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 comes out cheaper overall, while OANDA charges more in day‑to‑day trading costs. IC Markets earns 5/5 stars and ranks #5 of 63 brokers for Commissions & Fees, thanks to very low effective spreads and a low deposit requirement for its commission-based accounts. OANDA earns 4/5 stars and ranks #30 of 63; it isn’t a discount broker, but it does deliver automated execution across its account lineup.
OANDA’s pricing: the average spread on EUR/USD under its default (commission-free) pricing was 1.61 pips in July 2024. Its Core Pricing option lowers the spread but adds a commission of $5 per side per $100,000 traded (about $10 per round turn), with a $10,000 minimum deposit. Using OANDA’s own example, if the default spread is 1.6 pips and Core spread is 0.4 pips, the commission adds about 1 pip, bringing the all-in to roughly 1.4 pips—slightly better than default. OANDA also allows trading as small as 1 unit, offers volume-based rebates of $5–$17 per million in select regions, and publishes trailing average spreads (though not fixed-period averages), which can make direct comparisons tricky.
IC Markets’ pricing: three accounts are available—Standard (spread only), Raw Spread (MT4/MT5), and cTrader Raw Spread. The cTrader Raw Spread account charges $3.00 per side per 100,000 units ($6 round turn), while the MetaTrader Raw Spread is $3.50 per side ($7 round turn). IC Markets lists an average EUR/USD spread of 0.02 pips (Aug 2022); after adding commission, the all-in comes to about 0.62 pips on cTrader or 0.72 pips on MetaTrader. The commission-free Standard account averages about 0.62 pips on EUR/USD. IC Markets also offers active-trader discounts above 100 standard lots per month and supports multiple regulatory entities (EU, Australia, Seychelles), which can affect pricing.
| Feature |
OANDA
|
IC Markets
|
|---|---|---|
| Minimum Deposit | $0 | $200 |
| Average spread (EUR/USD) - Standard account | 1.68 | 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 vs IC Markets: both let you trade forex as CFDs or spot contracts and support copy trading. OANDA lists 4,172 tradable instruments with 69 forex pairs, while IC Markets offers 3,583 instruments with 61 pairs. If sheer choice matters, OANDA edges out IC Markets in both total symbols and currency pairs.
Securities and crypto access differ. OANDA lets clients buy exchange-traded shares on U.S. exchanges and on international markets, and it supports both real (delivered) crypto and crypto CFDs. IC Markets provides exchange-traded shares on select international exchanges but not U.S. markets, and it offers crypto only via CFDs. For Range of Investments, ForexBrokers.com rates OANDA 4 stars and IC Markets 4.5 stars; the site ranks OANDA #20 and IC Markets #22 out of 63 brokers.
| 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.
OANDA and IC Markets both make it easy to get started, thanks to free demo (paper) accounts. Each offers a Windows desktop download and a web platform, plus support for MetaTrader 4 (MT4) and MetaTrader 5 (MT5). You can copy trade and place orders straight from charts with either broker, giving you flexible ways to test ideas and manage trades.
The key difference is that OANDA also has a proprietary, in-house platform, while IC Markets relies on third-party platforms. If you want a broker-designed experience alongside MetaTrader, OANDA has the edge; if you prefer sticking with MetaTrader, either will do. According to ForexBrokers.com, both earn 4 out of 5 stars for Trading Platforms and Tools, with OANDA ranked #16 out of 63 brokers and IC Markets close behind at #17.
| 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.
When it comes to market research, both OANDA and IC Markets deliver the essentials traders look for. Each broker provides daily market commentary, real-time forex news from top sources like Bloomberg or Reuters, an economic calendar, sentiment tools that show long vs. short positioning, and popular chart pattern scanning via Autochartist. Neither broker includes TipRanks or Acuity Trading tools. One key difference: IC Markets also offers Trading Central, while OANDA does not.
In independent ratings, OANDA earns 5 stars for Research and ranks #4 out of 63 brokers on ForexBrokers.com, while IC Markets earns 4 stars and ranks #21. If overall research quality and ranking matter most, OANDA has the edge. If you specifically want Trading Central alongside Autochartist, IC Markets is the better fit.
| 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.
OANDA and IC Markets both deliver strong forex and CFD education for beginners. Each broker offers well over the minimum benchmark of 10 educational pieces, including articles, videos, and archived webinars. They both run live client webinars at least once a month and provide at least 10 beginner-focused videos that explain trading basics in plain language. As your skills grow, you’ll also find at least 10 advanced videos at each broker to help you move beyond the fundamentals.
When it comes to third-party recognition, OANDA is rated 5 stars for Education, while IC Markets earns 4 stars. However, in ForexBrokers.com’s Education rankings out of 63 brokers, IC Markets sits at #16 and OANDA at #18. For new traders comparing OANDA vs IC Markets, both are excellent choices for learning the ropes—OANDA edges ahead on star rating, while IC Markets places slightly higher in the 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 #13, while IC Markets finished with an overall rank of #21.
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
|
IC Markets
|
|---|---|---|
| Overall Rating |
|
|
| Trust Score | 93 | 84 |
| Range of Investments |
|
|
| Trading Fees |
|
|
| Trading Platforms |
|
|
| Research |
|
|
| Mobile Trading |
|
|
| Education |
|
|
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.
Select Brokers
↓×Compare
0 of 5| Overall Rating | OANDA | IC Markets | |
|---|---|---|---|
| Overall Rating |
|
| |
| Trading Fees |
|
| |
| Range of Investments |
|
| |
| Trading Platforms |
|
| |
| Mobile Trading |
|
| |
| Research |
|
| |
| Education |
|
| |
| Trust Score | 93 | 84 | |
| Winner | check_circle | ||
| Review | OANDA Review | IC Markets Review |
| Broker Screenshots | OANDA | IC Markets | |
|---|---|---|---|
| Broker Gallery (click to expand) |
|
|
| 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 | 1.68 | 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 | |
|---|---|---|---|
| Overall Rating |
|
| |
| Trading Fees |
|
| |
| Range of Investments |
|
| |
| Trading Platforms |
|
| |
| Mobile Trading |
|
| |
| Research |
|
| |
| Education |
|
| |
| Trust Score | 93 | 84 | |
| Winner | check_circle | ||
| Review | OANDA Review | IC Markets Review |
IG
CMC Markets
FOREX.com
XTB
eToro
AvaTrade
Pepperstone
FP Markets
Tickmill