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 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 eToro's 3.50 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. Both eToro and Interactive Brokers are regulated in a major hub. Interactive Brokers is a publicly traded company, eToro isn't. As far as how many currency pairs are available for trading, here's the answer. Interactive Brokers offers its clients access to 85 different currency pairs while eToro has 47 available pairs, a difference of 38.
Next, let's look at the tools and features fx traders desire. With trading platforms, forex traders are all familiar with MetaTrader. eToro 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 trails eToro by 5 total charting tools, with eToro offering 14 and Interactive Brokers offering 9. eToro trails Interactive Brokers by 55 total different indicators (for example, moving averages), with Interactive Brokers offering 121 and eToro offering 66.
Overall, Interactive Brokers boasts 4.50 stars versus eToro's 4.00 stars. And, when it comes to individual category awards, eToro posted awards Best in Class - Customer Service in 2018, while Interactive Brokers found itself with none of these.