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 eToro 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. Interactive Brokers received a rating of 4 stars over eToro's 3.5 stars.
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. eToro and Interactive Brokers both are regulated in a major hub. Interactive Brokers is a publicly traded company while eToro is not. How many currency pairs are available to trade? eToro trails Interactive Brokers by 68 total currency pairs (for example, EUR/USD), with Interactive Brokers offering 115 and eToro offering 47.
To round out our comparison, let's look at the popular tools and features forex traders prefer. For platforms, some FX traders prefer MetaTrader. Neither offers Meta Trader. 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 eToro by 5 total charting tools, with eToro offering 14 and Interactive Brokers offering 9. eToro trails Interactive Brokers by 54 total different indicators (for example, moving averages), with Interactive Brokers offering 121 and eToro offering 67.
Overall, both eToro and Interactive Brokers share a rating of 4 stars. And, when it comes to individual category awards, both eToro and Interactive Brokers found themselves without awards for Best in Class - Platforms & Tools, Best in Class - Research, Best in Class - Customer Service, Best in Class - Active Trading, Best in Class - Mobile Trading and Best in Class - Investor Education in 2018.