Interactive Brokers
Best for low-cost forex at scale and US traders
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Before you sign up
Key facts
Regulators
SEC/CFTC/NFA/FINRA (NFA 0258600), FCA (208159), Central Bank of Ireland, ASIC (AFSL 453554), CIRO, MAS, SFC, SEBI
EUR/USD cost
Interbank quotes + 0.20 bp per side (about $4–5 RT per 100k)
Minimum deposit
$0
Platforms
Trader Workstation, IBKR Desktop, IBKR Mobile, Client Portal
Max leverage
50:1 majors (US)
Founded and headquarters
1977/78 origins, Greenwich, Connecticut, USA
Pros
- Very low commissions with interbank pricing
- Publicly listed, regulated in many top-tier jurisdictions
- Accepts US clients, $0 minimum
Cons
- No MT4/MT5; platforms have a steep learning curve
- Fined $250k by the NFA in 2023 for retail FX supervisory failures
Our review
Interactive Brokers offers forex the way professionals trade it: quotes aggregated from multiple banks with a small commission (0.20 basis points per side at the base tier, about $2 per side on a standard lot). It's one of the few options for US residents with genuinely low costs.
The trade-off is usability. Trader Workstation is powerful but complex, and there's no MetaTrader support.
Score breakdown: Regulation 35/35, Costs 24/25, Platforms 8/15, Access 10/10, Track record 13/15.