Trading Forex with Interactive Brokers – While looking for forex brokers, the reputation of the broker is not the only primary criteria. It is essential to look at the broker and the platform holistically. Once you do so, choosing the right one will be easier.
Today, we will concentrate on one broker who stands out to be amongst the most popular forex brokers, which is Interactive Brokers. The IB forex trading platform is pretty well known. The popularity has increased over the years.
However, the question is, is IB really a Forex Broker?
The “margin” requirement to trade forex may surprise you…
Yes, you can trade Forex with Interactive Brokers, but the amount of capital you need (to trade comfortably) is way higher than the usual Forex Broker.
About (IB) Interactive Brokers:
Interactive brokers have been around since 1977. It is even listed on NASDAQ. It abides with six different sets of regulations. It ensures that the broker is reliable. At the same time, it offers CFD trading. It speaks volumes about the reliability of the broker.
It not only offers forex trading but trading in a variety of other asset classes as well. For this review, we will only focus on forex trading.
One of the advantages of this broker is a robust trading platform.
It goes by the name of the Trader Workstation. It has a mobile app for the same as well. You can trade right from your smartphone.
In terms of credibility and trading platform, it is one of the most reliable brokers to go with.
Trading Forex with Interactive Brokers
Without delving into the fees and commissions of a broker, you cannot decide whether it is worth opting for or not. The commissions of this broker are around $ 40 per million. If you’re an active trader, the commission can reduce even more. If you are starting small and then increase the trading capital, the fees will become minimal.
Interactive brokers cater to active traders. If you are a small trader or just starting, it is essential to remember this. At the start, a lot of your profits might go in fees and commissions.
The primary platform of interactive brokers is Trader Workstation. It is a desktop-based trading platform. It supports 105 cash forex peers. Also, it offers 96 different charts and studies as well.
At the same time, the broker offers a browser-based platform, known as WebTrader. However, it does not support charts.
On the other hand, there is an official mobile app by the name of IBKR app as well to facilitate mobile trading. The mobile app offers you the opportunity to check charts and technical indicators. You can use the mobile app to trading single-handedly.
The numerous platforms make it easy for you to trade while using this broker.
Interactive Brokers do not shy away from providing you with research and educational resources. It consists of free as well as premium resources. The resources include:
• Analytical tools
• Forex news resources
• In-house and 3rd party research resources
In terms of resources, you’re not likely to have any complaints. Even if you prefer educational resources or real-time news resources, you can find all of the resources on this broker platform.
We will now share with you the pros and cons of the platform to provide you with a clearer picture of this broker.
• Multiple trading platforms
• Numerous resources
• Excellent reputation
• Minimal fees
• Does not support MetaTrader
Interactive brokers forex trading platform offers you everything, you can ask from it. With multiple technical indicators and research resources on offer, you cannot go wrong with this one. Additionally, as it allows you to trade from any device or platform, it is quite convenient.
If you can do away with MetaTrader, and have $10K-20K capital to start with, the IB platform is one of the best forex trading platforms around.