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Oanda vs IC Markets
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Updated:
Compare Oanda vs IC Markets Side by Side
Comparing Oanda vs IC Markets to see which broker is better for your trading strategy? We have conducted in-depth research between Oanda Review and IC Markets Review, and compared trading conditions including fees, safety, licensing, available trading platforms, instrument options, deposits, and withdrawals, as well as other critical factors compared side by side.
Summary
| Feature | Oanda | IC Markets |
|---|---|---|
| Website | //www.oanda.com | //www.icmarkets.com |
| Founded year | 1996 | 2007 |
| Headquarter | USA | Australia |
| Licenses | USA, UK, Australia, Canada, Singapore, Japan | Australia, Cyprus, Seychelles |
| Minimum Deposit | 0 US$ | 200 US$ |
| Trading Platforms | OANDA Trade, MT4, MT5 | cTrader, MT4, MT5 |
| Eurusd avg Spread | 1.2 pips | 1 pip |
Licenses
| Feature | Oanda | IC Markets |
|---|---|---|
| Licenses Countries Info (short) |
|
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Oanda is subject to oversight and regulation by multiple authorities, including the CFTC in the US and the FCA in the United Kingdom, offering a high level of investor protection and regulatory supervision. Conversely, IC Markets is also well-regulated, possessing licenses from the Australian ASIC and the European CySEC, thereby establishing a solid regulatory foundation for its services.
Broker Types
| Feature | Oanda | IC Markets |
|---|---|---|
| Broker types |
|
|
Both Oanda and IC Markets are classified as OTC brokers. Oanda operates as a market maker, handling client trades internally rather than sending them directly to the interbank market. In contrast, IC Markets provides an ECN option that distinguishes itself through its transparency in pricing.
Trading Conditions
| Feature | Oanda | IC Markets |
|---|---|---|
| Trading Conditions |
|
|
Oanda is known for providing competitive spreads and eliminating the need for a minimum deposit, ensuring accessibility for traders at all experience levels. On the other hand, IC Markets offers a diverse array of markets and instruments, featuring low floating spreads and accommodating various trading strategies, making it suitable for both novice and seasoned traders.
Fees & Commissions
| Fees & Commissions | Oanda | IC Markets |
|---|---|---|
| Inactivity Feemonth | 12 $ | 0 $ |
| Deposit fee | 0 $ | 0 $ |
| Withdrawal fee | 0 $ | 0 $ |
| Rollover fee eurusd buy 1 lot | -0.9 | -0.62 |
| Rollover fee eurusd sell 1 lot | 2.75 | 0.41 |
| Avg Eurusd standard acc | 1.2 pips | 1 pips |
| Gold | 25.3 | 1 |
| Brent oil | 4 | 5 pip |
| Bitcoin | 51.7 | 42.036 |
Oanda typically offers commission-free trading with spreads as the primary cost, which can vary depending on market conditions and the type of account. IC Markets depend on the instrument type and account hence can be either spreads-based or commission-based.
Account Types
| Feature | Oanda | IC Markets |
|---|---|---|
| Account types |
|
|
Oanda provides a single standard account type, granting users access to an array of trading platforms and tools. In contrast, IC Markets offers a variety of account options, including Raw Spread and Standard accounts, each tailored to accommodate various trading styles and preferences, all while providing competitive spreads.
Markets & Instruments
| Markets & Instruments | Oanda | IC Markets |
|---|---|---|
| Forex | 71 | 60 |
| Indices | 16 | 23 |
| Commodities | 31 | 19 |
| Cryptocurrencies | 6 | 10 |
| Shares | ❌ | 120+ |
| Bonds | 3 | 9+ |
| Options | ❌ | ❌ |
| Binary options | ❌ | ❌ |
| Spread betting | 70 | ❌ |
| Treasuries | ❌ | ❌ |
| Futures | ❌ | 4 |
| Etfs | ❌ | ❌ |
Both Oanda vs IC Markets offer a diverse range of trading products. Oanda offers a broad range of trading instruments, including Forex, commodities, indices, bonds, and shares, giving traders access to various asset classes. IC Markets also provides an extensive selection of trading instruments, covering Forex, indices, commodities, cryptocurrencies, and more, offering a comprehensive choice of markets to trade.
Trading Platforms
| Feature | Oanda | IC Markets |
|---|---|---|
| Platforms |
|
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Oanda offers traders access to its in-house trading platform along with the widely used MT4 and MT5 platforms, ensuring a versatile trading experience with a user-friendly interface. Meanwhile, IC Markets provides the highly regarded MT4 and MT5 platforms, known for their extensive trading tools, in addition to cTrader.
Deposit & Withdrawal Methods
| Feature | Oanda | IC Markets |
|---|---|---|
| Payment methods |
|
|
Both brokers offer a variety of payment methods for funding and withdrawing from trading accounts, including bank transfers, credit/debit cards, and online payment systems. It should be noted that the variety of e-payment methods for IC Markets largely prevails
Others
| Feature | Oanda | IC Markets |
|---|---|---|
| Others |
|
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Both Oanda and IC Markets provide comprehensive educational resources, including webinars, tutorials, and written materials, to help traders improve their skills and understanding of the markets. When it comes to customer support, both brokers offer responsive support teams, but IC Markets may have slightly broader availability, with 24/5 customer support, whereas Oanda’s support may vary depending on the region and time zone.
Conclusion on IC Markets vs Oanda
In summary, Oanda vs IC Markets are both respected brokers in the industry, catering to a range of traders. Oanda is known for its accessible approach, competitive spreads, and user-friendly platforms making it suitable for a wide audience, while IC Markets offers a more diverse set of account types and better platform options, making it an attractive option for those seeking enhanced features. Here is our final recommendation:
- Oanda – 🥇 Best Broker for Competitive Spreads, an appealing choice for traders, especially beginners or those with smaller trading capital.
- IC Markets – 🥇 Best Auto Trading Broker, giving traders a comprehensive choice of assets to trade.
