To find the top fx brokers
, the team here at ForexBrokers.com collected over 6,000 data points during a seven month review of the forex industry. In this fx broker comparison, we will compare Interactive Brokers vs ThinkMarkets.
To assess both of these forex brokers, we will begin with cost. Comparing two fx brokers on cost is not easy. First, not every broker publicizes their average spreads. And, for the brokers that do publish their data, the formulas used to calculate average spreads can vary. Furthermore, the currency pair you are trading can impact cost, as well as the execution policies of the broker. Dealing desk or no dealing desk? The list goes on and on. To make comparing cost easy, we have a star rating that takes everything into account. Interactive Brokers is a better option with a 4 star rating over ThinkMarkets's 3.5 star rating.
Next to commissions and fees, regulation and currency availability are important to take into consideration. You want to trust and have confidence the forex broker you choose. Interactive Brokers alongside ThinkMarkets are regulated in a major hub. Interactive Brokers is a publicly traded company, while ThinkMarkets is not. And, when it comes to total currency pairs available to trade, a quick comparison is helpful. Interactive Brokers offers its clients access to 115 different currency pairs while ThinkMarkets has 40 available pairs, a difference of 75.
To round out our comparison of Interactive Brokers vs ThinkMarkets, let's look at the tools and features most used by forex traders. For trading platforms, traders are all familiar with MetaTrader. ThinkMarkets makes Meta Trader available to clients, while Interactive Brokers does not. With a platform picked out, looking at charts is a must so they should be of high-quality. As part of our research, we count the number of drawing tools and total technical indicators available. ThinkMarkets boasts an offering of 31 charting tools compared to Interactive Brokers's 9 available charting tools. ThinkMarkets trails Interactive Brokers by 70 total different indicators (for example, moving averages), with Interactive Brokers offering 121 and ThinkMarkets offering 51.
Overall, Interactive Brokers boasts 4 stars versus ThinkMarkets's 3.5 stars. And, when it comes to individual category awards, neither Interactive Brokers nor ThinkMarkets were rated 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.