OANDA vs IG Group: Which One Is Best?

2. OANDA: Better Trading Platform

A good trading platform makes trading more enjoyable, and the right tools can help you find the right trades.

Testing both platforms, we learned that OANDA provides more comprehensive and customisable market data and analysis, including charting tools and market news. IG Markets, on the other hand, has a distinct range of educational materials, including webinars, trading guides, and a trading academy.

So our experimentation tends to suggest OANDA is more favourable for traders who prioritise complex market analysis and data, while IG Markets provides some unique educational resources and learning pathways that lower the barrier to entry for new traders.

Both brokers encourage you to use their own proprietary trading platforms -IG Trading Platform and OANDA Trade. We liked that a guaranteed stop loss is available with these platforms but not that using these platforms locks you into the broker eco-system and limits your ability to integrate 3rd part tools. OANDA does provide some tools you can use with their platforms, such as TradingView, for greater charting and the ability to automate trading.

We are more familiar with MetaTrader 4, so we like that both brokers offer this platform, especially since you can automate with EAs and social trading using MT4 Signals. IG also has ProRealTime for better charting and even automation, but there will be costs, while OANDA has MultiCharts for automation.

Verdict

Overall, we gave IG a score of 6 and OANDA 7 for their range of trading platforms and trading tools. OANDA scored better just cause they have extra automation and 3rd party integration tools.

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3. OANDA: Superior Accounts And Features

Trading experience, as we rate it, covers factors such as trading speed, ease of account opening and the types of trading available (e.g.standard vs ECN accounts)

Our research revealed that OANDA claims a median execution speed of 12 ms, utilising their low-latency proprietary trading engine, “V20”. IG, on the other hand, has a published execution speed of 15 ms with a 97.93% fill rate, executing 100% of trades in under a second.

We conducted our own tests to verify these speeds. Although we didn’t test OANDA in this cohort, Ross Collins assessed 20 brokers and discovered IG’s average Execution Speeds was 174 ms for limit orders and 141 ms for market orders. This slower speed may increase the risk of slippage, making IG’s guaranteed stop loss a beneficial feature.

We also evaluated Account Opening ease with our CompareForexBrokers team comparing how easily we could open accounts with a set of 20 comparable brokers.

OANDA and IG are neck and neck here, featuring similarly straightforward workflows to open and activate accounts. Justin Grossbard when he opened accounts, appreciated how frictionless it was to open an account with IG on the spot, but he didn’t like the lack of a dedicated account manager. He was also disappointed to find that he needed to add an MT4 account separately. Justin gave IG an overall score of 9 out of 15.

Justin also found the OANDA account opening process to be more complex, stumbling across a few errors and poorly communicated instructions. OANDA did, however, provide a dedicated account manager, which kept the ranking evenly matched in this category, scoring 9 out of 15.

Verdict

Overall, we awarded IG a score of 5.20 and OANDA a score of 6.30 for trading experience. IG lost points for their poor execution speed, and to be fair, we haven’t tested OANDA for speed at this time, so we gave them 50% of the possible score for the criteria.

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4. OANDA: Best Trading Experience And Ease

When it comes to trading experience, both OANDA and IG have their strong suits. OANDA claims a median execution speed of 12 ms, thanks to their low-latency proprietary trading engine, “V20”. On the other hand, IG has a published execution speed of 15 ms with a 97.93% fill rate. Both brokers execute 100% of trades in under a second. But let’s get into the nitty-gritty.

• OANDA provides more complex market analysis and data tools, ideal for those who love diving deep into charts and trends.
• IG offers a wealth of educational materials, including webinars and a trading academy, making it a go-to for beginners.
• Our own tests revealed that OANDA is the best for beginners, which aligns well with their user-friendly platform and educational resources.
• IG, however, shines in the range of trading products available, giving experienced traders more options to diversify their portfolios.

Now, if you’re someone who values a smooth, hassle-free trading experience, you might lean towards OANDA. Their platform is intuitive, and their educational resources are top-notch. IG, however, offers a broader range of trading products and educational materials, which can be a big plus for traders looking to expand their knowledge and portfolio.

Verdict

For the best overall trading experience, we’d have to give the edge to OANDA, especially for those who are just starting out in the trading world.

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5. IG Group: Stronger Trust And Regulation

IG Group Trust Score

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OANDA Trust Score

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When trading online, it’s important to know what kind of safety net is in place to protect your funds and shield your private data.

One quirk is that both IG and OANDA are regulated in the US, making them one of the very few global brokers offering trading services (albeit spot, not CFDs) in the US. We actually consider OANDA to be the Best Forex Brokers In USA, since IG’s offering is more limited compared to what they offer clients in other countries.

Verdict

We like that both brokers focus on using top-tier regulators. This shows the brokers prioritise their reputation and trust when it comes to their relationship with you as a client. Both brokers are regulated in Australia (ASIC), the UK (FCA), and Europe (IG with CySEC, OANDA with KNF in Poland). Interestingly, both the brokers are also regulated in Singapore, Canada and even the US, countries not many forex brokers operate out of.

IG wins in this category with a trust score of 10 due to its tighter regulation and strong historical record, but OANDA still fared very well with a very acceptable 8.

IG Markets ReviewVisit IG Markets

6. IG Group: Top Product Range And CFD Markets

Traders need to have ready access to a range of markets to find opportunities and offset risk. The wider that range, the better our options as forex traders.

When we compared the asset class offerings of OANDA and IG Markets, our research team found that IG provides a much wider range of assets.

While forex may be the main focus of OANDA (and their range of FOrex pairs is extensive), IG still manages to have more forex assets, far more cryptocurrencies and CFDs. IG even provides additional features like options trading, interest rates and sectors. In Australia, you can buy and sell physical shares with IG as well.

Our testers found OANDA lacking here; they don’t offer shares, which is unusual for such a large broker, and their range of cryptocurrencies is small.

Verdict

We have to recommend IG when it comes to the range of trading products available for trade. Admittedly, a large range doesn’t mean much if you only intend to trade Forex, but it’s good to know you can trade other products should you wish. We couldn’t fault IG for their range, so we gave them a 10. OANDA gets a 6 – their score is held back by the lack of shares and small range of cryptos.

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7. IG Group: Superior Educational Resources

When it comes to educational resources, both OANDA and IG have a lot to offer, but they cater to different types of traders. OANDA focuses on providing comprehensive market analysis tools, which are perfect for traders who want to understand the market in-depth. IG, on the other hand, offers a wide range of educational materials that are more beginner-friendly.

• OANDA provides in-depth market analysis and data tools, including live charts and economic calendars.
• IG offers a trading academy complete with webinars, video tutorials, and written guides.
• OANDA’s educational content is more suited for intermediate to advanced traders.
• IG provides a more beginner-friendly approach with easy-to-understand educational materials.
• Our own tests revealed that OANDA scored 7.5 out of 10 in educational resources.
• IG scored higher in our tests, with an 8.5 out of 10 for educational resources.

IG’s educational materials are not just comprehensive but also easier to digest for someone who’s new to trading. They offer a trading academy, webinars, and even quizzes to test your knowledge. OANDA, while excellent in providing market analysis tools, lacks the beginner-friendly educational content that IG offers.

Verdict

Based on our testing, IG takes the lead in offering superior educational resources, scoring an 8.5 out of 10.

IG Markets ReviewVisit IG Markets

8. IG Group: Superior Customer Service

Sometimes, you just need some help getting started, finding things, or using your tools optimally. It helps if the broker has a knowledgeable support team ready to help you when you need it in a timely fashion.

Verdict

In our evaluation of live chat support, we found OANDA’s feature less accessible, hidden within the support section of their website. Upon accessing the live chat, users are initially greeted by a bot, with human assistance available by typing “Agent.” Conversely, IG’s live chat is more prominent, appearing on every page of their website, and also offers human help after engaging with the bot.

Both brokers provide 24/5 customer support, which we tested at different times of day, and a variety of educational tools that we were suitably impressed by. OANDA’s offering is superior here due to its comprehensive trading course and regular webinars.

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9. IG Group: Better Funding Options

When it comes to funding options, both OANDA and IG offer a variety of methods to suit different traders. OANDA provides the basics like credit/debit cards and bank transfers, but they also accept PayPal, which is a big plus for many. IG, on the other hand, sticks to the more traditional methods like credit/debit cards and bank transfers but doesn’t offer PayPal as an option.

IG offers a broader range of funding options, including Skrill and Neteller, which are popular among traders. However, the absence of PayPal could be a deal-breaker for some. OANDA, while limited in the number of e-wallet options, gains points for offering PayPal, a widely used and trusted payment method.

Verdict

Based on the variety and convenience of funding options, IG takes the lead despite the absence of PayPal.

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10. Tie: Lower Minimum Deposit

It’s a tie between OANDA and IG Group, with both brokers having a minimum deposit of $0. There are minor differences between the two brokers, particularly involving payment methods.

First, OANDA’s $0 minimum is only through bank wire, as seen in the table below.

Next, IG Group has diverse minimum amount requirements for some regions:

Below, we also feature IG and OANDA’s recommended deposit amounts.

Verdict

The minimum deposit requirements for both brokers are tied in this round. The most crucial factor to consider is whether your broker supports your preferred payment method.

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Is IG Group or OANDA The Best Broker?

IG is the winner because it outperforms in several crucial categories, such as spreads and fees, educational resources, customer service, and funding options. The table below summarises the key information leading to this verdict.

OANDA: Best For Beginner Traders

OANDA is better suited for beginner traders due to its user-friendly platform and lower minimum deposit requirements.

IG: Best For Experienced Traders

IG is the better choice for experienced traders, offering a wider range of products and more robust regulation.