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 Coinbase 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. Interactive Brokers received a rating of 4.00 stars over Coinbase's 2.50 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, Coinbase isn't. Interactive Brokers is a publicly traded company, Coinbase isn't. As far as how many currency pairs are available for trading, here's the answer. Coinbase trails Interactive Brokers by 85 total currency pairs (for example, EUR/USD), with Interactive Brokers offering 85 and Coinbase offering .
Next, let's look at the tools and features fx traders desire. With trading platforms, forex traders are all familiar with MetaTrader. Coinbase nor Interactive Brokers offers Meta Trader. 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 boasts an offering of 9 charting tools compared to Coinbase's available charting tools. Interactive Brokers offers its clients access to 121 different indicators (for example, volume) while Coinbase has available indicators, a difference of 121.
Overall, Interactive Brokers boasts 4.50 stars versus Coinbase's 3.50 stars. And, when it comes to individual category awards, both Coinbase 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.