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Interactive Brokers vs TopFX 2022

BrokerNotes.co

Written by BrokerNotes.co

November 08, 2022

Trying to decide between Interactive Brokers and TopFX? Weโ€™ve taken the guesswork out of the equation with our Comparison Tool. Use our tool to compare hundreds of data points, side-by-side, to see how these two brokers stack up against each other.

Based on our extensive research, hands-on testing, and expert analysis of over a hundred data-driven variables, we've determined that, overall, Interactive Brokers ranks more highly than TopFX.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 65% and 82% 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.
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Overall RatingInteractive BrokersTopFXXTB
Overall Rating9.2 / 106.5 / 108.7 / 10
Account TypeInteractive BrokersTopFXXTB
Standard Trade Size (100,000 units)YesYesYes
Mini Trade Size (10,000 units)YesYesYes
Micro Trade Size (1,000 units)NoYesYes
Islamic AccountNoYesYes
Copy TradingInteractive BrokersTopFXXTB
Social Trading / Copy TradingNoYesYes
DupliTradeNoNoNo
ZuluTradeNoNoNo
CryptocurrencyInteractive BrokersTopFXXTB
Cryptocurrency (Physical)YesNoNo
Cryptocurrency (CFD)NoYesYes
BitcoinYesYesYes
ethereumNoYesYes
Forex Trading (Spot or CFDs)Interactive BrokersTopFXXTB
Forex Trading (Spot or CFDs)YesYesYes
Mobile Trading - Forex or CFDsYesYesYes
Indices (Index CFDs)Interactive BrokersTopFXXTB
DAXYesYesYes
Dow JonesYesYesYes
FTSEYesYesYes
NASDAQ 100YesYesYes
NikkeiYesYesYes
SP 500YesYesYes
InvestmentsInteractive BrokersTopFXXTB
Forex Trading (Spot or CFDs)YesYesYes
Spread BettingNoNoNo
Social Trading / Copy TradingNoYesYes
MetalsYesYesYes
EnergiesYesYesYes
AgriculturalsYesNoYes
ETFYesYesNo
U.S. Stocks (CFD)YesYesYes
Trading PlatformsInteractive BrokersTopFXXTB
Apple iOS AppYesYesYes
Android AppYesYesYes
Proprietary PlatformYesNoYes
Desktop Platform (Windows)YesYesYes
Web PlatformYesYesYes
MetaTrader 4 (MT4)NoYesYes
MetaTrader 5 (MT5)NoNoNo
Regulatory LicensesInteractive BrokersTopFXXTB
Tier-1 Licenses801
ASIC Authorised (Australia)YesNoNo
IIROC Authorised (Canada)YesNoNo
FCA Authorised (U.K.)YesNoYes
SFC Authorised (Hong Kong)YesNoNo
MAS Authorised (Singapore)YesNoNo
FINMA Authorised (Switzerland)YesNoNo
CFTC Registered (USA)YesNoNo
Tier-2 Licenses113
Tier-3 Licenses001
Research, EducationInteractive BrokersTopFXXTB
Trading Central (Recognia)YesYesNo
Forex News (Top-Tier Sources)YesYesYes
Daily Market CommentaryYesNoYes
AutochartistNoYesNo
Investor Dictionary (Glossary)YesNoNo
Videos - Beginner Trading VideosYesNoYes
Client Webinars (Archived)YesNoYes
Trading CostsInteractive BrokersTopFXXTB
Minimum Initial Deposit$0Depends on payment method$0
Average Spread EUR/USD - Standard0.6 (Aug 2022)N/A1.07 (Q3 2022)
All-in Cost EUR/USD - Active0.6 (Aug 2022)N/A1.04 (Q3 2022)
Active Trader or VIP DiscountsYesNoYes
Bank Wire (Deposit/Withdraw)YesYesYes
Visa/Mastercard (Credit/Debit)NoYesYes
PayPal (Deposit/Withdraw)NoYesYes
Trading ToolsInteractive BrokersTopFXXTB
Watchlists - Total Fields64078
Mobile WatchlistYesYesYes
Charting - Indicators / Studies (Total)1283039
Mobile Charting - Indicators / Studies973039
Trust FactorsInteractive BrokersTopFXXTB
Year Founded197720102002
Publicly Traded (Listed)YesNoYes
BankNoNoNo
Authorised in European UnionYesNoYes
Trust Score996795
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Interactive Brokers vs TopFX Comparison

Comparing forex brokers side by side is no easy task. For our 2022 annual forex broker review, we spent hundreds of hours assessing 39 forex and CFD brokerages to find the best forex broker. Let's compare Interactive Brokers vs TopFX.

Can I trust Interactive Brokers?

Interactive Brokers has a trust score of 99, giving it a "Highly Trusted" trust label. Here's what each trust score label means:

  • "Highly Trusted" (90-99) - These brokers are considered the most trustworthy firms in the industry. Simply put, we would not hesitate to open and fund an account with a Highly Trusted broker.
  • "Trusted" (80-89) - These brokers are reliable and trustworthy. "Trusted" firms are a solid choice, and may simply hold fewer regulatory licences or feature different corporate structures than those brokers that have earned our top Trust Score rating.
  • "Average Risk" (70-79) - Average Risk brokers are firms we generally consider to be safe, but that may warrant a closer inspection before you open and fund a live trading account. At the least, we always encourage traders to check the regulatory licenses for Average Risk firms to verify that they are regulated in their own country of residence.
  • "High Risk" (60-69) - High-risk firms should be scrutinized and carefully reviewed before opening an account. These forex brokers are โ€“ in most cases โ€“ operating without credible regulatory licensing, and likely have a history of legal or financial issues. Before considering an account with a high-risk firm, we recommend checking our country guides for your country of residence to see if a more trusted broker is available.
  • "Do Not Trust" (<59) - We do not recommend opening an account of any kind with a broker that earns a โ€œDo Not Trustโ€ rating.

Can I trust TopFX?

TopFX has a trust score of 67, giving it a "High Risk" trust label.

Is Interactive Brokers a good broker?

Interactive Brokers is a long-standing and highly-trusted broker that holds numerous regulatory licenses across the globe. We've rated IBKR as the best broker for professional traders, and it provides traders with access to over 100 markets, including forex and CFDs. IBKR's recently introduced web-based platform caters well to beginners, and its powerful research and extensive educational content makes for a balanced experience for newcomers and professionals alike.

Is TopFX a good broker?

TopFX lags behind the industry average when it comes to market research and education, yet offers a growing selection of markets that you can trade on the MetaTrader and cTrader platforms.

What tier-1 jurisdictions is each broker regulated in?

Tier-1 regulators go above and beyond by requiring additional capital requirements, checking in on brokers more frequently, and putting brokers through a tougher screening process. Interactive Brokers is ASIC Authorised (Australia), IIROC Authorised (Canada), SFC Authorised (Hong Kong), CBI Authorised (Ireland), FSA Authorised (Japan), MAS Authorised (Singapore), FINMA Authorised (Switzerland), FCA Authorised (U.K.) and CFTC Registered (USA), while TopFX is neither of these., neither have FMA Authorised (New Zealand)

What tier-2 jurisdictions is each broker regulated in? What about tier-3?

Tier-2 and tier-3 licenses are still important in evaluating the overall trustworthiness of forex brokers. As far as tier-2 licenses go, Interactive Brokers is SEBI Authorised (India), while TopFX is CySEC Authorised (Cyprus)., neither have CBRC Authorised (China), ISA Authorised (Israel), CBR Authorised (Russia), FSCA Authorised (South Africa), SEC Authorised (Thailand) and DFSA / Central Bank Authorised (UAE). When comparing tier-3 licenses unfortunately, neither Interactive Brokers nor TopFX are SCB Authorised (Bahamas), IFSC Authorised (Belize), BMA Authorised (Bermuda), FSC Authorised (British Virgin Islands), CIMA Authorised (Cayman Islands), FSC Authorised (Mauritius) and VFSC Authorised (Vanuatu)., neither have VFSC Authorised (Vanuatu).

Which broker offers more trading platforms?

For trading platforms Interactive Brokers supports a Proprietary Platform and Desktop Platform (Windows), whereas TopFX supports a Desktop Platform (Windows) and cTrader., neither have DupliTrade and ZuluTrade

Does Interactive Brokers offer MetaTrader? Does TopFX offer MetaTrader?

For MetaTrader Interactive Brokers provides neither of these, while TopFX provides MetaTrader 4 (MT4). If MetaTrader is a must for you, read our guides on the best MT4 brokers or best MT5 brokers., neither have MetaTrader 5 (MT5)

How do Interactive Brokers and TopFX differ in terms of minimum deposit? What about average spreads and funding options?

Interactive Brokers requires a minimum deposit of $0, while TopFX requires a minimum deposit of Depends on payment method. From our testing we found Interactive Brokers offers spreads of 0.6 (Aug 2022), while TopFX offers spreads of N/A. Interactive Brokers supports Bank Wire (Deposit/Withdraw) for popular funding options, where TopFX supports Bank Wire (Deposit/Withdraw), Visa/Mastercard (Credit/Debit), PayPal (Deposit/Withdraw) and Skrill (Deposit/Withdraw).

Which brokers offers more tradeable asset classes, Interactive Brokers or TopFX?

Interactive Brokers offers a more diverse selection of investment options than TopFX allowing you to trade Forex Trading (Spot or CFDs), Metals, Energies, Agriculturals, ETF and U.S. Stocks (CFD)., neither have Spread Betting Looking at total tradeable symbols, Interactive Brokers has 8500, compared to 655 from TopFX.

Can I trade cryptocurrency with Interactive Brokers or TopFX?

Crypto trading is popular with forex traders. Most crypto assets are offered either as the underlying physical asset or as a CFD or other derivative โ€” including spot forex contracts. In terms of trading physical cryptocurrency neither Interactive Brokers nor TopFX allow you to trade physical cryptocurrencies.

Who offers more research tools, Interactive Brokers or TopFX?

In terms of research and research tools Interactive Brokers gives traders the following tools: Daily Market Commentary, Stock Charts, Forex News (Top-Tier Sources) and Trading Central (Recognia). In comparison TopFX has the tools listed here: Autochartist, Forex News (Top-Tier Sources), Trading Central (Recognia) and Social Trading / Copy Trading.

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