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

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.

Interactive Brokers
8.3 /10

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.

VISIT INTERACTIVE BROKERS
WhoTrades
5.5 /10

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.

VISIT WHOTRADES
AvaTrade
9.7 /10

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.

VISIT AVATRADE
About

Interactive Brokers is regulated by NFA 0258600. Interactive Brokers have provided Forex, CFD trading services since 1977.

WhoTrades is regulated by CySEC, FINRA, SIPC. WhoTrades have provided Forex, CFD trading services since 2006.

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.

Why choose them?
  • Yes Over 41 years in business
  • Yes Segregates clients funds
  • Yes Regulated by Financial Conduct Authority
  • Yes Over 12 years in business
  • Yes Segregates clients funds
  • Yes Regulated by CySEC, FINRA, SIPC
  • Yes Over 12 years in business
  • Yes Segregates clients funds
  • Yes Regulated by Central Bank of Ireland, ASIC, FSA, FSB and BVI
Headquarters Level 20 Heron Tower, 110 Bishopsgate, London EC2N 4AY 10 Chrysanthou Mylona, MAGNUM HOUSE, 3030 Limassol, Cyprus Dublin, Ireland

TRADING SERVICES OFFERED

Spot Forex Yes Yes Yes
Forex (CFD) Yes No Yes
CFD Yes No Yes
Spread Betting No No Yes
Social Trading No Yes Yes
MARKETS & INSTRUMENTS
Forex (currency pairs) 22 59
Commodities Offered 16
Stocks Offered 99
Bitcoin No No Yes
Majors Yes Yes Yes
Indices Yes Yes Yes
US Stocks Yes Yes Yes
Penny stocks No No No
Energies Yes Yes Yes
Metals Yes Yes Yes
Agriculturals Yes No Yes
FTSE Yes Yes Yes
Dow Jones Yes No Yes
Dax Yes No Yes
Nikkei Yes Yes Yes
ETFs Yes No Yes
IPO No No Yes
See all instruments

Losses can exceed deposits

See all instruments

Losses can exceed deposits

See all instruments

71% 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 No No Yes
MT5 No No Yes
MT4 Mac Yes Yes Yes
WebTrader Yes Yes Yes
Mirror Trader Yes Yes Yes
ZuluTrade Yes No Yes
Sirix No No No
cTrader No No No
PAMM Yes No No
Custom Platforms IB Trader Workstation Just2Trade, Social AvaTradeAct, AVAOptions

APPS

iOS image Yes Yes Yes
Android image No Yes Yes
Windows image No Yes No
Available Languages

English, French, German, Spanish, Italian, Russian, Mandarin, Cantonese, and Japanese

English, Italian, German, French, Greek, Hebrew, Spanish, Arabic, Malay, Russian, Chinese, Portuguese and Dutch

See platform & features

Losses can exceed deposits

See platform & features

Losses can exceed deposits

See platform & features

71% 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 Interactive Brokers and WhoTrades

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

Losses can exceed deposits

See account options

Losses can exceed deposits

See account options

71% of retail investor accounts lose money when trading CFDs with this provider.

TRADING CONDITIONS

Scalping Yes No Yes
Hedging Yes Yes Yes
Expert advisors (EAs) Yes No Yes
Virtual private server No No No
Direct market access No No Yes
STP broker Yes No No
Market maker Yes Yes Yes
Min trade None 1 Lot 0.01 Lot
Max trade None 25 lot None
Min deposit 10,000 $100 $100

RISK MANAGEMENT

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

FUNDING METHODS

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

Losses can exceed deposits

See all funding options

Losses can exceed deposits

See all funding options

71% of retail investor accounts lose money when trading CFDs with this provider.

DETAILED INFO

Excluded countries BE,BR,NZ,US,KE,IN,GH
Contact email Send Email Send Email Send Email
Phone number +44 207-710-5695 +357 25 344 563 (44) (0) 8005200423
Live Chat Yes No Yes
Website https://www.interactivebrokers.com/ https://whotrades.com http://www.avatrade.com/
Spreads:
EUR/USD (Average: 0.7 pips) 0.1 pips + $2/lot Not offered 0.9 pips
GBP/USD (Average: 1.1 pips) 0.1 pips + $2/lot Not offered 1.6 pips
USD/JPY (Average: 1.1 pips) 0.1 pips + $2/lot Not offered 1.1 pips
AUD/USD (Average: 0.8 pips) 0.1 pips + $2/lot Not offered 1.1 pips
USD/CHF (Average: 2.3 pips) 0.1 pips + $2/lot Not offered 1.6 pips
USD/CAD (Average: 2.9 pips) 0.1 pips + $2/lot Not offered 2.0 pips
NZD/USD (Average: 3.6 pips) 0.1 pips + $2/lot Not offered 1.8 pips
EUR/GBP (Average: 2.4 pips) 0.1 pips + $2/lot Not offered 1.5 pips
View all spreads

Losses can exceed deposits

View all spreads

Losses can exceed deposits

View all spreads

71% of retail investor accounts lose money when trading CFDs with this provider.

FEES

Inactivity Fee Yes Yes No
Commission Yes 5%- 6% No
Deposit Fee No Varies No
Withdrawal Fee No 0.12%- 2% No
View All Fees

Losses can exceed deposits

View All Fees

Losses can exceed deposits

View All Fees

71% of retail investor accounts lose money when trading CFDs with this provider.

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Last update

All information collected from https://www.interactivebrokers.com/. Last updated on 01/12/2019.

All information collected from https://whotrades.com. Last updated on 01/12/2019.

All information collected from http://www.avatrade.com/. Last updated on 01/12/2019.

Company

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.

WhoTrades is an online forex trading service provider who are regulated by the SEC, FINRA, SIPC. To open an account with WhoTrades, minimum deposits start from $5 & $2,500.

With WhoTrades you can trade Options, Complex Options, Mutual Funds, and DRIP. If you like to trade on the go, WhoTrades have iPhone, iPad and Android apps so you can trade from anywhere on your phone.

WhoTrades offer Just2Trade+, Just2TradeX (beta), Web, WhoTrades MetaTrader 4, Whotrades FxWeb Trader platforms to make your trades and support different languages.

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

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.

For more information about trading with AvaTrade, we have put together an indepth AvaTrade review with the pros and cons about this broker.

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Interactive Brokers or WhoTrades?

Well established or ?

If you’re a trader looking for a broker that has been established for a long time, Interactive Brokers is likely a good choice. However, if

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 WhoTrades to be the more reliable broker. We’ve broken down why below:

Who are they regulated by?

Interactive Brokers is regulated by Financial Conduct Authority, while WhoTrades is regulated by CySEC, FINRA, SIPC.

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

AvaTrade are regulated by Central Bank of Ireland, ASIC, IIROC, FSA, FSB, UAE and BVI

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.

Interactive Brokers has been around for 42 years, while WhoTrades have been around for 13 years. Our third alternative broker, AvaTrade, have been around for 13 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 Interactive Brokers and WhoTrades 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 Interactive Brokers or WhoTrades 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.

Interactive Brokers is a publicly listed company, while on the other hand WhoTrades is still a privately owned company.

Where are they located?

Most reputable brokers tend to be headquartered in a major capital city or a financial hub such as Cyprus.

Interactive Brokers are based in Level 20 Heron Tower, 110 Bishopsgate, London EC2N 4AY, while WhoTrades are based in 10 Chrysanthou Mylona, MAGNUM HOUSE, 3030 Limassol, Cyprus .

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 Interactive Brokers and WhoTrades offer forex trading. Interactive Brokers have a slightly larger variety of currency pairs with 22 pairs, compared to offered by WhoTrades. Also, if you’re looking to trade cryptocurrencies,

neither Interactive Brokers nor Interactive Brokers offer commodity trading.

WhoTrades 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

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.

Interactive Brokers does allow scalping and hedging. While WhoTrades does not allow scalping but does allow hedging. You can trade with EAs (expert advisors) on Interactive Brokers but you can't trade EAs (expert advisors) with WhoTrades.

In terms of risk management tools, neither Interactive Brokers or WhoTrades offers negative balance protection. Negative balance protection prevents you owing your broker more than you’ve deposited.

Interactive Brokers also offer stop losses, limit orders, and price alerts to help you automate aspects of your trading strategy.

WhoTrades accept Neteller.

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, Interactive Brokers and WhoTrades 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: Interactive Brokers or WhoTrades?

There’s no such thing as a perfect broker, but some are going to be a better fit for you than others.

Objectively, WhoTrades is more reliable based on our criteria above. WhoTrades has a wider range of instruments to trade. Interactive Brokers 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.