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 TD Ameritrade FX.
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. Both Interactive Brokers and TD Ameritrade FX share a rating of 4 stars.
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 and TD Ameritrade FX both are regulated in a major hub. Interactive Brokers and TD Ameritrade FX are publicly traded companies. How many currency pairs are available to trade? Interactive Brokers boasts an offering of 115 different currency pairs compared to TD Ameritrade FX's 75 available pairs.
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 Interactive Brokers and TD Ameritrade FX offer Meta Trader. Within the trading platform, charting should be robust, so we counted the number of drawing tools and total technical indicators made available. TD Ameritrade FX offers its clients access to 20 charting tools while Interactive Brokers has 9 charting tools, a difference of 11. Interactive Brokers trails TD Ameritrade FX by 282 total different indicators (for example, moving averages), with TD Ameritrade FX offering 403 and Interactive Brokers offering 121.
Overall, TD Ameritrade FX comes out on top with 4.5 stars over Interactive Brokers's 4 stars. And, when it comes to individual category awards, TD Ameritrade FX finished with awards Best in Class - Platforms & Tools in 2018, while Interactive Brokers came up with none of these.