After spending seven months and hundreds of hours researching 43 different forex brokers
for trading FX, our team at ForexBrokers.com team collected over 6,000 data points. For this review, we will compare IC Markets vs Interactive Brokers.
To compare these two FX brokers, we will first take a look at the fees charged for trading (no easy task). Not every forex broker publicizes their average spreads, spreads data can vary, as can execution policies and how commissions are charged. Specifically, is the broker a dealing desk (market maker), no dealing desk (agency broker) or are both execution methods offered (dealing desk + STP/ECN)? To simplify this research, we assessed everything for you and provide a single star rating for cost. Both IC Markets and Interactive Brokers share a rating of 4.00 stars.
Commissions and fees aside, let's take a look at regulation and currency availability. Trust is critical, and you should highly consider choosing a broker that regulated in a major hub. IC Markets alongside Interactive Brokers are regulated in a major hub. Interactive Brokers is a publicly traded company, IC Markets isn't. As far as how many currency pairs are available for trading, here's the answer. IC Markets trails Interactive Brokers by 52 total currency pairs (for example, EUR/USD), with Interactive Brokers offering 115 and IC Markets offering 63.
Next, let's look at the tools and features fx traders desire. With trading platforms, forex traders are all familiar with MetaTrader. IC Markets offers Meta Trader while Interactive Brokers does not. Regardless of the trading platform you use, charting should be feature rich. To help compare these two brokers, we counted the number of drawing tools and total technical indicators made available. Interactive Brokers trails IC Markets by 22 total charting tools, with IC Markets offering 31 and Interactive Brokers offering 9. IC Markets trails Interactive Brokers by 70 total different indicators (for example, moving averages), with Interactive Brokers offering 121 and IC Markets offering 51.
Overall, both IC Markets and Interactive Brokers share a rating of 4.00 stars. And, when it comes to individual category awards, unfortunately, neither IC Markets 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.