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 FXDD 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. Both FXDD and Interactive Brokers hold a 4.00 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. Interactive Brokers is regulated in a major hub while FXDD is not. Interactive Brokers is a publicly traded company, while FXDD is not. How many currency pairs are available to trade? Interactive Brokers boasts an offering of 85 different currency pairs compared to FXDD's 54 available pairs.
To round out our comparison, let's look at the popular tools and features forex traders prefer. For platforms, some FX traders prefer MetaTrader. FXDD has Meta Trader, Interactive Brokers doesn't. 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 FXDD by 22 total charting tools, with FXDD offering 31 and Interactive Brokers offering 9. FXDD trails Interactive Brokers by 70 total different indicators (for example, moving averages), with Interactive Brokers offering 121 and FXDD offering 51.
Overall, Interactive Brokers boasts 4.50 stars versus FXDD's 4.00 stars. And, when it comes to individual category awards, unfortunately, neither FXDD nor Interactive Brokers received awards 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.