To find the top fx brokers
, the team here at ForexBrokers.com collected over 6,000 data points during a seven month review of the forex industry. In this fx broker comparison, we will compare FXOpen vs IG Group.
To assess both of these forex brokers, we will begin with cost. Comparing two fx brokers on cost is not easy. First, not every broker publicizes their average spreads. And, for the brokers that do publish their data, the formulas used to calculate average spreads can vary. Furthermore, the currency pair you are trading can impact cost, as well as the execution policies of the broker. Dealing desk or no dealing desk? The list goes on and on. To make comparing cost easy, we have a star rating that takes everything into account. IG Group is a better option with a 4.50 star rating over FXOpen's 4.00 star rating.
Next to commissions and fees, regulation and currency availability are important to take into consideration. You want to trust and have confidence the forex broker you choose. FXOpen and IG Group both are regulated in a major hub. IG Group is a publicly traded company, while FXOpen is not. And, when it comes to total currency pairs available to trade, a quick comparison is helpful. FXOpen trails IG Group by 28 total currency pairs (for example, EUR/USD), with IG Group offering 91 and FXOpen offering 63.
To round out our comparison of FXOpen vs IG Group, let's look at the tools and features most used by forex traders. For trading platforms, traders are all familiar with MetaTrader. FXOpen alongside IG Group offer Meta Trader. With a platform picked out, looking at charts is a must so they should be of high-quality. As part of our research, we count the number of drawing tools and total technical indicators available. FXOpen offers its clients access to 31 charting tools while IG Group has 9 charting tools, a difference of 22. IG Group trails FXOpen by 29 total different indicators (for example, moving averages), with FXOpen offering 51 and IG Group offering 22.
Overall, IG Group takes the upper hand with 5.00 stars over FXOpen's 3.50 stars. And, when it comes to individual category awards, IG Group posted awards Best in Class - Platforms & Tools, Best in Class - Research and Best in Class - Mobile Trading in 2018, while FXOpen found itself with none of these.