We compared two of the larger global Forex brokers, OANDA and IG Group (IG), to see who wins out head-to-head. Both brokers have no commission trading with spreads from 0.8 pips and a good range of trading platforms and products.
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Our full comparison covers the 10 most important trading factors to help you make an informed choice between OANDA and IG. Here are five key differences:
Trading profits depend on a number of key variables, such as account and commission fees, as well as less obvious costs, such as inactivity fees, minimum deposits and swaps. Here’s what you need to know.
In our testing, we found OANDA’s fee structure to be more favourable for traders who want to keep their trading costs low and predictable.
Both brokers utilise a market maker pricing model, acting as counterparties to trades while encouraging traders to use their no-commission trading accounts. We found spreads for these accounts start from 0.6 pips for major pairs like EUR/USD, with higher spreads for minors and exotics.
Ross Collins, one of our staff at CompareForexBrokers, tested Standard Account Spreads of 20 brokers. He found OANDA’s average spread for EUR/USD to be 1.06 pips (placing them 7th across all brokers) and 1 pip for AUD/USD (placing 3rd). While IG wasn’t tested as part of that process, OANDA’s overall performance indicates that it’s a strong choice for traders in this category.
As traders, we like to minimise our trading costs using the STP/ECN/RAW methodology wherever possible, despite commission fees. OANDA’s core spread ECN account, available only in Singapore, Australia, Singapore, and the US, charges $7.00 per lot round turn.
IGA’s DMA account, also only available in select countries, uses Direct Market Access (DMA) to enable approved professional traders to pay a tiered commission, meaning the more you trade, the lower your commission will cost.
We found it difficult to pick between inactivity fees; while OANDA is lower, it begins after 12 months, unlike IG, which begins after 24 months. OANDA did, however, get points for having no minimum deposit. One plus with both brokers is that neither has funding fees.
| OANDA | IG | |
|---|---|---|
| Spread (EUR/USD) | Standard - Min 0.6 pips (avg 1.06 pips) Core Pricing (outside UK, Canada and EU) 0 Min. 0.1 pips | Standard Account - min 0.6 pips (avg n/.a) DMA Account (selected countries) Min. 0.1 pips |
| Commission per 100,000 Round-turn | Core Pricing - AUD 7, USD 7, SGD 7 | DMA Account (selected countries and pro traders only) 1 to 100mil - 60 USD/million 1 to 500mil- 30USD/million 500 to 1500mil - 20 USD/million 1500mil+ - 10 USD million |
| Inactivity fees | Yes $10 per month after 12 months | Yes. $12/£12/€14 per month after 24 months of inactivity. |
| Active Trader Discount | N/A | N/A |
| Minimum deposit | None | AUD 450 GBP 250 USD 300 |
| Deposit or Withdrawal fees | Only International bank transfer | Only International bank transfer |
| Our Cost Score | 5 | 7 |
Verdict
We are slightly biased toward OANDA, given we have actually tested the spreads for their trading account. In time, we will also do IG as well. Despite this, IG scored 6.15 and OANDA 4.18 for costs.
IG Markets ReviewVisit IG Markets
| Trading Platform | OANDA | IG Group |
|---|---|---|
| MetaTrader 4 | Yes | Yes |
| MetaTrader 5 | No | No |
| cTrader | No | No |
| TradingView | Yes | Yes |
| Copy Trading | Yes | Yes |
| Proprietary Platform | Yes | Yes |
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.
| OANDA | IG | |
|---|---|---|
| MetaTrader 4 | Yes | Yes |
| MetaTrader 5 | No | No |
| cTrader | No | No |
| TradingView | Yes | No |
| Desktop | Yes | Yes |
| Web app | Yes | Yes |
| Mobile app | Yes | Yes |
| Other trading plarforms | OANDA Web MultiCharts | ProRealTime IG Trading Platform L2 Dealer (DMA trading) |
| Social trading | MetaTrader Signals with MT4 | MetaTrader Signals with MT4 |
| Copy trading | MetaTrader Signals with MT4 | MetaTrader Signals with MT4 |
| Automated trading | Expert Advisors with MT4, OANDA Web MultiCharts | Expert Advisors with MT4, ProRealTime |
| Our Trading Platform Score | 7 | 6 |
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.
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.
| OANDA | IG | |
|---|---|---|
| Execution Type | Market Maker (with Market Execution) | Market Maker (with Market Execution) |
| Demo Account | Yes | Yes |
| Standard Account | Standard | CFD |
| Commission Account | Core Pricing (not in Canada, UK, Canada, Europe) | DMA Account (Pro traders only and in selected countries) |
| Fixed-spread Account | No | No |
| Swap-free Account | On request | No |
| # of Base Currencies | 5 | 8 |
| Maximum Forex Leverage | 1:30 to 1:500 | 1:30 or 1:500 |
| Execution Speed | N/A | Limit Order 174 Market Order 141 |
| Our Ease Of Account Opening Score (out of 15) | 9 | 9 |
| FINAL SCORE | 5 | 6 |
| OANDA | IG Group | |
|---|---|---|
| Standard Account | Yes | Yes |
| Raw Account | Yes | Yes |
| Swap Free Account | No | No |
| Active Traders | No | No |
| Spread Betting (UK) | Yes | Yes |
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.
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.
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.
IG Group Trust Score
OANDA Trust Score
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.
| OANDA | IG Group | |
|---|---|---|
| Tier 1 regulators* | NFA/CFTC (USA) MAS (Singapore) CIRO (CANADA) FCA (UK) ASIC (Australia) | ASIC (Australia) FCA (UK) BaFin (Germany) FINMA (Switzerland) NFA/CFTC (USA) CYSEC (Cyprus) MAS (Singapore) FMA (New Zealand) |
| Tier 2 regulators* | JFSA (Japan) KNF (Poland) MFSA (Europe) | JFSA (Japan) DFSA (Dubai) |
| Tier 3 regulators* | FSC-BVI | BMA (Bermuda) FSCA (South Africa) |
| Negative Balance Protection | Yes | Yes |
| Guaranteed Stop Loss | With OANDA Trade | With IG Trading Platform |
| Trust Score | 8 | 10 |
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
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.
| OANDA | IG | |
|---|---|---|
| Forex trading | 68 | 110 |
| Cryptocurrency trading | 4 | 13,000+ |
| Share CFD trading | 0 | 13 plus Crypto10 Index |
| Commodities CFD trading | 3 Metals (Gold and Silver x 10 other currencies) 3 Energies 4 Softs | 11 Metals 7 Energies 23 Softs |
| ETF CFD trading | 0 | 2000+ |
| Indices CFD trading | 15 | 130 |
| Bonds/Treasuries CFD trading | 5 | 14 |
| Real Stocks | No | In selected markets (i.a Australia, UK) |
| Other Products | Spread Betting Options Trading Futures Trading Binary Trading Interest Rates Sectors |
|
| Our Products Score | 6 | 9 |
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.
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.
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.
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.
| OANDA | IG | |
|---|---|---|
| Education and research tools provided | Yes - (9 out 10) | Yes - (7 out 10) |
| Customer Support - Live chat (bot, human) | Bot or Human | Bot or Human |
| Funding methods | Credit/Debit Card BPay Online Banking Bank Wire Transfer | Credit/Debit Card PayPal BPAY EFT payments |
| Customer Support hours | 24/5 | 24/5 |
| Customer Service Score (out of 10) | 7 | 7 |
| Funding methods (out of 10) | 5 | 7 |
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.
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.
| Funding Option | OANDA | IG |
|---|---|---|
| Credit/Debit Card | ✓ | ✓ |
| Bank Transfer | ✓ | ✓ |
| PayPal | ✓ | ✗ |
| Skrill | ✗ | ✓ |
| Neteller | ✗ | ✓ |
| WebMoney | ✗ | ✗ |
| UnionPay | ✗ | ✗ |
| Bitcoin | ✗ | ✗ |
| Wire Transfer | ✓ | ✓ |
| Cheque | ✗ | ✓ |
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.
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.
| 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 |
Next, IG Group has diverse minimum amount requirements for some regions:
| GBP | USD | EUR | AUD | |
|---|---|---|---|---|
| Credit Card / Debit Card | £250 Minimum Deposit | $50 Minimum Deposit | €300 Minimum Deposit | $100 |
| Paypal | £250 Minimum Deposit | $50 Minimum Deposit | €300 Minimum Deposit | $100 |
| Bank Wire | £0 Minimum Deposit | $250 Minimum Deposit | €0 Minimum Deposit | $0 |
| Skrill | N/A | N/A | N/A | N/A |
Below, we also feature IG and OANDA’s recommended deposit amounts.
| Minimum Deposit | Recommended Deposit | |
| OANDA | $0 | $25 |
| IG Group | $0 | $100 |
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.
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.
| Criteria | IG | 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 | ❌ | ✅ |
OANDA is better suited for beginner traders due to its user-friendly platform and lower minimum deposit requirements.
IG is the better choice for experienced traders, offering a wider range of products and more robust regulation.
IG generally offers lower costs when it comes to spreads and fees. For example, IG offers spreads as low as 0.6 pips on EUR/USD, while OANDA’s spreads start at 1.0 pips for the same pair. Lower costs can significantly impact your trading profitability. For more information on low-cost brokers, you can visit low commissions awards.
Both IG and OANDA offer MetaTrader 4, but IG provides more additional plugins and add-ons for the platform. IG also offers a customisable interface, making it a more flexible option for MetaTrader 4 users. For a comprehensive list of the best MT4 brokers, check out these best MT4 brokers.
Neither IG nor OANDA offers native social or copy trading features. However, both brokers allow for third-party integrations that can enable social trading. If social trading is a key factor for you, you might want to explore other options. For more details on social trading platforms, you can read about the best social trading platforms.
IG offers spread betting, while OANDA does not. Spread betting is a tax-efficient way of trading for UK residents, and IG provides a robust platform for it. For more details on spread betting brokers, you can refer to this best spread betting broker.
In my opinion, IG is the superior choice for Australian Forex traders. Both IG and OANDA are ASIC regulated, but IG has a more comprehensive offering for Australian traders. If you’re an Aussie looking for a reliable broker, IG is a strong contender. For more information, check out this list of the Best Forex Brokers In Australia.
For UK traders, I’d have to say IG takes the cake. Both IG and OANDA are FCA regulated, but IG was founded in the UK and has a long-standing reputation in the country. Whether you’re a beginner or an experienced trader, IG has something to offer. For more insights, you can visit this Best Forex Brokers In UK.
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