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's score is 4.00 stars versus 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 boasts an offering of 115 different currency pairs compared to eToro's 47 available pairs.
Next, let's look at the tools and features fx traders desire. With trading platforms, forex traders are all familiar with MetaTrader. Neither eToro and Interactive Brokers offer 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. eToro offers its clients access to 14 charting tools while Interactive Brokers has 9 charting tools, a difference of 5. Interactive Brokers boasts an offering of 121 different indicators (for example, moving averages) compared to eToro's 66 available indicators.
Overall, Interactive Brokers takes the upper hand with 4.50 stars over eToro's 4.00 stars. And, when it comes to individual category awards, eToro finished with awards Best in Class - Customer Service in 2018, while Interactive Brokers came up with none of these.