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 XM.
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. Both Interactive Brokers and XM share a rating of 4.00 stars.
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 XM are regulated in a major hub. Interactive Brokers is a publicly traded company, while XM 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 85 different currency pairs while XM has 57 available pairs, a difference of 28.
To round out our comparison of Interactive Brokers vs XM, let's look at the tools and features most used by forex traders. For trading platforms, traders are all familiar with MetaTrader. XM has Meta Trader, Interactive Brokers doesn't. 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. XM offers its clients access to 31 charting tools while Interactive Brokers has 9 charting tools, a difference of 22. XM trails Interactive Brokers by 70 total different indicators (for example, moving averages), with Interactive Brokers offering 121 and XM offering 51.
Overall, Interactive Brokers comes out on top with 4.50 stars over XM's 3.50 stars. And, when it comes to individual category awards, both Interactive Brokers and XM 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.