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 IC Markets 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 IC Markets 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. IC Markets and Interactive Brokers both are regulated in a major hub. Interactive Brokers is a publicly traded company, IC Markets isn't. How many currency pairs are available to trade? Interactive Brokers offers its clients access to 115 different currency pairs while IC Markets has 63 available pairs, a difference of 52.
To round out our comparison, let's look at the popular tools and features forex traders prefer. For platforms, some FX traders prefer MetaTrader. IC Markets offers Meta Trader while Interactive Brokers does not. Within the trading platform, charting should be robust, so we counted the number of drawing tools and total technical indicators made available. IC Markets offers its clients access to 31 charting tools while Interactive Brokers has 9 charting tools, a difference of 22. Interactive Brokers boasts an offering of 121 different indicators (for example, moving averages) compared to IC Markets's 51 available indicators.
Overall, Interactive Brokers comes out on top with 4.50 stars over IC Markets's 4.00 stars. And, when it comes to individual category awards, neither IC Markets nor Interactive Brokers were rated 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.