FXCM vs Interactive Brokers

FXCM vs Interactive Brokers Comparison Table 2024
FXCM	Interactive Brokers
Review 3.5	Review 4.3

FXCM is a respected forex and CFD broker, established since 1999. The British-headquartered broker has won multiple awards and operates in various jurisdictions, including the UK and Australia. With zero commissions, over 400 assets, and a range of analysis tools, FXCM remains a popular choice for day traders. The broker is also regulated by top-tier authorities including the FCA and ASIC.	Interactive Brokers (IBKR) is a premier brokerage for experienced traders, providing access to 150 markets in 33 countries, along with a suite of comprehensive investment services. With over 40 years of experience, this Nasdaq-listed firm adheres to stringent regulations by the SEC, FCA, CIRO, and SFC, amongst others, and is one of the most trusted brokers for trading around the globe.
Customer Reviews
	4 Based on 2 Interactive Brokers customer reviews
Comment by Reviewer
"FXCM maintains its position as a top pick for traders deploying automated trading strategies, with four powerful platforms, strategy backtesting and algo trading through APIs. The broker is also great for active traders, with discounted spreads and low to zero commissions on popular assets."	"Interactive Brokers is one of the best brokers for advanced day traders, providing powerful charting platforms, real-time data, and customizable layouts, notably through the new IBKR Desktop application. Its superb pricing and advanced order options also make it highly attractive for day traders, while its diverse range of equities is still among the best in the industry."
Pros
Alongside the 4 charting platforms, FXCM also offers a market-leading range of specialist software for experienced investors, including QuantConnect, AgenaTrader and Sierra Chart The proprietary Trading Station terminal is a good choice for day traders looking for an all-in-one solution for their short-term and automated trading strategies Traders can utilize several top-tier trading tools including a market scanner, forex signals and third-party research site, eFXPlus FXCM’s global reputation is impressive, with licenses from the FCA, ASIC, CySEC and FSCA and a 20-year business history A range of funding methods are available including bank cards, Apply Pay and PayPal, with instant processing times The broker offers spread discounts and other excellent perks for experienced traders in the Active Trader account FXCM has expanded its range of trading opportunities with 24-hour stock CFDs through MetaTrader 4	IBKR is one of the most respected and trusted brokerages and is regulated by top-tier authorities, so you can have confidence in the integrity and security of your trading account. The TWS platform has clearly been built for intermediate and advanced traders and comes with over 100 order types and a reliable real-time market data feed that rarely goes offline. The new IBKR Desktop platform takes the best of TWS while adding bespoke tools like Option Lattice and Screeners with MultiSort to create a genuinely impressive trading experience for day traders at every level. There's a vast library of free or paid third-party research subscriptions catering to all types of traders, plus you can enjoy commission reimbursements from IBKR if you subscribe to Toggle AI. IBKR continues to deliver unmatched access to global stocks with tens of thousands of equities available from 100+ market centres in 24 countries. While primarily geared towards experienced traders, IBKR has made moves to broaden its appeal in recent years, reducing its minimum deposit from $10,000 to $0. With low commissions, tight spreads and a transparent fee structure, IBKR delivers a cost-effective environment for short-term traders.
Cons
Although FXCM continues to gear their services towards experienced traders, it’s a shame that there are no managed accounts on offer There is no choice of retail accounts for traders, nor any Cent/Micro account options The live chat support can be slow and unreliable compared to the top competitors	TWS’s learning curve is steep, and beginners may find it challenging to navigate the platform and understand all the features. Plus500's web platform is much better suited to new traders. IBKR provides a wide range of research tools, but their distribution across trading platforms and the web-based 'Account Management' page lacks consistency, leading to a confusing user experience. Support can be slow and frustrating based on tests, so you might find it challenging to reach customer service representatives promptly or encounter delays in resolving issues. You can only have one active session per account, so you can’t have your desktop program and mobile app running simultaneously, making for a sometimes frustrating trading experience.
Instruments
CFDs, Forex, Stocks, Cryptos, Commodities	Stocks, Options, Futures, Forex, Funds, Bonds, ETFs, Mutual Funds, CFDs, Cryptocurrencies
Demo Account
Yes	Yes
Minimum Deposit
$50	$0
Trading Platforms
Trading Station MT4 TradingView eSignal	Trader Workstation (TWS) IBKR Desktop GlobalTrader Mobile Client Portal AlgoTrader OmniTrader eSignal TradingCentral
Payment Methods
Apple Pay Credit Card Debit Card Google Wallet Klarna PayPal POLi Wire Transfer	ACH Transfer Automated Customer Account Transfer Service Cheque Debit Card TransferWise Wire Transfer
Minimum Trade
Variable	$100
Regulator
FCA, CySEC, ASIC	FCA, SEC, FINRA, CFTC, CBI, CIRO, SFC, MAS, MNB
Margin Trading
Yes	Yes
Margin Rate
	1.55 - 2.59%
STP Account
No	Yes
ECN Account
No	No
DMA Account
No	Yes
MAM Account
Yes	Yes
PAMM Account
No	No
LAMM Account
No	No
Demat Account
No	No
AI / Machine Learning
No	Yes
Robo Advisor
No	Yes
Negative Balance Protection
Yes	Yes
Market Maker
Yes	No
P2P Trading
No	No
Spot Trading
No	Yes
Mobile Apps
iOS and Android	iOS & Android
App Review
	The IBKR Mobile app, available on both iOS and Android devices, makes your phone a powerful gateway to your IBKR accounts, offering you the freedom to keep an eye on portfolios, initiate trades, and dive into real-time quotes and charts, all while managing your account activities on the fly. This app stands out for its intuitive design, making it especially welcoming for those just starting their trading journey, providing a smoother and more accessible experience than the more complex TWS platform.
Android App Rating
	4.5
iOS App Rating
	4.3
Auto Trading
	Capitalise.ai & TWS API
Copy Trading
Yes	No
Copy Trading Platform
FXCM offers social and copy trading on forex, CFDs and cryptos through the hugely popular ZuluTrade platform. The sign-up process is quick and you can track your performance in real-time.
Social Trading
Yes	No
VPS Hosting
No	No
Tournaments
No	No
Demo Competitions
Yes	No
Ethical Investing
No	Yes
Custodial Account
No	No
Guaranteed Stop Loss
No	No
Inactivity Fee
	$0
Islamic Account
No	No
Account Currencies
USD EUR GBP CAD AUD ZAR CHF	USD EUR GBP CAD AUD INR JPY SEK NOK DKK CHF AED HUF
Stock Exchanges
Euronext IBEX 35 Russell 2000	Borsa Italiana CAC 40 Index France Chicago Mercantile Exchange Euronext IBEX 35 Japan Exchange Group Korean Stock Exchange London Metal Exchange London Stock Exchange Nasdaq Nasdaq Nordic & Baltics New York Stock Exchange Russell 2000 Shenzhen Stock Exchange Toronto Stock Exchange
Commodities
Cannabis Gold Oil Silver	Aluminium Gold Lead Natural Gas Precious Metals Soybeans Zinc
CFD Trading
You can trade a range of CFD instruments across forex, shares, indices and commodities. There’s an excellent selection of platforms for day traders, including TradingView and MT4, plus additional tools for experienced algo traders including API solutions.	Over 8,000 CFDs are offered on a vast array of instruments, encompassing stocks, indices, forex, and commodities. Moreover, the TWS platform lends itself to seasoned day traders, offering a comprehensive selection of over 100 order types and algorithms, alongside premium market data sourced from reputable sources such as Reuters and Dow Jones.
Leverage
1:30	1:50
FTSE Spread
1.18 pts var*	0.005% (£1 Min)
GBPUSD Spread
0.5 pips*	0.08-0.20 bps x trade value
Oil Spread
0.05 (var)*	0.25-0.85
Stocks Spread
0.2% Var*	0.003
Forex Trading
FXCM offers an average range of 40+ currency pairs, although there are no commissions and spreads are competitive from 0.78 pips for EUR/USD. The broker also offers 3 forex baskets covering USD, Yen and emerging markets benchmarks.	IBKR presents an extensive range of over 100 major, minor, and exotic forex pairs, surpassing the offerings of nearly all leading alternatives, though not CMC Markets. Forex trading occurs over multiple platforms and boasts institutional-grade spreads starting from 0.1 pips and 20 complex order types, including brackets, scale, and one-cancels-all (OCA) orders.
GBPUSD Spread
0.5 pips var*	0.08-0.20 bps x trade value
EURUSD Spread
0.2 pips var*	0.08-0.20 bps x trade value
EURGBP Spread
0.5 pips var*	0.08-0.20 bps x trade value
Assets
40	100+
Currency Indices
JPY
Cryptocurrency
You can trade some of world's most popular digital coins with zero commission and leverage up to 1:4. FXCM also stands out for its crypto major basket which offers exposure to Bitcoin, Ethereum, Litecoin and Bitcoin Cash in one trade.	IBKR lets you purchase and hold Bitcoin, Bitcoin Cash, Ethereum, and Litecoin at competitive commission rates and without needing a crypto wallet. Additionally, there is a range of other diverse assets to explore, such as crypto indices like the NYSE Bitcoin Index, as well as futures contracts like the BAKKT Bitcoin Futures.
Spread
Variable	0.12%-0.18%
Coins
BTC ETH LTC BTC	BTC LTC ETH XRP
Crypto Lending
No	No
Crypto Mining
No	No
Crypto Staking
No	No
Auto Market Maker
No	No

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