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 FOREX.com 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. FOREX.com is a better option with a 4.5 star rating over Interactive Brokers's 4 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. FOREX.com alongside Interactive Brokers are regulated in a major hub. Both FOREX.com and Interactive Brokers are publicly traded companies. How many currency pairs are available to trade? FOREX.com trails Interactive Brokers by 31 total currency pairs (for example, EUR/USD), with Interactive Brokers offering 115 and FOREX.com offering 84.
To round out our comparison, let's look at the popular tools and features forex traders prefer. For platforms, some FX traders prefer MetaTrader. FOREX.com makes Meta Trader available to clients, while Interactive Brokers does not. 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 FOREX.com by 13 total charting tools, with FOREX.com offering 22 and Interactive Brokers offering 9. FOREX.com boasts an offering of 139 different indicators (for example, moving averages) compared to Interactive Brokers's 121 available indicators.
Overall, both FOREX.com and Interactive Brokers share a rating of 4 stars. And, when it comes to individual category awards, FOREX.com posted awards Best in Class - Research and Best in Class - Mobile Trading in 2018, while Interactive Brokers found itself with none of these.