Written by ForexBrokers.com
In this head to head comparison of Interactive Brokers vs iFOREX, we will compare the trading platforms, mobile apps, range of investments, costs, market research, and more. Let's dive in.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 51% and 89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Founded in 1977, Interactive Brokers has established itself as a highly trusted online brokerage, achieving a perfect Trust Score of 99 according to ForexBrokers.com. It is a publicly traded company, although not a bank, and notably holds nine Tier-1 licenses, underscoring its solid regulatory standing. Additionally, Interactive Brokers maintains two Tier-2 licenses, showcasing its compliance with trusted regulatory standards across multiple jurisdictions.
In contrast, iFOREX, founded in 1996, operates under a slightly different framework. It is not publicly traded and does not hold bank status. With a Trust Score of 75, iFOREX is considered to have an average risk level. The broker holds one Tier-1 license, indicating a basic level of trust, but falls short in the Tier-2 category, holding no licenses. While both brokers offer trading platforms, their regulatory credentials and trust metrics vary significantly.
| Feature |
Interactive Brokers
|
iFOREX
|
|---|---|---|
| Year Founded | 1977 | 1996 |
| Publicly Traded (Listed) | Yes | No |
| Bank | No | No |
| Tier-1 Licenses | 9 | 1 |
| Tier-2 Licenses | 2 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 0 | 1 |
When comparing Interactive Brokers and iFOREX in terms of commissions and fees, Interactive Brokers stands out with competitive pricing. Although they do not publicly disclose average spreads, data reveals that in Q3 2024, the average spread for the EUR/USD pair at Interactive Brokers was 0.19 pips, with an effective all-in spread of 0.59 pips after commission. The fees for forex trading start at 0.00002 (0.2 basis points) of the U.S. dollar trade value, or a minimum of $2 per order, and can drop even lower for highly active traders. Interactive Brokers, ranked #2 out of 63 brokers by ForexBrokers.com, receives a 5-star rating for their commissions and fees.
On the other hand, iFOREX has limited transparency, as average spread data is not provided. Due to this lack of detailed information, it is challenging for traders to assess the cost-effectiveness of iFOREX’s pricing model. iFOREX's pricing structure is generally less appealing compared to Interactive Brokers and is ranked #61 out of 63 brokers for commissions and fees according to ForexBrokers.com, earning a 3-star rating in this category.
In summary, Interactive Brokers offers clear advantages with its precise and competitive commission structure, making it a preferred choice for those seeking cost-effective trading options, especially for active traders. Meanwhile, iFOREX's lack of transparency in pricing details makes it less competitive. As such, traders may find Interactive Brokers to better meet their needs in terms of commissions and fees while benefiting from a well-rated service.
| Feature |
Interactive Brokers
|
iFOREX
|
|---|---|---|
| Minimum Deposit | $0 | $100 |
| Average Spread EUR/USD - Standard | 0.59 | N/A |
| All-in Cost EUR/USD - Active | 0.59 | N/A |
| Active Trader or VIP Discounts | Yes | No |
| ACH or SEPA Transfers | Yes | No |
| PayPal (Deposit/Withdraw) | No | Yes |
| Skrill (Deposit/Withdraw) | No | Yes |
| Visa/Mastercard (Credit/Debit) | No | Yes |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
When comparing Interactive Brokers and iFOREX in terms of investment options, both platforms allow forex trading as CFDs or spot contracts, with Interactive Brokers offering a broader selection. Interactive Brokers boasts an impressive 8,500 tradable symbols, including 90 forex pairs, making it a top choice for those seeking diverse opportunities. In contrast, iFOREX offers 750 tradable symbols, which include 88 forex pairs. Additionally, Interactive Brokers stands out further by providing exchange-traded securities and actual cryptocurrency purchases, while iFOREX focuses on cryptocurrency derivatives and does not offer trading in U.S. or international exchange securities.
Interactive Brokers is highly rated for its range of investments, earning a perfect 5-star rating and securing the top rank in the Range of Investments category among 63 brokers. On the other hand, iFOREX, with a 3.5-star rating, ranks at #41, reflecting its more limited investment offerings. For investors prioritizing a wide array of trading options, Interactive Brokers clearly emerges as the frontrunner, whereas iFOREX might appeal to those who prefer a more focused trading platform.
| Feature |
Interactive Brokers
|
iFOREX
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 8500 | 750 |
| Forex Pairs (Total) | 90 | 88 |
| U.S. Stock Trading (Non CFD) | Yes | No |
| Int'l Stock Trading (Non CFD) | Yes | No |
| Social Trading / Copy Trading | No | No |
| Cryptocurrency (Physical) | Yes | No |
| Cryptocurrency (Derivative) | Yes | Yes |
| Disclaimers | Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients). | Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients). |
Dive deeper: Best Copy Trading Platforms.
When comparing the trading platforms and tools of Interactive Brokers and iFOREX, several distinctions arise. Interactive Brokers provides a comprehensive experience for traders, offering a proprietary platform available as both a Windows-based desktop download and a web-based version. The platform includes a free virtual demo account, allowing users to practice trading with simulated funds. In contrast, iFOREX also provides a proprietary platform but lacks a desktop download option and does not offer a virtual demo account. Both brokers feature web-based platforms, but Interactive Brokers stands out with significant versatility, including the ability to trade directly from stock charts and offering 85 drawing tools for charting, compared to iFOREX's 25.
The technical prowess of Interactive Brokers is further highlighted by its 659 watchlist fields, providing traders with an extensive array of data compared to iFOREX's nine. While neither broker supports popular platforms like MetaTrader 4 or 5, Interactive Brokers has been rated 5 stars for its trading platforms and tools, ranking third out of 63 brokers according to ForexBrokers.com. Conversely, iFOREX garners a 4-star rating and ranks 54th in the same category. Neither broker offers options like copy trading, DupliTrade, or ZuluTrade, emphasizing their focus on proprietary tools and platforms.
| Feature |
Interactive Brokers
|
iFOREX
|
|---|---|---|
| Virtual Trading (Demo) | Yes | No |
| Proprietary Platform | Yes | Yes |
| Desktop Platform (Windows) | Yes | No |
| Web Platform | Yes | Yes |
| Social Trading / Copy Trading | No | No |
| MetaTrader 4 (MT4) | No | No |
| MetaTrader 5 (MT5) | No | No |
| DupliTrade | No | No |
| ZuluTrade | No | No |
| Charting - Indicators / Studies (Total) | 155 | 57 |
| Charting - Drawing Tools (Total) | 85 | 25 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 659 | 9 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
When it comes to mobile trading, both Interactive Brokers and iFOREX offer apps for iPhone and Android users. However, there are significant differences in their features and ratings. Interactive Brokers stands out with features like stock and forex price alerts and the ability to sync watchlists between devices and online accounts. It offers 97 technical studies for chart analysis and allows users to draw trendlines and view multiple time frames on charts. In contrast, iFOREX lacks these advanced charting features and does not provide price alerts or watchlist syncing. When it comes to creating watchlists with real-time quotes, only Interactive Brokers offers this feature.
In terms of overall performance, Interactive Brokers shines with an impressive 5-star rating and ranks 4th out of 63 brokers for mobile trading apps according to ForexBrokers.com. iFOREX, while still providing essential functions, holds a 4-star rating and ranks significantly lower at 55th place. For traders seeking a comprehensive and high-rated mobile trading experience, Interactive Brokers offers more tools and flexibility compared to iFOREX.
| Feature |
Interactive Brokers
|
iFOREX
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | No |
| Watchlist Syncing | Yes | No |
| Mobile Charting - Indicators / Studies | 97 | N/A |
| Mobile Charting - Draw Trendlines | Yes | No |
| Mobile Charting - Multiple Time Frames | Yes | No |
| Mobile Charting - Drawings Autosave | No | No |
| Mobile Watchlist | Yes | No |
Dive deeper: Best Forex Trading Apps.
When comparing Interactive Brokers and iFOREX in terms of market research offerings, both platforms provide daily market commentary, helping traders stay informed about the latest market trends. Interactive Brokers stands out by offering forex news from prestigious sources like Bloomberg, Reuters, and Dow Jones, while iFOREX does not provide access to such top-tier news providers. Both brokers offer technical analysis tools from Trading Central, giving traders insights into potential market movements. Additionally, both Interactive Brokers and iFOREX provide sentiment-based trading tools that show the ratio of long or short positions across different instruments, which can be invaluable for understanding market dynamics.
Interactive Brokers further distinguishes itself by offering research from TipRanks and tools from Acuity Trading such as Signal Centre, resources that are not mentioned for iFOREX. Both brokers supply an economic calendar that details global news events, essential for making informed trading decisions. In terms of research quality, Interactive Brokers is rated a full 5 stars and ranked third out of 63 brokers by ForexBrokers.com, reflecting its comprehensive suite of research tools. In comparison, iFOREX is rated 3.5 stars and ranked 48th, indicating room for improvement in this area.
| Feature |
Interactive Brokers
|
iFOREX
|
|---|---|---|
| Daily Market Commentary | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | No |
| Autochartist | No | No |
| Trading Central (Recognia) | Yes | Yes |
| Social Sentiment - Currency Pairs | Yes | Yes |
| TipRanks | Yes | |
| Signal Centre (Acuity Trading) | Yes | |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
Interactive Brokers and iFOREX both offer educational resources for beginners, but they differ significantly in their offerings. Interactive Brokers provides a comprehensive suite of learning materials, including a minimum of 10 educational pieces specifically focused on forex and CFDs. With regular monthly webinars and an accessible archive of past sessions, beginners can easily stay updated and revisit topics at their own pace. Additionally, Interactive Brokers enriches its educational content with beginner and advanced videos, catering to a wide range of learning needs. An investor dictionary with definitions of over 50 terms adds further depth to their offerings. These resources contribute to Interactive Brokers being highly rated, receiving 5 out of 5 stars for education, and securing the #3 spot out of 63 brokers reviewed by ForexBrokers.com.
In contrast, iFOREX offers a more limited educational experience, lacking forex or CFDs-specific educational pieces in substantial numbers. While iFOREX does provide at least 10 beginner videos covering trading topics, it doesn't match Interactive Brokers' breadth of resources. The absence of regular webinars, a searchable archive, and a comprehensive investor dictionary limits the learning opportunities for new traders. Furthermore, iFOREX doesn't have advanced educational videos for experienced traders, which can be a disadvantage for those looking to deepen their trading skills. As a result, iFOREX has a lower education rating of 3.5 stars and is ranked at #53 in the education category by ForexBrokers.com.
| Feature |
Interactive Brokers
|
iFOREX
|
|---|---|---|
| Education (Forex or CFDs) | Yes | No |
| Client Webinars | Yes | No |
| Client Webinars (Archived) | Yes | No |
| Videos - Beginner Trading Videos | Yes | Yes |
| Videos - Advanced Trading Videos | Yes | No |
| Investor Dictionary (Glossary) | Yes | No |
Dive deeper: Best Forex Brokers for Beginners.
After testing 63 of the best forex brokers, our research and account testing finds that Interactive Brokers is better than iFOREX. Interactive Brokers finished with an overall rank of #2, while iFOREX finished with an overall rank of #52.
Interactive Brokers is a highly trusted multi-asset broker with an extensive offering of tradeable global markets. It delivers competitive fees and high-quality research and education, as well as a modern, institutional-grade trading platform suite.
| Feature |
Interactive Brokers
|
iFOREX
|
|---|---|---|
| Overall Rating |
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| Trust Score | 99 | 75 |
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Interactive Brokers enables users to purchase actual cryptocurrencies, offering a comprehensive trading experience, while iFOREX limits users to trading cryptocurrency derivatives without providing access to the actual digital currencies themselves.
When comparing Interactive Brokers to iFOREX, Interactive Brokers offers ACH, SEPA, and bank wire transfers for depositing or withdrawing funds, while iFOREX supports PayPal, Skrill, Visa, Mastercard, and bank wire options, but lacks ACH and SEPA transfers.
Please note:
We review each broker’s overall global offering – a “Yes” checkmark in our Compare Tool does not guarantee the availability of any specific features in your country of residence. To verify the availability of any features within your country of residence, please contact the broker directly.
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0 of 5| Overall Rating | Interactive Brokers | iFOREX | |
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| Trust Score | 99 | 75 | |
| Winner | check_circle | ||
| Review | Interactive Brokers Review |
| Broker Screenshots | Interactive Brokers | iFOREX | |
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| Regulation | Interactive Brokers | iFOREX | |
|---|---|---|---|
| Trust Score | 99 | 75 | |
| Year Founded | 1977 | 1996 | |
| Publicly Traded (Listed) | Yes | No | |
| Bank | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes | |
| Tier-1 Licenses | 9 | 1 | |
| Tier-2 Licenses | 2 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 0 | 1 |
| Tier-1 Licenses (Highly Trusted) | Interactive Brokers | iFOREX | |
|---|---|---|---|
| Australia (ASIC Authorised) | Yes | No | |
| Canada (CIRO Authorised) | Yes | No | |
| Hong Kong (SFC Authorised) | Yes | No | |
| Japan (SFC Authorised) | Yes | No | |
| Singapore (MAS Authorised) | Yes | No | |
| Switzerland (FINMA Authorised) | Yes | ||
| United Kingdom (U.K.) (FCA Authorised) | Yes | Yes | |
| USA (CFTC Authorized) | Yes | No | |
| New Zealand (FMA Authorised) | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes |
| Tier-2 Licenses (Trusted) | Interactive Brokers | iFOREX | |
|---|---|---|---|
| Kenya (CMA Authorised) | |||
| Israel (ISA Authorised) | No | No | |
| South Africa (FSCA Authorised) | No | No | |
| UAE (DFSA/Central Bank Authorised) | Yes | No | |
| India (SEBI Authorised) | Yes | No | |
| Jordan (JSC Authorised) |
| Investments | Interactive Brokers | iFOREX | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 8500 | 750 | |
| Forex Pairs (Total) | 90 | 88 | |
| U.S. Stock Trading (Non CFD) | Yes | No | |
| Int'l Stock Trading (Non CFD) | Yes | No | |
| Social Trading / Copy Trading | No | No | |
| Cryptocurrency (Physical) | Yes | No | |
| Cryptocurrency (Derivative) | Yes | Yes | |
| Disclaimers | Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients). | Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients). |
| Cost | Interactive Brokers | iFOREX | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 0.59 | N/A | |
| All-in Cost EUR/USD - Active | 0.59 | N/A | |
| Active Trader or VIP Discounts | Yes | No | |
| Inactivity Fee | No | No | |
| Execution: Agency Broker | Yes | No | |
| Execution: Market Maker | No | Yes |
| Funding | Interactive Brokers | iFOREX | |
|---|---|---|---|
| Minimum Deposit | $0 | $100 | |
| PayPal (Deposit/Withdraw) | No | Yes | |
| Skrill (Deposit/Withdraw) | No | Yes | |
| Visa/Mastercard (Credit/Debit) | No | Yes | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| ACH or SEPA Transfers | Yes | No |
| Trading Platforms | Interactive Brokers | iFOREX | |
|---|---|---|---|
| Proprietary Platform | Yes | Yes | |
| Desktop Platform (Windows) | Yes | No | |
| Web Platform | Yes | Yes | |
| Social Trading / Copy Trading | No | No | |
| MetaTrader 4 (MT4) | No | No | |
| MetaTrader 5 (MT5) | No | No | |
| cTrader | No | No | |
| DupliTrade | No | No | |
| ZuluTrade | No | No |
| Trading Tools | Interactive Brokers | iFOREX | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | No | |
| Alerts - Basic Fields | Yes | No | |
| Watchlists - Total Fields | 659 | 9 | |
| Charting - Indicators / Studies (Total) | 155 | 57 | |
| Charting - Drawing Tools (Total) | 85 | 25 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | No |
| Mobile Trading | Interactive Brokers | iFOREX | |
|---|---|---|---|
| Android App | Yes | Yes | |
| Apple iOS App | Yes | Yes | |
| Mobile Alerts - Basic Fields | Yes | No | |
| Mobile Watchlist | Yes | No | |
| Watchlist Syncing | Yes | No | |
| Mobile Charting - Indicators / Studies | 97 | N/A | |
| Mobile Charting - Draw Trendlines | Yes | No | |
| Mobile Charting - Multiple Time Frames | Yes | No | |
| Mobile Charting - Drawings Autosave | No | No | |
| Mobile Economic Calendar | Yes | No |
| Research | Interactive Brokers | iFOREX | |
|---|---|---|---|
| Daily Market Commentary | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | No | |
| Autochartist | No | No | |
| Trading Central (Recognia) | Yes | Yes | |
| TipRanks | Yes | ||
| Social Sentiment - Currency Pairs | Yes | Yes | |
| Economic Calendar | Yes | Yes |
| Education | Interactive Brokers | iFOREX | |
|---|---|---|---|
| Education (Forex or CFDs) | Yes | No | |
| Client Webinars | Yes | No | |
| Client Webinars (Archived) | Yes | No | |
| Videos - Beginner Trading Videos | Yes | Yes | |
| Videos - Advanced Trading Videos | Yes | No | |
| Investor Dictionary (Glossary) | Yes | No |
| Major Forex Pairs | Interactive Brokers | iFOREX | |
|---|---|---|---|
| GBP/USD | Yes | Yes | |
| USD/JPY | Yes | Yes | |
| EUR/USD | Yes | Yes | |
| USD/CHF | Yes | Yes | |
| USD/CAD | Yes | Yes | |
| NZD/USD | Yes | Yes | |
| AUD/USD | Yes | Yes | |
| Review | Interactive Brokers Review |
| Overall | Interactive Brokers | iFOREX | |
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| Trust Score | 99 | 75 | |
| Winner | check_circle | ||
| Review | Interactive Brokers Review |
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