Written by ForexBrokers.com
In this head to head comparison of OANDA vs IC Markets, we will compare the trading platforms, mobile apps, range of investments, costs, market research, and more. Let's dive in.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 51% and 89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
OANDA, established in 1996, and IC Markets, founded in 2007, are both prominent names in the online brokerage world. While neither is a publicly traded company nor a bank, their regulatory standings contribute to their reputations. OANDA boasts an impressive seven Tier-1 licenses, which reflect a high level of trust according to ForexBrokers.com ratings. This strong regulatory presence helps elevate its Trust Score to 93 out of 99, placing it in the "highly trusted" category.
In contrast, IC Markets holds two Tier-1 licenses, contributing to its Trust Score of 84, categorizing it as a "trusted" broker. The absence of Tier-2 licenses for both brokers is notable, yet their strong Tier-1 credentials help assure clients of their reliability. Overall, while both brokers are trusted entities, OANDA stands out with a higher Trust Score and more Tier-1 licenses, indicating a greater degree of regulatory oversight and trustworthiness.
| Feature |
OANDA
|
IC Markets
|
|---|---|---|
| Year Founded | 1996 | 2007 |
| Publicly Traded (Listed) | No | No |
| Bank | No | No |
| Tier-1 Licenses | 7 | 2 |
| Tier-2 Licenses | 0 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 1 | 3 |
When it comes to trading costs, OANDA and IC Markets offer distinct options in terms of commissions and fees. OANDA is known to have relatively high trading costs with notable spreads. For example, the average spread on the EUR/USD pair is 1.61 pips under non-core pricing. However, their core pricing, which requires a $10,000 minimum deposit, features narrower spreads starting at 0.4 pips alongside a commission of $5 per $100,000 worth of currency. Despite OANDA's pricing having certain competitive aspects, it has received a 4-star rating and ranks 34th in the Commissions and Fees category by ForexBrokers.com.
IC Markets, on the other hand, offers cost-effective trading conditions, making them a standout in the low-cost broker category, as recognized by their Best in Class award in 2024. Their account options include the Standard account, which is commission-free with an average spread of 0.62 pips, and the Raw Spread accounts (both cTrader and MetaTrader versions), which come with commissions but much lower spreads. For instance, the cTrader account has an all-in cost of 0.62 pips on the EUR/USD pair. Thanks to these attractive fee structures, IC Markets has earned a 5-star rating and ranks 5th in the same category.
Overall, IC Markets tends to provide lower overall trading costs compared to OANDA, especially for active traders, owing to their structure of tight spreads and competitive commissions. While OANDA's core pricing can be favorable for traders who meet the deposit requirement, IC Markets offers more transparent and lower pricing across its account types, making it a preferred choice for many. Both brokers cater to different trading needs, with OANDA having strengths in execution and size flexibility, while IC Markets excels in cost efficiency.
| Feature |
OANDA
|
IC Markets
|
|---|---|---|
| Minimum Deposit | $0 | $200 |
| Average Spread EUR/USD - Standard | 1.61 | 0.62 |
| All-in Cost EUR/USD - Active | 1.61 | 0.62 |
| Active Trader or VIP Discounts | Yes | Yes |
| ACH or SEPA Transfers | Yes | No |
| PayPal (Deposit/Withdraw) | Yes | Yes |
| Skrill (Deposit/Withdraw) | Yes | Yes |
| Visa/Mastercard (Credit/Debit) | Yes | Yes |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
When comparing the range of investments between OANDA and IC Markets, both platforms offer forex trading as either CFDs or spot contracts. OANDA provides an expansive selection with 3,928 tradeable symbols, including 68 forex pairs, whereas IC Markets offers slightly fewer with 3,583 symbols and 61 forex pairs. While both brokers do not provide exchange-traded securities on U.S. exchanges, IC Markets stands out by offering such securities on international exchanges, which is not available on OANDA. Both brokers, however, support copy trading, adding to their appeal for investors interested in this feature.
For those interested in cryptocurrency, OANDA allows the purchase of actual cryptocurrencies, alongside cryptocurrency derivatives. In contrast, IC Markets focuses solely on cryptocurrency derivatives, not offering the delivery of actual cryptocurrencies. Ratings for the range of investments reflect these differences, with OANDA receiving 4 stars and IC Markets rated slightly higher at 4.5 stars. In rankings by ForexBrokers.com, IC Markets slightly edges out OANDA, coming in at #25 compared to OANDA's #27 out of 62 brokers, underscoring its broader range of investment offerings.
| Feature |
OANDA
|
IC Markets
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 3928 | 3583 |
| Forex Pairs (Total) | 68 | 61 |
| U.S. Stock Trading (Non CFD) | No | No |
| Int'l Stock Trading (Non CFD) | No | Yes |
| Social Trading / Copy Trading | Yes | Yes |
| Cryptocurrency (Physical) | Yes | No |
| Cryptocurrency (Derivative) | Yes | Yes |
| Disclaimers | Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients). | Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients). |
Dive deeper: Best Copy Trading Platforms.
Both OANDA and IC Markets offer a range of trading platforms and tools suitable for traders seeking flexibility and functionality. OANDA provides its own proprietary platform, giving it an edge for users looking for a unique and tailored trading experience. Both brokers support MetaTrader 4 and MetaTrader 5, ensuring popular, user-friendly options are available. Traders can enjoy desktop and web-based platforms for seamless access, alongside the ability to engage in paper trading through free virtual demo accounts. While both brokers feature copy trading, IC Markets stands out by offering ZuluTrade, a well-regarded platform for social and copy trading strategies.
When considering charting capabilities, OANDA boasts 431 drawing tools, significantly more than IC Markets' 15, which could appeal to traders who prioritize advanced analytical features. Both brokers allow trading directly from stock charts, reinforcing efficient trading operations. For customized watch lists, IC Markets offers one more field than OANDA, with seven compared to six. Rating-wise, both platforms scored four out of five stars for their trading platforms and tools, with OANDA ranked slightly higher at 16th compared to IC Markets at 17th out of 62 brokers, as per ForexBrokers.com. This indicates a similar level of satisfaction among traders for their technological offerings.
| Feature |
OANDA
|
IC Markets
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Platform | Yes | No |
| Desktop Platform (Windows) | Yes | Yes |
| Web Platform | Yes | Yes |
| Social Trading / Copy Trading | Yes | Yes |
| MetaTrader 4 (MT4) | Yes | Yes |
| MetaTrader 5 (MT5) | Yes | Yes |
| DupliTrade | No | No |
| ZuluTrade | No | Yes |
| Charting - Indicators / Studies (Total) | 81 | 30 |
| Charting - Drawing Tools (Total) | 431 | 15 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 6 | 7 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
Both OANDA and IC Markets offer comprehensive mobile trading apps for iPhone and Android users, making trading on the go smooth and efficient. Each app provides key features that traders appreciate, such as price alerts, the ability to draw trendlines, view multiple time frames, and auto-save chart drawings. With 30 technical studies available, both platforms cater to a wide range of technical analysis needs. Users can also create watchlists with real-time quotes; however, neither app currently supports watchlist symbol syncing between mobile devices and online accounts.
When it comes to user satisfaction, OANDA's mobile app shines brightly with a high rating of five stars, while IC Markets is rated four stars. This popularity is reflected in their ranking by ForexBrokers.com, with OANDA coming in at number 7 out of 62 brokers, significantly higher than IC Markets, which is ranked at number 22. Whether you're focused on forex, stocks, or both, these apps offer a solid set of tools to manage your investments effectively from virtually anywhere.
| Feature |
OANDA
|
IC Markets
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | No | No |
| Mobile Charting - Indicators / Studies | 30 | 30 |
| Mobile Charting - Draw Trendlines | Yes | Yes |
| Mobile Charting - Multiple Time Frames | Yes | Yes |
| Mobile Charting - Drawings Autosave | Yes | Yes |
| Mobile Watchlist | Yes | Yes |
Dive deeper: Best Forex Trading Apps.
OANDA and IC Markets both provide daily market commentary and deliver forex news from top-tier sources like Bloomberg and Reuters. They each offer technical analysis tools through Autochartist and boast sentiment-based trading tools that display long or short position ratios across different currency pairs. Both brokers also feature a comprehensive economic calendar to help traders keep track of influential global news events.
However, a distinction arises in their offerings; IC Markets provides technical analysis tools from Trading Central while OANDA does not, which might appeal to traders seeking such advanced tools. Despite this, OANDA excels in market research, earning a perfect 5-star research rating and securing the 5th spot in the research category rankings by ForexBrokers.com, whereas IC Markets is rated 4 stars and is placed 22nd. Thus, while both platforms offer valuable research options, OANDA slightly edges out in terms of overall research quality and industry recognition.
| Feature |
OANDA
|
IC Markets
|
|---|---|---|
| Daily Market Commentary | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | Yes | Yes |
| Trading Central (Recognia) | No | Yes |
| Social Sentiment - Currency Pairs | Yes | Yes |
| TipRanks | No | No |
| Signal Centre (Acuity Trading) | No | No |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
When comparing the educational resources offered to beginners by online brokers OANDA and IC Markets, both platforms provide a solid foundation for individuals looking to explore forex and CFDs. OANDA and IC Markets each offer more than ten educational pieces such as articles, videos, and archived webinars. Beginners will appreciate that both platforms host online educational webinars monthly, providing ample opportunities to learn in an interactive setting. Moreover, each broker maintains a searchable archive of these recorded webinars, ensuring users can revisit valuable insights at their convenience.
OANDA and IC Markets cater to diverse learning needs with at least ten beginner-focused videos on trading topics, as well as an array of advanced educational content for more seasoned traders. Each broker also provides an investor dictionary defining over 50 key investing terms, a handy tool for those new to trading. Despite similar offerings, OANDA stands out with a five-star education rating compared to IC Markets' four stars. Interestingly, IC Markets achieves a higher ranking at #16 compared to OANDA's #22 in the Education category according to ForexBrokers.com. Both platforms present excellent options for beginners, with subtle differences to consider based on individual preference.
| Feature |
OANDA
|
IC Markets
|
|---|---|---|
| Education (Forex or CFDs) | Yes | Yes |
| Client Webinars | Yes | Yes |
| Client Webinars (Archived) | Yes | Yes |
| Videos - Beginner Trading Videos | Yes | Yes |
| Videos - Advanced Trading Videos | Yes | Yes |
| Investor Dictionary (Glossary) | Yes | Yes |
Dive deeper: Best Forex Brokers for Beginners.
After testing 62 of the best forex brokers, our research and account testing finds that OANDA is better than IC Markets. OANDA finished with an overall rank of #12, while IC Markets finished with an overall rank of #20.
A trusted global brand, OANDA stands out for its reputation and quality market research. Its regulatory track record is strong, and its support for third-party features bolsters its overall offering.
| Feature |
OANDA
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IC Markets
|
|---|---|---|
| Overall Rating |
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| Trust Score | 93 | 84 |
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OANDA allows you to purchase actual cryptocurrencies in addition to cryptocurrency derivatives, while IC Markets only offers the purchase of cryptocurrency derivatives.
OANDA and IC Markets both provide multiple fund transfer methods including PayPal, Skrill, Visa, Mastercard, and bank wires, but OANDA uniquely supports ACH and SEPA transfers while IC Markets does not offer these options.
Please note:
We review each broker’s overall global offering – a “Yes” checkmark in our Compare Tool does not guarantee the availability of any specific features in your country of residence. To verify the availability of any features within your country of residence, please contact the broker directly.
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0 of 5| Overall Rating | OANDA | IC Markets | |
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| Trust Score | 93 | 84 | |
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| Review | OANDA Review | IC Markets Review |
| Broker Screenshots | OANDA | IC Markets | |
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| Regulation | OANDA | IC Markets | |
|---|---|---|---|
| Trust Score | 93 | 84 | |
| Year Founded | 1996 | 2007 | |
| Publicly Traded (Listed) | No | No | |
| Bank | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes | |
| Tier-1 Licenses | 7 | 2 | |
| Tier-2 Licenses | 0 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 1 | 3 |
| Tier-1 Licenses (Highly Trusted) | OANDA | IC Markets | |
|---|---|---|---|
| Australia (ASIC Authorised) | Yes | Yes | |
| Canada (CIRO Authorised) | Yes | No | |
| Hong Kong (SFC Authorised) | No | No | |
| Japan (SFC Authorised) | Yes | No | |
| Singapore (MAS Authorised) | Yes | No | |
| Switzerland (FINMA Authorised) | No | No | |
| United Kingdom (U.K.) (FCA Authorised) | Yes | No | |
| USA (CFTC Authorized) | Yes | No | |
| New Zealand (FMA Authorised) | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes |
| Tier-2 Licenses (Trusted) | OANDA | IC Markets | |
|---|---|---|---|
| Kenya (CMA Authorised) | No | No | |
| Israel (ISA Authorised) | No | No | |
| South Africa (FSCA Authorised) | No | No | |
| UAE (DFSA/Central Bank Authorised) | No | No | |
| India (SEBI Authorised) | No | No | |
| Jordan (JSC Authorised) | No | No |
| Investments | OANDA | IC Markets | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 3928 | 3583 | |
| Forex Pairs (Total) | 68 | 61 | |
| U.S. Stock Trading (Non CFD) | No | No | |
| Int'l Stock Trading (Non CFD) | No | Yes | |
| Social Trading / Copy Trading | Yes | Yes | |
| Cryptocurrency (Physical) | Yes | No | |
| Cryptocurrency (Derivative) | Yes | Yes | |
| Disclaimers | Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients). | Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients). |
| Cost | OANDA | IC Markets | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 1.61 | 0.62 | |
| All-in Cost EUR/USD - Active | 1.61 | 0.62 | |
| Active Trader or VIP Discounts | Yes | Yes | |
| Inactivity Fee | Yes | No | |
| Execution: Agency Broker | No | Yes | |
| Execution: Market Maker | Yes | Yes |
| Funding | OANDA | IC Markets | |
|---|---|---|---|
| Minimum Deposit | $0 | $200 | |
| PayPal (Deposit/Withdraw) | Yes | Yes | |
| Skrill (Deposit/Withdraw) | Yes | Yes | |
| Visa/Mastercard (Credit/Debit) | Yes | Yes | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| ACH or SEPA Transfers | Yes | No |
| Trading Platforms | OANDA | IC Markets | |
|---|---|---|---|
| Proprietary Platform | Yes | No | |
| Desktop Platform (Windows) | Yes | Yes | |
| Web Platform | Yes | Yes | |
| Social Trading / Copy Trading | Yes | Yes | |
| MetaTrader 4 (MT4) | Yes | Yes | |
| MetaTrader 5 (MT5) | Yes | Yes | |
| cTrader | No | Yes | |
| DupliTrade | No | No | |
| ZuluTrade | No | Yes |
| Trading Tools | OANDA | IC Markets | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Alerts - Basic Fields | Yes | Yes | |
| Watchlists - Total Fields | 6 | 7 | |
| Charting - Indicators / Studies (Total) | 81 | 30 | |
| Charting - Drawing Tools (Total) | 431 | 15 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | OANDA | IC Markets | |
|---|---|---|---|
| Android App | Yes | Yes | |
| Apple iOS App | Yes | Yes | |
| Mobile Alerts - Basic Fields | Yes | Yes | |
| Mobile Watchlist | Yes | Yes | |
| Watchlist Syncing | No | No | |
| Mobile Charting - Indicators / Studies | 30 | 30 | |
| Mobile Charting - Draw Trendlines | Yes | Yes | |
| Mobile Charting - Multiple Time Frames | Yes | Yes | |
| Mobile Charting - Drawings Autosave | Yes | Yes | |
| Mobile Economic Calendar | Yes | Yes |
| Research | OANDA | IC Markets | |
|---|---|---|---|
| Daily Market Commentary | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | Yes | Yes | |
| Trading Central (Recognia) | No | Yes | |
| TipRanks | No | No | |
| Social Sentiment - Currency Pairs | Yes | Yes | |
| Economic Calendar | Yes | Yes |
| Education | OANDA | IC Markets | |
|---|---|---|---|
| Education (Forex or CFDs) | Yes | Yes | |
| Client Webinars | Yes | Yes | |
| Client Webinars (Archived) | Yes | Yes | |
| Videos - Beginner Trading Videos | Yes | Yes | |
| Videos - Advanced Trading Videos | Yes | Yes | |
| Investor Dictionary (Glossary) | Yes | Yes |
| Major Forex Pairs | OANDA | IC Markets | |
|---|---|---|---|
| GBP/USD | Yes | Yes | |
| USD/JPY | Yes | Yes | |
| EUR/USD | Yes | Yes | |
| USD/CHF | Yes | Yes | |
| USD/CAD | Yes | Yes | |
| NZD/USD | Yes | Yes | |
| AUD/USD | Yes | Yes | |
| Review | OANDA Review | IC Markets Review |
| Overall | OANDA | IC Markets | |
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| Trust Score | 93 | 84 | |
| Winner | check_circle | ||
| Review | OANDA Review | IC Markets Review |
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