Between 54-87% of retail CFD accounts lose money. Based on 69 brokers who display this data.
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BrokerDNA™
The BROKERDNA™ score tells you, overall, how reputable, suitable, and affordable a broker is compared to other brokers. This score is algorithmically-generated based on 31 factors. Neither our team, nor the brokers featured on our site, are able to change this without changing their service offering. Learn more here. |
FX Open
8.5
/10
VISIT FX OPEN
The BROKERDNA™ score tells you, overall, how reputable, suitable, and affordable a broker is compared to other brokers. This score is algorithmically-generated based on 31 factors. Neither our team, nor the brokers featured on our site, are able to change this without changing their service offering. Learn more here. |
Interactive Brokers
8.3
/10
VISIT INTERACTIVE BROKERS
The BROKERDNA™ score tells you, overall, how reputable, suitable, and affordable a broker is compared to other brokers. This score is algorithmically-generated based on 31 factors. Neither our team, nor the brokers featured on our site, are able to change this without changing their service offering. Learn more here. |
AvaTrade
9.7
/10
VISIT AVATRADE
The BROKERDNA™ score tells you, overall, how reputable, suitable, and affordable a broker is compared to other brokers. This score is algorithmically-generated based on 31 factors. Neither our team, nor the brokers featured on our site, are able to change this without changing their service offering. Learn more here. |
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About |
FX Open is regulated by the Financial Conduct Authority. FX Open have provided Forex, CFD trading services since 2005. |
Interactive Brokers is regulated by NFA 0258600. Interactive Brokers have provided Forex, CFD trading services since 1977. |
AvaTrade is regulated by the Central Bank of Ireland, ASIC (Australia), FSA (Japan), FSB (South Africa) and BVI. AvaTrade have provided Forex trading services since 2006. |
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Why choose them? |
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Headquarters | Level 3, 187 Queen Street, Cbd, Auckland, 1010 | Level 20 Heron Tower, 110 Bishopsgate, London EC2N 4AY | Dublin, Ireland | |
TRADING SERVICES OFFERED |
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Spot Forex | ||||
Forex (CFD) | ||||
CFD | ||||
Spread Betting | ||||
Social Trading | ||||
MARKETS & INSTRUMENTS | ||||
Forex (currency pairs) | 50 | 22 | 59 | |
Commodities Offered | 0 | 16 | ||
Stocks Offered | 0 | 99 | ||
Bitcoin | ||||
Majors | ||||
Indices | ||||
US Stocks | ||||
Penny stocks | ||||
Energies | ||||
Metals | ||||
Agriculturals | ||||
FTSE | ||||
Dow Jones | ||||
Dax | ||||
Nikkei | ||||
ETFs | ||||
IPO | ||||
See all instruments
Your capital is at risk |
See all instruments
Losses can exceed deposits |
See all instruments
79% of retail investor accounts lose money when trading CFDs with this provider. |
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PLATFORM & FEATURES |
See the platforms and features offered by each broker |
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Screenshot |
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MT4 | ||||
MT5 | ||||
MT4 Mac | ||||
WebTrader | ||||
Mirror Trader | ||||
ZuluTrade | ||||
Sirix | ||||
cTrader | ||||
PAMM | ||||
Custom Platforms | No | IB Trader Workstation | AvaTradeAct, AVAOptions | |
APPS |
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iOS |
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Android |
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Windows |
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Available Languages |
English, Arabic, Farsi, Turkish, Spanish, Portuguese, French, German, Russian, Thai, Malay, and Indonesian |
English, French, German, Spanish, Italian, Russian, Mandarin, Cantonese, and Japanese |
English, Italian, German, French, Greek, Hebrew, Spanish, Arabic, Malay, Russian, Chinese, Portuguese and Dutch |
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See platform & features
Your capital is at risk |
See platform & features
Losses can exceed deposits |
See platform & features
79% of retail investor accounts lose money when trading CFDs with this provider. |
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ACCOUNT INFORMATION |
From micro accounts to ECN accounts, compare the accounts offered by FX Open and Interactive Brokers |
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Demo account | ||||
Mini account | ||||
Micro account | ||||
Standard account | ||||
ECN Account | ||||
Islamic account | ||||
Zero spread account | ||||
VIP account | ||||
Fixed spreads | ||||
Variable spreads | ||||
See account options
Your capital is at risk |
See account options
Losses can exceed deposits |
See account options
79% of retail investor accounts lose money when trading CFDs with this provider. |
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TRADING CONDITIONS |
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Scalping | ||||
Hedging | ||||
Expert advisors (EAs) | ||||
Virtual private server | ||||
Direct market access | ||||
STP broker | ||||
Market maker | ||||
Min trade | 0.01 Lot | None | 0.01 Lot | |
Max trade | None | None | None | |
Min deposit | $1 | 10,000 | $100 | |
RISK MANAGEMENT |
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Stop losses | ||||
Limit orders | ||||
One-click trading | ||||
Trailing stops | ||||
Price alerts | ||||
Signal trading | ||||
FUNDING METHODS |
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Credit card | ||||
Bank transfer | ||||
Standard account | ||||
Paypal | ||||
Neteller | ||||
Skrill | ||||
Payment processing time | 1-3 business days | 1 business day | Varies | |
Withdrawal processing time | 1-3 business days | 1-3 business days | Varies | |
See all funding options
Your capital is at risk |
See all funding options
Losses can exceed deposits |
See all funding options
79% of retail investor accounts lose money when trading CFDs with this provider. |
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DETAILED INFO |
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Excluded countries | US | US | BE,BR,NZ,US,KE,IN,GH | |
Contact email | Send Email | Send Email | Send Email | |
Phone number | No | +44 207-710-5695 | (44) (0) 8005200423 | |
Live Chat | ||||
Website | https://www.fxopen.com | https://www.interactivebrokers.com/ | http://www.avatrade.com/ | |
Spreads: | ||||
EUR/USD (Average: 0.7 pips) | Not offered | 0.1 pips + $2/lot | 0.9 pips | |
GBP/USD (Average: 1.1 pips) | Not offered | 0.1 pips + $2/lot | 1.6 pips | |
USD/JPY (Average: 1.1 pips) | Not offered | 0.1 pips + $2/lot | 1.1 pips | |
AUD/USD (Average: 0.8 pips) | Not offered | 0.1 pips + $2/lot | 1.1 pips | |
USD/CHF (Average: 2.3 pips) | Not offered | 0.1 pips + $2/lot | 1.6 pips | |
USD/CAD (Average: 2.9 pips) | Not offered | 0.1 pips + $2/lot | 2.0 pips | |
NZD/USD (Average: 3.6 pips) | Not offered | 0.1 pips + $2/lot | 1.8 pips | |
EUR/GBP (Average: 2.4 pips) | Not offered | 0.1 pips + $2/lot | 1.5 pips | |
View all spreads
Your capital is at risk |
View all spreads
Losses can exceed deposits |
View all spreads
79% of retail investor accounts lose money when trading CFDs with this provider. |
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FEES |
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Inactivity Fee | Yes | Yes | No | |
Commission | 0.28 points | Yes | No | |
Deposit Fee | Yes | No | No | |
Withdrawal Fee | Yes | No | No | |
View All Fees
Your capital is at risk |
View All Fees
Losses can exceed deposits |
View All Fees
79% of retail investor accounts lose money when trading CFDs with this provider. |
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Featured In | Best Brokers That Accept Perfect MoneyBest Brokers For Cross Currency PairsBest Brokers For EUR/USDBest Brokers For IndicesBest FCA Regulated Brokers | Best Brokers For IndicesBest FTSE100 BrokersBest Dow Jones BrokersBest DAX BrokersBest FCA Regulated Brokers | Best MT4 BrokersBest Bitcoin BrokersBest Ethereum BrokersBest Ripple BrokersBest Litecoin Brokers | |
Last update |
All information collected from https://www.fxopen.com. Last updated on 01/03/2021. |
All information collected from https://www.interactivebrokers.com/. Last updated on 01/03/2021. |
All information collected from http://www.avatrade.com/. Last updated on 01/03/2021. |
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Company |
FX Open is an online forex trading service provider who are regulated by the Financial Conduct Authority. To open an account with FX Open, minimum deposits start from $300, £200. |
Interactive Brokers is an online forex trading sevice provider who are regulated by the Financial Conduct Authority. To open an account with Interactive Brokers, minimum deposits start from $10,000. |
Since 2006, Avatrade have attracted over 20,000 traders to their platform. While their spreads are not the most competitive, they do offer traders a range of great features, such as guaranteed stop losses, the ability to hedge / scalp, and low margins. |
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Popular comparisons |
Popular comparisons feat. FX Open
ETX Capital vs FX Open |
Popular comparisons feat. Interactive Brokers Interactive Brokers Alternatives
Interactive Brokers vs IG |
Popular comparisons feat. AvaTrade
Avatrade vs LCG |
If you’re a trader looking for a broker that offers the popular MT4 trading platform, FX Open is likely a better fit. However, if you want a broker that has been established for a long time, Interactive Brokers may be a more appropriate option.
You can determine a broker’s reliability & trustworthiness by looking at eight factors:
Based on these eight factors, we consider FX Open to be the more reliable broker. We’ve broken down why below:
FX Open is regulated by Financial Conduct Authority and ASIC, while Interactive Brokers is regulated by Financial Conduct Authority.
AvaTrade are regulated by Central Bank of Ireland, ASIC, IIROC, FSA, FSB, UAE and BVI
If a broker has been around for a long period of time, they’re likely to be more reliable (in comparison, most scam brokers only exist for several years before they disappear).
This also suggests that a broker has good risk management processes that have prevented them being caught out by major financial events, as was the case with Alpari UK going bust when they were there was a policy reversal of capping the Swiss Franc against the Euro.
FX Open has been around for 16 years, while Interactive Brokers have been around for 44 years. Our third alternative broker, AvaTrade, have been around for 15 years.
You wouldn’t want your broker paying their staff out of the same bank account account that you’re depositing your trading funds into, would you?
Fortunately, all regulated brokers must use segregated bank accounts to hold client money. This is one of the reasons why we only feature regulated brokers here on BrokerNotes.
All three brokers above will hold your money in a separate bank account.
Most tier-1 banks like Barclays and HSBC have been around for over 100 years and manage trillions of dollars of assets, proving that they have stood the test of time.
Both FX Open and Interactive Brokers use tier one banks, but we are not sure of which bank specifically.
If a broker has been penalised by a regulator in the past five years, it may mean that they were caught doing something they shouldn’t be doing - which may be of concern to you as an end client.
We’re not aware of any penalties or fines imposed by regulators on FX Open or Interactive Brokers in the past five years.
While not always the case, the number of traders a broker has can be a good metric for understanding how reputable a brokers is.
Companies that are publicly listed on a stock exchange tend to be considered more reputable as they will be required to disclose their financials, and aspects of their operations, to the public.
FX Open is a privately owned company, while on the other hand Interactive Brokers is still a publicly listed company.
Most reputable brokers tend to be headquartered in a major capital city or a financial hub such as Cyprus.
FX Open are based in Level 3, 187 Queen Street, Cbd, Auckland, 1010, while Interactive Brokers are based in Level 20 Heron Tower, 110 Bishopsgate, London EC2N 4AY .
Assuming the brokers you’re choosing between are reputable, the next point to consider is whether they offer all of the features you require to trade.
This can be broken down into three categories:
If you’re looking to trade currency pairs, both FX Open and Interactive Brokers offer forex trading. FX Open have a slightly larger variety of currency pairs with 50 pairs, compared to 22 offered by Interactive Brokers. Also, if you’re looking to trade cryptocurrencies, FX Open offers a handful of cryptocurrency CFDs to trade, including Bitcoin, Ethereum and Ripple.
If you’re looking to trade commodities like gold, silver or oil, FX Open may be a better fit as Interactive Brokers does not offer commodity trading.
FX Open also offer social trading, which allows you to follow the trading activity, engage in discussion, and even copy the trades of other traders.
FX Open also offer social trading, which allows you to follow the trading activity, engage in discussion, and even copy the trades of other traders.
In addition to the platform, you’ll also want to ensure that the broker you choose offers the account type best suited to your needs. Interactive Brokers, for example, offer a mini account, standard account and VIP account.
If you have a certain trading style (e.g. scalping, hedging, or using EAs), you’ll want to double check that the broker you choose allows this, as not all of them do.
FX Open does allow scalping and hedging. While Interactive Brokers also allows scalping and hedging. You can trade with EAs (expert advisors) on both FX Open and Interactive Brokers.
In terms of risk management tools, FX Open does offer negative balance protection to prevent you owing your broker more than you’ve deposited, but Interactive Brokers doesn't offer this.
FX Open also offer stop losses and limit orders to help you automate aspects of your trading strategy.
FX Open accept Neteller.
Comparing the fee structures of different brokers can be a minefield at times. The important thing to consider is what the spreads & fees are on the specific instruments and account type that you will be using.
For trading EUR/USD, FX Open and Interactive Brokers both charge points. Therefore, both brokers are equally affordable for this instrument. You can jump back up to our comparison of their currency pair & indice spreads above.
Another consideration is whether or not your broker charges inactivity, deposit/withdrawal fees, or commissions on trades. If you’re a frequent trader, inactivity fees are unlikely to be an issue.
There’s no such thing as a perfect broker, but some are going to be a better fit for you than others.
Objectively, FX Open is more reliable based on our criteria above. FX Open has a wider range of instruments to trade. FX Open offer lower spreads on popular forex instruments like EUR/USD and are used by more traders.
Both brokers offer demo accounts, allowing you to test their platforms to see which is suitable for you. You can test drive their demos using the links below:
Finally, if you’re really not sure you can always use our free tool (takes 15 seconds) that will help you find a suitable broker based on your precise requirements here.