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 CMC Markets 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. CMC Markets's score is 5 stars versus Interactive Brokers's 4 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. CMC Markets alongside Interactive Brokers are regulated in a major hub. Both CMC Markets and Interactive Brokers are publicly traded companies. How many currency pairs are available to trade? Interactive Brokers trails CMC Markets by 68 total currency pairs (for example, EUR/USD), with CMC Markets offering 183 and Interactive Brokers offering 115.
To round out our comparison, let's look at the popular tools and features forex traders prefer. For platforms, some FX traders prefer MetaTrader. Neither CMC Markets and Interactive Brokers offer Meta Trader. Within the trading platform, charting should be robust, so we counted the number of drawing tools and total technical indicators made available. CMC Markets offers its clients access to 24 charting tools while Interactive Brokers has 9 charting tools, a difference of 15. Interactive Brokers offers its clients access to 121 different indicators (for example, volume) while CMC Markets has 81 available indicators, a difference of 40.
Overall, CMC Markets comes out on top with 4.5 stars over Interactive Brokers's 4 stars. And, when it comes to individual category awards, both CMC Markets and Interactive Brokers found themselves without awards for 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 in 2018.