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
|
|---|---|---|
| Minimum Deposit | $0 | $200 |
| Average Spread EUR/USD - Standard | 1.69 | 0.62 |
| All-in Cost EUR/USD - Active | 1.69 | 0.62 |
| Active Trader or VIP Discounts [DELETED] | ||
| Non-wire bank transfer | 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.
Comparing OANDA vs IC Markets for range of investments: OANDA lists 4,172 tradeable symbols and 69 forex pairs, while IC Markets offers 3,583 symbols and 61 pairs. Both allow forex trading in CFD or spot form and support copy trading. OANDA stands out by letting clients buy exchange-traded shares directly on both U.S. and international exchanges, and by offering access to actual cryptocurrencies as well as crypto derivatives. IC Markets provides exchange-traded shares on international markets (not U.S.) and offers cryptocurrency derivatives, but not delivered coins.
Independent ratings reflect a close contest: OANDA earns 4/5 stars and ranks #28 of 63 for Range of Investments, while IC Markets scores 4.5/5 stars and ranks #26. Choose OANDA if you want more total symbols and forex pairs, plus the ability to own stocks and cryptocurrencies outright. Choose IC Markets if you’re focused on a wide CFD lineup and don’t need direct U.S. share dealing or delivered crypto.
| Feature |
OANDA
|
IC Markets
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 4172 | 3583 |
| Forex Pairs (Total) | 69 | 61 |
| U.S. Stock Trading (Non CFD) | Yes | No |
| Int'l Stock Trading (Non CFD) | Yes | 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.
OANDA and IC Markets both check key boxes for platform access and trading tools. Each broker offers a free demo account for practice, Windows desktop and web-based platforms, copy trading, and the ability to place trades directly from charts. Both also support MetaTrader 4 (MT4) and MetaTrader 5 (MT5). A key difference: OANDA provides a proprietary, in-house platform in addition to MT4/MT5, while IC Markets does not offer its own platform and focuses on third-party options. If you want an extra, broker-built platform alongside MetaTrader, OANDA has that path; if you prefer sticking with popular third-party platforms, IC Markets fits that preference.
In independent testing by ForexBrokers.com for Trading Platforms and Tools, both OANDA and IC Markets earned 4 stars. OANDA ranks #15 out of 63 brokers, with IC Markets close behind at #16. That puts the two brokers on very similar footing overall, leaving your choice to hinge on whether you value OANDA’s proprietary platform or IC Markets’ emphasis on established third-party platforms.
| Feature |
OANDA
|
IC Markets
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Desktop Trading 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 [DELETED] | ||
| ZuluTrade [DELETED] | ||
| Charting - Indicators / Studies (Total) | 89 | 30 |
| Charting - Drawing Tools (Total) [DELETED] | ||
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields [DELETED] |
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.
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 | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | Yes | Yes |
| Trading Central (Recognia) | No | Yes |
| Client sentiment data | Yes | Yes |
| TipRanks | No | No |
| Signal Centre (Acuity Trading) | No | No |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
If you’re new to forex and CFD trading and comparing OANDA vs IC Markets, both brokers make it easy to start learning. Each hosts monthly online webinars for clients and offers a large set of videos, including at least ten beginner-friendly lessons plus at least ten advanced videos. That combination helps you build confidence with the basics and then move into more complex strategies when you’re ready.
There are a few differences to note. Based on the provided data, OANDA earns a 5-star education score, while IC Markets earns 4 stars. That said, ForexBrokers.com ranks IC Markets #16 for Education and OANDA #19 out of 63 brokers. It wasn’t specified whether either broker offers a searchable archive of past webinars or an investor dictionary with 50+ terms.
| Feature |
OANDA
|
IC Markets
|
|---|---|---|
| Education (Forex or CFDs) | ||
| Webinars | Yes | Yes |
| Client Webinars (Archived) [DELETED] | ||
| Videos - Beginner Trading Videos | Yes | Yes |
| Videos - Advanced Trading Videos | Yes | Yes |
| Investor Dictionary (Glossary) [DELETED] |
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 | |
| Winner | check_circle | ||
| 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) | |||
| 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. Stock Trading (Non CFD) | Yes | No | |
| Int'l Stock Trading (Non CFD) | Yes | 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 | 1.69 | 0.62 | |
| All-in Cost EUR/USD - Active | 1.69 | 0.62 | |
| Active Trader or VIP Discounts [DELETED] | |||
| 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 | |
| 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 | |
| Social Trading / Copy Trading | Yes | Yes | |
| MetaTrader 4 (MT4) | Yes | Yes | |
| MetaTrader 5 (MT5) | Yes | Yes | |
| cTrader | No | Yes | |
| DupliTrade [DELETED] | |||
| ZuluTrade [DELETED] |
| Trading Tools | OANDA | IC Markets | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Alerts - Basic Fields | Yes | Yes | |
| Watchlists - Total Fields [DELETED] | |||
| Charting - Indicators / Studies (Total) | 89 | 30 | |
| Charting - Drawing Tools (Total) [DELETED] | |||
| 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 | |
| Client sentiment data | Yes | Yes | |
| Economic Calendar | Yes | Yes |
| Education | OANDA | IC Markets | |
|---|---|---|---|
| Education (Forex or CFDs) | |||
| Webinars | Yes | Yes | |
| Client Webinars (Archived) [DELETED] | |||
| Videos - Beginner Trading Videos | Yes | Yes | |
| Videos - Advanced Trading Videos | Yes | Yes | |
| Investor Dictionary (Glossary) [DELETED] |
| 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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