IC Markets vs Oanda

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.

Written by Justin Grossbard

With over 20 years of investing experience and 10 years of trading, Justin co-founded Compare Forex Brokers in 2014. He has worked within the foreign exchange trading industry for several years and for several of the largest banks globally. Justin achieved Honours in Commerce and has a Master's degree from Monash University. He also owns Innovate Online offering digital marketing services with over 20 employees.

Updated: 21/09/2022

What Changed?

Each month we update average spreads data published by the brokers the retail brokers lose %

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Our Rating

8.50

8.83

Review Of IC Markets

Oanda Review

Regulations and Licenses

ASIC (Australia)

FCA (UK)

MAS (Singapore)

CYSEC (Cyprus)

IIROC (Canada)

FSC BVI (British Virgin Islands)

Brokerage

EUR/USD Avg. Raw Spread

0.02

GBP/USD Avg. Raw Spread

0.23

AUD/USD Avg. Raw Spread

0.17

EUR/USD Standard Spread

0.62

1.1

EUR/USD Fixed Spreads

Commissions (USD Base)

$3.50

Minimum Deposit

Swap Free Account

No Inactivity Fees

Funding Methods

15+

No Funding Fees

Markets and Instruments

Currency Pairs

61+

70+

Cryptocurrency CFDs*

18+

Index CFDs

16+

Share CFDs

100+

Commodities CFD

26+

34+

Stockbroking

Retail Max Leverage (Australia)

Major Pairs 30:1
Minor Pairs 20:1

Pro. Max Leverage (Australia)

500:1

100:1

Retail Max. Leverage (The United Kingdom)

Major Pairs 30:1
Minor Pairs 20:1

Pro. Max. Leverage (The United Kingdom)

100:1

Retail Max. Leverage (Europe)

Major Pairs 30:1
Minor Pairs 20:1

Pro. Max. Leverage (Europe)

500:1

100:1

Retail Max. Leverage (UAE)

Major Pairs 30:1
Minor Pairs 20:1

Retail Max. Leverage (USA)

Major Pairs 50:1
Minor Pairs 33:1

Retail Max. Leverage (Canada)

Major Pairs 50:1
Minor Pairs 33:1

Retail Max. Leverage (Singapore)

Major Pairs 20:1

Retail Max. Leverage (With offshore regulators)

500:1

100:1

*Cryptocurrency CFDs are not available to retail traders in the UK due to FCA regulations
*CFD trading is not available in the USA due to NFA and CFTC regulations, American traders spot trade in place of CFDs.

Trading Platforms + Tools

MetaTrader 4 (MT4)

MetaTrader 5 (MT5)

cTrader

TradingView

Proprietary Platform

Automated Trading

Social + Copy Trading

Standard Stop Loss

Guaranteed Stop Loss

Demo Account

Overall

Our Rating

8.50

8.83

Review Of IC Markets

Oanda Review

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IC Markets vs OANDA Trading 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 set their own spreads, calculating a mid-point of live market prices.

Islamic Accounts

OANDA does not offer an Islamic Account option, but f you are an Islamic trader that 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.

Best Account Types – IC Markets vs OANDA

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 to demo accounts with both OANDA and IC Markets. The online broker’s offer unlimited demo accounts with no time limits or restrictions on virtual trading account balances.

View IC Markets Review >>Visit IC Markets >>

View Oanda Review >>Visit Oanda >>

Which Broker Has the Best Spreads?

As a market maker, OANDA offers one pricing structure and spread type, yet with no dealing desk interference IC Markets offer 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.


0.62	0.77	1.50	1.27	1.30
1.10	1.20	1.40	1.40	1.50
1.70	1.80	3.30	2.00	2.30
2.10	2.10	3.60	2.70	2.50
3.00	4.00	7.00	4.00	6.00
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 01/11/2022

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’s average 0.35 pips and IC 0.40 pips.


0.02	0.17	0.50	0.27	0.30
0.17	0.24	0.67	0.40	0.43
0.50	0.70	1.70	0.60	0.80
0.46	1.28	1.05	1.26	1.29
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 01/11/2022

Compare All Spreads >>

Forex Broker with the Lowest Average Spreads

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 Review >>Visit IC Markets >>

What Leverage Is Available?

The maximum leverage you can trade with depends on the regulator of the broker’s subsidiary you start trading with, as well as the CFD and asset class you are trading.

IC Markets: Leverage When Forex Trading

Australian traders: If you are trading forex with IC Markets ASIC regulated Australian brokerage firm, you can use a maximum leverage of 30:1 for retail, 500:1 for professionals.
European traders: Under CySEC regulation, European clients are restricted to a maximum leverage of 30:1 for major forex pairs, and 20:1 for minor fx pairs.
Global traders: Those trading with the broker’s FSA regulated subsidiary can use a maximum leverage of 500:1 when trading forex.

OANDA: Maximum Leverage

Australia (ASIC): You can trade forex with leverage up to 500:1, but as mentioned, this will change from Nov 2021.
Singapore (MAS), Japan (FSA), Canada (IIROC) and the US (NFA and CFTC): Local regulators cap leverage at 50:1 for forex trading.

Best Leverage Overall

Both IC Markets and OANDA offer varying leverage depending on where you are based and the subsidiary you are trading with, ranging from 30:1 to 500:1.

What Forex Trading Platforms Do the Brokers Offer?

Both online brokers provide traders’ a choice of trading platform options. As an IC Markets trader, you can choose between the three most popular mainstream trading platforms being 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.

Meta Trader 4: Both raw and standard accounts can access MT4 and financial markets such as forex pairs, indies, commodities, bonds, cryptocurrencies and futures.
MetaTrader 5: Raw or standard pricing and the same asset classes as MT4, plus share CFDs.
cTrader: Raw account holders only. CFDs include currency pairs, indices, and commodities.

All three trading platform options provide you with an excellent selection of trading tools, including:

Algorithmic trading with trading robots and advanced programming languages (Expert Advisers on MetaTrader and cBots on cTrader)
Backtesting features to test and optimise EAs and cBots.
Advanced charting tools for comprehensive technical analysis and trading strategy development.
Hedging strategies are permitted.
Flexible lot sizes as small as 0.01.
Online trading via desktop and web trader trading platforms as well as mobile trading with Android and iOS mobiles apps.

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’ that are looking to develop algorithmic trading strategies. As with IC Markets MT4 offering, you can use Expert Advisers to automate trading, and use the platforms 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.

Best Trading Platform Options

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.

View IC Markets Review >>Visit IC Markets >>

What Forex Pairs And Other Financial Instruments (CFDs) Can Your Trade?

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

Forex: 60+ forex pairs with spreads from 0.0 pips
Indices: 23 major indices with no commission fees.
Commodities: 19+ commodities with agriculture, metals and energy CFDs available.
Stocks: 120+ share CFDs from the NYSE, Nasdaq and the ASX.
Bonds: 7 different bonds issued by European, Japanese, and US Governments.
Cryptocurrencies: 10 cryptos including Bitcoin.
Futures: 4 global futures with no commission fees.

OANDA CFDs

Forex: 71 major and minor currency pairs.
Commodities: Precious metals like Gold and Silver, oil and gas, plus soft commodities such as sugar and wheat.
Bonds: 6 bond including US T-Bills UK Gilts and Bunds.
Indices: 16 different major global indices like the UK 100, Australia 200 and US 500.

Broker With The Best CFD Range

As IC Markets offer access to 7 different asset classes and hundreds of CFDs, including cryptocurrencies, shares and Futures, they provide the best range of CFDs overall.

View IC Markets Review >>Visit IC Markets >>

Do The Brokers Offer Good Customer Support And Services (Education, Research)

IC Markets Customer Service

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.

To enhance your forex trading knowledge, IC Markets provide free educational and resources including webinars, tutorials, an economic calendar and a market analysis blog.

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.

In terms of education resources and research tools, OANDA provides access to videos, platform tutorials, webinars, newsfeeds and economic analysis.

Best Customer Support, Education and Research Tools

Overall, IC Markets is the winner with 24/7 customer, a feature not offered by many online brokers. Additionally, IC Markets provide access to a great selection of materials for educational and research purposes.

What Are the Minimum Deposit, Deposit and Withdrawal Methods Available?

IC Markets Funding

IC Markets offer 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 card, PayPal and bank transfer. 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 month if using bank or transfer wire transfer, and no fee for debit cards. Any additional withdrawal for the month will cost $15+ for bank transfer and $15 for debit cards.

Best Funding Options

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.

View IC Markets Review >>Visit IC Markets >>

What Regulation and Risk Management Do The Brokers Offer?

Both online brokers are overseen by multiple top-tier financial regulators:

IC Markets Financial Regulators’

Europe: Regulated by the Cyprus Securities and Exchange Commission (CySEC)
Australia: The Australian Securities and Investments Commission (ASIC)
Global: The Financial Services Authority of Seychelles (FSA)

OANDA Regulators

Australia: Regulated by the Australian Securities and Investments Commission (ASIC)
Canada: The Investment Industry Regulatory Organization of Canada (IIROC)
The United States: The National Futures Association (NFA) and the Commodity Futures Trading Commission (CFTC)
Japan: The Financial Services Agency (FSA)
Asia Pacific: The Monetary Authority of Singapore (MAS)

Risk Management Features

Depending on the brokers 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 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 offer 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. GSLO’s guarantee your position will be closed regardless of market volatility or gapping.

Best Risk Management Features

Overall, OANDA are regulated by a larger selection of top-tier regulators as well as offering both basic and premium order types.

View Oanda Review >>Visit Oanda >>

Best Broker Overall – IC Markets vs OANDA

While OANDA provide certain features that are well-suited to beginner traders, such as guaranteed stop-loss orders and an easy-to-use trading platform, IC Markets offer some of the tightest spreads available, along with excellent trading platform options and access to CFDs. With forex spreads as low as 0.0 pips, great trading conditions, customer support and tools, IC Markets is the clear winner overall.

View IC Markets Review >>Visit IC Markets >>

About the author: Justin Grossbard

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