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 eToro vs IG Group.
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. IG Group is a better option with a 4.5 star rating over eToro's 3.5 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. eToro alongside IG Group are regulated in a major hub. IG Group is a publicly traded company, while eToro is not. As far as how many currency pairs are available for trading, here's the answer. eToro trails IG Group by 44 total currency pairs (for example, EUR/USD), with IG Group offering 91 and eToro offering 47.
Next, let's look at the tools and features fx traders desire. With trading platforms, forex traders are all familiar with MetaTrader. IG Group has Meta Trader, eToro 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. IG Group offers its clients access to 17 charting tools while eToro has 14 charting tools, a difference of 3. eToro offers its clients access to 67 different indicators (for example, volume) while IG Group has 22 available indicators, a difference of 45.
Overall, IG Group boasts 4.5 stars versus eToro's 4 stars. And, when it comes to individual category awards, IG Group was rated Best in Class - Platforms & Tools, Best in Class - Research and Best in Class - Mobile Trading in 2018, while eToro was rated none of these.