Written by ForexBrokers.com
In this head to head comparison of Interactive Brokers vs FP Markets, we will compare the trading platforms, mobile apps, range of investments, costs, market research, and more. Let's dive in.
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Interactive Brokers and FP Markets are two well-known online brokers, each with its own strengths in the finance world. Founded in 1977, Interactive Brokers stands out with a high Trust Score of 99 from ForexBrokers.com, signifying a highly trusted status. It's a publicly traded company, backed by 9 Tier-1 licenses and 2 Tier-2 licenses, marking its strong regulatory standing. Although it is not a bank, its extensive regulation and public trading status contribute to its reliability in the eyes of investors.
FP Markets, on the other hand, was established in 2005 and holds a Trust Score of 89, which places it in the trusted category. While it is not publicly traded and holds fewer licenses—2 Tier-1 and 1 Tier-2—compared to Interactive Brokers, it remains a trusted choice due to its solid regulatory framework. Both brokers share the similarity of not being banks, yet they maintain trust within their realms through different paths, providing investors with dependable online trading platforms.
| Feature |
Interactive Brokers
|
FP Markets
|
|---|---|---|
| Year Founded | 1977 | 2005 |
| Publicly Traded (Listed) | Yes | No |
| Bank | No | No |
| Tier-1 Licenses | 9 | 2 |
| Tier-2 Licenses | 2 | 1 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 0 | 1 |
Interactive Brokers and FP Markets both offer commendable features for traders, especially when it comes to commissions and fees. Interactive Brokers excels with its highly competitive pricing model, designed with active traders in mind. It does not publish average spreads for forex, but during Q3 2024, the EUR/USD spread averaged 0.19 pips, with an all-in spread of 0.59 pips including commissions. Their commission rates start at 0.00002 (0.2 basis points) of the U.S. dollar trade value, with a minimum charge of $2 per order. This pricing becomes even more appealing for traders with high monthly volumes, providing significant discounts. Interactive Brokers is rated 5 stars for commissions and fees and ranked #2 out of 63 brokers by ForexBrokers.com.
FP Markets, on the other hand, has been recognized for its cost-competitive pricing, especially through its MetaTrader and cTrader platforms for ECN accounts. Its Raw ECN account boasts an average spread of 0.1 pips, translating to an all-in cost of 0.8 pips after accounting for commissions. The Iress platform, while offering Direct Market Access, requires higher balance accounts for the most affordable trading experience. Nevertheless, FP Markets' transparency and versatility in account offerings make it a strong contender, earning it 5 stars and a #6 ranking in commissions and fees by ForexBrokers.com.
In conclusion, both Interactive Brokers and FP Markets provide attractive options for forex traders with varying needs. Interactive Brokers targets active traders with high volume discounts and commission-based forex pricing, while FP Markets offers a balance of affordability and advanced platform features, especially for those opting for its Raw ECN account. Both brokers are highly rated, making them excellent choices depending on your trading strategy and volume.
| Feature |
Interactive Brokers
|
FP Markets
|
|---|---|---|
| Minimum Deposit | $0 | $100 AUD |
| Average Spread EUR/USD - Standard | 0.59 | 1.2 |
| All-in Cost EUR/USD - Active | 0.59 | 0.7 |
| Active Trader or VIP Discounts | Yes | Yes |
| ACH or SEPA Transfers | Yes | No |
| PayPal (Deposit/Withdraw) | No | Yes |
| Skrill (Deposit/Withdraw) | No | Yes |
| Visa/Mastercard (Credit/Debit) | No | Yes |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
When it comes to the variety of investments offered by online brokers, Interactive Brokers and FP Markets both have a wide range of options, yet they cater to slightly different investor needs. Interactive Brokers impresses with an offering of 8,500 tradeable symbols, covering both U.S. and international exchanges. Investors can purchase shares of companies like Apple and Vodafone directly. In contrast, FP Markets provides access to 10,000 symbols, but focuses more on CFDs without offering direct access to U.S. or international exchange-traded securities. Both brokers support forex trading as CFDs, with Interactive Brokers offering 90 tradeable forex pairs, surpassing FP Markets' 71 pairs.
For those interested in cryptocurrencies, Interactive Brokers stands out by enabling the purchase of both actual digital currencies and derivatives, whereas FP Markets only provides cryptocurrency derivatives. Additionally, FP Markets appeals to newcomers seeking guidance with its copy trading feature, which Interactive Brokers lacks. Despite these differences, both firms are favorably rated, with Interactive Brokers earning a 5-star rating and FP Markets a solid 4.5-star rating for their range of investments. Ranked first in the category by ForexBrokers.com, Interactive Brokers leads the way, while FP Markets holds a respectable 18th position among 63 brokers.
| Feature |
Interactive Brokers
|
FP Markets
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 8500 | 10000 |
| Forex Pairs (Total) | 90 | 71 |
| U.S. Stock Trading (Non CFD) | Yes | No |
| Int'l Stock Trading (Non CFD) | Yes | No |
| Social Trading / Copy Trading | No | Yes |
| Cryptocurrency (Physical) | Yes | No |
| Cryptocurrency (Derivative) | Yes | Yes |
| Disclaimers | Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients). | Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients). |
Dive deeper: Best Copy Trading Platforms.
When comparing the trading platforms and tools of Interactive Brokers and FP Markets, both brokers provide a variety of features designed to enhance the trading experience. They each offer simulated or paper trading with free virtual demo accounts, enabling users to practice without risk. Additionally, both brokers have developed their own in-house trading platforms and provide desktop downloads for Windows and web-based platforms. While Interactive Brokers does not offer MetaTrader 4 or 5, FP Markets supports both, alongside offering copy trading capabilities—a feature not available with Interactive Brokers. This distinction allows FP Markets to cater to traders who prefer automated and social trading strategies.
Interactive Brokers shines with an extensive array of charting tools, offering 85 drawing tools compared to FP Markets' 17. For watch lists, Interactive Brokers provides an impressive 659 columns compared to FP Markets' 7, allowing for more detailed tracking and analysis. Both brokers enable trades directly from stock charts, adding convenience for users. In terms of overall ratings, Interactive Brokers scores 5 stars and ranks third out of 63 brokers in the trading platforms and tools category according to ForexBrokers.com. FP Markets, while still strong with a 4-star rating, ranks 23rd, highlighting Interactive Brokers' superior offering in trading platforms and analytical tools.
| Feature |
Interactive Brokers
|
FP Markets
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Platform | Yes | Yes |
| Desktop Platform (Windows) | Yes | Yes |
| Web Platform | Yes | Yes |
| Social Trading / Copy Trading | No | Yes |
| MetaTrader 4 (MT4) | No | Yes |
| MetaTrader 5 (MT5) | No | Yes |
| DupliTrade | No | No |
| ZuluTrade | No | No |
| Charting - Indicators / Studies (Total) | 155 | 30 |
| Charting - Drawing Tools (Total) | 85 | 17 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 659 | 7 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
Interactive Brokers and FP Markets both provide mobile apps that cater to iPhone and Android users, making it convenient for traders to stay active on the go. Both apps offer stock and forex price alerts, a feature essential for keeping an eye on market movements. Each platform allows traders to draw trendlines and examine different time frames, whether daily, weekly, or intraday, ensuring a detailed view of stock or forex charts. However, Interactive Brokers stands out with its syncing capabilities; their app syncs watchlist symbols with their online account, whereas FP Markets lacks this feature. Additionally, Interactive Brokers provides an impressive 97 technical studies for charting, compared to FP Markets, which relies on the default studies available through MetaTrader.
When it comes to user experience and app functionality, Interactive Brokers earns a top rating of 5 stars, surpassing FP Markets' 4-star rating. While both apps support real-time quotes for watchlists, there's a difference in handling chart drawings—FP Markets' app autosaves these, which Interactive Brokers does not. Clearly defined rankings by ForexBrokers.com place Interactive Brokers at #4 out of 63 brokers for mobile trading apps, highlighting its high user satisfaction and rich feature set. In contrast, FP Markets ranks at #18, reflecting room for improvement in its mobile offering despite having solid standard features.
| Feature |
Interactive Brokers
|
FP Markets
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | Yes | No |
| Mobile Charting - Indicators / Studies | 97 | MetaTrader (Default) |
| Mobile Charting - Draw Trendlines | Yes | Yes |
| Mobile Charting - Multiple Time Frames | Yes | Yes |
| Mobile Charting - Drawings Autosave | No | Yes |
| Mobile Watchlist | Yes | Yes |
Dive deeper: Best Forex Trading Apps.
Both Interactive Brokers and FP Markets provide traders with daily market commentary and forex news from high-quality sources like Bloomberg and Reuters. They also feature tools from Trading Central and offer sentiment-based trading tools for evaluating long and short positions across currency pairs. However, their offerings diverge when it comes to the variety of research tools available. Interactive Brokers does not utilize Autochartist for technical analysis, although FP Markets does. Meanwhile, Interactive Brokers gives its clients access to research from both TipRanks and Acuity Trading, options not available through FP Markets.
Despite these differences, both brokers present a comprehensive economic calendar with global news events, enhancing traders’ market research capabilities. When weighing customer ratings, Interactive Brokers holds a full 5-star rating and ranks 3rd out of 63 in the ForexBrokers.com research category, a testament to its extensive research tools. FP Markets, on the other hand, achieves a respectable 4-star rating, ranking it 25th in the same category. This shows that while FP Markets offers quality research options, Interactive Brokers provides a more extensive suite of tools, making it a preferred choice for traders focused on in-depth market analysis.
| Feature |
Interactive Brokers
|
FP Markets
|
|---|---|---|
| Daily Market Commentary | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | No | Yes |
| Trading Central (Recognia) | Yes | Yes |
| Social Sentiment - Currency Pairs | Yes | Yes |
| TipRanks | Yes | No |
| Signal Centre (Acuity Trading) | Yes | No |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
When it comes to educational resources for beginners, both Interactive Brokers and FP Markets provide a comprehensive range of materials to support new traders. Interactive Brokers offers an impressive collection of over ten educational pieces on forex and CFDs, including articles, videos, and webinars. They host online client webinars at least once a month and maintain a searchable archive of past webinars, making it easy for users to find relevant content. Their resources also include at least ten beginner educational videos and ten advanced videos for more experienced traders. Furthermore, Interactive Brokers presents an investor dictionary featuring over 50 investment terms, contributing to their top-notch educational support. These offerings have earned them a stellar 5-star rating in education and a commendable third-place ranking among 63 brokers on ForexBrokers.com.
FP Markets also caters well to beginner traders with educational materials and interactive sessions. Like Interactive Brokers, they provide a wealth of resources on forex and CFDs, ensuring that novice traders have access to at least ten educational pieces including videos and webinars. FP Markets conducts monthly webinars and maintains a searchable archive of them for future learning opportunities. Along with over ten beginner-oriented videos and additional advanced content, they offer an investment dictionary with definitions of more than 50 important terms. Despite these extensive resources, FP Markets is rated 4 stars for education and is ranked 23rd out of 63 brokers by ForexBrokers.com. This comparison highlights Interactive Brokers as slightly ahead in delivering a richer suite of educational tools for beginners entering the trading world.
| Feature |
Interactive Brokers
|
FP Markets
|
|---|---|---|
| Education (Forex or CFDs) | Yes | Yes |
| Client Webinars | Yes | Yes |
| Client Webinars (Archived) | Yes | Yes |
| Videos - Beginner Trading Videos | Yes | Yes |
| Videos - Advanced Trading Videos | Yes | Yes |
| Investor Dictionary (Glossary) | Yes | Yes |
Dive deeper: Best Forex Brokers for Beginners.
After testing 63 of the best forex brokers, our research and account testing finds that Interactive Brokers is better than FP Markets. Interactive Brokers finished with an overall rank of #2, while FP Markets finished with an overall rank of #19.
Interactive Brokers is a highly trusted multi-asset broker with an extensive offering of tradeable global markets. It delivers competitive fees and high-quality research and education, as well as a modern, institutional-grade trading platform suite.
| Feature |
Interactive Brokers
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FP Markets
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| Trust Score | 99 | 89 |
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Interactive Brokers provides the option to purchase actual delivered cryptocurrency and trade cryptocurrency derivatives, whereas FP Markets only offers trading in cryptocurrency derivatives without the option to buy the actual underlying cryptocurrency.
Interactive Brokers supports ACH and SEPA transfers, as well as bank wire transactions for depositing and withdrawing funds, while FP Markets offers PayPal, Skrill, Visa or Mastercard, and bank wire options for account fund management.
Please note:
We review each broker’s overall global offering – a “Yes” checkmark in our Compare Tool does not guarantee the availability of any specific features in your country of residence. To verify the availability of any features within your country of residence, please contact the broker directly.
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0 of 5| Overall Rating | Interactive Brokers | FP Markets | |
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| Trust Score | 99 | 89 | |
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| Review | Interactive Brokers Review | FP Markets Review |
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| Regulation | Interactive Brokers | FP Markets | |
|---|---|---|---|
| Trust Score | 99 | 89 | |
| Year Founded | 1977 | 2005 | |
| Publicly Traded (Listed) | Yes | No | |
| Bank | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes | |
| Tier-1 Licenses | 9 | 2 | |
| Tier-2 Licenses | 2 | 1 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 0 | 1 |
| Tier-1 Licenses (Highly Trusted) | Interactive Brokers | FP Markets | |
|---|---|---|---|
| Australia (ASIC Authorised) | Yes | Yes | |
| Canada (CIRO Authorised) | Yes | No | |
| Hong Kong (SFC Authorised) | Yes | No | |
| Japan (SFC Authorised) | Yes | No | |
| Singapore (MAS Authorised) | Yes | No | |
| Switzerland (FINMA Authorised) | Yes | No | |
| United Kingdom (U.K.) (FCA Authorised) | Yes | No | |
| USA (CFTC Authorized) | Yes | No | |
| New Zealand (FMA Authorised) | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes |
| Tier-2 Licenses (Trusted) | Interactive Brokers | FP Markets | |
|---|---|---|---|
| Kenya (CMA Authorised) | No | No | |
| Israel (ISA Authorised) | No | No | |
| South Africa (FSCA Authorised) | No | Yes | |
| UAE (DFSA/Central Bank Authorised) | Yes | No | |
| India (SEBI Authorised) | Yes | No | |
| Jordan (JSC Authorised) | No | No |
| Investments | Interactive Brokers | FP Markets | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 8500 | 10000 | |
| Forex Pairs (Total) | 90 | 71 | |
| U.S. Stock Trading (Non CFD) | Yes | No | |
| Int'l Stock Trading (Non CFD) | Yes | No | |
| Social Trading / Copy Trading | No | Yes | |
| Cryptocurrency (Physical) | Yes | No | |
| Cryptocurrency (Derivative) | Yes | Yes | |
| Disclaimers | Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients). | Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients). |
| Cost | Interactive Brokers | FP Markets | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 0.59 | 1.2 | |
| All-in Cost EUR/USD - Active | 0.59 | 0.7 | |
| Active Trader or VIP Discounts | Yes | Yes | |
| Inactivity Fee | No | No | |
| Execution: Agency Broker | Yes | No | |
| Execution: Market Maker | No | Yes |
| Funding | Interactive Brokers | FP Markets | |
|---|---|---|---|
| Minimum Deposit | $0 | $100 AUD | |
| PayPal (Deposit/Withdraw) | No | Yes | |
| Skrill (Deposit/Withdraw) | No | Yes | |
| Visa/Mastercard (Credit/Debit) | No | Yes | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| ACH or SEPA Transfers | Yes | No |
| Trading Platforms | Interactive Brokers | FP Markets | |
|---|---|---|---|
| Proprietary Platform | Yes | Yes | |
| Desktop Platform (Windows) | Yes | Yes | |
| Web Platform | Yes | Yes | |
| Social Trading / Copy Trading | No | Yes | |
| MetaTrader 4 (MT4) | No | Yes | |
| MetaTrader 5 (MT5) | No | Yes | |
| cTrader | No | Yes | |
| DupliTrade | No | No | |
| ZuluTrade | No | No |
| Trading Tools | Interactive Brokers | FP Markets | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Alerts - Basic Fields | Yes | Yes | |
| Watchlists - Total Fields | 659 | 7 | |
| Charting - Indicators / Studies (Total) | 155 | 30 | |
| Charting - Drawing Tools (Total) | 85 | 17 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | Interactive Brokers | FP Markets | |
|---|---|---|---|
| Android App | Yes | Yes | |
| Apple iOS App | Yes | Yes | |
| Mobile Alerts - Basic Fields | Yes | Yes | |
| Mobile Watchlist | Yes | Yes | |
| Watchlist Syncing | Yes | No | |
| Mobile Charting - Indicators / Studies | 97 | MetaTrader (Default) | |
| Mobile Charting - Draw Trendlines | Yes | Yes | |
| Mobile Charting - Multiple Time Frames | Yes | Yes | |
| Mobile Charting - Drawings Autosave | No | Yes | |
| Mobile Economic Calendar | Yes | Yes |
| Research | Interactive Brokers | FP Markets | |
|---|---|---|---|
| Daily Market Commentary | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | No | Yes | |
| Trading Central (Recognia) | Yes | Yes | |
| TipRanks | Yes | No | |
| Social Sentiment - Currency Pairs | Yes | Yes | |
| Economic Calendar | Yes | Yes |
| Education | Interactive Brokers | FP Markets | |
|---|---|---|---|
| Education (Forex or CFDs) | Yes | Yes | |
| Client Webinars | Yes | Yes | |
| Client Webinars (Archived) | Yes | Yes | |
| Videos - Beginner Trading Videos | Yes | Yes | |
| Videos - Advanced Trading Videos | Yes | Yes | |
| Investor Dictionary (Glossary) | Yes | Yes |
| Major Forex Pairs | Interactive Brokers | FP Markets | |
|---|---|---|---|
| GBP/USD | Yes | Yes | |
| USD/JPY | Yes | Yes | |
| EUR/USD | Yes | Yes | |
| USD/CHF | Yes | Yes | |
| USD/CAD | Yes | Yes | |
| NZD/USD | Yes | Yes | |
| AUD/USD | Yes | Yes | |
| Review | Interactive Brokers Review | FP Markets Review |
| Overall | Interactive Brokers | FP Markets | |
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| Trust Score | 99 | 89 | |
| Winner | check_circle | ||
| Review | Interactive Brokers Review | FP Markets Review |
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