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 Interactive Brokers vs LCG.
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. Interactive Brokers is a better option with a 4.00 star rating over LCG's 3.00 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. Both Interactive Brokers and LCG are regulated in a major hub. Interactive Brokers and LCG are publicly traded companies. How many currency pairs are available to trade? Interactive Brokers offers its clients access to 85 different currency pairs while LCG has 82 available pairs, a difference of 3.
To round out our comparison, let's look at the popular tools and features forex traders prefer. For platforms, some FX traders prefer MetaTrader. LCG 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. Interactive Brokers trails LCG by 22 total charting tools, with LCG offering 31 and Interactive Brokers offering 9. LCG trails Interactive Brokers by 70 total different indicators (for example, moving averages), with Interactive Brokers offering 121 and LCG offering 51.
Overall, Interactive Brokers takes the upper hand with 4.50 stars over LCG's 4.00 stars. And, when it comes to individual category awards, both Interactive Brokers and LCG 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.