Written by ForexBrokers.com
In this head to head comparison of Interactive Brokers vs TopFX, we will compare the trading platforms, mobile apps, range of investments, costs, market research, and more. Let's dive in.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 51% and 89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Interactive Brokers and TopFX are well-known names in the world of online brokerage, each with distinct features to consider. Founded in 1977, Interactive Brokers has established itself as a trusted option, achieving a ForexBrokers.com Trust Score of 99, which signifies a high level of trust. Despite not being a bank, Interactive Brokers is publicly traded and holds an impressive array of regulatory credentials, including nine Tier-1 licenses and two Tier-2 licenses. This strong regulatory standing underscores Interactive Brokers' reputation in the trading community.
Established in 2010, TopFX presents an alternative choice marked by a younger presence in the market. Although TopFX is not publicly traded and does not operate as a bank, it manages a ForexBrokers.com Trust Score of 67, indicating a higher risk level compared to Interactive Brokers. TopFX holds one Tier-1 license but lacks Tier-2 licenses, which might be a point of consideration for those prioritizing regulatory robustness. Overall, these differences highlight the varying degrees of trust and security that each broker provides, helping traders make informed decisions based on their unique needs.
| Feature |
Interactive Brokers
|
TopFX
|
|---|---|---|
| Year Founded | 1977 | 2010 |
| Publicly Traded (Listed) | Yes | No |
| Bank | No | No |
| Tier-1 Licenses | 9 | 1 |
| Tier-2 Licenses | 2 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 0 | 1 |
Interactive Brokers stands out with competitive pricing for forex trading, although it doesn't publicly disclose average spreads for currency pairs. During Q3 2024, the EUR/USD pair had an effective spread of 0.59 pips, considering commissions. For traders, commissions start at 0.00002 of the trade value with minimum fees of $2 per order, giving low commission rates for active traders. With pricing comparable to those offering agency execution, Interactive Brokers aggregates rates from 17 major interbank dealers. Traders can benefit from discounts as trading volume increases, potentially lowering the minimum charge to $1 per order for volumes over $5 billion per month. Rated 5 stars, Interactive Brokers ranks #2 out of 63 brokers for commissions and fees by ForexBrokers.com.
TopFX offers two account types: the commission-based RAW account and the spread-only ZERO account, both on MetaTrader and cTrader. The RAW account incurs a 2.75 EUR commission per side, resulting in a total cost of around 0.88 pips when combining the 0.33 pips average spread for EUR/USD. The ZERO account, while commission-free, sees a higher average spread of 1.03 pips for the same currency pair. Despite encompassing competitive pricing compared to industry standards, TopFX is rated 4 stars and ranked #40 out of 63 by ForexBrokers.com in the Commissions and Fees category.
In summary, while Interactive Brokers offers lower trading costs for active forex traders with competitive spreads and attractive discounts, TopFX presents a simpler structure with both a commission-based and a commission-free account, though at a slightly higher cost. Both brokers cater to different trading needs and preferences, with Interactive Brokers being a better fit for high-volume traders, reflected in its higher rating and ranking.
| Feature |
Interactive Brokers
|
TopFX
|
|---|---|---|
| Minimum Deposit | $0 | Depends on payment method |
| Average Spread EUR/USD - Standard | 0.59 | 1.03 |
| All-in Cost EUR/USD - Active | 0.59 | 0.88 |
| Active Trader or VIP Discounts | Yes | No |
| ACH or SEPA Transfers | Yes | No |
| PayPal (Deposit/Withdraw) | No | Yes |
| Skrill (Deposit/Withdraw) | No | Yes |
| Visa/Mastercard (Credit/Debit) | No | Yes |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
Interactive Brokers and TopFX both provide options for forex trading, with offerings available as CFDs or spot contracts. However, their scope significantly differs when looking at the total range of tradeable symbols and forex pairs. Interactive Brokers outshines with an impressive selection of 8,500 tradeable symbols, including 90 forex pairs, whereas TopFX lags behind, offering only 655 symbols and 60 forex pairs. Furthermore, Interactive Brokers gives clients the opportunity to invest in both U.S. and international exchange-traded securities, enabling purchases like Apple shares on NASDAQ and Vodafone shares on the London Stock Exchange. This contrasts with TopFX, which doesn’t provide access to exchange-traded securities but does support copy trading.
When it comes to cryptocurrency trading, Interactive Brokers allows for the purchase of actual cryptocurrencies in addition to derivative products. On the other hand, TopFX permits only cryptocurrency derivatives. These comprehensive offerings contribute to Interactive Brokers' exceptional rating of five stars and a #1 ranking in the Range of Investments category by ForexBrokers.com. In comparison, TopFX holds a rating of 3.5 stars and ranks at #46, reflecting a more limited assortment of investment opportunities. This detailed comparison helps investors understand which platform might better suit their diverse trading needs.
| Feature |
Interactive Brokers
|
TopFX
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 8500 | 655 |
| Forex Pairs (Total) | 90 | 60 |
| U.S. Stock Trading (Non CFD) | Yes | No |
| Int'l Stock Trading (Non CFD) | Yes | No |
| Social Trading / Copy Trading | No | Yes |
| Cryptocurrency (Physical) | Yes | No |
| Cryptocurrency (Derivative) | Yes | Yes |
| Disclaimers | Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients). | Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients). |
Dive deeper: Best Copy Trading Platforms.
When comparing the trading platforms and tools of Interactive Brokers and TopFX, there are several key differences to consider. Both brokers provide simulated trading options with free virtual demo accounts, making it easy for users to practice trading without financial risks. Interactive Brokers offers a proprietary platform developed in-house, while TopFX does not have a proprietary option. Both brokers provide Windows-based desktop platforms and web-based trading options, making them accessible across various devices. However, a notable distinction is that TopFX supports copy trading features, including MetaTrader 4 (MT4), while Interactive Brokers does not offer these services. Additionally, neither broker supports MetaTrader 5 (MT5), DupliTrade, or ZuluTrade.
Charting tools further highlight differences between these two brokers. Interactive Brokers excels with 85 drawing tools, allowing for more detailed chart analysis compared to TopFX's 15 drawing tools. They both enable trading directly from stock charts, offering a smooth user experience. For watch lists, Interactive Brokers shines with 659 columns, vastly outperforming TopFX, which offers just 7 columns. These features contribute to Interactive Brokers receiving a five-star rating and ranking #3 out of 63 brokers for Trading Platforms and Tools, according to ForexBrokers.com. On the other hand, TopFX earns a four-star rating and ranks #45, reflecting a generally positive but less comprehensive offering in comparison.
| Feature |
Interactive Brokers
|
TopFX
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Platform | Yes | No |
| Desktop Platform (Windows) | Yes | Yes |
| Web Platform | Yes | Yes |
| Social Trading / Copy Trading | No | Yes |
| MetaTrader 4 (MT4) | No | Yes |
| MetaTrader 5 (MT5) | No | No |
| DupliTrade | No | No |
| ZuluTrade | No | No |
| Charting - Indicators / Studies (Total) | 155 | 30 |
| Charting - Drawing Tools (Total) | 85 | 15 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 659 | 7 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
When comparing the mobile trading apps of Interactive Brokers and TopFX, both platforms are available on iPhone and Android devices, providing traders with flexibility and convenience. Both apps support stock and forex price alerts and allow users to draw trendlines and view multiple time frames on charts. However, Interactive Brokers stands out with its ability to sync watchlist symbols between devices, where changes made either online or on the app are reflected seamlessly. In contrast, TopFX does not offer this feature. Moreover, Interactive Brokers offers 97 technical studies for charting within its app compared to TopFX’s 30, providing users with more advanced analytical tools.
Despite both apps allowing the creation of watchlists with real-time quotes, TopFX holds an edge with auto-saving for chart drawings, a feature Interactive Brokers does not have. Still, Interactive Brokers is rated five stars and ranks 4th out of 63 brokers for mobile trading apps by ForexBrokers.com, while TopFX is rated four stars and ranks 51st. These rankings suggest that for those seeking a feature-rich mobile trading experience, Interactive Brokers may be the preferable choice, though TopFX’s app could appeal to those who value certain unique features like auto-saving chart drawings.
| Feature |
Interactive Brokers
|
TopFX
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | Yes | No |
| Mobile Charting - Indicators / Studies | 97 | 30 |
| Mobile Charting - Draw Trendlines | Yes | Yes |
| Mobile Charting - Multiple Time Frames | Yes | Yes |
| Mobile Charting - Drawings Autosave | No | Yes |
| Mobile Watchlist | Yes | Yes |
Dive deeper: Best Forex Trading Apps.
When comparing Interactive Brokers and TopFX for market research offerings, several key differences emerge. Interactive Brokers stands out by providing daily market commentary, a feature absent from TopFX. Both brokers offer forex news from leading sources such as Bloomberg and Reuters, ensuring traders have access to timely, reliable information. While Interactive Brokers and TopFX both offer tools from Trading Central, TopFX enhances its research toolkit with analytical solutions from Autochartist, which Interactive Brokers does not provide. Conversely, Interactive Brokers offers market insights through TipRanks and research tools from Acuity Trading, both of which TopFX lacks. Furthermore, both brokers provide an economic calendar to keep traders informed of global events.
The distinctions in the research tools offered by Interactive Brokers and TopFX are reflected in their ratings and rankings. Interactive Brokers receives a stellar five-star rating for research and holds an impressive third-place position among 63 brokers in the ForexBrokers.com Research category. In contrast, TopFX is rated with three stars and is placed significantly lower, at 60th in the same ranking. These differences highlight Interactive Brokers' comprehensive approach to market research compared to the more limited offerings of TopFX.
| Feature |
Interactive Brokers
|
TopFX
|
|---|---|---|
| Daily Market Commentary | Yes | No |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | No | Yes |
| Trading Central (Recognia) | Yes | Yes |
| Social Sentiment - Currency Pairs | Yes | Yes |
| TipRanks | Yes | No |
| Signal Centre (Acuity Trading) | Yes | No |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
When comparing the educational resources that Interactive Brokers and TopFX offer to beginners, Interactive Brokers stands out as a more comprehensive option. Interactive Brokers provides a rich suite of educational materials focused on forex and CFDs, exceeding the minimum requirement with over 10 articles, videos, and archived webinars. They also host at least one online educational webinar each month and offer a searchable archive of past webinars, making learning convenient and accessible. Furthermore, Interactive Brokers caters to beginners with more than 10 beginner-level educational videos and additional content for advanced traders. Their investor dictionary, featuring definitions for over 50 investing terms, is a beneficial tool for those new to trading. As a testament to their efforts, Interactive Brokers has a 5-star rating for education and holds the #3 rank in education among 63 brokers according to ForexBrokers.com.
In contrast, TopFX falls short in educational offerings. They do not meet the minimum standard of providing 10 educational units on forex or CFDs and do not host regular or archived webinars. Additionally, TopFX lacks the depth of educational videos suited for both beginners and advanced traders, and they do not provide a comprehensive investor dictionary. As a result, TopFX has been rated 3 stars for education and is ranked at #61 out of 63 brokers by ForexBrokers.com for their educational efforts. For beginners keen on accessing a broad array of educational resources, Interactive Brokers presents a more favorable choice.
| Feature |
Interactive Brokers
|
TopFX
|
|---|---|---|
| Education (Forex or CFDs) | Yes | No |
| Client Webinars | Yes | No |
| Client Webinars (Archived) | Yes | No |
| Videos - Beginner Trading Videos | Yes | No |
| Videos - Advanced Trading Videos | Yes | No |
| Investor Dictionary (Glossary) | Yes | No |
Dive deeper: Best Forex Brokers for Beginners.
After testing 63 of the best forex brokers, our research and account testing finds that Interactive Brokers is better than TopFX. Interactive Brokers finished with an overall rank of #2, while TopFX finished with an overall rank of #62.
Interactive Brokers is a highly trusted multi-asset broker with an extensive offering of tradeable global markets. It delivers competitive fees and high-quality research and education, as well as a modern, institutional-grade trading platform suite.
| Feature |
Interactive Brokers
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TopFX
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| Trust Score | 99 | 67 |
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Interactive Brokers allows investors to buy both actual delivered cryptocurrency and cryptocurrency derivatives, whereas TopFX only provides the option to buy cryptocurrency derivatives, not the actual cryptocurrency.
While Interactive Brokers supports ACH, SEPA, and bank wire transfers for funding accounts, it lacks PayPal, Skrill, and card payment options like Visa and Mastercard, whereas TopFX excels by offering a broader range of deposit and withdrawal methods, including PayPal, Skrill, Visa, Mastercard, and bank wire transfers, but does not provide ACH or SEPA transfer options.
Please note:
We review each broker’s overall global offering – a “Yes” checkmark in our Compare Tool does not guarantee the availability of any specific features in your country of residence. To verify the availability of any features within your country of residence, please contact the broker directly.
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0 of 5| Overall Rating | Interactive Brokers | TopFX | |
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| Trust Score | 99 | 67 | |
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| Review | Interactive Brokers Review | TopFX Review |
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| Regulation | Interactive Brokers | TopFX | |
|---|---|---|---|
| Trust Score | 99 | 67 | |
| Year Founded | 1977 | 2010 | |
| Publicly Traded (Listed) | Yes | No | |
| Bank | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes | |
| Tier-1 Licenses | 9 | 1 | |
| Tier-2 Licenses | 2 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 0 | 1 |
| Tier-1 Licenses (Highly Trusted) | Interactive Brokers | TopFX | |
|---|---|---|---|
| Australia (ASIC Authorised) | Yes | No | |
| Canada (CIRO Authorised) | Yes | No | |
| Hong Kong (SFC Authorised) | Yes | No | |
| Japan (SFC Authorised) | Yes | No | |
| Singapore (MAS Authorised) | Yes | No | |
| Switzerland (FINMA Authorised) | Yes | No | |
| United Kingdom (U.K.) (FCA Authorised) | Yes | No | |
| USA (CFTC Authorized) | Yes | No | |
| New Zealand (FMA Authorised) | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes |
| Tier-2 Licenses (Trusted) | Interactive Brokers | TopFX | |
|---|---|---|---|
| Kenya (CMA Authorised) | No | No | |
| Israel (ISA Authorised) | No | No | |
| South Africa (FSCA Authorised) | No | No | |
| UAE (DFSA/Central Bank Authorised) | Yes | No | |
| India (SEBI Authorised) | Yes | No | |
| Jordan (JSC Authorised) | No | No |
| Investments | Interactive Brokers | TopFX | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 8500 | 655 | |
| Forex Pairs (Total) | 90 | 60 | |
| U.S. Stock Trading (Non CFD) | Yes | No | |
| Int'l Stock Trading (Non CFD) | Yes | No | |
| Social Trading / Copy Trading | No | Yes | |
| Cryptocurrency (Physical) | Yes | No | |
| Cryptocurrency (Derivative) | Yes | Yes | |
| Disclaimers | Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients). | Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients). |
| Cost | Interactive Brokers | TopFX | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 0.59 | 1.03 | |
| All-in Cost EUR/USD - Active | 0.59 | 0.88 | |
| Active Trader or VIP Discounts | Yes | No | |
| Inactivity Fee | No | No | |
| Execution: Agency Broker | Yes | No | |
| Execution: Market Maker | No | Yes |
| Funding | Interactive Brokers | TopFX | |
|---|---|---|---|
| Minimum Deposit | $0 | Depends on payment method | |
| PayPal (Deposit/Withdraw) | No | Yes | |
| Skrill (Deposit/Withdraw) | No | Yes | |
| Visa/Mastercard (Credit/Debit) | No | Yes | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| ACH or SEPA Transfers | Yes | No |
| Trading Platforms | Interactive Brokers | TopFX | |
|---|---|---|---|
| Proprietary Platform | Yes | No | |
| Desktop Platform (Windows) | Yes | Yes | |
| Web Platform | Yes | Yes | |
| Social Trading / Copy Trading | No | Yes | |
| MetaTrader 4 (MT4) | No | Yes | |
| MetaTrader 5 (MT5) | No | No | |
| cTrader | No | Yes | |
| DupliTrade | No | No | |
| ZuluTrade | No | No |
| Trading Tools | Interactive Brokers | TopFX | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Alerts - Basic Fields | Yes | Yes | |
| Watchlists - Total Fields | 659 | 7 | |
| Charting - Indicators / Studies (Total) | 155 | 30 | |
| Charting - Drawing Tools (Total) | 85 | 15 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | Interactive Brokers | TopFX | |
|---|---|---|---|
| Android App | Yes | Yes | |
| Apple iOS App | Yes | Yes | |
| Mobile Alerts - Basic Fields | Yes | Yes | |
| Mobile Watchlist | Yes | Yes | |
| Watchlist Syncing | Yes | No | |
| Mobile Charting - Indicators / Studies | 97 | 30 | |
| Mobile Charting - Draw Trendlines | Yes | Yes | |
| Mobile Charting - Multiple Time Frames | Yes | Yes | |
| Mobile Charting - Drawings Autosave | No | Yes | |
| Mobile Economic Calendar | Yes | Yes |
| Research | Interactive Brokers | TopFX | |
|---|---|---|---|
| Daily Market Commentary | Yes | No | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | No | Yes | |
| Trading Central (Recognia) | Yes | Yes | |
| TipRanks | Yes | No | |
| Social Sentiment - Currency Pairs | Yes | Yes | |
| Economic Calendar | Yes | Yes |
| Education | Interactive Brokers | TopFX | |
|---|---|---|---|
| Education (Forex or CFDs) | Yes | No | |
| Client Webinars | Yes | No | |
| Client Webinars (Archived) | Yes | No | |
| Videos - Beginner Trading Videos | Yes | No | |
| Videos - Advanced Trading Videos | Yes | No | |
| Investor Dictionary (Glossary) | Yes | No |
| Major Forex Pairs | Interactive Brokers | TopFX | |
|---|---|---|---|
| GBP/USD | Yes | Yes | |
| USD/JPY | Yes | Yes | |
| EUR/USD | Yes | Yes | |
| USD/CHF | Yes | Yes | |
| USD/CAD | Yes | Yes | |
| NZD/USD | Yes | Yes | |
| AUD/USD | Yes | Yes | |
| Review | Interactive Brokers Review | TopFX Review |
| Overall | Interactive Brokers | TopFX | |
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| Trust Score | 99 | 67 | |
| Winner | check_circle | ||
| Review | Interactive Brokers Review | TopFX Review |
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