Interactive Brokers is perhaps known for its highly extensive library of stocks, ETFs, and mutual funds. However, this top-rated platform also offers one of the best places to trade forex in the US. In opening an account here, you will have access to over 100+ forex pairs.
This includes all major and minor pairs, and dozens of exotic currencies. Due to the size of Interactive Brokers and the markets it has access to, forex traders enjoy deep liquidity levels here.
Moreover, you will also find that Interactive Brokers offers very competitive fees. Put simply, you will pay a commission of between 0.08 and 0.20 BPS (basis points).
|Trading Commission||From 0.08 BPS|
|Spread||No hidden spreads|
- Highly advanced trading platform
- 100+ pairs
- Deep liquidity
- Perhaps not suitable for beginners
- Pricing structure can appear confusing
There are no additional spreads or markups added to the fees that you see when setting up an order, Another plus point of using Interactive Brokers is that you will have access to a highly advanced platform – FXTrader.
This offers a wealth of useful features – such as real-time streaming quotes, custom order types, up and down indicators, and risk-management tools.