These two take different routes to currency conversion. Interactive Brokers provides low-cost currency trades connected to investing, trading or hedging in a funded brokerage account. CurrencyFair is a dedicated exchange and payment service. The IBKR commission model is lower, but the products and costs included in each row are not identical.
On a $10,000 dollar-to-euro exchange, the IBKR commission model costs about $2.00, while CurrencyFair costs about $52.98, using a small fee plus a modelled markup of about 0.5%. The IBKR order is an odd lot at this size, and its row excludes buying-versus-selling price difference, slippage and withdrawal costs.
- IBKR has the lower commission model. Its Tier I rate is 0.002%, with a USD 2 equivalent minimum per order.
- CurrencyFair is a marketplace. You can exchange with other users, sometimes setting your own rate, for a small fee plus a markup of about 0.5%.
- CurrencyFair is designed for a recipient payment. IBKR first converts inside a brokerage and requires a separate eligible withdrawal.
- Small IBKR orders are odd lots. The table cannot show their live spread or slippage.
How Interactive Brokers charges
Interactive Brokers (IBKR) charges a Tier I spot-FX commission of 0.20 basis points (0.002%) of trade value, with a USD 2 equivalent minimum per order. Convert Currency submits a market order, so the final conversion also reflects the bid/ask spread and possible slippage.
The row calculates the commission but not market execution or delivery. IBKR's published standard USD order range starts at USD 25,000 and ends at USD 7 million. Smaller orders are odd lots and can execute at a wider spread. You also need a funded eligible account, a supported direct pair and a separate withdrawal if the converted balance must leave the brokerage.
How CurrencyFair charges
CurrencyFair is an FX marketplace. You deposit money, and instead of converting with the house, you can exchange with another user who wants to go the other way, sometimes setting your own rate. For the standard, modelled cost used here, it charges a small fee of about $3 plus a markup of roughly 0.5%.
The marketplace model can occasionally beat that standard cost if you set a rate and another user takes it, but it can also take longer to fill. For a fair, repeatable comparison we use the published fee plus markup, which is what most users will pay. The appeal is simplicity: no brokerage account, just sign up and exchange.
Head to head, by amount
IBKR ranks first in the site's fee model at each size shown. Order size and the withdrawal path determine how confidently that result carries into practice.
$1,000
At $1,000, the model puts IBKR below CurrencyFair. The IBKR order is an odd lot, so its unmodelled spread and the later withdrawal can be more important than the displayed commission gap.
$10,000
At $10,000, IBKR still uses its USD 2 equivalent minimum in the model, while CurrencyFair's fee and markup scale. The IBKR order remains below standard size, so confirm the final traded price.
$50,000
At $50,000, the IBKR order is inside its standard USD size range and its commission remains at the USD 2 equivalent minimum. CurrencyFair costs more in the model, but it can exchange the money and pay a recipient in one process.
The pattern at a glance
The bars show the published-fee model. They do not display IBKR's executable odd-lot spread, slippage, withdrawal or bank deductions.
The savings in context
Across the displayed estimates, choosing Interactive Brokers over MoneyGram leaves an extra €326.11 (3.93%) in the recipient's account.
Same 10,000 USD and the same market rate before fees. Provider availability, how you pay and the final price can change the result.
Who should pick what
Check Interactive Brokers first when the conversion funds a foreign investment, executes a currency trade or manages currency exposure inside the brokerage. Compare the rate you can actually trade at, not only the commission.
Pick CurrencyFair if you want a quick, account-light exchange, you like the idea of setting your own rate on a marketplace, or you make smaller exchanges where opening a brokerage account is more trouble than it is worth. Its cost is higher, but the setup is simpler.
Pick a transfer specialist if the job is a simple send into someone's bank account rather than an exchange you manage yourself. A provider like Wise is built for that and is smoother than a broker for a one-off payment. See Wise vs Interactive Brokers.
The bottom line
For an eligible investment-linked currency exchange inside the brokerage, IBKR has the lower fee model. CurrencyFair is the more direct product when the goal is to exchange and pay a recipient.
CurrencyFair offers a simpler marketplace and payment flow, while IBKR offers a very low commission when the conversion supports investing, trading or hedging in the account. Compare the service you need and the complete executable cost. Our markup versus fee guide shows how to assess the rate as well as the fee.
Frequently asked questions
Is Interactive Brokers cheaper than CurrencyFair?
IBKR is lower in this model once the commission minimum is small relative to the amount. The real comparison must include IBKR's spread, order-size treatment and withdrawal, plus CurrencyFair's live marketplace rate.
What is CurrencyFair best for?
Quick, account-light exchanges, and for people who like the marketplace idea of setting their own rate. You can sign up and exchange without funding a brokerage account, which is simpler than IBKR for a one-off. The trade-off is a higher cost.
Do I need a brokerage account to use Interactive Brokers?
Yes. You need a funded eligible IBKR account. Convert Currency submits a market order, and moving the result out requires an eligible withdrawal. Third-party withdrawals require approval and due diligence.
Are these numbers exact?
No. CurrencyFair's marketplace rates vary. The IBKR row models its Tier I commission but not bid/ask spread, slippage, tax, withdrawal or third-party-bank deductions. Confirm both executable outcomes.
Cost figures are modelled against the current mid-market reference. CurrencyFair marketplace rates can vary. The IBKR row covers Tier I commission but excludes buying-versus-selling price difference, slippage, tax, withdrawal and bank costs, and it is not a quote for paying another person. Confirm both live outcomes. We may earn a commission from affiliate links at no extra cost to you; this never affects rankings. Nothing here is financial advice.
Sources: Interactive Brokers spot-FX commissions (opens in a new tab), Interactive Brokers standard FX order sizes (opens in a new tab), Interactive Brokers Convert Currency guide (opens in a new tab), IBUK and IBLLC Client Agreement (opens in a new tab), Interactive Brokers withdrawal fees (opens in a new tab), CurrencyFair pricing (opens in a new tab). All sources accessed 22 August 2026.