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 Interactive Brokers vs Pepperstone.
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 Interactive Brokers and Pepperstone are rated 4 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. Both Interactive Brokers and Pepperstone are regulated in a major hub. Interactive Brokers is a publicly traded company, Pepperstone isn't. As far as how many currency pairs are available for trading, here's the answer. Interactive Brokers offers its clients access to 115 different currency pairs while Pepperstone has 59 available pairs, a difference of 56.
Next, let's look at the tools and features fx traders desire. With trading platforms, forex traders are all familiar with MetaTrader. Pepperstone 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. Pepperstone 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 Pepperstone's 51 available indicators.
Overall, Interactive Brokers takes the upper hand with 4 stars over Pepperstone's 3.5 stars. And, when it comes to individual category awards, both Interactive Brokers and Pepperstone 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.