image FX Open VISIT FX OPEN image Interactive Brokers VISIT INTERACTIVE BROKERS image Forex.com VISIT FOREX.COM
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.

Forex.com is regulated by the Financial Conduct Authority. Forex.com have provided Forex, Commodities, Indices trading services since 1999.

Why choose them?
  • Yes Over 13 years in business
  • Yes Segregates clients funds
  • Yes Regulated by Financial Conduct Authority and ASIC
  • Yes Over 41 years in business
  • Yes Segregates clients funds
  • Yes Regulated by Financial Conduct Authority
  • Yes Over 19 years in business
  • Yes Segregates clients funds
  • Yes Regulated by Financial Conduct Authority
Headquarters Level 3, 187 Queen Street, Cbd, Auckland, 1010 Level 20 Heron Tower, 110 Bishopsgate, London EC2N 4AY London, UK

TRADING SERVICES OFFERED

Spot Forex Yes Yes Yes
Forex (CFD) No No Yes
CFD No No Yes
Spread Betting No No No
Social Trading Yes No No
MARKETS & INSTRUMENTS
Forex (currency pairs) 50 80
Commodities Offered 0 12
Stocks Offered 0 220
Bitcoin Yes No Yes
Majors Yes Yes Yes
Indices Yes Yes Yes
US Stocks No Yes Yes
Penny stocks No No No
Energies Yes Yes Yes
Metals Yes Yes Yes
Agriculturals No Yes Yes
FTSE No Yes Yes
Dow Jones No Yes Yes
Dax No Yes Yes
Nikkei No Yes Yes
ETFs No Yes Yes
IPO No No Yes
See all instruments

Your capital is at risk

See all instruments

Losses can exceed deposits

See all instruments

70% of retail investor accounts lose money when trading CFDs with this provider

PLATFORM & FEATURES

See the platforms and features offered by each broker

Screenshot image image image
MT4 Yes No Yes
MT5 No No No
MT4 Mac Yes Yes No
WebTrader Yes Yes Yes
Mirror Trader Yes Yes No
ZuluTrade Yes Yes No
Sirix No No No
cTrader No No No
PAMM No Yes No
Custom Platforms No IB Trader Workstation FOREXTrader PRO

APPS

iOS image Yes Yes Yes
Android image Yes No Yes
Windows image Yes No Yes
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, Chinese, and Arabic

See platform & features

Your capital is at risk

See platform & features

Losses can exceed deposits

See platform & features

70% of retail investor accounts lose money when trading CFDs with this provider

ACCOUNT INFORMATION

From micro accounts to ECN accounts, compare the accounts offered by FX Open and Interactive Brokers

Demo account Yes Yes Yes
Mini account Yes Yes Yes
Micro account Yes No No
Standard account Yes Yes Yes
ECN Account Yes Yes Yes
Islamic account Yes No Yes
Zero spread account No No No
VIP account No Yes No
Fixed spreads No No Yes
Variable spreads Yes Yes Yes
See account options

Your capital is at risk

See account options

Losses can exceed deposits

See account options

70% of retail investor accounts lose money when trading CFDs with this provider

TRADING CONDITIONS

Scalping Yes Yes Yes
Hedging Yes Yes Yes
Expert advisors (EAs) Yes Yes Yes
Virtual private server Yes No No
Direct market access Yes No Yes
STP broker Yes Yes Yes
Market maker Yes Yes Yes
Min trade 0.01 Lot None Varies
Max trade None None 5 million
Min deposit $1 10,000 $50

RISK MANAGEMENT

Stop losses Yes Yes Yes
Limit orders Yes Yes Yes
One-click trading Yes Yes Yes
Trailing stops Yes Yes Yes
Price alerts No Yes Yes
Signal trading No Yes No

FUNDING METHODS

Credit card Yes No Yes
Bank transfer Yes Yes Yes
Standard account Yes Yes Yes
Paypal No No No
Neteller Yes No No
Skrill No No No
Payment processing time 1-3 business days 1 business day Varies
Withdrawal processing time 1-3 business days 1-3 business days 1-2 business days
See all funding options

Your capital is at risk

See all funding options

Losses can exceed deposits

See all funding options

70% of retail investor accounts lose money when trading CFDs with this provider

DETAILED INFO

Excluded countries US US BE
Contact email Send Email Send Email Send Email
phone number No +44 207-710-5695 Yes
Live Chat Yes Yes Yes
Website https://www.fxopen.com https://www.interactivebrokers.com/ http://www.forex.com
Forex Spreads
EUR/USD 0.00 1.00
GBP/USD 0.00 1.00
USD/JPY 0.00 0.90
AUD/USD 0 N/A 1.2
Cryptocurrency Spreads N/A N/A N/A
View all FX spreads

Your capital is at risk

View all FX spreads

Losses can exceed deposits

View all FX spreads

70% of retail investor accounts lose money when trading CFDs with this provider

INDICE SPREADS
Dax 30 1.5 250.0
Nasdaq 100 1 130.0
Euro Stoxx 50 2 4.0
ASX 200
S&P 500 0.9 50.0
FTSE 100 1 150.0
Google N/A
Facebook N/A
View all spreads

Your capital is at risk

View all spreads

Losses can exceed deposits

View all spreads

70% of retail investor accounts lose money when trading CFDs with this provider

FEES

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

70% of retail investor accounts lose money when trading CFDs with this provider

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Last update

All information collected from https://www.fxopen.com. Last updated on 01/07/2019.

All information collected from https://www.interactivebrokers.com/. Last updated on 01/07/2019.

All information collected from http://www.forex.com. Last updated on 01/07/2019.

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.

With FX Open you can trade 50 FX pairs, gold, silver, CFD indices and energies. If you like to trade on the go, FX Open have iPhone and Android apps so you can trade from anywhere on your phone.

FX Open offer MT4 - Desktop and WebTrader MT4 - Mobile platforms to make your trades and support 4 different languages.

They also offer traders free educational material to better understand the markets and trading strategies.

The spreads offered by FX Open for the most popular instruments are:
0.3 EUR/USD, FTSE 100, 1.0 GOLD,
0.7 GBP/USD, DOW/JONES, Crude Oil,
see all the spreads here.

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.

With Interactive Brokers you can trade Stocks, options, futures, forex, foreign equities, and bonds. If you like to trade on the go, Interactive Brokers have iPhone, iPad and Android apps so you can trade from anywhere on your phone.

Interactive Brokers offer IB TWS for mobile, IB Trader Workstation, IB WebTrader platforms to make your trades and support 9 different languages.

They also offer traders free educational material to better understand the markets and trading strategies.

The spreads offered by Interactive Brokers for the most popular instruments are:
0.61 EUR/USD, variable FTSE 100, variable GOLD,
4.56 GBP/USD, 164.17 DOW/JONES, 0 Crude Oil,
see all the spreads here.

FOREX is a market leading broker with over 15 years' experience in the industry serving over 200,000 traders worldwide. As a publically traded company on the NY stock exchange, regulated by multiple regulating bodies including the Financial Conduct Authority in UK, FOREX is a broker you can trust. FOREX offer competitive pricing through its advanced technology and execute your trades fast and at the price you expect or better. Pricing is simple and easy to understand with no complicated commission structures or small print, you know what you will pay. With a commitment to customer support they offer 24 hour support from 9pm Sun through to 9pm Friday.

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FX Open or Interactive Brokers?

Access to MT4 or well established?

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.

Which broker is more reliable?

You can determine a broker’s reliability & trustworthiness by looking at eight factors:

  • Who are they regulated by?
  • How long have they been around for?
  • Do they hold your money in a separate bank account?
  • Do they use reputable “tier-1” banks like Barclays, Goldman Sachs or HSBC?
  • Have they been fined or penalised in the last five years?
  • The popularity of their service/website
  • Are they publicly listed?
  • Where are they located?

Based on these eight factors, we consider FX Open to be the more reliable broker. We’ve broken down why below:

Who are they regulated by?

FX Open is regulated by Financial Conduct Authority and ASIC, while Interactive Brokers is regulated by Financial Conduct Authority.

As the Financial Conduct Authority are one of the most stringent regulators in the world, both FX Open and Interactive Brokers will have very strict guidelines to follow to ensure they protect their retail trader clients.

Forex.com are also regulated by the Financial Conduct Authority.

How long have they been around for?

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 14 years, while Interactive Brokers have been around for 42 years. Our third alternative broker, Forex.com, have been around for 20 years.

Do they hold your money in a separate bank account?

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.

Do they use reputable “tier-1” banks like Barclays, Goldman Sachs or HSBC?

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.

Have they been fined or penalised in the last five years?

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.

How popular is their service/website?

While not always the case, the number of traders a broker has can be a good metric for understanding how reputable a brokers is.

Are they publicly listed?

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.

Where are they located?

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.

Do they offer the features you need?

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:

  • Services & instruments
  • Platforms & account types
  • Trading features, risk management tools & funding methods

Services and Instruments

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 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.

Platforms & Account Types

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.

Trading features, risk management tools & funding methods

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 while

Are they affordable for what you need?

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.

The Verdict: FX Open or Interactive Brokers?

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.

Between 54-87% of retail CFD accounts lose money. Based on 69 brokers who display this data.