Written by ForexBrokers.com
In this head to head comparison of Interactive Brokers 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.
Interactive Brokers vs OANDA: Interactive Brokers, founded in 1977, is publicly traded (listed on a stock exchange), while OANDA, founded in 1996, is privately held. Neither company is a bank.
On ForexBrokers.com’s Trust Score (90-99 highly trusted; 80-89 trusted; 70-79 average risk; 60-69 high risk; below 59 not trusted), Interactive Brokers scores 99/99 and holds 8 Tier-1 and 2 Tier-2 licenses. OANDA scores 92/99 with 7 Tier-1 licenses and no Tier-2 licenses. Both are highly trusted, with Interactive Brokers offering slightly broader licensing coverage.
| Feature |
Interactive Brokers
|
OANDA
|
|---|---|---|
| Year Founded | 1977 | 1996 |
| Publicly Traded (Listed) | Yes | No |
| Bank | No | No |
| Tier-1 Licenses | 8 | 7 |
| Tier-2 Licenses | 2 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 0 | 1 |
Interactive Brokers generally comes out ahead on commissions and fees for forex traders, thanks to its low, commission-based pricing and strong execution model. It does not publish average forex spreads, which makes exact comparisons harder, but recent Q3 2024 data showed an average EUR/USD spread of 0.19 pips, with an estimated all-in cost of about 0.59 pips after commission. Fees start at 0.00002% of the U.S. dollar trade value per side, with a $2 minimum per order ($4 round turn), and can fall even lower for very active traders. Interactive Brokers is rated 5 stars and ranked #2 out of 36 brokers for commissions and fees.
OANDA is easier to use for very small trade sizes, but its forex pricing is usually higher than the lowest-cost brokers. Its default pricing had an average EUR/USD spread of 1.61 pips in July 2024, while its core pricing offers tighter spreads plus a $5 commission per $100,000 traded per side, with a $10,000 minimum deposit required. OANDA also stands out for allowing trades as small as 1 unit, which is helpful for beginners or smaller accounts. OANDA is rated 4 stars and ranked #30 out of 36 brokers for commissions and fees.
In simple terms, Interactive Brokers is the better choice if your main goal is lower trading costs, especially for standard-lot forex trading and higher volumes. OANDA may appeal more to traders who want tiny minimum trade sizes and straightforward platform access, but its overall costs are typically higher. For commissions and fees alone, Interactive Brokers offers the sharper pricing of the two.
| Feature |
Interactive Brokers
|
OANDA
|
|---|---|---|
| Minimum Deposit | $0 | $0 |
| Average spread (EUR/USD) - Standard account | 0.226 | 1.68 |
| All-in Cost EUR/USD - Active | 0.226 | 1.69 |
| Non-wire bank transfer | Yes | Yes |
| PayPal (Deposit/Withdraw) | No | Yes |
| Skrill (Deposit/Withdraw) | No | Yes |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
When it comes to range of investments, Interactive Brokers gives traders more choice overall than OANDA. Interactive Brokers offers about 8,500 tradeable symbols and 90 forex pairs, while OANDA offers around 4,172 symbols and 69 forex pairs. Both brokers let clients trade forex, buy exchange-traded securities on U.S. and international markets, and purchase actual cryptocurrency, so each provides access to a wide mix of markets.
The main differences show up in a few key areas. OANDA offers copy trading and cryptocurrency CFDs, while Interactive Brokers does not. Still, Interactive Brokers is rated higher for range of investments, with 5 out of 5 stars and a #1 ranking out of 36 brokers from ForexBrokers.com. OANDA scores 4.5 out of 5 stars and ranks #20, making Interactive Brokers the stronger choice for investors who want the widest selection.
| Feature |
Interactive Brokers
|
OANDA
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 8500 | 4172 |
| Forex Pairs (Total) | 90 | 69 |
| U.S. Stocks (Shares) | Yes | Yes |
| Global Stocks (Non-U.S. Shares) | Yes | Yes |
| Copy Trading | No | Yes |
| Cryptocurrency (Underlying) | Yes | Yes |
| Cryptocurrency (CFDs) | No | 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.
Interactive Brokers and OANDA both give traders a choice of paper trading, in-house platforms, desktop software for Windows, and browser-based trading, so each broker covers the main ways most people like to place trades. Both also let users trade directly from charts, which can make order entry faster and easier for active traders. In ForexBrokers.com’s Trading Platforms and Tools category, Interactive Brokers stands out with a 5-star rating and a #2 ranking out of 36 brokers, while OANDA is rated 4 stars and ranked #16.
Where OANDA has an edge is in flexibility for traders who want popular third-party tools, since it supports copy trading plus MetaTrader 4 and MetaTrader 5, while Interactive Brokers does not. That makes OANDA a better fit for traders who prefer MT4/MT5 or want to follow other traders, while Interactive Brokers may appeal more to those looking for a highly rated platform experience with strong built-in tools across desktop and web.
| Feature |
Interactive Brokers
|
OANDA
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Desktop Trading Platform | Yes | Yes |
| Desktop Platform (Windows) | Yes | Yes |
| Web Platform | Yes | Yes |
| Copy Trading | No | Yes |
| MetaTrader 4 (MT4) | No | Yes |
| MetaTrader 5 (MT5) | No | Yes |
| Charting - Indicators / Studies (Total) | 155 | 89 |
| Charting - Trade From Chart | Yes | Yes |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
Interactive Brokers and OANDA both offer mobile trading apps for iPhone and Android, and each includes stock or forex price alerts as well as the ability to draw trendlines on charts. Both apps are also highly rated, earning 5 out of 5 stars for mobile trading apps, but Interactive Brokers is ranked higher by ForexBrokers.com at #4 out of 36 brokers, compared with OANDA at #7. For traders who want tighter mobile-to-web continuity, Interactive Brokers also supports watchlist symbol syncing, while OANDA does not.
When it comes to charting tools, Interactive Brokers has a clear edge with 155 technical studies in its mobile app versus 30 at OANDA. OANDA does have one convenience advantage: chart drawings auto save in the app, while Interactive Brokers does not. In short, both apps cover the basics well, but Interactive Brokers is the better pick for deeper chart analysis and account syncing, while OANDA may appeal to users who value automatic saving of chart drawings.
| Feature |
Interactive Brokers
|
OANDA
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Price Alerts | Yes | Yes |
| Mobile Watchlists - Syncing | Yes | No |
| Mobile Charting - Indicators / Studies | 155 | 30 |
| Mobile Charting - Draw Trendlines | Yes | Yes |
| Mobile Charting - Trendlines Autosave | No | Yes |
Dive deeper: Best Forex Trading Apps.
Interactive Brokers and OANDA both give traders a strong set of market research tools, including daily market commentary, news from major sources like Bloomberg, Reuters, and Dow Jones, sentiment data, and an economic calendar with global events. Both brokers also earn a 5-star rating for research, with Interactive Brokers ranked #3 and OANDA ranked #4 out of 36 brokers by ForexBrokers.com, making them close competitors in this category.
The main difference is in the extras each broker offers. Interactive Brokers stands out with Trading Central, TipRanks, and Acuity Trading tools, while OANDA includes Autochartist instead. If you want more third-party research options and analysis tools, Interactive Brokers has the edge; if Autochartist matters more to you, OANDA may be the better fit.
| Feature |
Interactive Brokers
|
OANDA
|
|---|---|---|
| Daily Market Commentary (Articles) | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | No | Yes |
| Trading Central | Yes | No |
| Client sentiment data | Yes | Yes |
| TipRanks | Yes | No |
| Acuity Trading | Yes | No |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
When it comes to education for beginners, both Interactive Brokers and OANDA offer a lot to learn from. Each broker provides forex or CFDs education with at least 10 pieces of content, monthly educational webinars, and more than 10 beginner videos, along with advanced videos for experienced traders. Both also earn a 5-star Education rating, so either choice gives new traders access to a strong mix of learning tools.
The main difference is in how they rank. Interactive Brokers is ranked #1 out of 36 brokers for Education by ForexBrokers.com, while OANDA is ranked #18. That makes Interactive Brokers the stronger pick overall for educational support, especially for beginners who want a wide range of lessons, videos, and webinars to help them get started.
| Feature |
Interactive Brokers
|
OANDA
|
|---|---|---|
| Webinars | Yes | Yes |
| Videos - Beginner Trading Videos | Yes | Yes |
| Videos - Advanced Trading Videos | Yes | Yes |
Dive deeper: Best Forex Brokers for Beginners.
After testing 63 of the best forex brokers, our research and account testing finds that Interactive Brokers is better than OANDA. Interactive Brokers finished with an overall rank of #2, while OANDA finished with an overall rank of #13.
Interactive Brokers is a highly trusted multi-asset broker with an extensive offering of tradeable global markets. It delivers competitive fees and high-quality research and education, as well as a modern, institutional-grade trading platform suite.
| Feature |
Interactive Brokers
|
OANDA
|
|---|---|---|
| Overall Rating |
|
|
| Trust Score | 99 | 92 |
| Range of Investments |
|
|
| Trading Fees |
|
|
| Trading Platforms |
|
|
| Research |
|
|
| Mobile Trading |
|
|
| Education |
|
|
As online brokers, Interactive Brokers and OANDA both allow investors to buy actual (delivered) cryptocurrency, but only OANDA additionally offers cryptocurrency CFD trading, while Interactive Brokers does not.
Both Interactive Brokers and OANDA support ACH/SEPA transfers and bank wire deposits/withdrawals; OANDA additionally accepts PayPal and Skrill while Interactive Brokers does not, and Visa/Mastercard availability is not specified for either broker.
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 | Interactive Brokers | OANDA | |
|---|---|---|---|
| Overall Rating |
|
| |
| Trading Fees |
|
| |
| Range of Investments |
|
| |
| Trading Platforms |
|
| |
| Mobile Trading |
|
| |
| Research |
|
| |
| Education |
|
| |
| Trust Score | 99 | 92 | |
| Winner | check_circle | ||
| Review | Interactive Brokers Review | OANDA Review |
| Broker Screenshots | Interactive Brokers | OANDA | |
|---|---|---|---|
| Broker Gallery (click to expand) |
|
|
| Regulation | Interactive Brokers | OANDA | |
|---|---|---|---|
| Trust Score | 99 | 92 | |
| Year Founded | 1977 | 1996 | |
| Publicly Traded (Listed) | Yes | No | |
| Bank | No | 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 | 0 | 1 |
| Tier-1 Licenses (Highly Trusted) | Interactive Brokers | OANDA | |
|---|---|---|---|
| Australia (ASIC Authorised) | Yes | Yes | |
| Canada (CIRO Authorised) | Yes | Yes | |
| Hong Kong (SFC Authorised) | Yes | No | |
| Japan (FSA Authorised) | Yes | Yes | |
| Singapore (MAS Authorised) | Yes | Yes | |
| Switzerland (FINMA Authorised) | Yes | ||
| United Kingdom (U.K.) (FCA Authorised) | Yes | Yes | |
| USA (CFTC Authorized) | Yes | Yes | |
| New Zealand (FMA Authorised) | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes |
| Tier-2 Licenses (Trusted) | Interactive Brokers | OANDA | |
|---|---|---|---|
| Kenya (CMA Authorised) | |||
| Israel (ISA Authorised) | No | No | |
| South Africa (FSCA Authorised) | No | No | |
| UAE (DFSA, FSRA, or CMA Authorised) | Yes | No | |
| India (SEBI Authorised) | Yes | No | |
| Jordan (JSC Authorised) |
| Investments | Interactive Brokers | OANDA | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 8500 | 4172 | |
| Forex Pairs (Total) | 90 | 69 | |
| U.S. Stocks (Shares) | Yes | Yes | |
| Global Stocks (Non-U.S. Shares) | Yes | Yes | |
| Copy Trading | No | Yes | |
| Cryptocurrency (Underlying) | Yes | Yes | |
| Cryptocurrency (CFDs) | No | 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 | Interactive Brokers | OANDA | |
|---|---|---|---|
| Average spread (EUR/USD) - Standard account | 0.226 | 1.68 | |
| All-in Cost EUR/USD - Active | 0.226 | 1.69 | |
| Inactivity Fee | No | Yes | |
| Order execution: Agency | Yes | No | |
| Order execution: Market Maker | No | Yes |
| Funding | Interactive Brokers | OANDA | |
|---|---|---|---|
| Minimum Deposit | $0 | $0 | |
| PayPal (Deposit/Withdraw) | No | Yes | |
| Skrill (Deposit/Withdraw) | No | Yes | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| Non-wire bank transfer | Yes | Yes |
| Trading Platforms | Interactive Brokers | OANDA | |
|---|---|---|---|
| Proprietary Desktop Trading Platform | Yes | Yes | |
| Desktop Platform (Windows) | Yes | Yes | |
| Web Platform | Yes | Yes | |
| Copy Trading | No | Yes | |
| MetaTrader 4 (MT4) | No | Yes | |
| MetaTrader 5 (MT5) | No | Yes | |
| cTrader | No | No |
| Trading Tools | Interactive Brokers | OANDA | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Price Alerts | Yes | Yes | |
| Charting - Indicators / Studies (Total) | 155 | 89 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | Interactive Brokers | OANDA | |
|---|---|---|---|
| Android App | Yes | Yes | |
| Apple iOS App | Yes | Yes | |
| Mobile Price Alerts | Yes | Yes | |
| Mobile Watchlist [DELETED] | |||
| Mobile Watchlists - Syncing | Yes | No | |
| Mobile Charting - Indicators / Studies | 155 | 30 | |
| Mobile Charting - Draw Trendlines | Yes | Yes | |
| Mobile Charting - Trendlines Autosave | No | Yes | |
| Mobile Research - Economic Calendar | Yes | Yes |
| Research | Interactive Brokers | OANDA | |
|---|---|---|---|
| Daily Market Commentary (Articles) | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | No | Yes | |
| Trading Central | Yes | No | |
| TipRanks | Yes | No | |
| Client sentiment data | Yes | Yes | |
| Economic Calendar | Yes | Yes |
| Education | Interactive Brokers | OANDA | |
|---|---|---|---|
| Webinars | Yes | Yes | |
| Videos - Beginner Trading Videos | Yes | Yes | |
| Videos - Advanced Trading Videos | Yes | Yes |
| Major Forex Pairs | Interactive Brokers | OANDA | |
|---|---|---|---|
| GBP/USD [DELETED] | |||
| USD/JPY [DELETED] | |||
| EUR/USD | Yes | Yes | |
| USD/CHF [DELETED] | |||
| USD/CAD [DELETED] | |||
| NZD/USD [DELETED] | |||
| AUD/USD [DELETED] | |||
| Review | Interactive Brokers Review | OANDA Review |
| Overall | Interactive Brokers | OANDA | |
|---|---|---|---|
| Overall Rating |
|
| |
| Trading Fees |
|
| |
| Range of Investments |
|
| |
| Trading Platforms |
|
| |
| Mobile Trading |
|
| |
| Research |
|
| |
| Education |
|
| |
| Trust Score | 99 | 92 | |
| Winner | check_circle | ||
| Review | Interactive Brokers Review | OANDA Review |
IG
FOREX.com
CMC Markets
XTB
eToro
AvaTrade
Pepperstone
FP Markets
Tickmill