Written by ForexBrokers.com
In this head to head comparison of Interactive Brokers vs iFOREX, 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.
Founded in 1977, Interactive Brokers has established itself as a highly trusted online brokerage, achieving a perfect Trust Score of 99 according to ForexBrokers.com. It is a publicly traded company, although not a bank, and notably holds nine Tier-1 licenses, underscoring its solid regulatory standing. Additionally, Interactive Brokers maintains two Tier-2 licenses, showcasing its compliance with trusted regulatory standards across multiple jurisdictions.
In contrast, iFOREX, founded in 1996, operates under a slightly different framework. It is not publicly traded and does not hold bank status. With a Trust Score of 75, iFOREX is considered to have an average risk level. The broker holds one Tier-1 license, indicating a basic level of trust, but falls short in the Tier-2 category, holding no licenses. While both brokers offer trading platforms, their regulatory credentials and trust metrics vary significantly.
| Feature |
Interactive Brokers
|
iFOREX
|
|---|---|---|
| Year Founded | 1977 | 1996 |
| Publicly Traded (Listed) | Yes | No |
| Bank | No | No |
| Tier-1 Licenses | 9 | 1 |
| Tier-2 Licenses | 2 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 0 | 1 |
Interactive Brokers and iFOREX offer distinct approaches to commissions and fees in forex trading, catering to different types of traders. Interactive Brokers is highly regarded for its competitive pricing structure, boasting an average spread of 0.59 pips for EUR/USD after including commissions. It starts its forex commissions at 0.2 basis points of the trade value, with a minimum fee of $2 per order, making it cost-effective for high-volume traders. Discounts are available for extremely active traders, and Interactive Brokers ranks #2 out of 62 brokers for commissions and fees with a 5-star rating from ForexBrokers.com.
In contrast, iFOREX does not publish average spread data, making it challenging for traders to anticipate costs accurately. With a 3-star rating, iFOREX ranks #60 out of 62 brokers in the same category. Its pricing model lacks the transparency found with competitors like Interactive Brokers, potentially making it less appealing to cost-conscious traders who prefer clear-cut expenses.
Overall, Interactive Brokers stands out for its transparent and favorable commission structure, especially suited for traders who engage in substantial volumes and seek precise cost estimation. Meanwhile, iFOREX, with its opaque fee outline, may not meet the needs of traders who prioritize clear-cut and competitive trading conditions.
| Feature |
Interactive Brokers
|
iFOREX
|
|---|---|---|
| Minimum Deposit | $0 | $100 |
| Average Spread EUR/USD - Standard | 0.59 | N/A |
| All-in Cost EUR/USD - Active | 0.59 | N/A |
| Active Trader or VIP Discounts | Yes | No |
| ACH or SEPA Transfers | Yes | No |
| 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.
Interactive Brokers offers a significantly wider range of investment opportunities compared to iFOREX. With a commendable 8,500 tradeable symbols, they stand out as a versatile platform for most investors. Their offerings include a remarkable selection of 90 tradeable forex pairs and the unique ability to purchase both U.S. and international exchange traded securities. Notably, Interactive Brokers provides access to actual cryptocurrencies in addition to cryptocurrency derivatives, catering to both traditional and modern investment preferences.
In contrast, iFOREX presents a more limited selection with 750 tradeable symbols and 88 forex pairs. Their platform focuses on CFD-based instruments, lacking the option to buy exchange traded securities on major exchanges or actual cryptocurrencies. Despite offering cryptocurrency derivatives, their range of financial products falls short of Interactive Brokers. Consequently, Interactive Brokers has earned a top rating of 5 stars for its investment range and ranks first among 62 brokers, whereas iFOREX is rated with 3.5 stars, ranking 41st. This distinction highlights the broader market access that Interactive Brokers provides, appealing to both seasoned and new investors.
| Feature |
Interactive Brokers
|
iFOREX
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 8500 | 750 |
| Forex Pairs (Total) | 90 | 88 |
| U.S. Stock Trading (Non CFD) | Yes | No |
| Int'l Stock Trading (Non CFD) | Yes | No |
| Social Trading / Copy Trading | No | No |
| 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 iFOREX offer a distinct set of features on their trading platforms that cater to different trader preferences. Interactive Brokers provides a free virtual demo account, which is excellent for beginners who want to practice trading without financial risks. The company excels with its proprietary, Windows-based desktop platform, complemented by a web-based option, offering flexibility and comprehensive tools for advanced trading experiences. For charting, it stands out with 85 drawing tools and allows trades directly from stock charts. Interactive Brokers also impresses with its 659 fields for watch lists, helping traders manage vast amounts of information efficiently. This comprehensive offering places it high in user satisfaction, with a rating of 5 stars and a #3 ranking among 62 brokers for its trading platforms and tools.
On the other hand, iFOREX offers a proprietary web-based trading platform that suits traders seeking straightforward and user-friendly experiences. While it does not provide a demo account or a downloadable desktop platform, iFOREX ensures ease of access through a browser. The platform supports trading directly from stock charts and offers 25 drawing tools, balancing simplicity and essential functions. Watch list enthusiasts might find the nine available fields limiting, but the platform’s streamlined nature can appeal to those who prefer less crowded interfaces. With a 4-star rating and a #54 ranking, iFOREX positions itself as a solid option, especially for traders favoring convenience and an uncomplicated trading setup.
| Feature |
Interactive Brokers
|
iFOREX
|
|---|---|---|
| Virtual Trading (Demo) | Yes | No |
| Proprietary Platform | Yes | Yes |
| Desktop Platform (Windows) | Yes | No |
| Web Platform | Yes | Yes |
| Social Trading / Copy Trading | No | No |
| MetaTrader 4 (MT4) | No | No |
| MetaTrader 5 (MT5) | No | No |
| DupliTrade | No | No |
| ZuluTrade | No | No |
| Charting - Indicators / Studies (Total) | 155 | 57 |
| Charting - Drawing Tools (Total) | 85 | 25 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 659 | 9 |
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Interactive Brokers and iFOREX both offer mobile trading apps available for iPhone and Android. However, the features offered by these apps differ significantly. Interactive Brokers stands out with its ability to provide stock and forex price alerts and allows watchlist symbol syncing between the mobile app and the client's online account. It also impresses with its broad array of 97 technical studies for charting, along with the ability to draw trendlines and view multiple different time frames on charts. Users can create watchlists with real-time quotes, a feature not available with iFOREX. On the other hand, iFOREX does not support watchlist syncing or price alerts and lacks the ability to draw trendlines or view different time frames on charts.
The distinction between these two platforms is further highlighted by user ratings. Interactive Brokers receives a commendable 5-star rating for its mobile trading app and ranks 4th out of 62 brokers according to ForexBrokers.com. Conversely, iFOREX receives a 4-star rating, ranking 55th in the same category. While both apps provide essential functionality for trading on the go, the app from Interactive Brokers is packed with more comprehensive features that cater to active traders who rely on detailed chart analysis and real-time data management. In contrast, iFOREX's simpler offering may suit those seeking basic mobile trading capabilities.
| Feature |
Interactive Brokers
|
iFOREX
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | No |
| Watchlist Syncing | Yes | No |
| Mobile Charting - Indicators / Studies | 97 | N/A |
| Mobile Charting - Draw Trendlines | Yes | No |
| Mobile Charting - Multiple Time Frames | Yes | No |
| Mobile Charting - Drawings Autosave | No | No |
| Mobile Watchlist | Yes | No |
Dive deeper: Best Forex Trading Apps.
Interactive Brokers and iFOREX both provide daily market commentary to keep traders informed of market trends. However, when it comes to forex news from top-tier sources like Bloomberg, Reuters, or Dow Jones, Interactive Brokers takes the lead by offering insights from these renowned platforms, while iFOREX does not provide the same level of coverage from such sources. Although neither broker uses tools from Autochartist, both offer technical analysis tools from Trading Central, supporting traders with in-depth analysis to inform their trading strategies.
Beyond these offerings, Interactive Brokers includes additional resources such as sentiment-based trading tools and services from TipRanks and Acuity Trading, which iFOREX does not. Both platforms, however, feature economic calendars to display global news events affecting various economies. When evaluated for research capabilities, ForexBrokers.com rates Interactive Brokers with 5 stars, highlighting its impressive ranking of #3 out of 62 brokers, while iFOREX receives a 3.5-star rating and is ranked #48. This reflects Interactive Brokers’ superior positioning in delivering comprehensive market research resources compared to iFOREX.
| Feature |
Interactive Brokers
|
iFOREX
|
|---|---|---|
| Daily Market Commentary | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | No |
| Autochartist | No | No |
| Trading Central (Recognia) | Yes | Yes |
| Social Sentiment - Currency Pairs | Yes | Yes |
| TipRanks | Yes | No |
| Signal Centre (Acuity Trading) | Yes | No |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
When comparing the educational resources available for beginners, Interactive Brokers stands out significantly against iFOREX. Interactive Brokers offers a wide range of educational materials with over ten articles, videos, and archived webinars primarily focused on forex and CFDs. They also provide online client webinars at least once a month and maintain a searchable archive of these sessions for ongoing learning. For those new to trading, Interactive Brokers presents a comprehensive collection of beginner-focused videos, making it easy to grasp basic trading concepts. In addition, the broker supports education for more experienced traders with over ten advanced video resources. Their investor dictionary, which includes definitions of at least 50 investing terms, further enhances its educational offerings.
In contrast, iFOREX falls short in several key educational areas. Although it does provide over ten beginner-friendly educational videos, the platform lacks the depth found at Interactive Brokers. iFOREX does not offer monthly webinars or a searchable archive of past educational sessions, limiting their ability to deliver ongoing education. Furthermore, advanced educational content is notably missing, and they do not provide an investor dictionary. Overall, iFOREX's educational resources receive a lower rating of 3.5 stars while Interactive Brokers earns a top score of 5 stars. This is reflected in their respective rankings on ForexBrokers.com, with Interactive Brokers standing at an impressive #3 out of 62, while iFOREX ranks much lower at #53.
| Feature |
Interactive Brokers
|
iFOREX
|
|---|---|---|
| Education (Forex or CFDs) | Yes | No |
| Client Webinars | Yes | No |
| Client Webinars (Archived) | Yes | No |
| Videos - Beginner Trading Videos | Yes | Yes |
| Videos - Advanced Trading Videos | Yes | No |
| Investor Dictionary (Glossary) | Yes | No |
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 iFOREX. Interactive Brokers finished with an overall rank of #2, while iFOREX finished with an overall rank of #52.
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
|
iFOREX
|
|---|---|---|
| Overall Rating |
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| Trust Score | 99 | 75 |
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Interactive Brokers enables users to purchase actual cryptocurrencies, offering a comprehensive trading experience, while iFOREX limits users to trading cryptocurrency derivatives without providing access to the actual digital currencies themselves.
When comparing Interactive Brokers to iFOREX, Interactive Brokers offers ACH, SEPA, and bank wire transfers for depositing or withdrawing funds, while iFOREX supports PayPal, Skrill, Visa, Mastercard, and bank wire options, but lacks ACH and SEPA transfers.
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.
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0 of 5| Overall Rating | Interactive Brokers | iFOREX | |
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| Trust Score | 99 | 75 | |
| Winner | check_circle | ||
| Review | Interactive Brokers Review |
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| Regulation | Interactive Brokers | iFOREX | |
|---|---|---|---|
| Trust Score | 99 | 75 | |
| Year Founded | 1977 | 1996 | |
| Publicly Traded (Listed) | Yes | No | |
| Bank | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes | |
| Tier-1 Licenses | 9 | 1 | |
| Tier-2 Licenses | 2 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 0 | 1 |
| Tier-1 Licenses (Highly Trusted) | Interactive Brokers | iFOREX | |
|---|---|---|---|
| Australia (ASIC Authorised) | Yes | No | |
| Canada (CIRO Authorised) | Yes | No | |
| 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 | iFOREX | |
|---|---|---|---|
| Kenya (CMA Authorised) | No | No | |
| Israel (ISA Authorised) | No | No | |
| South Africa (FSCA Authorised) | No | No | |
| UAE (DFSA/Central Bank Authorised) | Yes | No | |
| India (SEBI Authorised) | Yes | No | |
| Jordan (JSC Authorised) | No | No |
| Investments | Interactive Brokers | iFOREX | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 8500 | 750 | |
| Forex Pairs (Total) | 90 | 88 | |
| U.S. Stock Trading (Non CFD) | Yes | No | |
| Int'l Stock Trading (Non CFD) | Yes | No | |
| Social Trading / Copy Trading | No | No | |
| 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 | iFOREX | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 0.59 | N/A | |
| All-in Cost EUR/USD - Active | 0.59 | N/A | |
| Active Trader or VIP Discounts | Yes | No | |
| Inactivity Fee | No | No | |
| Execution: Agency Broker | Yes | No | |
| Execution: Market Maker | No | Yes |
| Funding | Interactive Brokers | iFOREX | |
|---|---|---|---|
| Minimum Deposit | $0 | $100 | |
| 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 | No |
| Trading Platforms | Interactive Brokers | iFOREX | |
|---|---|---|---|
| Proprietary Platform | Yes | Yes | |
| Desktop Platform (Windows) | Yes | No | |
| Web Platform | Yes | Yes | |
| Social Trading / Copy Trading | No | No | |
| MetaTrader 4 (MT4) | No | No | |
| MetaTrader 5 (MT5) | No | No | |
| cTrader | No | No | |
| DupliTrade | No | No | |
| ZuluTrade | No | No |
| Trading Tools | Interactive Brokers | iFOREX | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | No | |
| Alerts - Basic Fields | Yes | No | |
| Watchlists - Total Fields | 659 | 9 | |
| Charting - Indicators / Studies (Total) | 155 | 57 | |
| Charting - Drawing Tools (Total) | 85 | 25 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | No |
| Mobile Trading | Interactive Brokers | iFOREX | |
|---|---|---|---|
| Android App | Yes | Yes | |
| Apple iOS App | Yes | Yes | |
| Mobile Alerts - Basic Fields | Yes | No | |
| Mobile Watchlist | Yes | No | |
| Watchlist Syncing | Yes | No | |
| Mobile Charting - Indicators / Studies | 97 | N/A | |
| Mobile Charting - Draw Trendlines | Yes | No | |
| Mobile Charting - Multiple Time Frames | Yes | No | |
| Mobile Charting - Drawings Autosave | No | No | |
| Mobile Economic Calendar | Yes | No |
| Research | Interactive Brokers | iFOREX | |
|---|---|---|---|
| Daily Market Commentary | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | No | |
| Autochartist | No | No | |
| Trading Central (Recognia) | Yes | Yes | |
| TipRanks | Yes | No | |
| Social Sentiment - Currency Pairs | Yes | Yes | |
| Economic Calendar | Yes | Yes |
| Education | Interactive Brokers | iFOREX | |
|---|---|---|---|
| Education (Forex or CFDs) | Yes | No | |
| Client Webinars | Yes | No | |
| Client Webinars (Archived) | Yes | No | |
| Videos - Beginner Trading Videos | Yes | Yes | |
| Videos - Advanced Trading Videos | Yes | No | |
| Investor Dictionary (Glossary) | Yes | No |
| Major Forex Pairs | Interactive Brokers | iFOREX | |
|---|---|---|---|
| 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 |
| Overall | Interactive Brokers | iFOREX | |
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| Trust Score | 99 | 75 | |
| Winner | check_circle | ||
| Review | Interactive Brokers Review |
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