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 Dukascopy 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. Dukascopy is a better option with a 4.50 star rating over Interactive Brokers's 4.00 star rating.
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. Dukascopy and Interactive Brokers both are regulated in a major hub. Interactive Brokers is a publicly traded company while Dukascopy is not. How many currency pairs are available to trade? Interactive Brokers offers its clients access to 85 different currency pairs while Dukascopy has 64 available pairs, a difference of 21.
To round out our comparison, let's look at the popular tools and features forex traders prefer. For platforms, some FX traders prefer MetaTrader. Dukascopy has Meta Trader, Interactive Brokers doesn't. Within the trading platform, charting should be robust, so we counted the number of drawing tools and total technical indicators made available. Interactive Brokers trails Dukascopy by 22 total charting tools, with Dukascopy offering 31 and Interactive Brokers offering 9. Dukascopy trails Interactive Brokers by 70 total different indicators (for example, moving averages), with Interactive Brokers offering 121 and Dukascopy offering 51.
Overall, both Dukascopy and Interactive Brokers are rated 4.50 stars. And, when it comes to individual category awards, Dukascopy finished with awards Best in Class - Platforms & Tools, Best in Class - Research and Best in Class - Active Trading in 2018, while Interactive Brokers came up with none of these.