OANDA and IC Markets are forex brokers offering top trading platforms, a range of CFDs, demo accounts and mobile trading options with iOS and Android mobile apps. A key difference is OANDA is a market maker, while IC Markets offers ECN forex spreads. Let’s look at how these differ.
Our forex comparisons and broker reviews are reader supported and we may receive payment when you click on a link to a partner site.
Our full comparison covers the 10 most important trading factors. Here are five noticeable differences between IC Markets and OANDA:
As a market maker, OANDA offers one pricing structure and spread type, yet with no dealing desk interference, IC Markets offers both commission-free and commission ECN spreads.
IC Markets vs OANDA – No Commission Forex Spreads
IC Markets offer the tightest average spreads across all major currency pairs shown in the table below, with OANDA on par with IC for most fx pairs. For the EUR/USD, IC Markets and eToro offer average spreads of 1.10 pips with no commission fees, while other forex brokers like FXTM and eToro average between 2.1-3.0 pips.
|
No Commission, Standard Accounts
|
|||||
|---|---|---|---|---|---|
|
0.62 | 0.77 | 1.50 | 1.27 | 1.30 |
|
1.10 | 1.20 | 1.40 | 1.40 | 1.50 |
|
n/a | 0.50 | 0.70 | 0.60 | 0.40 |
|
1.00 | 1.00 | 2.00 | 1.50 | 2.00 |
|
1.40 | 2.50 | 4.90 | 2.50 | 2.60 |
Avg. spreads are taken from each broker's website and updated monthly. Last update on 04/01/2024
IC Markets – ECN Account Raw Spreads
OANDA does not offer commission spreads, but when IC Markets’ average raw spreads are compared to other ECN-style forex brokers, you can see how competitive IC Markets’ trading conditions are. For the AUD/USD, raw spreads average 0.20 pips + commission, while Pepperstone averages 0.27 pips. The only currency pair where Pepperstone beats IC markets is the EUR/GBP, where Pepperstone’s spread average 0.35 pips and IC 0.40 pips.
|
ECN-Style, Commission Spreads
|
|||||
|---|---|---|---|---|---|
|
|
0.02 | 0.17 | 0.50 | 0.27 | 0.30 |
|
0.10 | 0.20 | 0.60 | 0.40 | 1.00 |
|
|
0.50 | 0.70 | 1.70 | 0.60 | 0.80 |
|
0.44 | 1.23 | 1.17 | 1.13 | 1.23 |
|
0.20 | 0.40 | 0.60 | 0.50 | 0.70 |
|
0.20 | 0.30 | 0.50 | 0.60 | 0.50 |
Avg. spreads are taken from each broker's website and updated monthly. Last update on 04/01/2024
Verdict
Although OANDA offers competitive no commission spreads, IC Markets offers the tightest spreads across the board for both standard and ECN pricing.
View IC Markets ReviewVisit IC Markets
Both online brokers provide traders with a choice of trading platform options. As an IC Markets trader, you can choose between the three most popular mainstream trading platforms, MetaTrader 4 (MT4), MetaTrader 5 (MT5) and cTrader. OANDA offers customers two options – the broker’s proprietary trading platform and MT4.
IC Markets Trading Platforms and Tools
A key difference between the MT4, MT5 and cTrader is the market access it provides you. cTrader and MT4 are predominately forex trading platforms, while MT4 also offers share trading.
All three trading platform options provide you with an excellent selection of trading tools, including:
If you are looking for social trading tools, MetaTrader 4 is the best choice, as it offers compatible third-party account mirroring services like ZuluTrade and Myfxbook AutoTrade.
OANDA Trading Tools and Platforms
OANDA’s two main trading platform options are MetaTrader 4 and the broker’s proprietary platform, OANDA Trade. OANDA Trade is a great option for beginner traders as the platform is easy to use and provides trading tools like market sentiment data, real-time news and extensive charting tools.
MetaTrader 4, on the other hand, is suited to OANDA traders who are looking to develop algorithmic trading strategies. As with IC Markets MT4 offering, you can use Expert Advisers to automate trading and use the platform’s backtesting features to test trading strategies. Desktop and web trader platforms, as well as mobile trading apps, are available for both OANDA Trade and MetaTrader 4.
Verdict
Overall, IC Markets provides access to the best selection of trading platforms with MT4, MT5 and cTrader available. While OANDA offers MT4 and their proprietary platform, OANDA Trade does not offer algorithmic trading features that are a must for many retail investor accounts.
IC Markets and OANDA are top forex brokers that follow different brokerage and pricing models. IC Markets is a no dealing desk broker with both commission-free and ECN accounts, while OANDA is a market maker that only offers no commission forex trading.
IC Markets: Standard and ECN Accounts
Two account types are available as an IC Markets trader. If you want a simple pricing structure, the online broker’s Standard Account type offers commission-free forex spreads as low as 1.0 pip. If you want to trade ultra-tight spreads similar to an institutional-grade trading environment, the broker’s ECN account, known as a Raw Spread Account, provides you access to minimum spreads of 0.0 pips plus commission.
The commission fee you pay when opening and closing a position via a Raw Spread Account varies between trading platforms. MetaTrader 4 and MetaTrader 5 users pay $3.50, and cTrader users pay $3 per side, per 100k traded. As IC Markets follow an ECN pricing model, regardless of the account type you choose, your trades will be passed directly onto to external liquidity providers, giving you the best execution and tightest spreads available to retail investor accounts.
OANDA
OANDA only offers one account type and pricing structure when trading CFDs and forex. Similarly to IC Markets Standard Account, OANDA’s CFD and forex trading account offers commission free spreads starting from 1.0 pip. As a market maker, OANDA uses a dealing desk and sets its own spreads, calculating a mid-point of live market prices.
Islamic Accounts
OANDA does not offer an Islamic Account option, but if you are an Islamic trader who requires a swap-free forex trading account, IC Markets offers an Islamic account type where no interest-based payments are paid or received. IC Markets Islamic account option is available with standard or raw pricing and all trading platforms.
Verdict
As OANDA only offers one trading account type and no Islamic Account, IC Markets is the clear winner with a choice of two account types and a swap-free pricing option for Islamic traders. To test out different account types and trading conditions, you can sign up for demo accounts with both OANDA and IC Markets. The online brokers offer unlimited demo accounts with no time limits or restrictions on virtual trading account balances.
When it comes to the overall trading experience, there are several factors we consider. From our in-depth analysis and our own testing, we’ve found that both IC Markets and OANDA have their unique strengths. IC Markets, for instance, is highlighted for its MetaTrader 5 (MT5) platform, offering a seamless trading experience. On the other hand, OANDA stands out as the best choice for beginners, ensuring a user-friendly interface and comprehensive educational resources.
Verdict
While both brokers offer commendable trading experiences for their user-friendly interface and comprehensive resources, OANDA slightly edges out as the broker offering the best trading experience.
OANDA Trust Score
IC Markets Trust Score
Both online brokers are overseen by multiple top-tier financial regulators:
IC Markets Financial Regulators
OANDA Regulators
Risk Management Features
Depending on the broker subsidiary you start trading with, you will be provided different investor protections. European and UK jurisdictions require brokers to provide retail investor accounts with negative balance protection and a form of insurance through regulators’ investor compensation schemes.
Regardless of the broker’s subsidiary and local jurisdiction, your trading account balance will be protected with segregated client funds policies. This ensures that your broker does not use your trading account balances as operational capital, protecting your funds in the unlikely case that IC Markets or OANDA were to become insolvent.
Order Types
IC Markets and OANDA offer order types to manage the high risk of trading forex and CFDs. IC Markets offers basic pending order types such as limit and stop loss and trailing stop orders.
OANDA offers these basic orders as well as a premium order type known as a guaranteed stop loss order. While basic stop-loss orders allow you to set a price to exit the market to cap your losses, it is not guaranteed. GSLOs guarantee your position will be closed regardless of market volatility or gapping.
| IC Markets | OANDA | |
|---|---|---|
| Tier 1 Regulation | ASIC (Australia) CYSEC (Cyprus) |
NFA/CFTC (USA) MAS (Singapore) CIRO (CANADA) FCA (UK) ASIC (Australia) |
| Tier 2 Regulation | JFSA (Japan) KNF (Poland) MFSA (Europe) |
|
| Tier 3 Regulation | FSA-S (Seychelles) SCB (Bahamas) |
FSC-BVI |
Verdict
Overall, OANDA is regulated by a larger selection of top-tier regulators as well as offering both basic and premium order types.
Both brokers offer a range of CFDs on top of forex pairs. Overall IC Markets provide access to a larger selection CFDs with 7 different asset classes available, while OANDA offers 4. Neither broker offers exchange-traded funds (ETFs).
IC Markets Range of CFDs
OANDA CFDs
Verdict
As IC Markets offers access to 7 different asset classes and hundreds of CFDs, including cryptocurrencies, shares and Futures, they provide the best range of CFDs overall.
To enhance your forex trading knowledge, IC Markets provides free educational resources, including webinars, tutorials, an economic calendar and a market analysis blog.
In terms of education resources and research tools, OANDA provides access to videos, platform tutorials, webinars, newsfeeds and economic analysis.
Verdict
IC Markets provides access to a great selection of materials for educational and research purposes.
With 24/7 availability, IC Markets offers some of the best customer support available. You can contact the online broker via live chat, phone or email 24 hours a day, 7 days a week.
OANDA Customer Support
While OANDA offers good customer service, the broker’s customer support team is only available 24 hours a day, 5 days a week, unlike IC Markets’ 24/7 availability. You can get in touch with OANDA via live chat, email, phone or a chatbot.
Verdict
Overall, IC Markets is the winner with 24/7 customer service, a feature not offered by many online brokers.
IC Markets offers an excellent range of fee-free funding methods with 15 different options available, including debit and credit cards, Paypal, Skrill and Neteller. Unlike other online brokers that charge a fee to deposit and withdraw funds, IC Markets charges no funding fees.
When you set up your account initially, you are required to deposit at least $200 and can choose from one of 11 account base currencies: AUD, NZD, USD, CAD, EUR, JPY, SGD, HKD, CHF, GBP or RMB.
OANDA Funding
OANDA enforces no minimum deposit but does not offer the wide range of funding methods that IC Markets does. You deposit and withdraw funds using credit and debit cards, PayPal and bank transfers. Whether you pay deposit or withdrawal fees depends on your account base currency, the funding method, and how many transactions you have made for the calendar month. When you start trading, you can choose one of the following account base currencies: USD, CAD, GBP, EUR, JPY, SGD, HKD, AUD and CHF.
For example, if your account’s base currency is the US Dollar, you will pay $20 for your first withdrawal of the month if using a bank or wire transfer, and no fee for debit cards. Any additional withdrawal for the month will cost $15+ for bank transfers and $15 for debit cards.
Verdict
With 15 fee-free deposit and withdrawal methods and 11 base currencies, IC Markets offers significantly better funding options when compared to OANDA. Depending on your account base currencies and funding method, you may be charged funding fees of ~$20.
OANDA has a lower minimum deposit of $0 compared to IC Markets’ minimum of $200. We found Oanda applies this minimum deposit if using bank wire, all other account types, such as credit card and debit card and Trustly, start from $25.
The table below shows the different amounts for OANDA’s minimum deposit requirement.
| GBP | USD | EUR | AUD | |
|---|---|---|---|---|
| Credit Card / Debit Card | £25 Minimum Deposit | $25 Minimum Deposit | €25 Minimum Deposit | $25 |
| Bank Wire | £0 Minimum Deposit | $0 Minimum Deposit | €0 Minimum Deposit | $0 |
| Trustly | £25 Minimum Deposit | $25 Minimum Deposit | €25 Minimum Deposit | $25 |
| Paypal | N/A | N/A | N/A | N/A |
In contrast, IC Markets has their $200 requirement, whichever payment channel and base currency you use.
| GBP | USD | EUR | AUD | |
|---|---|---|---|---|
| Credit Card / Debit Card | £200 Minimum Deposit | $200 Minimum Deposit | €200 Minimum Deposit | $200 |
| Paypal | £200 Minimum Deposit | $200 Minimum Deposit | €200 Minimum Deposit | $200 |
| Bank Wire | £200 Minimum Deposit | $200 Minimum Deposit | €200 Minimum Deposit | $200 |
| Skrill | £200 Minimum Deposit | $200 Minimum Deposit | €200 Minimum Deposit | $200 |
Verdict
OANDA’s minimum deposit amount is undeniably lower at $0 compared to IC Markets. Even though OANDA wins this category, you will still need to have funding in your account to open a trading position so the difference is negligible.
IC Markets is the winner because it dominates in most of the key areas that traders prioritise, such as spreads, fees, trading platforms, product range, educational resources, customer service, and funding options. The table below summarises the key information leading to this verdict:
| Criteria | IC Markets | OANDA |
|---|---|---|
| Lowest Spreads And Fees | ✅ | ❌ |
| Better Trading Platform | ✅ | ❌ |
| Superior Accounts And Features | ✅ | ❌ |
| Best Trading Experience And Ease | ❌ | ✅ |
| Stronger Trust And Regulation | ❌ | ✅ |
| Top Product Range And CFD Markets | ✅ | ❌ |
| Superior Educational Resources | ✅ | ❌ |
| Superior Customer Service | ✅ | ❌ |
| Better Funding Options | ✅ | ❌ |
| Lower Minimum Deposit | ✅ | ✅ |
For those just starting out in the trading world, OANDA offers a more user-friendly experience, making it the better choice for beginner traders.
For seasoned traders who prioritise advanced tools, tighter spreads, and a wider product range, IC Markets stands out as the superior option.
IC Markets generally offers lower costs compared to OANDA. They are renowned for their competitive spreads, especially on major currency pairs. For instance, traders can often find spreads as low as 0.1 pips on the EUR/USD pair. For a more detailed comparison on low commissions, you can check out this comprehensive guide on brokers with the lowest spreads.
Both OANDA and IC Markets offer MetaTrader 4, but IC Markets is often preferred by traders for its enhanced MT4 features and tighter spreads. Their integration with the platform is seamless, providing traders with a range of advanced tools. If you’re keen on exploring more about the best MT4 brokers, this detailed review on top MT4 platforms might be of interest.
IC Markets stands out when it comes to offering social trading features. They provide traders with the opportunity to engage in copy trading, allowing them to replicate the strategies of successful traders. This approach can be particularly beneficial for those new to the forex market. For a deeper dive into the world of social trading, here’s a comprehensive list of the best forex social trading platforms.
Neither OANDA nor IC Markets offer spread betting as a primary feature. Spread betting is a unique form of trading popular in the UK, allowing traders to bet on the direction of a financial market without owning the underlying asset. If you’re interested in brokers that specialise in spread betting, you might want to explore this list of the best spread betting brokers in the UK.
In my opinion, IC Markets is the superior choice for Australian forex traders. They are ASIC regulated, ensuring a high level of trust and security for traders. Founded in Australia, IC Markets understands the unique needs of Aussie traders and offers features tailored to them. Their deep liquidity and tight spreads make them a favourite among many. If you’re looking for more information on Australian forex brokers, this comprehensive guide can be quite insightful.
For UK traders, I personally believe OANDA has a slight edge. They are FCA regulated, which provides an added layer of trust and security for UK-based traders. While IC Markets is also a strong contender in the UK market, OANDA’s deep roots and understanding of the UK trading environment give them an advantage. For those keen on exploring more about the best platforms for UK traders, here’s a detailed review on top UK trading platforms.
Ask an Expert
How long does IC Markets withdrawal take?
IC Markets will process your withdrawal within 24 hours however they can take 3-5 days in the case of credit and debit card withdrawals. eWallets such as PayPal, Neteller and Skrill are instant.
What is OANDA withdrawal speed?
OANDA takes 1-2 business days to withdrawal via bank transfer and up to 5 business days for overseas withdrawals.