Interactive Brokers and FXCM are leading online brokers with impressive trading experiences. Interactive Brokers offers competitive fees and a minimum deposit of $0. It has a proprietary platform and a professional app. Interactive Brokers is a highly-regulated broker with licenses from the IIROC, FINMA, SFC, FSA, FCA, MAS, and CFTC. It is a top choice for active traders who want access to premium tools.
FXCM is a leading forex broker with both professional and beginner-friendly tools. It has an excellent education portal with forex education topics. FXCM offers professional research tools and MT4. It is a trustworthy broker with licenses from the IIROC, ASIC, and FCA. It is a good choice for both new and experienced traders.
Both brokers have strengths and weaknesses. This article discusses the differences between Interactive Brokers and FXCM.
| Broker Name | Interactive Brokers | FXCM |
| Year Founded | 1978 | 1999 |
| Regulation | SEC (USA), FCA (UK) | ASIC, FCA, IIROC |
| Tradable Assets | Stock, ETF, Forex, Fund, Bond, Options, Futures, CFD, Crypto, Warrants, Structured Products | Forex, CFD |
| Min Deposit | $0 | Starts from $50-£300 (depending on location) |
| Min Trade | $0 | $0 |
| Platforms | Traders Workstation (TWS) | Trading Station, MT4 |
| Deposit | You can open account without deposit | Free of charge |
| Withdrawals | Free of charge for the first withdrawal in calendar month | Free of charge |
Top findings from the Interactive Brokers vs. FXCM review:
- Interactive Brokers has premium platforms and trading tools.
- FXCM is a versatile broker with multiple desktop interfaces and social trading features.
- Both brokers offer a demo account, a proprietary platform, and an active trader discount.
We recommend Interactive Brokers to traders who want to improve their trading knowledge. FXCM is a better choice for new traders as it has a dedicated learning center.
Overall Rating
| Feature | Interactive Brokers | FXCM |
| Overall | 4.5 | 4 |
| Commissions & Fees | 4.5 | 3.5 |
| Offering of Investments | 5 | 4 |
| Platforms & Tools | 4.5 | 4.5 |
| Mobile Trading | 4 | 4 |
| Research | 4.5 | 4 |
| Education | 4 | 4 |
| Trust Score | 94 | 93 |
| Winner | YES | |
| 66% of retail CFD accounts lose money | Between 74-89% of retail CFD accounts lose money |
Level of experience
Interactive Brokers is an excellent fit for professionals. It offers access to Trading Central and premium tools. It has some educational tools, including webinars. Interactive Brokers has a virtual trading account to test its platforms.
FXCM offers many platforms designed to match different trading styles. It provides an educational portal for beginners and some research tools. FXCM has forex education and beginners and advanced trading videos. It is a good fit for new traders and forex traders.
Fees
The minimum initial deposit at Interactive Brokers is $0, while the initial deposit at FXCM starts between $50-£300. Both brokers offer an active trader discount.
Assets
Interactive Brokers offers 105 forex currency pairs, while FXCM has 39 available pairs. Interactive Brokers has 7400 CFDs, while FXCM has 82 available CFDs.
Trading platform
Interactive Brokers has a premium trading experience with desktop and web platforms. It offers some educational materials, including webinars and professional trading videos. Interactive Brokers is a good choice for all traders who want to improve their trading knowledge.
FXCM has a proprietary platform, Trading Station, and MetaTrader4. It offers advanced tools and technical indicators. FXCM is a good fit for beginners, as it provides a dedicated learning center. This broker has access to third-party market data and daily technical levels.
Banking services
Banking services contribute to an excellent online trading experience. Interactive Brokers offers as its funding option bank transfers. FXCM has bank transfers, credit/debit cards, and Skrill.
Final verdict
Interactive Brokers and FXCM are leading online brokers. Both have strengths and weaknesses depending on your trading needs and experience. We recommend Interactive Brokers to professionals because of its premium services. FXCM is a better fit for new traders, as it has an excellent learning center.
Interactive Brokers compared to other brokers:
Methodology
The mission of Business24-7 is to provide comprehensive, unbiased ratings and reviews of online providers. User experience, the mobile experience, customer service, costs and fees, security, the quality of trade executions, the products available on their platforms are all part of our six-month evaluation of a providers’s platform. The rating scale was based on thousands of data points that have been weighted into the scoring system.
Providers were also required to fill out a multi-point survey regarding every aspect of their platform. In-person demonstrations and evaluations were provided by the majority of the online providers we reviewed.
Stefan Grasic, along with our team of industry experts, conducted our reviews and developed this methodology for ranking what form is used in online investing.
Business24-7 maintains high editorial standards and provides the best advice and recommendations. The products and companies that we review may compensate us when you click on the links on this website. Click below to find out more about our review process and methodology.
Disclosure
All trading involves risk. More than 80% of investors lose in spread bet and CFD trading. As these complex instruments allow for the use of leverage, there is a high risk of losing more money than you have deposited. Before attempting to participate in spread bets and CFDs, consider how well you understand them and if you can afford to lose your money.
