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 comparing OANDA and IC Markets, OANDA generally has higher trading costs due to its effective spreads, though it offers automated execution across all its accounts. For its default pricing, OANDA reports an average spread of 1.61 pips on the EUR/USD pair, with core pricing slightly more economical at about 1.4 pips, once commissions are included. OANDA also offers flexibility with trade sizes as low as 1 unit. Furthermore, active traders at OANDA can benefit from rebates and other perks within its Elite Trader program, although its pricing transparency could be improved. In terms of ratings, OANDA receives a commendable 4 out of 5 stars but is ranked #34 out of 63 brokers for commissions and fees by ForexBrokers.com.
IC Markets, on the other hand, tends to offer more competitive trading costs, often comparable to top brokers like IG and CMC Markets. With three account options—Standard, Raw Spread, and cTrader Raw Spread—IC Markets provides flexibility depending on your trading platform preference. The commission-based cTrader account comes with an all-in cost of about 0.62 pips on the EUR/USD, making it a favorable choice for cost-conscious traders, while the Standard account remains commission-free with an average spread of 0.62 pips. Active traders can receive discounts, enhancing its value further. IC Markets has earned a 5-star rating and holds an impressive #5 ranking from ForexBrokers.com for commissions and fees.
With OANDA offering robust automation and IC Markets providing low-cost trading, each broker has distinct advantages. OANDA is ideal for traders seeking automation perks and micro-lot trading, whereas IC Markets is better suited for those focused on minimizing trading costs. Despite both brokers having unique strengths, IC Markets’ superior rating and ranking highlight its position as a more cost-effective choice for many traders.
| 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 OANDA and IC Markets, both brokers share several similarities in their offerings, while maintaining distinct differences. For forex trading, both platforms provide opportunities to trade forex as CFDs or spot contracts. OANDA offers a slightly broader range with 68 forex pairs, whereas IC Markets provides 61. In terms of overall tradeable symbols, OANDA edges out with 3,928 symbols available compared to IC Markets' offering of 3,583, making OANDA slightly more versatile for traders interested in a wide variety of investments.
However, when it comes to trading international exchange-traded securities, IC Markets offers a unique advantage by allowing clients to buy shares on international exchanges, unlike OANDA. Both brokers support copy trading features and provide access to cryptocurrency derivatives. Interestingly, OANDA permits the buying of actual cryptocurrencies, a feature not available with IC Markets. Rating-wise, IC Markets holds a slight edge with a 4.5-star rating for its range of investments compared to OANDA's 4 stars. Additionally, in ForexBrokers.com's Range of Investments category, IC Markets is ranked 25th, narrowly surpassing OANDA's 27th position, reflecting a marginally more favorable reception from industry reviews.
| 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 cater to traders with a diverse set of platforms and tools, providing several options to meet different trading styles. Both brokers offer simulated trading through free virtual demo accounts, allowing users to practice and refine their strategies without financial risk. While OANDA provides its proprietary platform, alongside the popular MetaTrader 4 and MetaTrader 5, IC Markets focuses on MetaTrader offerings and additionally supports ZuluTrade for copy trading. Both brokers grant access to trading directly from stock charts and offer Windows-based desktop and web-based platforms, enhancing flexibility and accessibility for users.
Charting capabilities are crucial for technical analysis, and here OANDA stands out with a substantial 431 drawing tools, compared to IC Markets which offers 15. OANDA and IC Markets also have copy trading features, though through different integrations. Watch lists on OANDA can be customized with 6 columns, while IC Markets allows for 7 columns. Both receive a commendable 4-star rating for their trading platforms and tools, with OANDA ranked slightly higher at #15 and IC Markets at #16 out of 63 brokers, as evaluated by ForexBrokers.com. This makes both brokers strong contenders, offering a wealth of features to support diverse trading needs.
| 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.
When comparing the mobile trading apps of OANDA and IC Markets, both platforms offer iPhone and Android apps that cater to the needs of online traders. They provide essential features such as stock and forex price alerts, the ability to draw trendlines, and multiple time frame views on charts. Each platform allows you to create watchlists with real-time quotes and autosaves your chart drawings for easy access. However, both OANDA and IC Markets lack the ability to sync watchlist symbols between the mobile app and the online account.
OANDA and IC Markets each offer 30 technical studies for charting within their mobile apps, highlighting their commitment to providing comprehensive analytical tools. Despite these similarities, OANDA stands out with a mobile app rating of 5 stars compared to IC Markets' 4 stars. Furthermore, OANDA ranks 7th among 63 brokers in the Mobile Trading Apps category according to ForexBrokers.com, whereas IC Markets comes in at 22nd place. These rankings reflect a higher satisfaction level among OANDA users, making it a more favored option for mobile trading.
| 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.
When comparing the market research offerings of OANDA and IC Markets, both brokers stand out by providing daily market commentary and access to forex news from highly respected sources like Bloomberg and Reuters. They each include tools from Autochartist, which aids in technical and fundamental analysis, and both have sentiment-based trading tools that reveal long and short position ratios across various instruments. Additionally, both offer comprehensive economic calendars that update traders on global news events. However, IC Markets has a slight edge with access to Trading Central tools, which OANDA does not offer.
Despite this, OANDA earns a higher rating for research, securing 5 out of 5 stars and placing 5th among 63 brokers according to ForexBrokers.com. In contrast, IC Markets is rated 4 out of 5 stars in the same category, landing a 23rd place ranking. While both brokers excel in providing valuable research resources, OANDA’s broader recognition and higher ratings illustrate a stronger overall research offering in the eyes of industry evaluators.
| 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 it comes to educational resources for beginners, both OANDA and IC Markets provide comprehensive learning materials. They each offer over 10 pieces of educational content, like articles, videos, and archived webinars, which focus on forex and CFDs. Additionally, both brokers host at least one online educational webinar per month and maintain a searchable archive of past webinars, enhancing access to learning at your convenience. This ensures that new traders can develop their skills through a mix of live sessions and accessible recorded content.
Moreover, for those just starting, both OANDA and IC Markets offer at least 10 beginner-centric educational videos and the same number geared towards advanced traders. Each broker also provides an investor dictionary with over 50 investing terms, helping newcomers get up to speed with essential terminology. While both brokers excel in educational offerings, OANDA is rated slightly higher with 5 stars compared to IC Markets' 4-star rating in education. Interestingly, despite OANDA's higher star rating, IC Markets ranks at #16 while OANDA sits at #22 in ForexBrokers.com's education category ranking of 63 brokers. This nuanced distinction can guide beginners in selecting a broker that aligns with their learning preferences.
| 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 63 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 |
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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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