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 and Interactive Brokers both are regulated in a major hub. Interactive Brokers is a publicly traded company while IC Markets is not. As far as how many currency pairs are available for trading, here's the answer. Interactive Brokers boasts an offering of 85 different currency pairs compared to IC Markets's 63 available pairs.
Next, let's look at the tools and features fx traders desire. With trading platforms, forex traders are all familiar with MetaTrader. IC Markets makes Meta Trader available to clients, 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. 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 takes the upper hand with 4.50 stars over IC Markets's 4.00 stars. And, when it comes to individual category awards, both IC Markets and Interactive Brokers found themselves without awards for 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 in 2018.