IG vs OANDA Comparison – 2024

Top Reasons to Choose IG or OANDA

IG and OANDA are two of the largest names in Forex and CFD trading. Both of these multi-regulated brokerage giants received a solid trust rating in our reviews. IG can cater to both beginners and professionals with rock-bottom spreads, an intuitive platform, and a massive range of tradable instruments. OANDA is also a well-rounded broker with diverse platforms, competitive fees, innovative tools, and a wealth of research materials. Algo traders can connect directly with OANDA through its API to develop and automate trading strategies.

IG: Snapshot

London-based IG was founded in 1974 and sets a benchmark for excellence in the Forex and CFD industry. It is licensed and regulated by top-tier FCA, FINMA, BaFin, and ASIC. Traders can access over 17,000 CFDs with highly competitive fees. IG offers a cutting-edge proprietary platform and mobile app along with MetaTrader 4, ProRealTime, and L2 Dealer.

IG: Who is it For?

With excellent educational resources, an unlimited demo account, and an intuitive web-based platform, IG is a solid choice for beginners. Professional traders and money managers can also thrive with this multifaceted broker thanks to its low costs, cutting-edge platforms, and features like DMA access and VPS hosting.

What Makes IG Stand Out?

IG stands head and shoulders above the competition in multiple categories. The Standard Account offers very competitive trading costs, with spreads as low as 0.6 pips in pairs like EUR/USD and 30 cents in gold. The depth of instruments in each asset class is also outstanding, and IG offers CFDs on the spot market, futures market, and even options.

OANDA: Snapshot

Founded in 1996, OANDA is a leading multinational broker offering trading in CFDs on forex, indices, commodities, bonds, and cryptocurrencies. Multiple platforms are available to clients: 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 their 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 excels with unique features like its order book, position ratios, and heatmap tools. Research materials are also above average for the industry, provided by seasoned in-house analysts. OANDA is one of the most widely regulated brokers globally and is among the few forex and CFD brokers that offer their services in the United States.

Trust

IG vs OANDA Trust and Regulation Comparison

IG earned the highest trust rating of any CFD broker we have reviewed. It is globally regulated, has a long-standing operational history, financial stability, and exceptional transparency. As a publicly traded company (LON: IGG), IG is valued at over £2.7 billion and is a member of the FTSE 250. The company adheres to the FX Global Code of Conduct, ensuring best practices in forex trading.

OANDA also has a robust global presence with multiple entities licensed by Tier-1 regulators. Client funds are segregated at all entities. We 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.

If you want to learn more about brokers’ regulations, be sure to check out our article on the top regulated forex brokers.

Fees

IG vs OANDA Spreads, Fees and Commissions Comparison

IG is a discount leader, offering highly competitive trading-related fees. Spreads in major pairs are among the tightest in the industry, and swap fees are better than average. There is an inactivity fee, but this only kicks in after an account has been idle for two years. There are no fees for deposits and withdrawals.

OANDA provides spreads that range from average to competitive. 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.

Platforms and Tools

IG vs OANDA Trading Platforms Comparison

IG offers its proprietary platform on both web and mobile. I rated both versions as among the best in the industry, with powerful features like sentiment data from IG’s large client base and signals from Autochartist. Clients can also access three third-party platforms: MetaTrader 4, ProRealTime, and L2 Dealer.

OANDA 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, MetaTrader 4, TradingView, and the OANDA mobile app. The selection is better than average for the industry.

Tradable Instruments

IG vs OANDA Instruments Selection Comparison

IG stands out as a leader in the area of tradable instruments, boasting an impressive portfolio of over 17,000 CFDs, covering forex, commodities, indices, shares, bonds, and cryptocurrencies. Clients can access CFDs on spot, futures and options markets.

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

Customer Support

IG vs OANDA Customer Support Comparison

IG provides customer support 24/6 from 8:00 a.m. Saturday to 10:00 p.m. Friday via phone, live chat, WhatsApp, and email. We rated support at IG as better than average for the industry in light of its fast and helpful responses across dozens of tests.

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

Research

IG vs OANDA Research Tools Comparison

IG shines in the area of research with a wealth of high-quality resources. The News and Trade Ideas section of the website contains regularly updated technical and fundamental research materials. Articles and videos are insightful and reflect IG’s remarkable depth of experience. Within the IG platform, traders can get news updates and trade ideas from the Thomson Reuters news feed. Trading signals from Autochartist are also available within the platform.

OANDA is also a leader in research, offering astute 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

IG vs OANDA Deposit and Withdrawal Methods Comparison

IG clients can deposit and withdraw funds via bank wire transfer, credit/debit cards, and PayPal. Processing times are relatively fast for the industry, with bank wires taking 2-5 business days to process. Both deposits and withdrawals are free of charge.

OANDA offers deposits and withdrawals via bank transfer and credit and 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

IG vs OANDA Account Types Comparison

IG offers four account types: CFD, Spread Betting (UK only), Share Dealing, and Smart Portfolio (investment accounts managed by in-house experts). Islamic accounts are available only at the Dubai-based entity. For CFD trading and Spread Betting, traders can access free demo accounts via the IG platform and MetaTrader 4. There are no minimum or maximum deposit amounts for bank transfers. Maximum leverage varies by region, with the highest leverage of 1:200 available at the IG International Limited entity. IG offers AUD, USD, SGD, HKD, GBP, ZAR, and EUR as base currencies.

OANDA offers demo, standard, and Islamic accounts. Spread betting accounts are available for UK clients. OANDA has a minimum deposit of $0. Demo accounts are available via the OANDA Trade platform and MetaTrader 4. Maximum leverage varies by region, with up to 1:200 available via the OANDA Global Markets Ltd. entity. Available base currencies are EUR, HKD, SGD, AUD, CHF, and USD.

Education

IG vs OANDA Educational Content Comparison

IG shines in the education category with multi-tiered courses, live webinars, articles, and video content. IG Academy courses cater to various experience levels and are made up of easy-to-digest lessons, each concluding with a quiz to reinforce learning. I judged the content to be high quality and helpful in establishing a solid foundation of market knowledge.

OANDA lacks courses and does not offer a depth and range of educational materials comparable to IG. The quality of the educational articles is good, but limited in scope and mostly suitable for beginners. OANDA offers live webinars led by trading industry experts, with live market analysis and coverage of key themes like technical analysis, trading strategies, and risk management.

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.

Related Comparison Articles

• IG vs Interactive Brokers
• IG vs XTB
• OANDA vs Pepperstone
• IC Markets vs OANDA