43 different forex broker accounts for trading FX. In total, over 6,000 data interactive brokers review forex trendy were collected.
For this review, we will compare FXCM vs Interactive Brokers. 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. To simplify things, we analyzed everything for you and provide a single star rating for cost.
Both FXCM and Interactive Brokers hold a 4. 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. FXCM alongside Interactive Brokers are regulated in a major hub. FXCM alongside Interactive Brokers are publicly traded companies. How many currency pairs are available to trade? Interactive Brokers offers its clients access to 85 different currency pairs while FXCM has 39 available pairs, a difference of 46.
To round out our comparison, let’s look at the popular tools and features forex traders prefer. FXCM has Meta Trader, Interactive Brokers doesn’t. Within the trading platform, charting should be robust, so we counted the number of drawing tools and total technical indicators made available. Interactive Brokers trails FXCM by 22 total charting tools, with FXCM offering 31 and Interactive Brokers offering 9. Overall, both FXCM and Interactive Brokers are rated 4. Tools, Best in Class – Mobile Trading and Best in Class – Investor Education in 2018, while Interactive Brokers found itself with none of these.
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Overall Professional traders and highly experienced investors looking for a complete multi-asset forex broker will find Interactive Brokers offers a comprehensive platform with competitive fees across multiple global financial markets. Retail forex only offered to non-U. Founded in 1977, Interactive Brokers is one of the oldest online brokerages in the U. It was one of the first to offer a multi-asset solution that now includes options, futures, forex, and bonds across 100 market centers in 24 countries. Regulated in numerous major financial centers globally, Interactive Brokers is known for its competitive commission rates, and today offers retail forex outside of the U.
Alberta, Canada, offering 85 currency pairs, over 4200 CFDs, and thousands of exchange-traded securities. The broker also launched Bitcoin futures, further broadening its offering into digital asset. Trust Score Trading with a forex broker that traders can trust is crucial to success. Forex fraud and scams are, unfortunately, common in the industry. The following table summarizes the different investment products available to clients of Interactive Brokers.
FX trading on an agency basis. For active traders, there are applicable discounts you may be entitled to depending on your monthly trading volumes and the relevant products, and while active traders can be rewarded with commission discounts, beginners may find overcoming fees more challenging due to monthly minimum spend requirements. Interactive Brokers’ margin rates for forex is not as competitive as margin on its securities offerings, as the highest leverage available is capped at 40:1 leverage or barely 2. Despite all these various fees and trading costs, Interactive Brokers appears to score well in this category, but without publishing its average spreads, it is difficult to make a precise comparison. Overall, we would like to see IB publish its average forex spreads in 2018, since it competes well in other asset classes such as equities, where it ranked first out of 16 U. For our 2018 Forex Review, 129 customer service phone tests were conducted over three months.
The data collected is institutional grade. On average, three questions were asked for each test. On the research front, Interactive Brokers provides a broad range of choices. Available resources include a long list of analytical tools covering nearly every spectrum, including technical and fundamental analysis, news, and portfolios.