offering 115 and Alpari offering 48.
Next, let's look at the tools and features fx traders desire. With trading platforms, forex traders are all familiar with MetaTrader. Alpari has Meta Trader, Interactive Brokers doesn't. Regardless of the trading platform you use, charting should be feature rich. To help compare these two brokers, we counted the number of drawing tools and total technical indicators made available. Interactive Brokers trails Alpari by 22 total charting tools, with Alpari offering 31 and Interactive Brokers offering 9. Interactive Brokers offers its clients access to 121 different indicators (for example, volume) while Alpari has 51 available indicators, a difference of 70.
Overall, Interactive Brokers takes the upper hand with 4.00 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.