IC Markets vs OANDA Comparison – 2025

Top Reasons to Choose IC Markets vs OANDA

Sydney-based IC Markets launched in 2007 and stands out as a leader in the competitive Australian market and internationally. OANDA, based in New York City and founded in 1996, is among the first brokers to open up the forex market to retail traders.

My research showed that IC Markets has more competitive spreads and lower fees, while OANDA is more extensively regulated, earning it a higher trust rating in our review. OANDA’s feature-rich proprietary platform helped it achieve a higher score in our platforms category.

Meanwhile, IC Markets has the edge in tradable instruments with a broader range of instruments in every asset class. Both brokers earned a perfect score in research, but OANDA came out on top in our education category.

IC Markets: Snapshot

Founded in 2007 and based in Sydney, Australia, IC Markets is a well-established broker in the forex and CFD industry. It offers access to over 2,200 CFDs, including currency pairs, commodities, indices, shares, ETFs, futures, and cryptocurrencies. Clients can trade on popular platforms such as MetaTrader 4 and MetaTrader 5, as well as the user-friendly cTrader and TradingView. IC Markets has a global reach, with entities in Australia, Cyprus, and the Seychelles.

IC Markets: Who is it For?

With low trading costs and state-of-the-art technology, IC Markets is a good fit for day traders, scalpers, and algo traders. My research showed that IC Markets is popular among traders using automated strategies — 60% of all trades at this broker are algorithmic. The order matching engine located in the New York Equinix NY4 data center processes over 500,000 trades per day, with most trades coming from automated trading systems.

What Makes IC Markets Stand Out?

I found IC Markets’ trading fees, such as spreads and commissions, to be far better than the industry average. The broker prioritizes speed, with average order execution under 40 milliseconds. Additionally, IC Markets stands out with its better-than-average range of tradable instruments, 24/7 customer support, and strong research and educational resources.

OANDA: Snapshot

Founded in 1996, OANDA is a leading multinational broker offering trading in CFDs on forex, indices, commodities, bonds, and cryptocurrencies. Clients can choose from multiple platforms, including OANDA Trade web, OANDA Trade desktop, MetaTrader 4, TradingView, and the OANDA mobile app. OANDA has 8 corporate entities across the globe and is overseen by multiple top-tier regional regulators.

OANDA: Who is it For?

OANDA can cater to both new and experienced traders. The OANDA Trade web platform is intuitive and beginner-friendly, and we rated its customer support as better than average. Experienced traders can benefit from the wide range of tools and research available. Algo traders can connect directly with OANDA through its API to develop and automate trading strategies and access VPS hosting.

What Makes OANDA Stand Out?

OANDA offers a broader range of trading platforms and tools than most brokers. It goes above and beyond with unique tools like its order book, position ratios, and heatmaps. Research materials, provided by seasoned in-house analysts, are also better than average for the industry. OANDA is one of the most widely regulated brokers globally and is among a handful of forex brokers that offer their services in the United States.

Trust

IC Markets vs OANDA Trust and Regulation Comparison

IC Markets is regulated by two top-tier authorities: CySEC (Cyprus) and ASIC (Australia). Its global (offshore) entity is overseen by the Seychelles Financial Services Authority (FSA). With over 18 years of operational history, IC Markets is a well-established broker. It ensures that all client funds are fully segregated from company funds and held in top-rated international banks. Additionally, accounts with its Seychelles entity are insured for up to $1 million through Lloyds of London.

OANDA boasts a strong global presence, with multiple entities regulated by Tier-1 authorities, including the CFTC and NFA (US), FCA (UK), and ASIC (Australia). Client funds are segregated across all entities, ensuring enhanced security. OANDA is highly transparent about its regulations, client fees, and corporate background. With a 29-year track record, it is considered a pioneer in the retail forex trading industry.

Fees

IC Markets vs OANDA Spreads, Fees and Commissions Comparison

IC Markets offers exceptionally tight spreads in both the Standard Account and the Raw Spread account. Commissions for the Raw Spread account are also competitive. These low costs are crucial for profitability, especially for high-volume, short-term traders. Swap fees are average for the industry, and IC Markets doesn’t charge any deposit, withdrawal or inactivity fees.

OANDA provides spreads that range from average to competitive. For example, I experienced spreads of 1.2 to 1.3 pips on EUR/USD, slightly wider than the industry average of 1.08 in our calculation. On the other hand, spreads on indices were competitive: I recorded spreads as low as 1.5 pips on the Dow 30, beating our industry average figure of 3.3 pips. Swap fees and account-related fees are standard for the industry. OANDA does charge an inactivity fee and a fee for withdrawals via bank wire.

For more options, be sure to check out our list of the best forex brokers with the lowest spreads and lowest swap fees.

Platforms and Tools

IC Markets vs OANDA Trading Platforms Comparison

IC Markets provides a comprehensive suite of platforms, including MT4, MT5, cTrader, and TradingView. These platforms feature robust charting capabilities, support a wide range of order types, and cater to the needs of algorithmic traders. This is a strong lineup of platforms, easily beating the industry average.

OANDA also shines in this category, with a range of proprietary and third-party platforms available. Clients can choose between the powerful and feature-rich OANDA Trade web platform, the OANDA Trade desktop platform, MT4, TradingView, and the OANDA mobile app. The selection is far better than average. However, platform availability depends on the chosen entity, as the selection varies between regions.

Tradable Instruments

IC Markets vs OANDA Instruments Selection Comparison

IC Markets offers a wide range of more than 2,200 CFD instruments. Besides providing numerous assets in forex, metals, energies, indices, shares, and cryptocurrencies, this broker also offers CFDs in less commonly traded instruments, including bonds, ETFs, futures, and soft commodities like sugar.

OANDA offers a strong range of over 300 forex, index, commodity, and stock CFDs. CFDs on cryptocurrencies are available in some regions, and spot cryptocurrencies are available for US clients. Overall, we rate the range of tradable instruments at OANDA as better than average.

Customer Support

IC Markets vs OANDA Customer Support Comparison

IC Markets delivered solid customer support during my two-week trial period. My email inquiries were answered almost immediately, and the responsive 24/7 live chat support proved to be very convenient. The agents I interacted with were helpful and knowledgeable.

OANDA offers customer support 24/5 via live chat and phone. Support via email is 24/7. In my tests, I received swift and thorough responses. I rate support at OANDA as solid and reliable.

Research

IC Markets vs OANDA Research Tools Comparison

IC Markets delivers a blend of helpful in-house research alongside popular third-party tools like Trading Central and Autochartist. Their materials, suitable for both beginners and advanced traders, include actionable trading setups. I consider the research offerings at IC Markets to be above average for the industry.

OANDA is also a leader in research, offering insightful analysis available from the MarketPulse website and news from Dow Jones. A strong flow of frequently updated content is available in written, video, and podcast formats. Within the OANDA Trade web platform, clients can access innovative research tools, including heatmaps, order book data, and position ratios. It also provides analysis from third-party provider Autochartist.

Deposits & Withdrawals

IC Markets vs OANDA Deposit and Withdrawal Methods Comparison

IC Markets provides 15 funding and withdrawal methods, including bank wire, credit cards, and digital wallets, making it dead easy to transfer money in and out of your account. Withdrawal requests are processed internally within 24 hours, which is relatively fast. IC Markets does not charge any fees for deposits or withdrawals, earning it a full score in this category.

OANDA offers deposits and withdrawals via bank transfer and credit/debit cards. In some regions, clients can use alternative methods such as digital wallets. Processing times are fast, with bank wires taking 1 to 5 business days. While deposits are free, there is a fee for withdrawals via bank transfer.

Account Types and Terms

IC Markets vs OANDA Account Types Comparison

IC Markets offers Standard, MetaTrader Raw Spread, and cTrader Raw Spread accounts. Each account type has unique features tailored to different trading preferences. Demo accounts are available, and IC Markets provides a swap-free Islamic account that adheres to Sharia law principles. The minimum deposit is $200. Maximum leverage varies by region, with up to 1:500 offered through the global entity (Raw Trading Ltd.). Clients can choose between AUD, USD, EUR, GBP, CHF, NZD, JPY, SGD, CAD, and HKD as their base currency (the currency in which their account is denominated).

OANDA offers demo, standard, and Islamic accounts. Spread betting accounts are available for UK clients. OANDA has a minimum deposit of $0. Clients can access free demo accounts, and swap-free Islamic accounts are available. Maximum leverage varies by region, with up to 1:200 available via the global entity (OANDA Global Markets Ltd.). The available base currencies are EUR, HKD, SGD, AUD, CHF, and USD.

Education

IC Markets vs OANDA Educational Content Comparison

IC Markets goes the extra mile with its educational materials, which include extensive articles, tutorial videos, and live webinars. The rich library is suitable for both beginners and experienced traders, offering insights into trading psychology, market analysis, forex strategies, and advanced topics like algorithmic trading. I rate IC Markets’ educational content as better than average.

OANDA has an impressive range of educational content, from platform tutorials to high-quality educational articles, mostly suitable for beginners. OANDA offers webinars led by trading industry experts, with live market analysis and coverage of key themes like technical analysis, trading strategies, and risk management. The volume and quality of the materials are superior to the industry average.

Our Methodology

Since 2011, FX Empire has developed a detailed methodology for evaluating CFD brokers, involving over 250 variables across nine crucial categories. Our team of experts, with deep industry knowledge, conducts live testing and research by interacting with the brokers directly. We check regulations, open accounts, test spreads, account costs, platform functionality, instrument variety, customer support reliability, and the quality of research and educational content. This granular analysis helps us identify each broker’s strengths and weaknesses, keeping our comparisons current with market trends and ensuring our guides meet traders’ needs.

We strive to evaluate each broker objectively, considering how their offerings align with the diverse trading goals and preferences of our readers. Our focus is on providing a balanced overview of each broker’s strengths and weaknesses. This method ensures that our readers receive clear, insightful comparisons to aid in making well-informed trading decisions.

We employ a comprehensive rating system across nine key categories:

• Trust
• Fees
• Platforms and Tools
• Tradable Instruments
• Customer Support
• Research
• Deposits and Withdrawals
• Account Types and Terms
• Education

In each category, we conduct an in-depth analysis for both brokers, outlining features, advantages, and disadvantages and determining their suitability for different trader profiles. By blending insights from our extensive reviews with first-hand experiences and observations, we ensure each comparison is balanced, informative, and tailored to the trader’s unique needs. You can read more about our review process here.

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