Written by ForexBrokers.com
In this head to head comparison of OANDA vs IronFX, 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, holds a strong position in online trading with a ForexBrokers.com Trust Score of 93, indicating a high level of trust. This broker is not publicly traded nor a bank, but it boasts an impressive seven Tier-1 licenses, which are highly regarded by ForexBrokers.com for their trustworthiness. These factors contribute to OANDA's solid reputation among traders who value regulatory compliance and reliability.
In comparison, IronFX entered the market in 2010 and has a ForexBrokers.com Trust Score of 83, which places it in the trusted category. Like OANDA, IronFX is neither publicly traded nor a bank. However, it holds three Tier-1 licenses, suggesting a reasonable level of regulatory trust. While both brokers have positive trust scores, OANDA edges out with more Tier-1 licenses and a higher trust rating, making it a preferable choice for those focused on regulatory assurance.
| Feature |
OANDA
|
IronFX
|
|---|---|---|
| Year Founded | 1996 | 2010 |
| Publicly Traded (Listed) | No | No |
| Bank | No | No |
| Tier-1 Licenses | 7 | 3 |
| Tier-2 Licenses | 0 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 1 | 1 |
When comparing OANDA and IronFX on their commissions and fees, it's evident that both brokers have their unique strengths and areas for improvement. OANDA is known for its automated execution, though it is not necessarily a discount broker. The forex trading costs at OANDA are noted to be on the higher side due to hefty spreads in both its default and core pricing models. On the other hand, IronFX also has room for improvement as its spreads appear higher than the industry average. Their Standard variable spread account lists a typical spread of 1.8 pips, but details like the date range are not specified, and the spreads vary across different account types.
OANDA's core pricing offers lower spreads with a commission of $5 per $100,000 of currency traded, which is roughly $10 for a round trip on a standard lot. This structure requires a $10,000 minimum deposit. With this core pricing, the all-in cost can be slightly better than the commission-free option and might appeal to traders focusing on cost efficiency. For IronFX, their zero fixed-spread account starts with no spread but charges an $18 per lot commission, with spreads widening to 3 pips overnight, which could be a significant consideration for traders planning overnight trades.
Both brokers have received a 4-star rating out of 5 for their commissions and fees. However, in terms of ranking, OANDA holds the 34th position while IronFX is ranked 47th out of 62 brokers according to ForexBrokers.com. This suggests that although both brokers have similar ratings, OANDA is slightly better positioned in the market compared to IronFX in this specific category.
| Feature |
OANDA
|
IronFX
|
|---|---|---|
| Minimum Deposit | $0 | $50 |
| Average Spread EUR/USD - Standard | 1.61 | 1.2 |
| All-in Cost EUR/USD - Active | 1.61 | N/A |
| Active Trader or VIP Discounts | Yes | Yes |
| ACH or SEPA Transfers | Yes | No |
| PayPal (Deposit/Withdraw) | Yes | No |
| 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 it comes to the range of investments, OANDA and IronFX both facilitate forex trading using CFDs or spot contracts. However, OANDA shines with an extensive selection of 3,928 tradeable symbols, while IronFX offers 340. In terms of forex pairs, IronFX offers a bit more variety with 83 pairs compared to OANDA's 68. Neither platform provides the option to invest in exchange-traded securities on U.S. or international exchanges. This means stocks like Apple or Vodafone aren't directly available for purchase on either platform.
Both OANDA and IronFX enable copy trading, though they differ significantly in cryptocurrency offerings. OANDA allows direct cryptocurrency purchases in addition to cryptocurrency derivatives, whereas IronFX only supports trading in cryptocurrency derivatives. As a result, OANDA scores 4 stars and ranks 27th out of 62 brokers for its range of investments, while IronFX earns 3.5 stars and is ranked 51st. These differences make OANDA a preferable choice for those seeking broader investment options, particularly in cryptocurrencies and tradeable symbols overall.
| Feature |
OANDA
|
IronFX
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 3928 | 340 |
| Forex Pairs (Total) | 68 | 83 |
| U.S. Stock Trading (Non CFD) | No | No |
| Int'l Stock Trading (Non CFD) | No | No |
| 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.
When it comes to trading platforms and tools, both OANDA and IronFX offer a suite of features to cater to their users, but there are key differences that set them apart. OANDA supports a proprietary platform, which is an in-house development, offering traders a tailored experience. In addition to its proprietary option, OANDA provides access to MetaTrader 4 (MT4) and MetaTrader 5 (MT5), making it versatile for traders familiar with these popular platforms. Both brokers offer demo accounts for simulated trading, windows-based desktop platforms, and web-based trading options, allowing traders flexibility in how they operate. Furthermore, they both support copy trading, enabling traders to mirror the trades of experienced investors. However, IronFX does not offer a proprietary platform and is limited to MT4 only.
Charting tools differ notably between the two brokers. OANDA provides an impressive array of 431 drawing tools for charting, significantly more than the 15 offered by IronFX, which might appeal to traders who rely heavily on technical analysis. Additionally, OANDA enables direct trading from stock charts and offers six columns for watch lists, slightly less than the seven columns from IronFX. In terms of ratings, OANDA scores slightly higher with a four-star rating for trading platforms and tools, whereas IronFX earns 3.5 stars. This superior rating is reflected in their rankings by ForexBrokers.com, where OANDA is positioned at #16 out of 62 brokers, compared to IronFX's #60 ranking, indicating a stronger overall performance in this category.
| Feature |
OANDA
|
IronFX
|
|---|---|---|
| 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 | No |
| DupliTrade | No | No |
| ZuluTrade | No | No |
| 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.
When comparing the mobile trading apps of OANDA and IronFX, both platforms provide apps for iPhone and Android users, ensuring accessibility regardless of the device. Both brokers offer stock and forex price alerts and the capability to draw trendlines and view multiple time frames on their mobile charts. Despite their similarities in offering 30 technical studies and real-time quote watchlists, neither OANDA nor IronFX provides watchlist symbol syncing, meaning changes on mobile won't automatically transfer to a client's online account.
However, a closer look at user ratings and rankings reveals a noticeable difference. OANDA's mobile app boasts a 5-star rating and ranks 7th out of 62 brokers in the Mobile Trading Apps category by ForexBrokers.com. In contrast, IronFX's mobile app has a 3.5-star rating and ranks 61st, showing room for improvement in user satisfaction and overall app experience. With OANDA's highly-rated app features and user-friendly interface, traders are more likely to find a smoother and more satisfying experience compared to IronFX.
| Feature |
OANDA
|
IronFX
|
|---|---|---|
| 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.
When comparing OANDA and IronFX for market research features, both brokers excel in delivering daily market commentary and providing forex news from top-tier sources like Bloomberg and Reuters. OANDA stands out with its access to Autochartist for technical and fundamental analysis tools, while IronFX shines by offering tools from Trading Central. However, OANDA provides a sentiment-based trading tool that reveals the ratio of long or short positions across currency pairs, a feature IronFX lacks. Both platforms offer economic calendars to track global news events.
In terms of overall research quality, OANDA earns a perfect 5-star rating, placing it at an impressive 5th position out of 62 brokers according to ForexBrokers.com. In contrast, IronFX receives a 4-star rating, which positions it at 28th in the same ranking. Despite their respective strengths, neither broker offers market research from companies like TipRanks or Acuity Trading. Ultimately, OANDA takes a slight lead with its superior research offerings and higher rating, appealing to those prioritizing detailed analytical tools.
| Feature |
OANDA
|
IronFX
|
|---|---|---|
| Daily Market Commentary | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | Yes | No |
| Trading Central (Recognia) | No | Yes |
| Social Sentiment - Currency Pairs | Yes | No |
| TipRanks | No | No |
| Signal Centre (Acuity Trading) | No | No |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
When comparing OANDA and IronFX for their educational resources available to beginners in the trading world, both brokers offer a solid collection of more than ten educational pieces, such as articles, videos, and archived webinars related to forex and CFDs. However, OANDA sets itself apart by providing monthly online educational webinars, a feature not available with IronFX. Both platforms do provide a searchable archive of recorded webinars that can be a valuable resource for ongoing learning. Further enhancing its appeal, OANDA also offers a more extensive range of educational videos for both beginners and advanced traders, unlike IronFX, which lacks advanced video content.
Both OANDA and IronFX offer investor dictionaries with definitions for over 50 investing terms, making it easier for beginners to navigate financial jargon. However, OANDA's educational offerings earn a higher praise with a 5-star rating compared to IronFX's 4-star rating. In the ForexBrokers.com rankings for the education category, OANDA is placed at #22 out of 62 brokers, whereas IronFX is positioned further down the list at #44. This indicates a more comprehensive and accessible educational platform provided by OANDA for those new to trading.
| Feature |
OANDA
|
IronFX
|
|---|---|---|
| Education (Forex or CFDs) | Yes | Yes |
| Client Webinars | Yes | No |
| Client Webinars (Archived) | Yes | Yes |
| Videos - Beginner Trading Videos | Yes | Yes |
| Videos - Advanced Trading Videos | Yes | No |
| 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 IronFX. OANDA finished with an overall rank of #12, while IronFX finished with an overall rank of #48.
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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IronFX
|
|---|---|---|
| Overall Rating |
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| Trust Score | 93 | 83 |
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OANDA stands out by offering the option to buy both actual delivered cryptocurrencies and cryptocurrency derivatives, while IronFX only provides the ability to purchase cryptocurrency derivatives, not the actual cryptocurrencies themselves.
OANDA offers a more versatile range of funding options, including ACH, SEPA, PayPal, Skrill, Visa/Mastercard, and bank wires, compared to IronFX, which supports Skrill, Visa/Mastercard, and bank wires, but lacks ACH, SEPA, and PayPal 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 | IronFX | |
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| Trust Score | 93 | 83 | |
| Winner | check_circle | ||
| Review | OANDA Review |
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| Regulation | OANDA | IronFX | |
|---|---|---|---|
| Trust Score | 93 | 83 | |
| Year Founded | 1996 | 2010 | |
| Publicly Traded (Listed) | No | No | |
| Bank | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes | |
| Tier-1 Licenses | 7 | 3 | |
| Tier-2 Licenses | 0 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 1 | 1 |
| Tier-1 Licenses (Highly Trusted) | OANDA | IronFX | |
|---|---|---|---|
| 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 | Yes | |
| 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 | IronFX | |
|---|---|---|---|
| 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 | IronFX | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 3928 | 340 | |
| Forex Pairs (Total) | 68 | 83 | |
| U.S. Stock Trading (Non CFD) | No | No | |
| Int'l Stock Trading (Non CFD) | No | No | |
| 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 | IronFX | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 1.61 | 1.2 | |
| All-in Cost EUR/USD - Active | 1.61 | N/A | |
| Active Trader or VIP Discounts | Yes | Yes | |
| Inactivity Fee | Yes | No | |
| Execution: Agency Broker | No | Yes | |
| Execution: Market Maker | Yes | Yes |
| Funding | OANDA | IronFX | |
|---|---|---|---|
| Minimum Deposit | $0 | $50 | |
| PayPal (Deposit/Withdraw) | Yes | No | |
| 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 | IronFX | |
|---|---|---|---|
| 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 | No | |
| cTrader | No | No | |
| DupliTrade | No | No | |
| ZuluTrade | No | No |
| Trading Tools | OANDA | IronFX | |
|---|---|---|---|
| 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 | IronFX | |
|---|---|---|---|
| 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 | IronFX | |
|---|---|---|---|
| Daily Market Commentary | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | Yes | No | |
| Trading Central (Recognia) | No | Yes | |
| TipRanks | No | No | |
| Social Sentiment - Currency Pairs | Yes | No | |
| Economic Calendar | Yes | Yes |
| Education | OANDA | IronFX | |
|---|---|---|---|
| Education (Forex or CFDs) | Yes | Yes | |
| Client Webinars | Yes | No | |
| Client Webinars (Archived) | Yes | Yes | |
| Videos - Beginner Trading Videos | Yes | Yes | |
| Videos - Advanced Trading Videos | Yes | No | |
| Investor Dictionary (Glossary) | Yes | Yes |
| Major Forex Pairs | OANDA | IronFX | |
|---|---|---|---|
| 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 |
| Overall | OANDA | IronFX | |
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| Trust Score | 93 | 83 | |
| Winner | check_circle | ||
| Review | OANDA Review |
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