Home Brokers comparison Interactive Brokers vs. FXCM

Interactive Brokers vs. FXCM

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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 NameInteractive BrokersFXCM
Year Founded19781999
RegulationSEC (USA), FCA (UK)ASIC, FCA, IIROC
Tradable AssetsStock, ETF, Forex, Fund, Bond, Options, Futures,
CFD, Crypto, Warrants, Structured Products
Forex, CFD
Min Deposit$0Starts from $50-£300 (depending on location)
Min Trade$0$0
PlatformsTraders Workstation (TWS)Trading Station, MT4
DepositYou can open account without depositFree of charge
WithdrawalsFree of charge for the first withdrawal in calendar monthFree of charge

 

 

Top findings from the Interactive Brokers vs. FXCM review:  

  1. Interactive Brokers has premium platforms and trading tools. 
  1. FXCM is a versatile broker with multiple desktop interfaces and social trading features. 
  1. 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

FeatureInteractive BrokersFXCM
Overall4.54
Commissions & Fees4.53.5
Offering of Investments54
Platforms & Tools4.54.5
Mobile Trading44
Research4.54
Education44
Trust Score9493
WinnerYES 
 66% of retail CFD accounts lose moneyBetween 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.

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Braden Chase is an investor, trading specialist, and former research specialist for Forex.com who helps aspiring investors develop the confidence and habits they need to make an income from the market. Braden has served as a registered commodity futures representative for domestic and internationally-regulated brokerages and has also spoken & moderated numerous forex and finance industry panels across the globe.

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