Written by ForexBrokers.com
In this head to head comparison of FXCM vs iFOREX, we will compare the trading platforms, mobile apps, range of investments, costs, market research, and more. Let's dive in.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 51% and 89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
FXCM and iFOREX are both well-established online brokers with FXCM founded in 1999 and iFOREX in 1996. When it comes to public trading status, FXCM is listed on a stock exchange, providing an additional layer of transparency, while iFOREX is not publicly traded. Neither operates as a bank. The Trust Score ratings by ForexBrokers.com highlight FXCM’s strong position with a high rating of 95 out of 99, reflecting a high level of trust and reliability, whereas iFOREX scores at 75, indicating an average level of trustworthiness.
In terms of regulatory licenses, FXCM holds four Tier-1 licenses and two Tier-2 licenses, reinforcing its level of trust. Tier-1 licenses are regarded as highly trusted, and Tier-2 licenses are considered trusted according to ForexBrokers.com standards. On the other hand, iFOREX holds only one Tier-1 license and no Tier-2 licenses, further distinguishing FXCM as the more trusted broker between the two. This regulatory strength makes FXCM appealing to those prioritizing high regulatory standards in their broker choice.
| Feature |
FXCM
|
iFOREX
|
|---|---|---|
| Year Founded | 1999 | 1996 |
| Publicly Traded (Listed) | Yes | No |
| Bank | No | No |
| Tier-1 Licenses | 4 | 1 |
| Tier-2 Licenses | 2 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 0 | 1 |
FXCM and iFOREX offer different structures for commissions and fees, affecting their suitability for various trading styles. FXCM provides a pricing structure that leans slightly above the industry standard for forex trading, particularly in its standard account offerings. During May 2024, the average spread for the EUR/USD pair was 0.78 in the company's EU, U.K., and Australia branches, which is competitive. In contrast, the average spread was higher at 1.38 for the St. Vincent and the Grenadines entity. For traders opting for commission-based accounts, the spread was lower at 0.28 pips, but with added commission costs, it effectively rises to about 0.74 pips. FXCM does offer notable discounts for high-volume traders through its Active Trader Rebate Program, although the program's availability depends on location. Overall, this broker is rated four stars for commissions and fees and ranks 25th out of 63 brokers reviewed by ForexBrokers.com.
iFOREX stands in contrast to FXCM, particularly in the area of pricing transparency, as its average spread data is not readily available. This lack of data makes direct comparison challenging, potentially affecting the attractiveness of iFOREX for cost-sensitive traders. With a rating of three stars and a 61st place ranking out of 63 brokers for commissions and fees by ForexBrokers.com, iFOREX may appeal more to traders prioritizing other features over competitive pricing.
In summary, FXCM provides a more transparent and potentially cost-effective trading environment for those who meet the requirements for rebates and discounts, placing it competitively in industry rankings. Meanwhile, iFOREX offers fewer insights into actual trading costs, making it a less appealing choice for those focused on commissions and fees. Considering their star ratings and ranks, FXCM leads in this comparison, offering more flexibility and opportunities for cost reductions through its rebate programs.
| Feature |
FXCM
|
iFOREX
|
|---|---|---|
| Minimum Deposit | Starts from $50 | $100 |
| Average Spread EUR/USD - Standard | 0.78 | N/A |
| All-in Cost EUR/USD - Active | 0.78 | N/A |
| Active Trader or VIP Discounts | Yes | No |
| ACH or SEPA Transfers | Yes | No |
| PayPal (Deposit/Withdraw) | Yes | Yes |
| Skrill (Deposit/Withdraw) | Yes | Yes |
| Visa/Mastercard (Credit/Debit) | Yes | Yes |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
When comparing the range of investments available at FXCM and iFOREX, both brokers allow forex trading through Contracts for Difference (CFDs) or spot contracts. FXCM provides access to 440 tradeable symbols and 46 forex pairs, whereas iFOREX offers a larger selection with 750 tradeable symbols and 88 forex pairs. Despite these differences, neither platform offers exchange-traded securities from U.S. or international exchanges, meaning investors cannot purchase stocks like Apple or Vodafone directly.
In terms of additional features, FXCM supports copy trading, which allows users to follow and emulate the trades of experienced investors, while iFOREX does not provide this option. Neither broker facilitates the purchase of actual cryptocurrencies; however, both offer cryptocurrency derivatives for trading. Despite these offerings, both FXCM and iFOREX have earned a 3.5-star rating in the Range of Investments category, with iFOREX ranking slightly higher than FXCM, at #41 versus #47 among 63 brokers reviewed by ForexBrokers.com.
| Feature |
FXCM
|
iFOREX
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 440 | 750 |
| Forex Pairs (Total) | 46 | 88 |
| U.S. Stock Trading (Non CFD) | No | No |
| Int'l Stock Trading (Non CFD) | No | No |
| Social Trading / Copy Trading | Yes | No |
| Cryptocurrency (Physical) | No | 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 FXCM and iFOREX for their trading platforms and tools, FXCM clearly stands out with its array of features designed to accommodate various trading needs. FXCM offers a free virtual demo account, allowing users to practice risk-free. Both brokers provide proprietary platforms, but FXCM extends its offerings with MetaTrader 4 (MT4) and a Windows-based desktop platform. In contrast, iFOREX lacks MT4 support and doesn't offer a Windows desktop platform. Both brokers supply web-based trading platforms, yet FXCM also includes options for copy trading and ZuluTrade, features absent in iFOREX.
FXCM has the edge in charting with 13 watch list columns and the capability to trade directly from stock charts, offering a technical yet straightforward trading experience. While iFOREX provides more drawing tools at 25, its watch list is limited to 9 fields. FXCM enjoys a higher rating of five stars for Trading Platforms and Tools, compared to iFOREX's four stars. Furthermore, FXCM's impressive ranking of 6th out of 63 brokers on ForexBrokers.com for Trading Platforms and Tools underscores its superior standing compared to iFOREX's 54th rank, highlighting FXCM as a more versatile option for various trading needs.
| Feature |
FXCM
|
iFOREX
|
|---|---|---|
| Virtual Trading (Demo) | Yes | No |
| Proprietary Platform | Yes | Yes |
| Desktop Platform (Windows) | Yes | No |
| Web Platform | Yes | Yes |
| Social Trading / Copy Trading | Yes | No |
| MetaTrader 4 (MT4) | Yes | No |
| MetaTrader 5 (MT5) | No | No |
| DupliTrade | No | No |
| ZuluTrade | Yes | No |
| Charting - Indicators / Studies (Total) | 115 | 57 |
| Charting - Drawing Tools (Total) | 10 | 25 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 13 | 9 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
Both FXCM and iFOREX provide mobile trading apps available for iPhone and Android, offering convenience for traders on the go. However, FXCM stands out with a host of features designed to enhance your trading experience. It offers stock or forex price alerts, which iFOREX does not. FXCM also allows for watchlist symbol syncing, enabling seamless updates between your mobile app and online account. With 59 technical studies available for charting, FXCM's app far surpasses iFOREX, which does not specify a number for technical studies.
FXCM's mobile app also allows users to draw trendlines on charts, view multiple time frames like daily and intraday, and automatically save drawings, all features that are not available with iFOREX. Additionally, FXCM offers the creation of watchlists with real-time quotes, whereas iFOREX does not. Rated 4.5 stars for its mobile trading apps and ranked 16th by ForexBrokers.com out of 63 brokers, FXCM provides a comprehensive and user-friendly tool for traders. In comparison, iFOREX, with a 4-star rating and a rank of 55th, offers a more limited mobile trading experience.
| Feature |
FXCM
|
iFOREX
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | No |
| Watchlist Syncing | Yes | No |
| Mobile Charting - Indicators / Studies | 59 | N/A |
| Mobile Charting - Draw Trendlines | Yes | No |
| Mobile Charting - Multiple Time Frames | Yes | No |
| Mobile Charting - Drawings Autosave | Yes | No |
| Mobile Watchlist | Yes | No |
Dive deeper: Best Forex Trading Apps.
When comparing the market research offerings of FXCM and iFOREX, both brokers provide daily market commentary to keep traders informed. However, FXCM has the advantage of offering forex news from top-tier sources like Bloomberg, Reuters, and Dow Jones, whereas iFOREX does not. Both brokers incorporate Trading Central’s technical analysis tools, but neither uses Autochartist's offerings. They also both feature sentiment-based trading tools to aid decision-making and have economic calendars to track global news events. Notably, FXCM provides additional market insights from TipRanks, which iFOREX lacks.
In terms of research quality, FXCM stands out with a solid 4.5-star rating and ranks 11th out of 63 brokers on ForexBrokers.com. This indicates a strong reputation among traders for its research capabilities. On the other hand, iFOREX has a 3.5-star rating, placing it at 48th in the same category, suggesting there is room for improvement in its market research offerings compared to FXCM.
| Feature |
FXCM
|
iFOREX
|
|---|---|---|
| Daily Market Commentary | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | No |
| Autochartist | No | No |
| Trading Central (Recognia) | Yes | Yes |
| Social Sentiment - Currency Pairs | Yes | Yes |
| TipRanks | Yes | No |
| Signal Centre (Acuity Trading) | No | No |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
When it comes to educational resources for beginners, FXCM seems to have a comprehensive offering that surpasses iFOREX. FXCM provides over ten educational pieces focused on forex and CFDs, ensuring beginners have a solid foundation to start trading. In contrast, iFOREX falls short, lacking this variety of foundational materials. FXCM also conducts regular online webinars and maintains a searchable archive of previously recorded sessions, forming an ongoing learning environment for their clients. On the other hand, iFOREX does not offer such webinars or archives, limiting interactive learning opportunities for beginners.
Additionally, FXCM provides a well-rounded selection of beginner-friendly videos and extends its offerings with advanced educational content, which is not the case with iFOREX. For those interested in understanding industry jargon, FXCM includes an investor dictionary with over 50 investment terms. This is another area where iFOREX lags behind. With an educational rating of 4.5 stars and a rank of #14 among 63 brokers, FXCM stands out as a strong choice for beginners compared to iFOREX's 3.5-star rating and rank of #53.
| Feature |
FXCM
|
iFOREX
|
|---|---|---|
| Education (Forex or CFDs) | Yes | No |
| Client Webinars | Yes | No |
| Client Webinars (Archived) | Yes | No |
| Videos - Beginner Trading Videos | Yes | Yes |
| Videos - Advanced Trading Videos | Yes | No |
| Investor Dictionary (Glossary) | Yes | No |
Dive deeper: Best Forex Brokers for Beginners.
After testing 63 of the best forex brokers, our research and account testing finds that FXCM is better than iFOREX. FXCM finished with an overall rank of #15, while iFOREX finished with an overall rank of #52.
For traders who appreciate advanced trading tools and quality market research, FXCM is a winner, especially for algorithmic trading. Its range of tradeable markets is fairly narrow, however, and the pricing at FXCM is just average.
| Feature |
FXCM
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iFOREX
|
|---|---|---|
| Overall Rating |
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| Trust Score | 95 | 75 |
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Both FXCM and iFOREX provide the opportunity to trade cryptocurrency derivatives rather than actual cryptocurrencies, as neither platform offers the ability to purchase delivered cryptocurrencies.
When comparing online brokers FXCM and iFOREX, both platforms facilitate deposits and withdrawals via PayPal, Skrill, Visa or Mastercard, and bank wires, while FXCM additionally provides the option for ACH or SEPA transfers, unlike iFOREX.
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 | FXCM | iFOREX | |
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| Trust Score | 95 | 75 | |
| Winner | check_circle | ||
| Review | FXCM Review |
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| Regulation | FXCM | iFOREX | |
|---|---|---|---|
| Trust Score | 95 | 75 | |
| Year Founded | 1999 | 1996 | |
| Publicly Traded (Listed) | Yes | No | |
| Bank | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes | |
| Tier-1 Licenses | 4 | 1 | |
| Tier-2 Licenses | 2 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 0 | 1 |
| Tier-1 Licenses (Highly Trusted) | FXCM | iFOREX | |
|---|---|---|---|
| Australia (ASIC Authorised) | Yes | No | |
| Canada (CIRO Authorised) | Yes | No | |
| Hong Kong (SFC Authorised) | No | No | |
| Japan (SFC Authorised) | No | No | |
| Singapore (MAS Authorised) | No | No | |
| Switzerland (FINMA Authorised) | No | No | |
| United Kingdom (U.K.) (FCA Authorised) | Yes | Yes | |
| USA (CFTC Authorized) | No | No | |
| New Zealand (FMA Authorised) | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes |
| Tier-2 Licenses (Trusted) | FXCM | iFOREX | |
|---|---|---|---|
| Kenya (CMA Authorised) | No | No | |
| Israel (ISA Authorised) | Yes | No | |
| South Africa (FSCA Authorised) | Yes | No | |
| UAE (DFSA/Central Bank Authorised) | No | No | |
| India (SEBI Authorised) | No | No | |
| Jordan (JSC Authorised) | No | No |
| Investments | FXCM | iFOREX | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 440 | 750 | |
| Forex Pairs (Total) | 46 | 88 | |
| U.S. Stock Trading (Non CFD) | No | No | |
| Int'l Stock Trading (Non CFD) | No | No | |
| Social Trading / Copy Trading | Yes | No | |
| Cryptocurrency (Physical) | No | 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 | FXCM | iFOREX | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 0.78 | N/A | |
| All-in Cost EUR/USD - Active | 0.78 | N/A | |
| Active Trader or VIP Discounts | Yes | No | |
| Inactivity Fee | Yes | No | |
| Execution: Agency Broker | Yes | No | |
| Execution: Market Maker | Yes | Yes |
| Funding | FXCM | iFOREX | |
|---|---|---|---|
| Minimum Deposit | Starts from $50 | $100 | |
| PayPal (Deposit/Withdraw) | Yes | Yes | |
| Skrill (Deposit/Withdraw) | Yes | Yes | |
| Visa/Mastercard (Credit/Debit) | Yes | Yes | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| ACH or SEPA Transfers | Yes | No |
| Trading Platforms | FXCM | iFOREX | |
|---|---|---|---|
| Proprietary Platform | Yes | Yes | |
| Desktop Platform (Windows) | Yes | No | |
| Web Platform | Yes | Yes | |
| Social Trading / Copy Trading | Yes | No | |
| MetaTrader 4 (MT4) | Yes | No | |
| MetaTrader 5 (MT5) | No | No | |
| cTrader | No | No | |
| DupliTrade | No | No | |
| ZuluTrade | Yes | No |
| Trading Tools | FXCM | iFOREX | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | No | |
| Alerts - Basic Fields | Yes | No | |
| Watchlists - Total Fields | 13 | 9 | |
| Charting - Indicators / Studies (Total) | 115 | 57 | |
| Charting - Drawing Tools (Total) | 10 | 25 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | No |
| Mobile Trading | FXCM | iFOREX | |
|---|---|---|---|
| Android App | Yes | Yes | |
| Apple iOS App | Yes | Yes | |
| Mobile Alerts - Basic Fields | Yes | No | |
| Mobile Watchlist | Yes | No | |
| Watchlist Syncing | Yes | No | |
| Mobile Charting - Indicators / Studies | 59 | N/A | |
| Mobile Charting - Draw Trendlines | Yes | No | |
| Mobile Charting - Multiple Time Frames | Yes | No | |
| Mobile Charting - Drawings Autosave | Yes | No | |
| Mobile Economic Calendar | Yes | No |
| Research | FXCM | iFOREX | |
|---|---|---|---|
| Daily Market Commentary | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | No | |
| Autochartist | No | No | |
| Trading Central (Recognia) | Yes | Yes | |
| TipRanks | Yes | No | |
| Social Sentiment - Currency Pairs | Yes | Yes | |
| Economic Calendar | Yes | Yes |
| Education | FXCM | iFOREX | |
|---|---|---|---|
| Education (Forex or CFDs) | Yes | No | |
| Client Webinars | Yes | No | |
| Client Webinars (Archived) | Yes | No | |
| Videos - Beginner Trading Videos | Yes | Yes | |
| Videos - Advanced Trading Videos | Yes | No | |
| Investor Dictionary (Glossary) | Yes | No |
| Major Forex Pairs | FXCM | iFOREX | |
|---|---|---|---|
| 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 | FXCM Review |
| Overall | FXCM | iFOREX | |
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| Trust Score | 95 | 75 | |
| Winner | check_circle | ||
| Review | FXCM Review |
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