Written by ForexBrokers.com
In this head to head comparison of Interactive Brokers vs FXCM, we will compare the trading platforms, mobile apps, range of investments, costs, market research, and more. Let's dive in.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 51% and 89% 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.
Interactive Brokers, established in 1977, and FXCM, founded in 1999, are both reputable platforms for online trading. Interactive Brokers is publicly traded and holds nine Tier-1 licenses, which are top indicators of trustworthiness, along with two Tier-2 licenses. It boasts a perfect Trust Score rating of 99 out of 99, suggesting a highly trusted status. In contrast, FXCM, also publicly traded, has four Tier-1 licenses and two Tier-2 licenses, with a strong but slightly lower Trust Score of 95. Neither platform operates as a bank, ensuring they focus solely on brokerage services.
| Feature |
Interactive Brokers
|
FXCM
|
|---|---|---|
| Year Founded | 1977 | 1999 |
| Publicly Traded (Listed) | Yes | Yes |
| Bank | No | No |
| Tier-1 Licenses | 9 | 4 |
| Tier-2 Licenses | 2 | 2 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 0 | 0 |
When it comes to comparing Interactive Brokers and FXCM for commissions and fees, both platforms have their unique pricing structures. Interactive Brokers offers competitive pricing in forex trading despite not publishing average spreads. During Q3 2024, their EUR/USD spreads averaged 0.59 pips, including a commission-equivalent of around 0.40 pips. Commissions start at 0.2 basis points of the trade value, with a $2 minimum per order and discounts for highly active traders. They don't mark up spreads but charge a commission of $16 to $40 per million traded round turn.
In contrast, FXCM's forex pricing is slightly higher than the industry average. For standard accounts, the May 2024 average spread on EUR/USD was 0.78 pips, with variations depending on the region. Their commission-based accounts have an average spread of 0.28 pips, but including commissions, the effective spread is approximately 0.74 pips. FXCM offers an Active Trader Rebate Program with rebates ranging from $5 to $25 per million traded, which could be beneficial for very high-volume traders.
While Interactive Brokers is rated 5 stars and ranked second in commissions and fees by ForexBrokers.com, FXCM receives a 4-star rating and is ranked 24th out of 62 brokers. Active traders at Interactive Brokers benefit from lower charges with high trading volumes, whereas FXCM's pricing is competitive mainly for those who qualify for their tiered rebate program. Each platform caters to different trading needs and volumes, providing traders with distinct advantages.
| Feature |
Interactive Brokers
|
FXCM
|
|---|---|---|
| Minimum Deposit | $0 | Starts from $50 |
| Average Spread EUR/USD - Standard | 0.59 | 0.78 |
| All-in Cost EUR/USD - Active | 0.59 | 0.78 |
| Active Trader or VIP Discounts | Yes | Yes |
| ACH or SEPA Transfers | Yes | Yes |
| PayPal (Deposit/Withdraw) | No | Yes |
| Skrill (Deposit/Withdraw) | No | Yes |
| Visa/Mastercard (Credit/Debit) | No | Yes |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
When comparing Interactive Brokers and FXCM, Interactive Brokers stands out with a significantly larger range of investment options. It offers an impressive 8,500 tradable symbols, dwarfing FXCM's 440. For forex enthusiasts, Interactive Brokers provides access to 90 forex pairs, while FXCM offers 43. Notably, Interactive Brokers allows clients to trade exchange-traded securities on both U.S. and international exchanges, presenting opportunities to invest directly in renowned companies like Apple and Vodafone. In contrast, FXCM does not support trading in exchange-traded securities on U.S. or international exchanges.
Investors interested in cryptocurrencies will find Interactive Brokers offers both actual cryptocurrencies and cryptocurrency derivatives, whereas FXCM only allows trading of the derivatives. On the other hand, FXCM provides copy trading features, which some users may find appealing, but this option is not available with Interactive Brokers. The wide array of investment options has earned Interactive Brokers a top rating of five stars and a #1 rank by ForexBrokers.com for its range of investments. FXCM, with fewer offerings, is rated at 3.5 stars and ranks at #47.
| Feature |
Interactive Brokers
|
FXCM
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 8500 | 440 |
| Forex Pairs (Total) | 90 | 43 |
| U.S. Stock Trading (Non CFD) | Yes | No |
| Int'l Stock Trading (Non CFD) | Yes | No |
| Social Trading / Copy Trading | No | Yes |
| Cryptocurrency (Physical) | Yes | No |
| Cryptocurrency (Derivative) | Yes | Yes |
| Disclaimers | Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients). | Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients). |
Dive deeper: Best Copy Trading Platforms.
Interactive Brokers and FXCM both offer a variety of platforms and tools for traders, but they cater to different needs and preferences. Both brokers provide simulated trading with a free demo account, allowing traders to practice without financial risk. Each broker also boasts its own in-house proprietary trading platform, available as a Windows-based desktop download or via web browsers. However, when it comes to copy trading, FXCM holds an advantage by supporting the feature, including integration with ZuluTrade. In contrast, Interactive Brokers does not offer copy trading or integration with third-party platforms such as MetaTrader 4 or 5.
For technical analysis enthusiasts, FXCM offers MetaTrader 4, while Interactive Brokers does not support this platform but compensates with a wider range of drawing tools, offering 85 options compared to FXCM's 10. Both brokers allow trading directly from stock charts. The disparity is further noticeable in their watch list capabilities: Interactive Brokers supports an impressive 659 fields, whereas FXCM provides 13. Despite these differences, both brokers are highly rated for their trading platforms and tools, with Interactive Brokers ranked third and FXCM sixth among 62 brokers by ForexBrokers.com. Ultimately, the choice between these brokers may depend on the specific features that align with a trader's strategy and preferences.
| Feature |
Interactive Brokers
|
FXCM
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Platform | Yes | Yes |
| Desktop Platform (Windows) | Yes | Yes |
| Web Platform | Yes | Yes |
| Social Trading / Copy Trading | No | Yes |
| MetaTrader 4 (MT4) | No | Yes |
| MetaTrader 5 (MT5) | No | No |
| DupliTrade | No | No |
| ZuluTrade | No | Yes |
| Charting - Indicators / Studies (Total) | 155 | 115 |
| Charting - Drawing Tools (Total) | 85 | 10 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 659 | 13 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
Interactive Brokers and FXCM both offer iPhone and Android apps, making mobile trading accessible for their clients. With each app, users can receive stock or forex price alerts and create watchlists with real-time quotes. Both platforms also allow watchlist symbol syncing between mobile and online accounts, ensuring a seamless experience when managing your portfolio. Interactive Brokers and FXCM enable users to draw trendlines and view multiple time frames on stock or forex charts; however, FXCM's app has the added benefit of automatically saving these drawings, a feature absent in Interactive Brokers' app.
When it comes to technical studies available for charting, Interactive Brokers stands out with 97 options, compared to FXCM's 59. This extensive offering contributes to Interactive Brokers receiving a higher rating of 5 stars for its mobile trading app, placing it as the fourth best among 62 brokers on ForexBrokers.com. Conversely, FXCM earns a respectable 4.5 stars and ranks sixteenth. Both apps provide strong platforms for trading on the go, but Interactive Brokers may be the preferred choice for those seeking a comprehensive range of technical studies and a superior app ranking.
| Feature |
Interactive Brokers
|
FXCM
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | Yes | Yes |
| Mobile Charting - Indicators / Studies | 97 | 59 |
| Mobile Charting - Draw Trendlines | Yes | Yes |
| Mobile Charting - Multiple Time Frames | Yes | Yes |
| Mobile Charting - Drawings Autosave | No | Yes |
| Mobile Watchlist | Yes | Yes |
Dive deeper: Best Forex Trading Apps.
Interactive Brokers and FXCM both provide insightful market research offerings that cater to traders keen on staying informed. Both platforms offer daily market commentary and deliver forex news from reputable sources like Bloomberg and Reuters. They each incorporate Trading Central for technical and fundamental analyses as well as sentiment-based tools showcasing long and short positions in various instruments. Market research from TipRanks adds to their informative arsenal. However, Interactive Brokers edges out FXCM by also providing research tools from Acuity Trading, such as the Signal Centre, a feature FXCM lacks. Both brokers present comprehensive economic calendars to keep traders updated on global economic events.
When evaluating overall research capabilities, Interactive Brokers receives a full 5-star rating, placing it third among 62 brokers as ranked by ForexBrokers.com. In comparison, FXCM earns a slightly lower rating of 4.5 stars, securing the eleventh spot. Ultimately, while both brokers offer solid market research resources, Interactive Brokers stands out with its broader range of tools, particularly those offered by Acuity Trading, cementing its position as a top choice for informed decision-making in the trading arena.
| Feature |
Interactive Brokers
|
FXCM
|
|---|---|---|
| Daily Market Commentary | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | No | No |
| Trading Central (Recognia) | Yes | Yes |
| Social Sentiment - Currency Pairs | Yes | Yes |
| TipRanks | Yes | Yes |
| Signal Centre (Acuity Trading) | Yes | No |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
Interactive Brokers and FXCM both offer a wealth of educational resources tailored for beginners exploring forex and CFD trading. Interactive Brokers excels with a vast array of more than ten educational pieces focusing specifically on forex or CFDs, including articles, videos, and archived webinars. Their commitment to educating beginners is further highlighted with monthly online webinars and a searchable archive for past sessions. Beginners can also benefit from over ten elementary trading videos and a comprehensive investor dictionary defining more than 50 terms. Ranking third out of 62 brokers for their educational content, Interactive Brokers receives an impressive 5-star rating from ForexBrokers.com.
Similarly, FXCM supports novice traders with various educational materials, including over ten dedicated pieces on forex or CFDs. Like Interactive Brokers, they also host monthly webinars and maintain a searchable archive of past recordings, allowing users to learn at their own pace. FXCM also offers a series of beginner-focused trading videos and an extensive investor dictionary. Although their educational services receive a slightly lower rating of 4.5 stars, reflecting their strong but not top-tier quality, FXCM still holds a respectable 14th place ranking in the Education category among 62 brokers reviewed by ForexBrokers.com.
| Feature |
Interactive Brokers
|
FXCM
|
|---|---|---|
| Education (Forex or CFDs) | Yes | Yes |
| Client Webinars | Yes | Yes |
| Client Webinars (Archived) | Yes | Yes |
| Videos - Beginner Trading Videos | Yes | Yes |
| Videos - Advanced Trading Videos | Yes | Yes |
| Investor Dictionary (Glossary) | Yes | Yes |
Dive deeper: Best Forex Brokers for Beginners.
After testing 62 of the best forex brokers, our research and account testing finds that Interactive Brokers is better than FXCM. Interactive Brokers finished with an overall rank of #2, while FXCM finished with an overall rank of #15.
Interactive Brokers is a highly trusted multi-asset broker with an extensive offering of tradeable global markets. It delivers competitive fees and high-quality research and education, as well as a modern, institutional-grade trading platform suite.
| Feature |
Interactive Brokers
|
FXCM
|
|---|---|---|
| Overall Rating |
|
|
| Trust Score | 99 | 95 |
| Range of Investments |
|
|
| Commissions & Fees |
|
|
| Platform & Tools |
|
|
| Research |
|
|
| Mobile Trading |
|
|
| Education |
|
|
Interactive Brokers allows users to buy actual delivered cryptocurrency and cryptocurrency derivatives, whereas FXCM offers only the ability to trade cryptocurrency derivatives, not actual delivered cryptocurrencies.
Interactive Brokers and FXCM both support ACH and SEPA transfers as well as bank wires for account funding and withdrawal; however, unlike Interactive Brokers, FXCM also supports PayPal, Skrill, and Visa or Mastercard, offering more diverse payment options.
Please note:
We review each broker’s overall global offering – a “Yes” 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.
Select Brokers
↓×Compare
0 of 5| Overall Rating | Interactive Brokers | FXCM | |
|---|---|---|---|
| Overall Rating |
|
| |
| Commissions & Fees |
|
| |
| Range of Investments |
|
| |
| Platform & Tools |
|
| |
| Mobile Trading |
|
| |
| Research |
|
| |
| Education |
|
| |
| Trust Score | 99 | 95 | |
| Winner | check_circle | ||
| Review | Interactive Brokers Review | FXCM Review |
| Broker Screenshots | Interactive Brokers | FXCM | |
|---|---|---|---|
| Trading Platforms Gallery (click to expand) |
|
| |
| Mobile Trading Gallery (click to expand) |
|
| |
| Research Gallery (click to expand) |
|
| |
| Education Gallery (click to expand) |
|
|
| Regulation | Interactive Brokers | FXCM | |
|---|---|---|---|
| Trust Score | 99 | 95 | |
| Year Founded | 1977 | 1999 | |
| Publicly Traded (Listed) | Yes | Yes | |
| Bank | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes | |
| Tier-1 Licenses | 9 | 4 | |
| Tier-2 Licenses | 2 | 2 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 0 | 0 |
| Tier-1 Licenses (Highly Trusted) | Interactive Brokers | FXCM | |
|---|---|---|---|
| Australia (ASIC Authorised) | Yes | Yes | |
| Canada (CIRO Authorised) | Yes | Yes | |
| Hong Kong (SFC Authorised) | Yes | No | |
| Japan (SFC Authorised) | Yes | No | |
| Singapore (MAS Authorised) | Yes | No | |
| Switzerland (FINMA Authorised) | Yes | No | |
| United Kingdom (U.K.) (FCA Authorised) | Yes | Yes | |
| USA (CFTC Authorized) | Yes | No | |
| New Zealand (FMA Authorised) | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes |
| Tier-2 Licenses (Trusted) | Interactive Brokers | FXCM | |
|---|---|---|---|
| Kenya (CMA Authorised) | No | No | |
| Israel (ISA Authorised) | No | Yes | |
| South Africa (FSCA Authorised) | No | Yes | |
| UAE (DFSA/Central Bank Authorised) | Yes | No | |
| India (SEBI Authorised) | Yes | No | |
| Jordan (JSC Authorised) | No | No |
| Investments | Interactive Brokers | FXCM | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 8500 | 440 | |
| Forex Pairs (Total) | 90 | 43 | |
| U.S. Stock Trading (Non CFD) | Yes | No | |
| Int'l Stock Trading (Non CFD) | Yes | No | |
| Social Trading / Copy Trading | No | Yes | |
| Cryptocurrency (Physical) | Yes | No | |
| Cryptocurrency (Derivative) | Yes | Yes | |
| Disclaimers | Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients). | Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients). |
| Cost | Interactive Brokers | FXCM | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 0.59 | 0.78 | |
| All-in Cost EUR/USD - Active | 0.59 | 0.78 | |
| Active Trader or VIP Discounts | Yes | Yes | |
| Inactivity Fee | No | Yes | |
| Execution: Agency Broker | Yes | Yes | |
| Execution: Market Maker | No | Yes |
| Funding | Interactive Brokers | FXCM | |
|---|---|---|---|
| Minimum Deposit | $0 | Starts from $50 | |
| PayPal (Deposit/Withdraw) | No | Yes | |
| Skrill (Deposit/Withdraw) | No | Yes | |
| Visa/Mastercard (Credit/Debit) | No | Yes | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| ACH or SEPA Transfers | Yes | Yes |
| Trading Platforms | Interactive Brokers | FXCM | |
|---|---|---|---|
| Proprietary Platform | Yes | Yes | |
| Desktop Platform (Windows) | Yes | Yes | |
| Web Platform | Yes | Yes | |
| Social Trading / Copy Trading | No | Yes | |
| MetaTrader 4 (MT4) | No | Yes | |
| MetaTrader 5 (MT5) | No | No | |
| cTrader | No | No | |
| DupliTrade | No | No | |
| ZuluTrade | No | Yes |
| Trading Tools | Interactive Brokers | FXCM | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Alerts - Basic Fields | Yes | Yes | |
| Watchlists - Total Fields | 659 | 13 | |
| Charting - Indicators / Studies (Total) | 155 | 115 | |
| Charting - Drawing Tools (Total) | 85 | 10 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | Interactive Brokers | FXCM | |
|---|---|---|---|
| Android App | Yes | Yes | |
| Apple iOS App | Yes | Yes | |
| Mobile Alerts - Basic Fields | Yes | Yes | |
| Mobile Watchlist | Yes | Yes | |
| Watchlist Syncing | Yes | Yes | |
| Mobile Charting - Indicators / Studies | 97 | 59 | |
| Mobile Charting - Draw Trendlines | Yes | Yes | |
| Mobile Charting - Multiple Time Frames | Yes | Yes | |
| Mobile Charting - Drawings Autosave | No | Yes | |
| Mobile Economic Calendar | Yes | Yes |
| Research | Interactive Brokers | FXCM | |
|---|---|---|---|
| Daily Market Commentary | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | No | No | |
| Trading Central (Recognia) | Yes | Yes | |
| TipRanks | Yes | Yes | |
| Social Sentiment - Currency Pairs | Yes | Yes | |
| Economic Calendar | Yes | Yes |
| Education | Interactive Brokers | FXCM | |
|---|---|---|---|
| Education (Forex or CFDs) | Yes | Yes | |
| Client Webinars | Yes | Yes | |
| Client Webinars (Archived) | Yes | Yes | |
| Videos - Beginner Trading Videos | Yes | Yes | |
| Videos - Advanced Trading Videos | Yes | Yes | |
| Investor Dictionary (Glossary) | Yes | Yes |
| Major Forex Pairs | Interactive Brokers | FXCM | |
|---|---|---|---|
| GBP/USD | Yes | Yes | |
| USD/JPY | Yes | Yes | |
| EUR/USD | Yes | Yes | |
| USD/CHF | Yes | Yes | |
| USD/CAD | Yes | Yes | |
| NZD/USD | Yes | Yes | |
| AUD/USD | Yes | Yes | |
| Review | Interactive Brokers Review | FXCM Review |
| Overall | Interactive Brokers | FXCM | |
|---|---|---|---|
| Overall Rating |
|
| |
| Commissions & Fees |
|
| |
| Range of Investments |
|
| |
| Platform & Tools |
|
| |
| Mobile Trading |
|
| |
| Research |
|
| |
| Education |
|
| |
| Trust Score | 99 | 95 | |
| Winner | check_circle | ||
| Review | Interactive Brokers Review | FXCM Review |
IG
CMC Markets
FOREX.com
XTB
eToro
AvaTrade
Plus500
Pepperstone
FP Markets
Tickmill