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 Dukascopy 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. Dukascopy is a better option with a 4.50 star rating over Interactive Brokers's 4.00 star rating.
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. Both Dukascopy and Interactive Brokers are regulated in a major hub. Interactive Brokers is a publicly traded company while Dukascopy is not. As far as how many currency pairs are available for trading, here's the answer. Dukascopy trails Interactive Brokers by 51 total currency pairs (for example, EUR/USD), with Interactive Brokers offering 115 and Dukascopy offering 64.
Next, let's look at the tools and features fx traders desire. With trading platforms, forex traders are all familiar with MetaTrader. Dukascopy makes Meta Trader available to clients, while Interactive Brokers does not. 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. Dukascopy boasts an offering of 31 charting tools compared to Interactive Brokers's 9 available charting tools. Interactive Brokers offers its clients access to 121 different indicators (for example, volume) while Dukascopy has 51 available indicators, a difference of 70.
Overall, both Dukascopy and Interactive Brokers are rated 4.50 stars. And, when it comes to individual category awards, Dukascopy was rated Best in Class - Platforms & Tools, Best in Class - Research, Best in Class - Active Trading and Best in Class - Mobile Trading in 2018, while Interactive Brokers was rated none of these.