IC Markets vs OANDA Comparison
Compare trading conditions, commissions and platforms of Forex brokers IC Markets and OANDA. Find out which broker is best for you.
We test brokers on real accounts using our own methodology, evaluating the quality of order execution, trading conditions, platforms and customer support.
Who is better - IC Markets or OANDA?
Key differences between the brokers
Below, we show only the differences in trading conditions covered in our reviews. These may include the minimum deposit, available markets, platforms and account types. Compare these details with your requirements.
IC Markets
- Minimum deposit · USD
- 200 USD
- Different platforms
- cTrader
- Different markets
- ETF
- Bonds
OANDA
- Minimum deposit · USD
- 1 USD
- Different platforms
- fxTrade
- Different markets
- None listed
Comparison Table of IC Markets and OANDA
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| Broker | IC Markets | OANDA |
|---|---|---|
| Foundation Year | 2007 | 2001 |
| Regulated in Countries | Seychelles, Australia, Cyprus, Kenya | United States, Australia, Canada, United Kingdom, Japan, British Virgin Islands, Singapore, Poland |
| Minimum Deposit |
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| Spread | from 0 points | from 0.5 points |
| Max Leverage | 1:500 | 1:200 |
| Trading Assets (CFDs) |
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| Trading Platforms |
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| Review |
IC Markets Review
IC Markets is a reliable and versatile broker that offers a wide range of services and tools for trading in the financial markets. The company provides impressive trading instruments, high-quality trading platforms, advanced analytical tools, and valuable education for traders of all levels.
IC Markets is likely most suitable for experienced traders who value deep liquidity, tight spreads, and advanced trading tools. Beginner traders can also benefit from the educational materials offered by the company, but they should be prepared for some additional expenses and a higher minimum deposit requirement.
Pros and Cons of IC Markets
Pros
- A wide range of trading assets.
- Low spreads.
- Variety of trading platforms.
- Quality educational materials.
- Efficient customer support service.
Cons
- High minimum deposit.
IC Markets is in the top 10 of the following ratings:
OANDA Review
Oanda is an excellent choice for traders seeking a reliable and regulated broker with competitive spreads and various trading assets.
With quality analytics and diverse educational materials, Oanda suits beginners and experienced traders.
Pros and Cons of OANDA
Pros
- Tight spreads.
- Diverse markets and products.
- Advanced trading platforms.
- Quality analytics.
- Extensive learning section.
Cons
- Limited trading account types.
- Inactivity fee.
- High swaps.
OANDA is in the top 10 of the following ratings:
Reliability
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| Broker | IC Markets | OANDA |
|---|---|---|
| Reliability | 5/5 | 5/5 |
| Foundation Year | 2007 | 2001 |
| Regulated in Countries | Seychelles, Australia, Cyprus, Kenya | United States, Australia, Canada, United Kingdom, Japan, British Virgin Islands, Singapore, Poland |
| Regulators |
IC Markets
IC Markets operates under the regulation of several jurisdictions, including ASIC in Australia, CySEC in Cyprus, and SFSA in the Seychelles, indicating a high degree of regulation.
OANDA
Oanda demonstrates a high level of reliability, evidenced by licenses from the world's leading regulators.
Account Opening
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| Broker | IC Markets | OANDA |
|---|---|---|
| Account Opening | 4.5/5 | 4.5/5 |
| Minimum Deposit |
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IC Markets
The account opening process at IC Markets is well-thought-out, transparent, and detailed, ensuring convenience and ease for clients. However, the high minimum deposit may deter many beginners.
OANDA
Oanda offers a straightforward and structured registration process, ensuring convenience for clients.
Pros
- Clearly structured registration process.
- No minimum deposit, offering flexibility for traders.
Cons
- Additional documents may be required in some cases.
- Document verification can take from 1 to 2 working days.
Account Types
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| Broker | IC Markets | OANDA |
|---|---|---|
| Account Types | 3.8/5 | 3/5 |
| Trading Accounts |
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| Minimum Deposit |
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| Spread | from 0 points | from 0.5 points |
| Max Leverage | 1:500 | 1:200 |
| Trading Assets (CFDs) |
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| Trading Platforms |
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| Demo Account | Yes | Yes |
| Swap-free Account | Yes | Yes |
IC Markets
IC Markets' accounts are mainly aimed at experienced and professional traders.
Pros
- ECN accounts
- Ability to copy trades
- Access to VPS
Cons
- No cent accounts
- No fixed spread accounts
OANDA
Oanda provides various trading accounts, but some specialized types are missing.
Pros
- Standard accounts are available.
- Demo accounts are offered.
- Swap Free accounts are available for traders following Islamic principles.
Cons
- Cent accounts are missing.
- No fixed spread accounts.
- No investment accounts are available.
Commissions
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| Broker | IC Markets | OANDA |
|---|---|---|
| Commissions | 4.5/5 | 3.5/5 |
| Spread | from 0 points | from 0.5 points |
| Average Spread (EURUSD) | 0.62 | 0.8 |
| Commission | per 1 lot$3.50 | No data |
IC Markets
IC Markets has low commissions. Fees for transactions on ECN accounts and spreads are acceptable to most traders, and the absence of charges for deposits/withdrawals and account inactivity is a significant advantage.
OANDA
Oanda's fees are moderate, making this broker competitive.
Pros
- No fees for deposits and withdrawals.
- Low spreads on major currency pairs.
Cons
- Inactivity fee is charged.
- Swaps may be high for some currency pairs.
Deposit and Withdrawal
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| Broker | IC Markets | OANDA |
|---|---|---|
| Rating | 4.5/5 | 4/5 |
| Account Funding Methods |
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IC Markets
IC Markets offers multiple options for depositing and withdrawing funds, but possible fees from banks and payment systems should be considered, along with some restrictions on withdrawal methods.
OANDA
Oanda offers flexible conditions for depositing and withdrawing funds, but payment system commissions and currency conversion costs may apply.
Pros
- The broker does not charge a fee for deposits and withdrawals.
- A wide selection of payment systems is available.
- No restrictions on the amounts of deposits and withdrawals.
Cons
- High commission fees for certain methods by payment systems.
- Withdrawal request processing time may be long.
- Cryptocurrencies are not available as a payment method.
Markets and Products
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| Broker | IC Markets | OANDA |
|---|---|---|
| Markets and Products | 5/5 | 4.4/5 |
| Forex | 61 | 48 |
| Precious Metals | 7 | 3 |
| Energy Carriers | 5 | 3 |
| Soft Commodities | 8 | 4 |
| Indices | 25 | 18 |
| Stocks | 2175 | 1607 |
| ETF | 38 | - |
| Bonds | 10 | - |
| Cryptocurrency | 21 | 18 |
IC Markets
IC Markets offers various trading instruments, including currency pairs, CFDs on metals, energy resources, commodities, indices, stocks, bonds, and cryptocurrencies.
OANDA
Oanda offers an extensive set of markets and products, making it a versatile choice for traders of different levels.
Pros
- A wide range of currency pairs.
- A large selection of stocks and indices.
- Access to cryptocurrency trading.
Cons
- Maximum leverage is only up to 1:200.
Trading Platforms
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| Broker | IC Markets | OANDA |
|---|---|---|
| Rating | 5/5 | 5/5 |
| Trading Platforms |
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IC Markets
IC Markets provides powerful and functional trading platforms suitable for various trader categories.
OANDA
Oanda provides high-quality trading platforms with deep functionality and integration with TradingView.
Pros
- Access to classic platforms MT4 and MT5.
- The fxTrade mobile app with integration with MT5.
- Integration with TradingView.
Cons
- No MetaTrader alternatives for desktop devices.
Analytics
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| Broker | IC Markets | OANDA |
|---|---|---|
| Rating | 5/5 | 5/5 |
IC Markets
IC Markets provides its clients with an extensive set of analytical tools and materials, which can assist them in successful trading in the financial markets.
OANDA
The Oanda broker's analytical section offers many tools that help traders make informed decisions.
Education
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| Broker | IC Markets | OANDA |
|---|---|---|
| Rating | 5/5 | 4.5/5 |
IC Markets
IC Markets offers a wide range of educational resources, from interactive video lessons to webinars and podcasts, demonstrating care for their clients and a commitment to providing all the necessary resources for successful trading.
OANDA
Oanda provides an extensive range of educational resources, catering to new and experienced traders, focusing on leveraged trading.
Pros
- Comprehensive coverage of fundamental and technical analysis.
- Variety of resources including webinars, workshops, and live market analysis.
- Free access to premium content for live account holders.
Cons
- Some advanced topics may not be covered in depth.
Customer Support
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| Broker | IC Markets | OANDA |
|---|---|---|
| Rating | 4.7/5 | 5/5 |
| Email Support | ||
| Hotline Phones | ||
| Social Media |
IC Markets
IC Markets provides a variety of communication channels, ensuring support service accessibility for clients. Numerous client reviews indicate the support team's quick response and high professionalism.
Pros
- Positive reviews about professional support
- Multiple channels for support communication
- Support is available 24/7
Cons
- Only international call option is available
OANDA
Oanda's technical support provides extensive communication options and round-the-clock service, ensuring the professionalism and efficiency of the solutions provided.
Comparisons of IC Markets and OANDA with other brokers
Conclusion
When choosing between IC Markets and OANDA, match their platforms, markets, account types and funding terms to your needs.
Before opening an account, verify fees, regulation, support and service availability for your country in the sections above.
FAQ
Which broker is better: IC Markets or OANDA?
IC Markets ranks higher than OANDA in our editorial ranking. That does not make it a universal choice: compare fees, markets, platforms, account types and support.
Which broker is better for beginners: IC Markets or OANDA?
Beginners should compare availability in their country, account types, minimum deposit, trading platforms and customer support.
Who has lower typical trading costs (spreads/commissions) — IC Markets or OANDA?
It depends on the instrument and account type. Compare the live conditions in the “Commissions” section on this page — we break down the nuances category by category.
What trading platforms are available with IC Markets and OANDA?
IC Markets: MetaTrader 5, MetaTrader 4, cTrader, TradingView. OANDA: MetaTrader 5, MetaTrader 4, TradingView, fxTrade. See the “Platforms” section for details and selection tips.
What markets can you trade with IC Markets and OANDA?
IC Markets: Forex, Precious Metals, Energy Carriers, Soft Commodities, Indices, Stocks, ETF, Bonds, Cryptocurrency. OANDA: Forex, Precious Metals, Energy Carriers, Soft Commodities, Indices, Stocks, Cryptocurrency. Full lists and differences are in the “Markets” section.
What account types are offered by IC Markets and OANDA?
IC Markets: Standard, Raw Spread cTrader, Raw Spread. OANDA: Standard, Swap Free. See “Account Types” for a side-by-side comparison.
What deposit and withdrawal methods are supported by IC Markets and OANDA?
IC Markets: PayPal, Neteller, Skrill, Bpay, FasaPay, Klarna, Swift, SEPA, Visa, Mastercard, UnionPay, POLi, Rapidpay. OANDA: Skrill, Neteller, Swift, Visa, Mastercard. Check method-specific fees/settlement times.
Which broker is safer — IC Markets or OANDA — and how was this assessed?
We consider regulation, corporate transparency, fund protection, and incident history. See the “Reliability” section for our findings.
