Interactive Brokers Forex Trading

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Interactive Brokers Forex Trading Review
Interactive Brokers

Product Name: Interactive Brokers Forex Trading

Product Description: Interactive Brokers is by far the most advanced forex broker we feature if you need it to be. Interactive Brokers is one of the best forex trading platforms for advanced and experienced traders but is also simple enough to be used by beginners who want to stick with one brokerage as they progress.

Summary

  • Forex pairs available: 100
  • Minimum deposit: £2,000
  • Account types: CFDs, DMA, futures & options, investing
  • Equity overnight financing: -3.188% / -1.188% (BM -/+ 1%)
  • Pricing: EURUSD 0.0008%, GBPUSD 0.0008%, USDJPY 0.0008%

Forex Trading Platform:

IBKR has two different forex trading platforms, IBKR Trader Workstation for advanced traders, which comes with some very complete order routing tools for larger orders. The Interactive Brokers web portal platform is much more suited to more casual forex traders and lets you go long or short currency pairs based on position size rather than lots by placing limit, and market entry orders and you can set your stop and limited exit orders based on P&L rather than price.

It’s also worth noting that if you want to trade margin products with Interactive Brokers you need at least $2,000 in your account.

IBKR Forex Trading

Pros

  • Lots of FX pairs
  • Excellent forex trading platform
  • Low commission on raw prices

Cons

  • No guaranteed stops
  • No spread betting
  • Pricing
    (5)
  • Market Access
    (5)
  • Online Platform
    (5)
  • Customer Service
    (3)
  • Research & Analysis
    (3.5)
Overall
4.3
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