Written by ForexBrokers.com
In this head to head comparison of IG vs OANDA, 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.
IG and OANDA are both reputable online brokers with strong regulatory credentials, but they have notable differences that may sway your choice. Founded in 1974, IG is a veteran in the industry and is publicly traded, enhancing its transparency. It also operates as a bank, providing an extra layer of trust. IG holds an impressive eight Tier-1 licenses, which are highly trusted by ForexBrokers.com, and two Tier-2 licenses. This robust regulatory oversight contributes to its top-notch Trust Score rating of 99 out of 99, marking it as highly trusted.
On the other hand, OANDA was established in 1996 and, while it is not publicly traded or a bank, it still maintains a strong presence in the trading world. OANDA holds seven Tier-1 licenses, reflecting a high level of regulatory trust, though it does not hold any Tier-2 licenses. It boasts a Trust Score of 93 out of 99, indicating that it is also highly trusted but slightly trails behind IG in terms of overall trustworthiness as per ForexBrokers.com. Both brokers offer reliability and trusted trading environments, but IG’s status as a publicly traded bank and its slightly higher regulatory compliance can appeal to those seeking extra assurance.
| Feature |
IG
|
OANDA
|
|---|---|---|
| Year Founded | 1974 | 1996 |
| Publicly Traded (Listed) | Yes | No |
| Bank | Yes | No |
| Tier-1 Licenses | 8 | 7 |
| Tier-2 Licenses | 2 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 1 | 1 |
When comparing the online brokers IG and OANDA, IG stands out with its competitive pricing for active Forex traders and a robust active trader rebate program. IG offers various account options, including the Forex Direct account, which provides traders low average spreads of 0.62 pips for EUR/USD as of July 2023. The broker requires a £1,000 minimum for its DMA account and offers tiered pricing for high-volume traders, granting potential savings on commissions and spreads. IG’s CFD accounts also show favorable results, with average spreads of 0.69 pips during main trading hours. Rated 5 stars for commissions and fees, IG is ranked #8 out of 62 brokers by ForexBrokers.com.
In contrast, OANDA's forex trading costs tend to be higher, with typical spreads on pairs like EUR/USD averaging 1.61 pips in July 2023 under its non-core pricing structure. Despite its higher costs, OANDA excels in automated execution, offering core pricing with lower spreads but adding a $5 commission per $100,000 worth of currency. This makes OANDA's core pricing slightly more cost-efficient than its commission-free option when trading larger volumes. OANDA also offers micro lot trading and an Elite Trader program with rebates and other benefits for volume traders. OANDA holds a 4-star rating for commissions and fees and is ranked #34 by ForexBrokers.com.
Ultimately, while both brokers offer unique features suited to different trading styles, IG tends to provide more competitive pricing and a broader spectrum of options for high-volume traders, earning it a higher rating and rank in the commissions and fees category compared to OANDA.
| Feature |
IG
|
OANDA
|
|---|---|---|
| Minimum Deposit | £250.00 | $0 |
| Average Spread EUR/USD - Standard | 0.98 | 1.61 |
| All-in Cost EUR/USD - Active | 0.82 | 1.61 |
| Active Trader or VIP Discounts | Yes | Yes |
| ACH or SEPA Transfers | Yes | Yes |
| PayPal (Deposit/Withdraw) | Yes | Yes |
| Skrill (Deposit/Withdraw) | No | Yes |
| Visa/Mastercard (Credit/Debit) | Yes | Yes |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
When it comes to the variety of investments available, IG and OANDA offer different strengths to their users. IG provides a more extensive selection, boasting over 19,500 tradeable symbols and access to 97 forex pairs. Moreover, IG allows its clients to buy exchange-traded securities not just on the U.S. exchanges, where you can invest in companies like Apple, but also on international exchanges, enabling investments in firms such as Vodafone. While IG does not support copy trading or purchasing actual cryptocurrencies, it does allow trading in cryptocurrency derivatives. With a five-star rating for its range of investments, IG is ranked 4th out of 62 brokers.
In contrast, OANDA offers a smaller range of tradeable symbols, with just over 3,900 available, including 68 forex pairs. Though it does not provide direct access to exchange-traded securities on U.S. or international exchanges, OANDA distinguishes itself by supporting both copy trading and the purchase of actual cryptocurrencies, in addition to cryptocurrency derivatives. This comprehensive cryptocurrency offering might appeal to those particularly interested in digital assets. Despite its narrower scope of traditional investments, OANDA still achieves a respectable four-star rating and ranks 27th for its range of investments.
| Feature |
IG
|
OANDA
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 19537 | 3928 |
| Forex Pairs (Total) | 97 | 68 |
| U.S. Stock Trading (Non CFD) | Yes | No |
| Int'l Stock Trading (Non CFD) | Yes | No |
| Social Trading / Copy Trading | No | Yes |
| Cryptocurrency (Physical) | No | Yes |
| 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.
When comparing IG and OANDA in terms of trading platforms and tools, both brokers offer comprehensive options for traders. IG and OANDA provide simulated trading through free virtual demo accounts, catering to beginners and experienced traders testing new strategies. Both companies offer proprietary platforms developed in-house, alongside web-based and Windows desktop platforms. While IG does not support copy trading, OANDA offers this feature, adding flexibility for traders seeking to mimic successful strategies. Additionally, both brokers support MetaTrader 4 (MT4), though only OANDA also offers MetaTrader 5 (MT5).
In terms of charting and trading directly from stock charts, both IG and OANDA excel, allowing efficient trade management. OANDA shines with an impressive 431 drawing tools for charting compared to IG's 20, offering more customization for technical analysis. In creating watchlists, OANDA offers six columns versus IG's five, providing slightly more detail. Despite these differences, IG ranks significantly higher in overall rating—earning five stars and a #2 ranking among 62 brokers for its trading platforms and tools, compared to OANDA's four-star rating and #15 ranking. These factors make IG a strong choice for those prioritizing top-rated trading tools, while OANDA offers appealing features like copy trading and extensive charting tools.
| Feature |
IG
|
OANDA
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Platform | Yes | Yes |
| Desktop Platform (Windows) | Yes | Yes |
| Web Platform | Yes | Yes |
| Social Trading / Copy Trading | No | Yes |
| MetaTrader 4 (MT4) | Yes | Yes |
| MetaTrader 5 (MT5) | No | Yes |
| DupliTrade | No | No |
| ZuluTrade | No | No |
| Charting - Indicators / Studies (Total) | 33 | 81 |
| Charting - Drawing Tools (Total) | 20 | 431 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 5 | 6 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
When it comes to mobile trading apps, both IG and OANDA offer solid options for iPhone and Android users. Both platforms allow traders to set stock and forex price alerts, ensuring users stay updated with market movements in real-time. However, IG offers a slight edge with its watchlist syncing feature that OANDA lacks; this allows traders to seamlessly integrate and update their watchlists between the mobile app and their online accounts.
For charting enthusiasts, IG provides 33 technical studies compared to OANDA's 30, giving users a bit more variety for in-depth analysis. Both apps support drawing trendlines and viewing charts in multiple time frames, and all drawings are autosaved. Users can create watchlists with real-time data on both apps. In terms of user satisfaction, IG shines with a 5-star rating and is ranked #1 in the Mobile Trading Apps category by ForexBrokers.com, while OANDA also boasts a 5-star rating but is ranked #7 among 62 brokers, making IG a leading choice for mobile trading.
| Feature |
IG
|
OANDA
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | Yes | No |
| Mobile Charting - Indicators / Studies | 33 | 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.
When comparing IG and OANDA for their offerings in market research, both online brokers provide a strong suite of resources for traders. IG and OANDA cater to daily market commentary needs and supply forex news from reputable sources like Bloomberg and Reuters. Each platform includes tools from Autochartist for enhanced technical and fundamental analysis. They also feature sentiment-based trading tools, depicting the ratio of long and short positions across different instruments, and they both offer comprehensive economic calendars to track global economic events.
However, IG sets itself apart by incorporating research from companies like TipRanks and Acuity Trading, while OANDA does not. Both omit tools from Trading Central. IG’s robust research offerings contribute to its perfect five-star rating for research, ranking it second out of 62 brokers on ForexBrokers.com, while OANDA, also rated five stars, is positioned at rank five. IG's additional research tools can provide an edge for traders seeking in-depth market insights.
| Feature |
IG
|
OANDA
|
|---|---|---|
| Daily Market Commentary | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | Yes | Yes |
| Trading Central (Recognia) | No | No |
| Social Sentiment - Currency Pairs | Yes | Yes |
| TipRanks | Yes | No |
| Signal Centre (Acuity Trading) | Yes | No |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
For those taking their first steps in the world of online trading, both IG and OANDA offer a comprehensive range of educational resources. Newcomers can benefit from a wide array of over ten educational materials focusing on forex or CFDs from each broker. These resources include articles, videos, and recorded webinars, all available to help beginners build a strong foundation. Additionally, both IG and OANDA provide monthly live online webinars and the convenience of a searchable archive of past sessions, allowing users to learn at their own pace.
Not only do IG and OANDA cater to beginners with a variety of educational videos, but they also extend their offerings to more seasoned traders through advanced video content. An investor dictionary with over 50 trading term definitions is available from both platforms, offering valuable insights into the trading world. While both brokers boast a perfect five-star education rating, IG holds the top rank in the education category by ForexBrokers.com, whereas OANDA ranks at the 22nd spot, giving IG a slight edge in the racing for educational excellence.
| Feature |
IG
|
OANDA
|
|---|---|---|
| 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 IG is better than OANDA. IG finished with an overall rank of #1, while OANDA finished with an overall rank of #12.
IG offers the ultimate comprehensive trading package, featuring excellent trading and research tools, industry-leading education, and an extensive range of tradeable markets.
| Feature |
IG
|
OANDA
|
|---|---|---|
| Overall Rating |
|
|
| Trust Score | 99 | 93 |
| Range of Investments |
|
|
| Commissions & Fees |
|
|
| Platform & Tools |
|
|
| Research |
|
|
| Mobile Trading |
|
|
| Education |
|
|
While both IG and OANDA provide options to trade cryptocurrency derivatives, only OANDA offers the ability to buy actual delivered cryptocurrency, whereas IG does not.
Both IG and OANDA offer flexible options for depositing or withdrawing account funds, including ACH, SEPA, PayPal, Visa, Mastercard, and bank wires; however, OANDA additionally supports Skrill, which IG does not.
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.
Select Brokers
↓×Compare
0 of 5| Overall Rating | IG | OANDA | |
|---|---|---|---|
| Overall Rating |
|
| |
| Commissions & Fees |
|
| |
| Range of Investments |
|
| |
| Platform & Tools |
|
| |
| Mobile Trading |
|
| |
| Research |
|
| |
| Education |
|
| |
| Trust Score | 99 | 93 | |
| Winner | check_circle | ||
| Review | IG Review | OANDA Review |
| Broker Screenshots | IG | OANDA | |
|---|---|---|---|
| Trading Platforms Gallery (click to expand) |
|
| |
| Mobile Trading Gallery (click to expand) |
|
| |
| Research Gallery (click to expand) |
|
| |
| Education Gallery (click to expand) |
|
|
| Regulation | IG | OANDA | |
|---|---|---|---|
| Trust Score | 99 | 93 | |
| Year Founded | 1974 | 1996 | |
| Publicly Traded (Listed) | Yes | No | |
| Bank | Yes | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes | |
| Tier-1 Licenses | 8 | 7 | |
| Tier-2 Licenses | 2 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 1 | 1 |
| Tier-1 Licenses (Highly Trusted) | IG | OANDA | |
|---|---|---|---|
| Australia (ASIC Authorised) | Yes | Yes | |
| Canada (CIRO Authorised) | No | Yes | |
| Hong Kong (SFC Authorised) | No | No | |
| Japan (SFC Authorised) | Yes | Yes | |
| Singapore (MAS Authorised) | Yes | Yes | |
| Switzerland (FINMA Authorised) | Yes | No | |
| United Kingdom (U.K.) (FCA Authorised) | Yes | Yes | |
| USA (CFTC Authorized) | Yes | Yes | |
| New Zealand (FMA Authorised) | Yes | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes |
| Tier-2 Licenses (Trusted) | IG | OANDA | |
|---|---|---|---|
| Kenya (CMA Authorised) | No | No | |
| Israel (ISA Authorised) | No | No | |
| South Africa (FSCA Authorised) | Yes | No | |
| UAE (DFSA/Central Bank Authorised) | Yes | No | |
| India (SEBI Authorised) | No | No | |
| Jordan (JSC Authorised) | No | No |
| Investments | IG | OANDA | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 19537 | 3928 | |
| Forex Pairs (Total) | 97 | 68 | |
| U.S. Stock Trading (Non CFD) | Yes | No | |
| Int'l Stock Trading (Non CFD) | Yes | No | |
| Social Trading / Copy Trading | No | Yes | |
| Cryptocurrency (Physical) | No | Yes | |
| 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 | IG | OANDA | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 0.98 | 1.61 | |
| All-in Cost EUR/USD - Active | 0.82 | 1.61 | |
| Active Trader or VIP Discounts | Yes | Yes | |
| Inactivity Fee | Yes | Yes | |
| Execution: Agency Broker | Yes | No | |
| Execution: Market Maker | Yes | Yes |
| Funding | IG | OANDA | |
|---|---|---|---|
| Minimum Deposit | £250.00 | $0 | |
| PayPal (Deposit/Withdraw) | Yes | Yes | |
| Skrill (Deposit/Withdraw) | No | Yes | |
| Visa/Mastercard (Credit/Debit) | Yes | Yes | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| ACH or SEPA Transfers | Yes | Yes |
| Trading Platforms | IG | OANDA | |
|---|---|---|---|
| Proprietary Platform | Yes | Yes | |
| Desktop Platform (Windows) | Yes | Yes | |
| Web Platform | Yes | Yes | |
| Social Trading / Copy Trading | No | Yes | |
| MetaTrader 4 (MT4) | Yes | Yes | |
| MetaTrader 5 (MT5) | No | Yes | |
| cTrader | No | No | |
| DupliTrade | No | No | |
| ZuluTrade | No | No |
| Trading Tools | IG | OANDA | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Alerts - Basic Fields | Yes | Yes | |
| Watchlists - Total Fields | 5 | 6 | |
| Charting - Indicators / Studies (Total) | 33 | 81 | |
| Charting - Drawing Tools (Total) | 20 | 431 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | IG | OANDA | |
|---|---|---|---|
| Android App | Yes | Yes | |
| Apple iOS App | Yes | Yes | |
| Mobile Alerts - Basic Fields | Yes | Yes | |
| Mobile Watchlist | Yes | Yes | |
| Watchlist Syncing | Yes | No | |
| Mobile Charting - Indicators / Studies | 33 | 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 | IG | OANDA | |
|---|---|---|---|
| Daily Market Commentary | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | Yes | Yes | |
| Trading Central (Recognia) | No | No | |
| TipRanks | Yes | No | |
| Social Sentiment - Currency Pairs | Yes | Yes | |
| Economic Calendar | Yes | Yes |
| Education | IG | OANDA | |
|---|---|---|---|
| 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 | IG | OANDA | |
|---|---|---|---|
| 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 | IG Review | OANDA Review |
| Overall | IG | OANDA | |
|---|---|---|---|
| Overall Rating |
|
| |
| Commissions & Fees |
|
| |
| Range of Investments |
|
| |
| Platform & Tools |
|
| |
| Mobile Trading |
|
| |
| Research |
|
| |
| Education |
|
| |
| Trust Score | 99 | 93 | |
| Winner | check_circle | ||
| Review | IG Review | OANDA Review |
IG
CMC Markets
FOREX.com
XTB
eToro
AvaTrade
Plus500
Pepperstone
FP Markets
Tickmill