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 Interactive Brokers.
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. Both FXOpen and Interactive Brokers are rated 4.00 stars.
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 alongside Interactive Brokers are regulated in a major hub. Interactive Brokers 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 Interactive Brokers by 22 total currency pairs (for example, EUR/USD), with Interactive Brokers offering 85 and FXOpen offering 63.
To round out our comparison of FXOpen vs Interactive Brokers, let's look at the tools and features most used by forex traders. For trading platforms, traders are all familiar with MetaTrader. FXOpen has Meta Trader, Interactive Brokers doesn't. 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. Interactive Brokers trails FXOpen by 22 total charting tools, with FXOpen offering 31 and Interactive Brokers offering 9. FXOpen trails Interactive Brokers by 70 total different indicators (for example, moving averages), with Interactive Brokers offering 121 and FXOpen offering 51.
Overall, Interactive Brokers takes the upper hand with 4.50 stars over FXOpen's 3.50 stars. And, when it comes to individual category awards, unfortunately, neither FXOpen 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.