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 |
Comparing commissions and fees, IC Markets generally comes out cheaper than OANDA. IC Markets earns 5 stars and ranks #5 out of 63 brokers for Commissions & Fees, thanks to very low effective spreads and competitive commission-based accounts. OANDA earns 4 stars and ranks #35 out of 63, with pricing that tends to be higher than top low-cost brokers. OANDA’s strengths include automated trade execution and exceptionally small trade sizes, which can help newer or precision-focused traders.
OANDA’s default (commission-free) spreads are on the higher side; for example, the average EUR/USD spread was 1.61 pips in July 2024. Its Core Pricing lowers the spread but adds a commission of $5 per side per $100,000 traded ($10 round turn) and requires a $10,000 minimum deposit. In a typical scenario, a 1.6-pip default spread versus a 0.4-pip Core spread plus a 1.0-pip commission equivalent results in a 1.4-pip all-in cost—slightly better than default pricing. OANDA also allows trading from 1 unit (0.001 micro lot), offers volume rebates of $5–$17 per million for active traders, and publishes trailing average spreads for added transparency.
IC Markets offers three account types: a commission-free Standard account and two commission-based Raw Spread options (cTrader or MetaTrader). The cTrader Raw Spread account charges $3.0 per side per 100,000 units ($6 round turn), while the MetaTrader Raw Spread charges $3.5 per side ($7 round turn). IC Markets lists an average EUR/USD spread of 0.02 pips (Aug 2022); after adding the commission equivalent, the all-in cost is about 0.62 pips on cTrader or 0.72 pips on MetaTrader—both competitive. The Standard account averages about 0.62 pips with no commission, and active traders who exceed 100 standard lots per month can qualify for discounts. IC Markets also earned Best in Class honors for Commissions & Fees in 2024.
| Feature |
OANDA
|
IC Markets
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|---|---|---|
| Minimum Deposit | $0 | $200 |
| Average spread (EUR/USD) - Standard account | 1.69 | 0.62 |
| All-in Cost EUR/USD - Active | 1.69 | 0.62 |
| Non-wire bank transfer | Yes | No |
| PayPal (Deposit/Withdraw) | Yes | Yes |
| Skrill (Deposit/Withdraw) | Yes | Yes |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
OANDA and IC Markets both let you trade forex either as CFDs or via spot contracts. OANDA lists 4,172 tradable instruments and 69 currency pairs, giving it a slightly larger catalog than IC Markets, which offers 3,583 symbols and 61 forex pairs. Both also support copy trading, so you can mirror strategies from other traders.
In shares and crypto, the choices differ. OANDA lets clients buy exchange-traded stocks on U.S. and international exchanges, and offers both real (delivered) cryptocurrency and crypto CFDs. IC Markets provides international exchange-traded stocks but not U.S.-listed shares, and supports crypto only through CFDs, not actual coins. Despite OANDA’s broader mix in stocks and crypto, IC Markets earns a slightly higher Range of Investments score from ForexBrokers.com (4.5 stars, ranked 26th of 63) compared with OANDA (4 stars, ranked 28th). IC Markets is appealing for CFD-focused traders, while OANDA suits investors who also want access to U.S. shares and real crypto.
| Feature |
OANDA
|
IC Markets
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 4172 | 3583 |
| Forex Pairs (Total) | 69 | 61 |
| U.S. Stocks (Shares) | Yes | No |
| Global Stocks (Non-U.S. Shares) | Yes | Yes |
| Copy Trading | Yes | Yes |
| Cryptocurrency (Underlying) | Yes | No |
| Cryptocurrency (CFDs) | 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.
Comparing OANDA vs IC Markets for trading platforms and tools, both brokers offer free demo (paper) accounts, web platforms, Windows desktop downloads, copy trading, and support for MetaTrader 4 (MT4) and MetaTrader 5 (MT5). The key difference is that OANDA also provides its own proprietary platform, while IC Markets sticks to third‑party options. Both let you place trades directly from charts, which can help with timing entries and exits.
On overall platform quality, each earns 4 out of 5 stars. In ForexBrokers.com’s rankings for Trading Platforms and Tools, OANDA comes in at #15 out of 63 brokers, just ahead of IC Markets at #16. Exact counts for chart indicators and watchlist fields aren’t specified here and may vary by platform version, but if you want an in‑house platform alongside MetaTrader, OANDA has the edge; if you prefer focusing on MetaTrader, IC Markets fits the bill.
| Feature |
OANDA
|
IC Markets
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Desktop Trading Platform | Yes | No |
| Desktop Platform (Windows) | Yes | Yes |
| Web Platform | Yes | Yes |
| Copy Trading | Yes | Yes |
| MetaTrader 4 (MT4) | Yes | Yes |
| MetaTrader 5 (MT5) | Yes | Yes |
| Charting - Indicators / Studies (Total) | 89 | 30 |
| Charting - Trade From Chart | Yes | Yes |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
OANDA and IC Markets both offer mobile trading apps for iPhone and Android, with the essentials covered for active forex traders. Each app supports price alerts, 30 technical studies for charting, the ability to draw trendlines, and automatic saving of chart drawings. One notable limitation is that neither broker syncs watchlists between the mobile app and the web platform, so changes made in one place won’t appear in the other.
Where they differ is in quality ratings. OANDA’s mobile app earns 5 stars and ranks #7 out of 63 brokers in ForexBrokers.com’s Mobile Trading Apps category, while IC Markets earns 4 stars and ranks #22. If top-tier mobile usability and features matter most, OANDA has the edge. If you already trade with IC Markets, you’ll still find capable charting and alerts, but keep in mind the lack of watchlist syncing on both platforms.
| Feature |
OANDA
|
IC Markets
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Price Alerts | Yes | Yes |
| Mobile Watchlists - Syncing | No | No |
| Mobile Charting - Indicators / Studies | 30 | 30 |
| Mobile Charting - Draw Trendlines | Yes | Yes |
| Mobile Charting - Trendlines Autosave | Yes | Yes |
Dive deeper: Best Forex Trading Apps.
Comparing OANDA vs IC Markets for market research, both brokers cover the essentials. Each provides daily market commentary, forex news from top-tier sources (such as Bloomberg or Reuters), Autochartist tools for technical ideas, a sentiment tool showing long/short ratios, and an economic calendar with upcoming events. Neither broker includes TipRanks or Acuity Trading (Signal Centre) content.
The key difference is Trading Central: IC Markets offers it, while OANDA does not. Even so, OANDA earns a higher research score overall—5 stars and ranked #4 out of 63 brokers by ForexBrokers.com—compared with IC Markets at 4 stars and #23. Choose OANDA if you want a top-rated research experience; pick IC Markets if Trading Central alongside Autochartist is a must-have for your workflow.
| Feature |
OANDA
|
IC Markets
|
|---|---|---|
| Daily Market Commentary (Articles) | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | Yes | Yes |
| Trading Central | No | Yes |
| Client sentiment data | Yes | Yes |
| TipRanks | No | No |
| Acuity Trading | No | No |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
New traders will find strong education at both OANDA and IC Markets. Each broker offers forex and CFD learning with a large library of materials, including monthly educational webinars and at least 10 beginner-focused videos. Both also provide 10+ advanced video lessons, giving you room to grow as your skills improve.
Ratings tilt toward OANDA (5 stars for Education) versus IC Markets (4 stars). However, on ForexBrokers.com’s Education ranking of 63 brokers, IC Markets sits at #16 while OANDA is #19. In short, beginners get quality paths at either broker—choose OANDA if you value the higher education rating, or IC Markets if you prefer a similar beginner lineup with a slightly better category ranking.
| Feature |
OANDA
|
IC Markets
|
|---|---|---|
| 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 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
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| Trust Score | 93 | 84 |
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OANDA vs IC Markets: OANDA lets you buy actual (delivered) cryptocurrencies and trade crypto CFDs, while IC Markets only offers cryptocurrency CFDs and does not support purchasing real, delivered crypto.
Comparing OANDA vs IC Markets for deposits and withdrawals: OANDA supports ACH/SEPA, PayPal, Skrill, and bank wire transfers, while IC Markets does not support ACH/SEPA but does accept PayPal, Skrill, and bank wires.
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 | |
| Winner | check_circle | ||
| 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 (FSA Authorised) | Yes | No | |
| Singapore (MAS Authorised) | Yes | No | |
| Switzerland (FINMA Authorised) | |||
| 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) | |||
| Israel (ISA Authorised) | No | No | |
| South Africa (FSCA Authorised) | No | No | |
| UAE (DFSA, FSRA, or SCA Authorised) | No | No | |
| India (SEBI Authorised) | No | No | |
| Jordan (JSC Authorised) |
| Investments | OANDA | IC Markets | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 4172 | 3583 | |
| Forex Pairs (Total) | 69 | 61 | |
| U.S. Stocks (Shares) | Yes | No | |
| Global Stocks (Non-U.S. Shares) | Yes | Yes | |
| Copy Trading | Yes | Yes | |
| Cryptocurrency (Underlying) | Yes | No | |
| Cryptocurrency (CFDs) | 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 account | 1.69 | 0.62 | |
| All-in Cost EUR/USD - Active | 1.69 | 0.62 | |
| Inactivity Fee | Yes | No | |
| Order execution: Agency | No | Yes | |
| Order execution: Market Maker | Yes | Yes |
| Funding | OANDA | IC Markets | |
|---|---|---|---|
| Minimum Deposit | $0 | $200 | |
| PayPal (Deposit/Withdraw) | Yes | Yes | |
| Skrill (Deposit/Withdraw) | Yes | Yes | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| Non-wire bank transfer | Yes | No |
| Trading Platforms | OANDA | IC Markets | |
|---|---|---|---|
| Proprietary Desktop Trading Platform | Yes | No | |
| Desktop Platform (Windows) | Yes | Yes | |
| Web Platform | Yes | Yes | |
| Copy Trading | Yes | Yes | |
| MetaTrader 4 (MT4) | Yes | Yes | |
| MetaTrader 5 (MT5) | Yes | Yes | |
| cTrader | No | Yes |
| Trading Tools | OANDA | IC Markets | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Price Alerts | Yes | Yes | |
| Charting - Indicators / Studies (Total) | 89 | 30 | |
| 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 Price Alerts | Yes | Yes | |
| Mobile Watchlist [DELETED] | |||
| Mobile Watchlists - Syncing | No | No | |
| Mobile Charting - Indicators / Studies | 30 | 30 | |
| Mobile Charting - Draw Trendlines | Yes | Yes | |
| Mobile Charting - Trendlines Autosave | Yes | Yes | |
| Mobile Research - Economic Calendar | Yes | Yes |
| Research | OANDA | IC Markets | |
|---|---|---|---|
| Daily Market Commentary (Articles) | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | Yes | Yes | |
| Trading Central | No | Yes | |
| TipRanks | No | No | |
| Client sentiment data | Yes | Yes | |
| Economic Calendar | Yes | Yes |
| Education | OANDA | IC Markets | |
|---|---|---|---|
| Webinars | Yes | Yes | |
| Videos - Beginner Trading Videos | Yes | Yes | |
| Videos - Advanced Trading Videos | Yes | Yes |
| Major Forex Pairs | OANDA | IC Markets | |
|---|---|---|---|
| GBP/USD [DELETED] | |||
| USD/JPY [DELETED] | |||
| EUR/USD | Yes | Yes | |
| USD/CHF [DELETED] | |||
| USD/CAD [DELETED] | |||
| NZD/USD [DELETED] | |||
| AUD/USD [DELETED] | |||
| 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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