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IC Markets vs OANDA Comparison – 2024
By:
Reviewed By:
Updated: Jul 29, 2024
IC Markets
4.5
Trading Forex and CFDs carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Forex and CFDs may not be suitable for all investors, so please ensure that you fully understand the risks involved and seek independent advice if necessary.
VS
OANDA
4.5
Your capital is at risk. Spreadbetting only available in UK.
General
IC Markets | OANDA | |
|---|---|---|
Overall Rating | 4.5 | 4.5 |
Trust | 4.1 | 4.3 |
Fees | 4.6 | 4.7 |
Platforms and Tools | 4.4 | 4.7 |
Tradable Instruments | 4.7 | 4.2 |
Customer Support | 4.6 | 4.2 |
Research | 4.7 | 5.0 |
Deposit and Withdrawal | 4.9 | 3.5 |
Account Types and Terms | 4.9 | 4.9 |
Education | 4.4 | 5.0 |
Regulators & Max Leverage | 1:30 (CySEC), 1:30 (ASIC), 1:500 (FSA) | 1:200 (IFSC), 1:30 (MFSA), 1:50 (CFTC), 1:30 (ASIC), 1:45 (IIROC), 1:30 (FCA), 1:25 (JFSA), 1:20 (MAS) |
Foundation Year | 2007 | 1996 |
Fees Test | Low | Low |
Tradable Instruments | 2245 | 306 |
Trading Platforms | MT5, cTrader, MT4, TradingView, Zulutrade | MT5, Oanda fxTrade, MT4 |
Minimum Deposit | $200 | $0 |
Read Reviews |
Top Reasons to Choose IC Markets vs eToro
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.
In this article we compare the global entity of each broker. Services may vary by region.
| IC Markets Best for Low Fees and a range of Tradable Instruments |
OANDA Best for Stability, Proprietary Trading Tools, Education |
| Low trading costs | OANDA Trade Web and Desktop platforms, TradingView, MT4 |
| No inactivity or withdrawal fees | First-class research |
| MT4, MT5, cTrader platforms | $0 minimum deposit |
| 2250+ tradable instruments | Well-designed mobile app |
| Fast order execution | API Access |
| Trading Central and Autochartist | Order Book, Position Ratios, and Heatmap tools |
| $1M insurance via Lloyds of London | Strong educational materials |
| Free VPS | Spot crypto available at US entity |
| Maximum leverage of 1:1000 (Global entity) | Maximum leverage of 1:200 (Global entity) |
| 17 years of experience | 28 years of experience |
IC Markets: Snapshot
Founded in 2007, IC Markets is a time-tested veteran in the forex and CFD industry, based in Sydney, Australia. It provides access to over 2250 CFDs on currency pairs, commodities, indices, shares, ETFs, futures, and cryptocurrencies. Clients can use the popular MetaTrader 4 and MetaTrader 5 platforms, as well as the more intuitive cTrader. 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.
| Recommended in 8 best broker guides: |
| Forex | CFD | Platforms | Low Spreads | Crypto | Regulated | MT5 | Automated Trading |
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.
| Recommended in 5 best broker guides: |
| Trading API | Autochartist | Indices | Big Accounts | Canada| |
Trust
IC Markets vs OANDA Trust and Regulation Comparison
Trust Rank | 4.1 | 4.3 |
Regulators & Max Leverage | 1:30 (CySEC), 1:30 (ASIC), 1:500 (FSA) | 1:200 (IFSC), 1:30 (MFSA), 1:50 (CFTC), 1:30 (ASIC), 1:45 (IIROC), 1:30 (FCA), 1:25 (JFSA), 1:20 (MAS) |
Foundation Year | 2007 | 1996 |
Publicly Traded |
IC Markets is overseen by two top-tier regulators: CySEC and ASIC. The offshore (global) entity is regulated by the Seychelles Financial Services Authority (FSA). With a substantial operating history of over 17 years, 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. Moreover, accounts with its Seychelles entity are insured for up to $1M by Lloyds of London.
OANDA also has a robust global presence with multiple entities licensed by Tier-1 regulators. Client funds are segregated at all entities. I found OANDA to be highly transparent regarding its regulations, client fees, and the company’s background. Its lengthy track record of 28 years marks it as a pioneer in the world of retail forex trading.
Fees
IC Markets vs OANDA Spreads, Fees and Commissions Comparison
Fees Rank | 4.6 | 4.7 |
Inactivity Fee |
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. Both swap fees and inactivity fees are average for the industry.
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
Platform Rank | 4.4 | 4.7 |
Trading Platforms | MT5, cTrader, MT4, TradingView, Zulutrade | MT5, Oanda fxTrade, MT4 |
Mobile Apps | Android, iOS | Android, iOS |
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 OANDA Trade web platform, the OANDA Trade desktop platform, MT4, TradingView, and the OANDA mobile app. The selection is far better than average.
Tradable Instruments
IC Markets vs OANDA Instruments Selection Comparison
Tradable Instruments Rank | 4.7 | 4.2 |
# Tradable Instruments | 2245 | 306 |
# Currency Pairs | 61 | 45 |
# Commodities | 25 | 10 |
# Crypto | 21 | 4 |
# Stocks | 2100 | 228 |
# Indices | 25 | 19 |
IC Markets offers a wide range of 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 forex, index, commodity, and bond CFDs. CFDs on cryptocurrencies and shares 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
Customer Support Rank | 4.6 | 4.2 |
Live Chat |
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
Research Rank | 4.7 | 5.0 |
News (Top-Tier Sources) | ||
Economic calendar | ||
Videos/Webinars | ||
Trading Central (Recognia) | ||
Autochartist |
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
Deposit and Withdrawal Rank | 4.9 | 3.5 |
Deposit Options | Poli, PayPal, Wire Transfer, Skrill, Neteller, Credit Card, Union Pay, Klarna, Rapid Transfer, Bpay, Broker to Broker, Debit Card, Local Banks | Wire Transfer, Neteller, Skrill, Debit Card, Credit Card |
Withdrawal Options | Wire Transfer, Neteller, Skrill, Credit Card, PayPal, Klarna, Rapid Transfer, Union Pay, Bpay, Broker to Broker, Poli, Local Banks, Debit Card | Wire Transfer, Neteller, Skrill, Debit Card, Credit Card |
Withdrawal Fee |
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
Account Types and Terms | 4.9 | 4.9 |
# Base Currencies | 61 | 45 |
Islamic Account | ||
Demo Account | ||
Minimum Deposit | $200 | $0 |
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 1:1000 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
Education Rank | 4.4 | 5.0 |
Videos | ||
Webinars |
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.