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Forex.com vs Interactive Brokers Comparison – 2024
By:
Reviewed By:
Updated: Nov 27, 2024
Forex.com International
4.5
72.5% of retail investor accounts lose money when trading CFDs with this provider.
VS
Interactive Brokers
4.5
Your capital is at risk
Comparison Table
Forex.com International | Interactive Brokers | |
|---|---|---|
Overall Rating | 4.5 | 4.5 |
Trust | 4.7 | 4.8 |
Fees | 3.7 | 4.8 |
Platforms and Tools | 4.6 | 4.6 |
Tradable Instruments | 5.0 | 4.5 |
Customer Support | 4.6 | 3.5 |
Research | 5.0 | 5.0 |
Deposit and Withdrawal | 5.0 | 3.7 |
Account Types and Terms | 4.9 | 3.8 |
Education | 5.0 | 5.0 |
Regulators & Max Leverage | 1:30 (FCA), 1:30 (ASIC), 1:50 (NFA), 1:25 (JFSA), 1:20 (MAS), 1:20 (SFC), 1:250 (CIMA), 1:30 (CySEC), 1:45 (IIROC) | 1:50 (CFTC), 1:30 (MNB), 1:30 (CBI), 1:45 (IIROC), 1:25 (JFSA), 1:20 (MAS), 1:30 (ASIC), 1:20 (SFC), 1:30 (FCA) |
Foundation Year | 2001 | 1978 |
Fees Test | High | Low |
Tradable Instruments | 5680 | 8102 |
Trading Platforms | MT4, WebTrader | Proprietary |
Minimum Deposit | $100 | $0 |
Read Reviews |
Top Reasons to Choose FOREX.com vs Interactive Brokers
How does FOREX.com stand up to Interactive Brokers? This article provides a detailed side-by-side comparison, exploring key areas like trust, fees, and platforms. I highlight the strengths and weaknesses of each broker so you can make an informed decision about which is best for you.
My research showed that Interactive Brokers has lower fees and a larger range of tradable instruments overall, while FOREX.com offers a greater range of CFDs, better customer service, and is more beginner-friendly. Both brokers are multi-regulated and offer excellent platforms, research, and educational materials.
| FOREX.com Best for Beginners and Intermediate Traders, Customer Service, Variety of CFDs |
Interactive Brokers Best for Professional Traders, Low Costs, Overall Range of Markets |
| 9 Regulated Entities Globally | 11 Regulated Entities Globally |
| Part of publicly traded StoneX (Nasdaq: SNEX) | Publicly traded (Nasdaq: IBKR) |
| 23 years of experience | 46 years of experience |
| Fast order execution | Low trading fees |
| Flexible account types | Powerful proprietary platforms |
| Feature-rich proprietary platform and MT4 | Direct Market Access (DMA) |
| FX Blue and Trading Central | 90+ order types |
| Performance Analytics | Professional grade analysis tools |
| Trading Academy | Excellent educational materials |
| 5500+ CFD Instruments | User-friendly GlobalTrader app |
| Exclusive MT4 tools | Stocks, Futures, Forex, CFDs, Bonds, Funds |
FOREX.com: Snapshot
FOREX.com is a pioneering forex and CFD broker founded in 2001. The Bedminster, New Jersey-based firm provides access to trading in over 5,500 trading instruments. Clients can trade CFDs on forex, commodities, stocks, indices, and cryptocurrencies via the proprietary Web Trader platform, MetaTrader 4, or the FOREX.com mobile app. FOREX.com has 9 corporate entities across the globe and is overseen by multiple top-tier regional regulators.
FOREX.com: Who is it For?
FOREX.com is a versatile broker that caters to traders at all experience levels. Beginners can benefit from a 30-day free demo account, excellent educational resources, and reliable customer support. Intermediate and experienced traders have access to sophisticated tools, a choice of platforms, and competitive trading conditions via the Raw Spreads account type.
What Makes FOREX.com Stand Out?
FOREX.com excels in multiple areas. My assessment showed that in trustworthiness, platforms, tradable instruments, research, and educational materials, FOREX.com comfortably beats the industry average. It has also gone the extra mile to provide technology and tools – such as FX Blue and Performance Analytics – that help give its clients an edge in the markets.
Interactive Brokers: Snapshot
Interactive Brokers is a brokerage industry pioneer with decades of experience. The US-based firm has ten global entities, each licensed and regulated by the corresponding regional financial authority. Clients can access a massive range of assets, including CFDs, global stocks, options, futures, currencies, bonds, and funds. IBKR offers a range of award-winning platforms, from the web-based client portal to the flagship Trader WorkStation (TWS) platform and two proprietary mobile apps.
Interactive Brokers: Who is it For?
I rated Interactive Brokers as best suited for advanced, semi-professional, and professional traders. However, the offering is also improving for beginners with the new user-friendly GlobalTrader app and extensive educational materials.
What Makes Interactive Brokers Stand Out?
Interactive Brokers is one of the world’s largest and most stable brokers. It stands apart from other brokers with its enormous range of tradable instruments, competitive fees, advanced trading platforms, and fast order execution.
Trust
FOREX.com vs Interactive Brokers Trust and Regulation Comparison
Trust Rank | 4.7 | 4.8 |
Regulators & Max Leverage | 1:30 (FCA), 1:30 (ASIC), 1:50 (NFA), 1:25 (JFSA), 1:20 (MAS), 1:20 (SFC), 1:250 (CIMA), 1:30 (CySEC), 1:45 (IIROC) | 1:50 (CFTC), 1:30 (MNB), 1:30 (CBI), 1:45 (IIROC), 1:25 (JFSA), 1:20 (MAS), 1:30 (ASIC), 1:20 (SFC), 1:30 (FCA) |
Foundation Year | 2001 | 1978 |
Publicly Traded |
FOREX.com is one of the world’s most extensively regulated CFD brokers. Its subsidiaries are regulated by top-tier authorities including the FCA, CySEC, and ASIC. The company is owned by financial services giant StoneX, a publicly traded company (NASDAQ: SNEX). My tests showed the company to be highly transparent.
Interactive Brokers is one of the world’s largest and most stable brokers. The company is listed on Nasdaq (IBKR), has $15 billion in equity capital, and over 2.9 million clients. It is also licensed and regulated by multiple top-tier financial authorities globally.
If you want to learn more about brokers’ regulations, be sure to check out our article on the top regulated forex brokers.
Fees
FOREX.com vs Interactive Brokers Spreads, Fees, and Commissions Comparison
Fees Rank | 3.7 | 4.8 |
Inactivity Fee |
Trading costs at FOREX.com vary by account type. The Standard and MT5 accounts feature industry-average spreads and swap fees, which could be more competitive. More favorable pricing is available through the Raw Spread account type. Additionally, a standard inactivity fee is charged to dormant accounts.
Interactive Brokers is highly competitive in the area of fees. It is recognized as a discount leader with the lowest costs in the industry, sometimes by a wide margin. My hands-on tests of forex and CFD instruments showed this to be true. IBKR also does not charge an inactivity fee or any fees for deposits and withdrawals.
Platforms and Tools
FOREX.com vs Interactive Brokers Trading Platforms Comparison
Platform Rank | 4.6 | 4.6 |
Trading Platforms | MT4, WebTrader | Proprietary |
Mobile Apps | Android, iOS | Android, iOS |
FOREX.com provides a robust selection of platforms and tools. The flagship Web Trader platform is feature-rich, highly customizable, and includes advanced charts from TradingView. Performance analytics offer real-time statistics to help fine-tune your trading performance. Additionally, MetaTrader 4 is available for traders interested in automated trading.
Interactive Brokers offers a range of award-winning platforms, from the web-based Client Portal to the advanced Trader WorkStation (TWS) platform and two proprietary mobile apps. I found the TWS platforms powerful enough for professionals, while the GlobalTrader app is user-friendly and accessible to beginners.
In case you’re looking for brokers that offer third-party platforms, check out our guides on the best MT4, MT5, and cTrader forex brokers.
Tradable Instruments
FOREX.com vs Interactive Brokers Tradable Instruments Selection Comparison
Tradable Instruments Rank | 5.0 | 4.5 |
# Tradable Instruments | 5680 | 8102 |
# Currency Pairs | 84 | 85 |
# Commodities | 46 | 4 |
# Crypto | 12 | |
# Stocks | 5500 | 8000 |
# Indices | 38 | 13 |
FOREX.com excels in tradable instruments, offering a selection that only a few CFD brokers can match. Clients have access to thousands of CFDs on forex, commodities, indices, stocks, and cryptocurrencies. Additionally, FOREX.com goes above and beyond by offering CFDs in ETFs, bonds, sectors, and thematic indices.
Interactive Brokers provides an excellent range of over 2 million products to trade, including stocks, options, futures, currencies, bonds, and funds. Traders can access a robust selection of more than 8,000 CFDs on forex and shares, though there is room for improvement in the variety of CFDs on commodities.
Customer Support
FOREX.com vs Interactive Brokers Support Comparison
Customer Support Rank | 4.6 | 3.5 |
Availability | Available 24/5 | Available 24/5 |
Live Chat |
FOREX.com offers 24/5 support via live chat, phone, and email. In my tests, I experienced high-quality support, with short wait times and helpful agents. Overall, my assessment showed that FOREX.com provides better-than-average customer support.
Interactive Brokers’ customer service is available via chat, phone, and contact form from Sunday afternoon through Friday evening, New York time. Customer support is not available on Saturday. In my tests, I found room for improvement in the quality of the support.
Research
FOREX.com vs Interactive Brokers Research Tools Comparison
Research Rank | 5.0 | 5.0 |
News (Top-Tier Sources) | ||
Economic calendar | ||
Videos/Webinars | ||
Trading Central (Recognia) | ||
Autochartist |
FOREX.com shines in the area of research, providing insightful market analysis, trade ideas, and live webinars hosted by seasoned experts. Additional high-quality content from Trading Central and FX Blue offers traders further inspiration.
Interactive Brokers offers outstanding market commentary and comprehensive financial news coverage through Traders’ Insights, available on its website and trading platforms. The IBKR analyst team provides a steady stream of fresh content, supplemented by third-party contributors such as Nasdaq, Investopedia, and Redwall Analytics.
Deposits & Withdrawals
FOREX.com vs Interactive Brokers Deposit and Withdrawal Methods Comparison
Deposit and Withdrawal Rank | 5.0 | 3.7 |
Deposit Options | PayPal, Wire Transfer, Credit Card, Visa, Mastercard | ACH, Wire Transfer, Check |
Withdrawal Options | Wire Transfer, Credit Card, PayPal, Visa, Mastercard | ACH, Wire Transfer |
Withdrawal Fee |
FOREX.com offers a solid range of deposit and withdrawal methods. Processing times are fast, and there are no fees for deposits or withdrawals. Clients can make deposits via bank wire, credit/debit cards, or digital wallets; however, withdrawals are limited to credit/debit cards and bank wire.
Interactive Brokers’ clients are limited to wire transfers and ACH bank transfers for deposits and withdrawals. Some popular funding methods, such as credit cards and digital wallets, are unavailable. Requests are processed relatively fast, and IBKR does not charge any fees for deposits or withdrawals.
Account Types and Terms
Interactive Brokers vs Pepperstone Account Types Comparison
Account Types and Terms | 4.9 | 3.8 |
# Base Currencies | 84 | 85 |
Islamic Account | ||
Demo Account | ||
Minimum Deposit | $100 | $0 |
FOREX.com offers three main account types to suit different trader profiles: the Standard Account, MT5 Account, and Raw Spreads account. The Standard and MT5 accounts have identical spreads, while the Raw Spreads Account offers more competitive spreads. Demo accounts are available through FOREX.com Web Trader and MT5. Maximum leverage varies by region, with up to 1:400 offered through the GAIN Global Markets Inc. entity.
Interactive Brokers provides a broad range of account types, including Individual, Joint, and Trust accounts. IBKR offers a free simulated account with a balance of $1M, which traders can use across all platforms: Web Portal, Trader WorkStation, IBKR Mobile, and the GlobalTrader app. However, swap-free Islamic accounts are not available. The minimum deposit is $0. Maximum leverage varies by region, and since IBKR does not have an offshore entity, the highest leverage available is 1:30.
Education
FOREX.com vs Interactive Brokers Educational Content Comparison
Education Rank | 5.0 | 5.0 |
Videos | ||
Webinars |
FOREX.com delivers first-class education through its Trading Academy, featuring courses, platform tutorials, individual lessons, and live webinars. Courses are structured by experience level — beginner, intermediate, and advanced. The learning process includes progress tracking and quizzes to enhance engagement. Content is presented in both text and video formats, covering topics from the basics of CFD trading to advanced technical analysis.
The Interactive Brokers Traders’ Academy provides over 65 finance courses broken down into beginner, intermediate and advanced levels. The high-quality materials go into substantial depth and include interactive quizzes to aid the learning process. Live webinars from industry experts offer additional valuable insights.
Our Methodology
Since 2011, FX Empire has developed a detailed methodology for evaluating CFD brokers, involving over 250 variables across nine crucial categories. Our team of experts, with deep industry knowledge, conducts live testing and research by interacting with the brokers directly. We check regulations, open accounts, test spreads, account costs, platform functionality, instrument variety, customer support reliability, and the quality of research and educational content. This granular analysis helps us identify each broker’s strengths and weaknesses, keeping our comparisons current with market trends and ensuring our guides meet traders’ needs.
We strive to evaluate each broker objectively, considering how their offerings align with the diverse trading goals and preferences of our readers. Our focus is on providing a balanced overview of each broker’s strengths and weaknesses. This method ensures that our readers receive clear, insightful comparisons to aid in making well-informed trading decisions.
We employ a comprehensive rating system across nine key categories:
- Trust
- Fees
- Platforms and Tools
- Tradable Instruments
- Customer Support
- Research
- Deposits and Withdrawals
- Account Types and Terms
- Education
In each category, we conduct an in-depth analysis for both brokers, outlining features, advantages, and disadvantages and determining their suitability for different trader profiles. By blending insights from our extensive reviews with first-hand experiences and observations, we ensure each comparison is balanced, informative, and tailored to the trader’s unique needs. You can read more about our review process here.