If you are reading this article, you’re likely having trouble deciding whether IG Markets or Interactive Brokers is the better Forex trading platform for you. While both platforms generally provide positive user experiences, there are some essential differences to note.
In this IG Markets vs Interactive Brokers review, we outline the highlights of each trading platform to help you make a more informed decision. We evaluate:
- Features and Platforms
- Available Markets
- Typical Spreads and Fees
- Security and Trust
- IG Markets vs Interactive Brokers - Verdict
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Headquarters | United Kingdom | United States |
Regulators | ASIC, BaFin, CySEC, DFSA, FCA, FINMA, FMA, FSCA, JFSA, MAS | ASIC, Central Bank of Ireland, CFTC, FCA, MAS, SEBI, SEC |
Tier 1 Regulator(s)? | ||
Owned by Public Company? | ||
Year Established | 1974 | 1978 |
Execution Type(s) | Market Maker | Market Maker |
Minimum Deposit | €0 | $0 |
Negative Balance Protection | ||
Trading Platform(s) | Other, MetaTrader 4, Proprietary platform, Trading View+ | Proprietary platform |
Average Trading Cost EUR/USD | 0.9 pips | Account and account-tier dependent |
Average Trading Cost GBP/USD | 1.4 pip | Account and account-tier dependent |
Average Trading Cost WTI Crude Oil | $0.03 | Account and account-tier dependent |
Average Trading Cost Gold | $0.30 | Account and account-tier dependent |
Retail Loss Rate | 70.00% | Undisclosed |
Minimum Raw Spreads | Not applicable | 0.1 pips |
Minimum Standard Spreads | 0.6 pips | Not applicable |
Minimum Commission for Forex | Commission-free | $2.00 |
Islamic Account | ||
Signals | ||
US Persons Accepted? | ||
Managed Accounts | ||
| Visit Website 71% of retail spread bet and CFD accounts lose money | Visit Website |
Features and Platforms
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MT4 | ||
MT5 | ||
MT4/MT5 Add-Ons | ||
cTrader | ||
Proprietary Platform | ||
Automated Trading | ||
Social/Copy Trading | ||
DOM? | ||
Guaranteed Stop Loss | ||
Scalping | ||
Hedging | ||
One-Click Trading | ||
OCO Orders | ||
Interest on Margin | ||
| Visit Website 71% of retail spread bet and CFD accounts lose money | Visit Website |
Clients of IG Markets get access to a broad trading platform choice, including its proprietary web-based trading platform, MT4, ProReal Time, and L2 Dealer. IG Markets supports algorithmic trading with market-leading trade execution and pricing. It is a liquidity provider for other retail brokers, writes CFDs for markets, and maintains quality trading tools. Interactive Brokers competes well with IG Markets when it comes to asset selection and algorithmic trading. It deploys only its proprietary Trader Workstation (TWS), but complements it with excellent educational and trading tools besting IG Markets.
Available Markets
| | |
Currency Pairs | ||
Cryptocurrencies | ||
Commodities | ||
Crude Oil | ||
Gold | ||
Metals | ||
Equity Indices | ||
Stocks (non-CFDs) | ||
Bonds | ||
ETFs | ||
Options | ||
Futures | ||
Synthetics | ||
| Visit Website 71% of retail spread bet and CFD accounts lose money | Visit Website |
IG Markets remains one of the best Forex brokers with 102 currency pairs, three of which are weekend pairs. The overall asset selection exceeds 17,000 across eleven sectors and access to after-hours trading. Interactive Brokers offers traders 135 markets across 33 countries in 23 currencies. While there is no detailed asset list on the website, Interactive Brokers maintains one of the most comprehensive choices of trading instruments. Both brokers remain among the top in this category industry-wide with few competitors and cater to institutional clients, including hedge funds. Therefore, retail traders have access to a professional asset selection.
Typical Spreads and Fees
| | |
Average Trading Cost EUR/USD | 0.9 pips | Account and account-tier dependent |
Average Trading Cost GBP/USD | 1.4 pip | Account and account-tier dependent |
Average Trading Cost WTI Crude Oil | $0.03 | Account and account-tier dependent |
Average Trading Cost Gold | $0.30 | Account and account-tier dependent |
Average Trading Cost Bitcoin | $90 | Account and account-tier dependent |
Minimum Raw Spreads | Not applicable | 0.1 pips |
Minimum Standard Spreads | 0.6 pips | Not applicable |
Minimum Commission for Forex | Commission-free | $2.00 |
Deposit Fee | ||
Withdrawal Fee | ||
Inactivity Fee | ||
| Visit Website 71% of retail spread bet and CFD accounts lose money | Visit Website |
Forex traders at IG Markets will benefit from one of the best commission-free pricing environments. The minimum mark-up is 0.6 pips, equaling $6 per 1.0 standard lot. The commission-based CFD offer remains average, with a minimum cost of 0.10%, but the volume-based rebate program lowers the final trading fee. Interactive Brokers counters with one of the best commission-based Forex structures consisting of minimum spreads of 0.1 pips for a commission of $2 per order. CFD costs commence from 0.05%. Both brokers levy swap rates on leveraged overnight positions and traders may face third-party payment processor fees.
Security and Trust
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Country of the Regulator | United Arab Emirates, Australia, Bermuda, The Bahamas, Switzerland, Cyprus, Germany, Japan, New Zealand, Singapore, United Kingdom, United States, South Africa | Australia, Canada, Hong Kong (SAR), Ireland, India, Japan, Singapore, United Kingdom, United States |
Name of the Regulator | ASIC, BaFin, CySEC, DFSA, FCA, FINMA, FMA, FSCA, JFSA, MAS | ASIC, Central Bank of Ireland, CFTC, FCA, MAS, SEBI, SEC |
Regulatory License Number | 195355, 378/19, 10148759, confirmed, but no regulaary license number, F001780, 41393, 1489, unconfirmed, 220440, 18923, 0509630, 54814 | 36418/8-47257, undisclosed but confirmed, C423427, 208159, 433554, undisclosed, INZ000021730, undisclosed, CMS100917 |
Regulatory Tier | 1, 1, 1, 1, 2, 2, 1, 1, 1, 1, 4 | 1,1,1,1,1,1,2,1,1 |
| Visit Website 71% of retail spread bet and CFD accounts lose money | Visit Website |
The primary regulator of IG Markets is the UK Financial Conduct Authority (FCA), and the US Securities and Exchange Commission (SEC), together with the Commodity Futures Trading Commission (CFTC), the one for Interactive Brokers. Both maintain subsidiaries that operate with oversight from their respective regulators. IG Markets and Interactive Brokers are publicly-listed companies. The former in the UK, where it is a constituent of the FTSE 250, and the latter in the US. Client deposits remain segregated at both brokers alike, and IG Markets and Interactive Brokers have decades of experience, making them equally safe and trustworthy.
IG Markets vs Interactive Brokers – Verdict
IG Markets and Interactive Brokers remain among the Top 5 online brokers, providing investors and traders with one of the best overall trading environments. Both brokers support algorithmic trading solutions, third-party developers, and high-frequency traders. IG Markets maintains a superior selection of trading platforms and takes the lead with its commission-based Forex trading costs. Interactive Brokers only grants its proprietary trading platform but offers clients potentially the best commission-based pricing environment. IG Markets presents traders with an analytics tool that can improve trading results. Interactive Brokers maintains a section for third-party advisors and dedicates one blog to algorithmic trading. While IG Markets provides beginner traders with quality educational tools, both host webinars, but Interactive Brokers leads this category due to more in-depth resources. IG Markets and Interactive brokers provide clients with deep liquidity and a secure trading environment for an overall equal ranking depending on preference.
IG Markets notes 102 currency pairs and 17,000+ CFDs. Interactive Markets does not provide a detailed list of all assets but states 135 markets across 33 countries in 23 currencies. Both brokers rank among the best in asset selection.
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