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Oanda vs Interactive Brokers
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Updated:
Compare OANDA vs Interactive Brokers Side by Side
Can’t pick between OANDA and Interactive Brokers and have doubts of which broker is actually better? Use our detailed guide of OANDA Review vs Interactive Brokers Review, compared safety and licenses, trading conditions with fees, trading platforms, instruments, deposit & withdrawal conditions, and all the essential details compared side by side.
Summary
| Feature | OANDA | Interactive Brokers |
|---|---|---|
| Website | //www.oanda.com | //www.interactivebrokers.co.uk |
| Founded year | 1996 | 1977 |
| Headquarter | USA | USA |
| Licenses | USA, UK, Australia, Canada, Singapore, Japan | USA, Canada, Australia, UK, Hong Kong, Japan, India |
| Minimum Deposit | 0 US$ | 100 US$ |
| Trading Platforms | OANDA Trade, MT4, MT5 | TWS, IB WebTrader |
| Eurusd avg Spread | 1.2 pips | 0.3 pips |
Licenses
| Feature | OANDA | Interactive Brokers |
|---|---|---|
| Licenses Countries Info (short) |
|
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Both OANDA and Interactive Brokers are well-established and respected brokers in the industry. They are highly regulated and hold multiple top-tier licenses from countries like Australia, the UK, and the US. Additionally, they maintain their entities in regions such as Japan and Canada. This commitment to regulatory compliance ensures transparency and provides a high level of customer protection for traders from all over the world.
Broker Types
| Feature | OANDA | Interactive Brokers |
|---|---|---|
| Broker types |
|
|
Interactive Brokers operates as a DMA (Direct Market Access) broker, facilitating direct order execution on exchanges such as NASDAQ through electronic bridges, enabling trading in Real Stocks, Futures, and Indices, yet Execution depending by the Instrument you trade. On the other hand, OANDA functions as a Market Maker, offering stability to both novice traders and specific trading strategies with preset fees or spreads, ensuring consistent trading costs.
Trading Conditions
| Feature | OANDA | Interactive Brokers |
|---|---|---|
| Trading Conditions |
|
|
OANDA and Interactive Brokers share some common trading conditions, catering to beginners with tight spreads and access to Expert Advisors. However, OANDA stands out with a broader range of options, including scalping and hedging, providing a notable advantage. In contrast, Interactive Brokers offers a more advanced trading environment, featuring API trading, making it a more suitable choice for experienced traders.
Fees & Commissions
| Fees & Commissions | OANDA | Interactive Brokers |
|---|---|---|
| Inactivity Feemonth | 12 $ | 0$ |
| Deposit fee | 0 $ | 0$ |
| Withdrawal fee | 0 $ | 0$ |
| Rollover fee eurusd buy 1 lot | -0.9 | -1.5% |
| Rollover fee eurusd sell 1 lot | 2.75 | +1.5% |
| Avg Eurusd standard acc | 1.2 pips | 0.3 pips |
| Gold | 25.3 | 1.5 bps |
| Brent oil | 4 | 0.05% |
| Bitcoin | 51.7 | 0.12-0.18% |
As we can see from the table above, Interactive Brokers offers a more competitive fee structure offering ultra-low tight spreads across all markets, and doesn’t charge any non-trading fees like deposit/withdrawal or inactivity fees. While OANDA spreads are mostly aligned with the industry average and it charges a $12 inactivity fee, making Interactive Brokers more attractive in that sense.
The main difference is that the minimum deposit required for Interactive Brokers is $100 and for some accounts even higher while OANDA offers a minimum deposit as low as $0.
Account Types
| Feature | OANDA | Interactive Brokers |
|---|---|---|
| Account types |
|
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While both OANDA vs Interactive Brokers offer Standard accounts, Interactive Brokers have a slight advantage here for offering more than 10 account types based on traders’ needs and peculiarities, such as Family Accounts, Small Business Accounts, Proprietary Trading Group Accounts, etc. Also, both brokers offer Islamic Accounts tailored to the needs of traders following Shia Laws.
Markets & Instruments
| Markets & Instruments | OANDA | Interactive Brokers |
|---|---|---|
| Forex | 71 | 100+ |
| Indices | 16 | ✔️ |
| Commodities | 31 | ✔️ |
| Cryptocurrencies | 6 | 4 |
| Shares | ❌ | 70+ |
| Bonds | 3 | ✔️ |
| Options | ❌ | ✔️ |
| Binary options | ❌ | ❌ |
| Spread betting | 70 | ❌ |
| Treasuries | ❌ | ❌ |
| Futures | ❌ | ✔️ |
| Etfs | ❌ | 13000 |
Interactive Brokers boasts a more diverse product lineup in comparison to OANDA, encompassing Options, Bonds, Futures, as well as trading in both CFD products and Real Stocks, Futures, and Indices, which are not accessible through OANDA’s platform. Moreover, Interactive Brokers offers a wider array of ETFs, resulting in a larger selection of instruments overall. However, OANDA holds an edge by offering Spread Betting to its UK clients.
Trading Platforms
| Feature | OANDA | Interactive Brokers |
|---|---|---|
| Platforms |
|
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Both OANDA and Interactive Brokers provide their proprietary trading platforms, alongside additional options such as MetaTrader 4 and MetaTrader 5 for OANDA, and WebTrader for Interactive Brokers. Interactive Brokers’ platforms are tailored for experienced traders who favor advanced technical solutions, including API trading. Conversely, OANDA’s offerings are more oriented toward beginner traders, emphasizing user-friendliness and accessibility.
Deposit & Withdrawal Methods
| Feature | OANDA | Interactive Brokers |
|---|---|---|
| Payment methods |
|
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The range of supported deposit methods is more diverse for OANDA traders since the broker offers a variety of e-payment methods, while Interactive Brokers offers credit/debit cards and one e-wallet.
Others
| Feature | OANDA | Interactive Brokers |
|---|---|---|
| Others |
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Others
OANDA and Interactive Brokers share a client-centric approach that complements their strong trading offerings, backed by comprehensive customer support accessible via Web Live Chat, phone, and email. Both brokers excel in providing valuable learning materials. Notably, Interactive Brokers gains an edge with its Trading Academy and an extensive array of apps, widgets, and advanced software solutions.
Conclusion on Interactive Brokers vs OANDA
In conclusion, our comparison of OANDA and Interactive Brokers reveals both brokers to be highly reliable and trustworthy, backed by strong regulatory oversight and a solid track record. Interactive Brokers is better suited for advanced-level traders who favor sophisticated technical solutions, particularly for investment and trading in Real stocks and Futures.
On the other hand, OANDA is a favorable choice for those who prefer the MT4 and MT5 platforms and is generally more beginner-friendly, with a focus on CFD trading. Traders interested in bonds and options should lean toward Interactive Brokers, as OANDA does not offer these products. UK traders looking for spread betting options should opt for OANDA. Here is our final recommendation:
- OANDA – 🥇 Best Spread Betting Broker providing a reliable and accessible platform
- Interactive Brokers – 🥇 Best Broker for Professional Trading offering advanced technical solutions
