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 Plus500.
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 Plus500'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. Interactive Brokers alongside Plus500 are regulated in a major hub. Interactive Brokers and Plus500 are publicly traded companies. How many currency pairs are available to trade? Plus500 trails Interactive Brokers by 55 total currency pairs (for example, EUR/USD), with Interactive Brokers offering 115 and Plus500 offering 60.
To round out our comparison, let's look at the popular tools and features forex traders prefer. For platforms, some FX traders prefer MetaTrader. Neither offers Meta Trader. Within the trading platform, charting should be robust, so we counted the number of drawing tools and total technical indicators made available. Interactive Brokers boasts an offering of 9 charting tools compared to Plus500's 0 available charting tools. Plus500 trails Interactive Brokers by 18 total different indicators (for example, moving averages), with Interactive Brokers offering 121 and Plus500 offering 103.
Overall, Interactive Brokers comes out on top with 4.50 stars over Plus500's 3.00 stars. And, when it comes to individual category awards, unfortunately, neither Interactive Brokers nor Plus500 received awards 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.