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Interactive Brokers vs FOREX.com 2023

BrokerNotes.co

Written by BrokerNotes.co

March 14, 2023

Trying to decide between Interactive Brokers and FOREX.com? Weโ€™ve taken the guesswork out of the equation with our Comparison Tool. Use our tool to compare hundreds of data points, side-by-side, to see how these two brokers stack up against each other.

Based on our extensive research, hands-on testing, and expert analysis of over a hundred data-driven variables, we've determined that, overall, Interactive Brokers ranks more highly than FOREX.com.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 65% and 82% 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.

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Compare

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Overall RatingInteractive BrokersFOREX.com
Overall Rating 9.7 / 10 9.3 / 10
Account TypeInteractive BrokersFOREX.com
Standard Trade Size (100,000 units) Yes Yes
Mini Trade Size (10,000 units) Yes Yes
Micro Trade Size (1,000 units) No Yes
Islamic Account No Yes
Copy TradingInteractive BrokersFOREX.com
Social Trading / Copy Trading No No
DupliTrade No No
ZuluTrade No No
CryptocurrencyInteractive BrokersFOREX.com
Cryptocurrency (Physical) Yes No
Cryptocurrency (CFD) No Yes
Bitcoin Yes Yes
ethereum No Yes
Forex Trading (Spot or CFDs)Interactive BrokersFOREX.com
Forex Trading (Spot or CFDs) Yes Yes
Mobile Trading - Forex or CFDs Yes Yes
Indices (Index CFDs)Interactive BrokersFOREX.com
DAX Yes Yes
Dow Jones Yes Yes
FTSE Yes Yes
NASDAQ 100 Yes Yes
Nikkei Yes Yes
SP 500 Yes Yes
InvestmentsInteractive BrokersFOREX.com
Forex Trading (Spot or CFDs) Yes Yes
Spread Betting No No
Social Trading / Copy Trading No No
Metals Yes Yes
Energies Yes Yes
Agriculturals Yes Yes
ETF Yes Yes
U.S. Stocks (CFD) Yes Yes
Trading PlatformsInteractive BrokersFOREX.com
Apple iOS App Yes Yes
Android App Yes Yes
Proprietary Platform Yes Yes
Desktop Platform (Windows) Yes Yes
Web Platform Yes Yes
MetaTrader 4 (MT4) No Yes
MetaTrader 5 (MT5) No Yes
Regulatory LicensesInteractive BrokersFOREX.com
Tier-1 Licenses 8 4
Australia (ASIC Authorised) Yes No
Canada (SRO Authorised) Yes Yes
United Kingdom (U.K.) (FCA Authorised) Yes Yes
Hong Kong (SFC Authorised) Yes No
Singapore (MAS Authorised) Yes No
Switzerland (FINMA Authorised) No No
USA (CFTC Authorized) Yes Yes
Tier-2 Licenses 1 2
Tier-3 Licenses 0 1
Research, EducationInteractive BrokersFOREX.com
Trading Central (Recognia) Yes Yes
Forex News (Top-Tier Sources) Yes Yes
Daily Market Commentary Yes Yes
Autochartist No No
Investor Dictionary (Glossary) Yes Yes
Videos - Beginner Trading Videos Yes Yes
Client Webinars (Archived) Yes No
Trading CostsInteractive BrokersFOREX.com
Minimum Deposit $0 $100
Average Spread EUR/USD - Standard 0.6 info 1.0 info
All-in Cost EUR/USD - Active 0.6 info 1.0 info
Active Trader or VIP Discounts Yes Yes
Bank Wire (Deposit/Withdraw) Yes Yes
Visa/Mastercard (Credit/Debit) No Yes
PayPal (Deposit/Withdraw) No Yes
Trading ToolsInteractive BrokersFOREX.com
Watchlists - Total Fields 640 20
Mobile Watchlist Yes Yes
Charting - Indicators / Studies (Total) 128 203
Mobile Charting - Indicators / Studies 97 88
Trust FactorsInteractive BrokersFOREX.com
Year Founded 1977 1999
Publicly Traded (Listed) Yes Yes
Bank No No
European Union Authorised (MiFID) Yes info Yes info
Trust Score 99 99
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Interactive Brokers vs FOREX.com Comparison

Comparing forex brokers side by side is no easy task. For our 2023 annual forex broker review, we spent hundreds of hours assessing 39 forex and CFD brokerages to find the best forex broker. Let's compare Interactive Brokers vs FOREX.com.

Can I trust Interactive Brokers?

Interactive Brokers has a trust score of 99, giving it a "Highly Trusted" trust label. Here's what each trust score label means:

  • "Highly Trusted" (90-99) - These brokers are considered the most trustworthy firms in the industry. Simply put, we would not hesitate to open and fund an account with a Highly Trusted broker.
  • "Trusted" (80-89) - These brokers are reliable and trustworthy. "Trusted" firms are a solid choice, and may simply hold fewer regulatory licences or feature different corporate structures than those brokers that have earned our top Trust Score rating.
  • "Average Risk" (70-79) - Average Risk brokers are firms we generally consider to be safe, but that may warrant a closer inspection before you open and fund a live trading account. At the least, we always encourage traders to check the regulatory licenses for Average Risk firms to verify that they are regulated in their own country of residence.
  • "High Risk" (60-69) - High-risk firms should be scrutinized and carefully reviewed before opening an account. These forex brokers are โ€“ in most cases โ€“ operating without credible regulatory licensing, and likely have a history of legal or financial issues. Before considering an account with a high-risk firm, we recommend checking our country guides for your country of residence to see if a more trusted broker is available.
  • "Do Not Trust" (<59) - We do not recommend opening an account of any kind with a broker that earns a โ€œDo Not Trustโ€ rating.

Can I trust FOREX.com?

FOREX.com has a trust score of 99, giving it a "Highly Trusted" trust label.

Is Interactive Brokers a good broker?

Interactive Brokers is a long-standing and highly-trusted broker that holds numerous regulatory licenses across the globe. We've rated IBKR as the best broker for professional traders, and it provides traders with access to over 100 markets, including forex and CFDs. IBKR's recently introduced web-based platform caters well to beginners, and its powerful research and extensive educational content makes for a balanced experience for newcomers and professionals alike.

Is FOREX.com a good broker?

FOREX.com, part of the StoneX Group, is a trusted brand with a long history of offering forex in the U.S. and internationally. CFD markets are available within its proprietary platform, though fewer are available on MetaTrader. While great for active traders, FOREX.com's pricing is not its best feature. Overall, the broker is a great, well-balanced choice โ€“ regardless of your experience level.

What tier-1 jurisdictions is each broker regulated in?

Tier-1 regulators go above and beyond by requiring additional capital requirements, checking in on brokers more frequently, and putting brokers through a tougher screening process. Interactive Brokers is Australia (ASIC Authorised), Canada (SRO Authorised), Hong Kong (SFC Authorised), CBI Authorised (Ireland), Japan (SFC Authorised), Singapore (MAS Authorised), United Kingdom (U.K.) (FCA Authorised) and USA (CFTC Authorized), while FOREX.com is Canada (SRO Authorised), Japan (SFC Authorised), United Kingdom (U.K.) (FCA Authorised) and USA (CFTC Authorized).. Neither have New Zealand (FMA Authorised) and Switzerland (FINMA Authorised)

What tier-2 jurisdictions is each broker regulated in? What about tier-3?

Tier-2 and tier-3 licenses are still important in evaluating the overall trustworthiness of forex brokers. As far as tier-2 licenses go, Interactive Brokers is India (SEBI Authorised), while FOREX.com is Cyprus (CySEC Authorised) and UAE (DFSA/Central Bank Authorised).. Neither have China (CBRC Authorised), Israel (ISA Authorised), Russia (CBR Authorised), South Africa (FSCA Authorised) and Thailand (SEC Authorised). When comparing tier-3 licenses Interactive Brokers is none, while FOREX.com is Cayman Islands (CIMA Authorised).. Neither have Bahamas (SCB Authorised), Belize (FSC Authorised), Bermuda (BMA Authorised), British Virgin Islands (FSC Authorised), Mauritius (FSC Authorised) and Vanuatu (VFSC Authorised).

Which broker offers more trading platforms?

Both Interactive Brokers and FOREX.com offer a Proprietary Platform and Desktop Platform (Windows).. Neither have cTrader, DupliTrade and ZuluTrade

Does Interactive Brokers offer MetaTrader? Does FOREX.com offer MetaTrader?

For MetaTrader Interactive Brokers provides neither of these, while FOREX.com provides MetaTrader 4 (MT4) and MetaTrader 5 (MT5). If MetaTrader is a must for you, read our guides on the best MT4 brokers or best MT5 brokers.

How do Interactive Brokers and FOREX.com differ in terms of minimum deposit? What about average spreads and funding options?

Interactive Brokers requires a minimum deposit of $0, while FOREX.com requires a minimum deposit of $100. From our testing we found Interactive Brokers offers spreads of 0.6, while FOREX.com offers spreads of 1.0. Interactive Brokers supports Bank Wire (Deposit/Withdraw) for popular funding options, where FOREX.com supports Bank Wire (Deposit/Withdraw), Visa/Mastercard (Credit/Debit) and PayPal (Deposit/Withdraw).. Neither have Skrill (Deposit/Withdraw)

Which brokers offers more tradeable asset classes, Interactive Brokers or FOREX.com?

Both Interactive Brokers and FOREX.com allow you to trade Forex Trading (Spot or CFDs), Metals, Energies, Agriculturals, ETF and U.S. Stocks (CFD).. Neither have Spread Betting and Social Trading / Copy Trading Looking at total tradeable symbols, Interactive Brokers has 8500, compared to 5500 from FOREX.com.

Can I trade cryptocurrency with Interactive Brokers or FOREX.com?

Crypto trading is popular with forex traders. Most crypto assets are offered either as the underlying physical asset or as a CFD or other derivative โ€” including spot forex contracts. In terms of trading physical cryptocurrency neither Interactive Brokers nor FOREX.com allow you to trade physical cryptocurrencies.

Who offers more research tools, Interactive Brokers or FOREX.com?

Both Interactive Brokers and FOREX.com offer a complete suite of research, providing traders with these tools: Daily Market Commentary, Stock Charts, Forex News (Top-Tier Sources) and Trading Central (Recognia).. Neither have Autochartist and Social Trading / Copy Trading

Broker Reviews

Still looking for more information, read our broker reviews.

Interactive Brokers Review

FOREX.com Review

Overall winner: Interactive Brokers

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announcementPlease note:

We review each brokerโ€™s overall global offering โ€“ a โ€œYesโ€ 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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