Written by ForexBrokers.com
In this head to head comparison of OANDA vs iFOREX, 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 and iFOREX both stepped into the online trading world in 1996. Neither of these brokers is publicly traded or operates as a bank. However, if you're looking for a highly trusted broker, their regulatory standing varies significantly. OANDA boasts an impressive seven Tier-1 licenses, which are the top-tier regulatory approvals, earning it a commendable Trust Score of 93 out of 99, according to ForexBrokers.com. This places OANDA in the highly trusted category, making it a strong contender for those emphasizing regulation.
iFOREX, on the other hand, holds just one Tier-1 license and carries a Trust Score of 75 out of 99. This score places it in the average risk category, reflecting a different level of regulatory approval compared to OANDA. While both brokers emerged at the same time and share some fundamental characteristics, their regulatory credentials and trust ratings reveal clear distinctions in their levels of reliability according to market standards.
| Feature |
OANDA
|
iFOREX
|
|---|---|---|
| Year Founded | 1996 | 1996 |
| Publicly Traded (Listed) | No | No |
| Bank | No | No |
| Tier-1 Licenses | 7 | 1 |
| Tier-2 Licenses | 0 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 1 | 1 |
When it comes to comparing OANDA and iFOREX on commissions and fees, OANDA emerges with a stronger reputation but also a more complex fee structure. OANDA is known for its high forex trading costs, with spreads that aren't the most competitive in the market. Their average spread for the EUR/USD pair, for example, was noted at 1.61 pips in mid-2024, which is relatively high compared to industry leaders. However, OANDA offers automated execution for its trades, offering a smoother trading experience for its users. It is rated 4 stars out of 5 for commissions and fees and is ranked #34 out of 63 brokers by ForexBrokers.com.
OANDA provides core pricing options, which feature lower spreads, but this comes at a cost of $5 per $100,000 worth of currency traded, equating to roughly $10 for a round-turn standard lot. This requires a $10,000 minimum deposit. Despite the additional commission, your total trading cost might be slightly reduced compared to default pricing. Micro lot trading is possible with OANDA, allowing trades as small as 1 unit, which significantly lowers the barrier for entry for casual traders. Lastly, OANDA rewards high-volume traders through its Elite Trader program, offering rebates and subscription reimbursements.
In contrast, iFOREX doesn’t provide detailed average spread data, making it harder to gauge the firm's overall cost competitiveness. This lack of transparency could be a consideration for potential clients looking to manage trading expenses. Rated 3 stars out of 5, iFOREX ranks lower at #61 out of 63 brokers according to ForexBrokers.com’s Commissions and Fees category, indicating higher trading costs or less favorable terms compared to OANDA. Therefore, traders looking for detailed cost information and strategic pricing might find OANDA more appealing, despite the relatively high fees.
| Feature |
OANDA
|
iFOREX
|
|---|---|---|
| Minimum Deposit | $0 | $100 |
| Average Spread EUR/USD - Standard | 1.61 | N/A |
| All-in Cost EUR/USD - Active | 1.61 | N/A |
| Active Trader or VIP Discounts | Yes | No |
| 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 the investment offerings of OANDA and iFOREX, both platforms provide forex trading through CFDs or spot contracts. OANDA boasts 3,928 tradeable symbols, while iFOREX offers a smaller selection with 750 symbols. For forex enthusiasts, OANDA enables trading with 68 different pairs, whereas iFOREX slightly edges ahead with 88 pairs available. Neither broker provides direct access to purchase exchange-traded securities on U.S. or international exchanges. However, when it comes to cryptocurrency, OANDA offers the flexibility to purchase both actual cryptocurrencies and derivatives, while iFOREX only provides options for crypto derivatives.
In terms of additional features, OANDA distinguishes itself by offering copy trading, a feature not available with iFOREX. These differences in offerings reflect in their ratings; OANDA holds a four-star rating for its range of investments, compared to iFOREX's 3.5 stars. Based on data from ForexBrokers.com, OANDA ranks 27th among 63 brokers for this category, outperforming iFOREX, which stands at 41st place. Overall, OANDA's broad range of symbols and diverse cryptocurrency options present a more comprehensive trading portfolio compared to iFOREX.
| Feature |
OANDA
|
iFOREX
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 3928 | 750 |
| Forex Pairs (Total) | 68 | 88 |
| U.S. Stock Trading (Non CFD) | No | No |
| Int'l Stock Trading (Non CFD) | No | No |
| Social Trading / Copy Trading | Yes | No |
| 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 comparing OANDA and iFOREX, both platforms stand out for different reasons. OANDA offers a comprehensive trading experience with its proprietary platform and MetaTrader 4 (MT4) and MetaTrader 5 (MT5) integration, ideal for traders seeking diverse options. Meanwhile, iFOREX provides its own proprietary web-based platform, but lacks desktop download capability and does not support MT4 or MT5. OANDA allows simulated trading through a free virtual demo account, a feature absent in iFOREX. Both platforms facilitate trading directly from stock charts, but OANDA also shines in copy trading, which iFOREX does not offer.
Additionally, OANDA surpasses iFOREX with a broader selection of drawing tools—431 compared to iFOREX's 25—enhancing the charting experience. While iFOREX offers more fields for watch lists, OANDA's versatility and additional features contribute to its higher ranking—#15 compared to iFOREX's #54 according to ForexBrokers.com. Both platforms boast a four-star rating for their trading platforms and tools, signifying their effectiveness in addressing traders' needs. Overall, OANDA appears the suitable choice for those requiring advanced tools and flexibility, while iFOREX caters to users who prioritize straightforward, web-based access.
| Feature |
OANDA
|
iFOREX
|
|---|---|---|
| Virtual Trading (Demo) | Yes | No |
| Proprietary Platform | Yes | Yes |
| Desktop Platform (Windows) | Yes | No |
| Web Platform | Yes | Yes |
| Social Trading / Copy Trading | Yes | No |
| MetaTrader 4 (MT4) | Yes | No |
| MetaTrader 5 (MT5) | Yes | No |
| DupliTrade | No | No |
| ZuluTrade | No | No |
| Charting - Indicators / Studies (Total) | 81 | 57 |
| Charting - Drawing Tools (Total) | 431 | 25 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 6 | 9 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
When comparing the mobile trading apps of OANDA and iFOREX, both platforms offer iPhone and Android apps, but their features vary significantly. OANDA stands out with its ability to provide stock or forex price alerts, a feature not available with iFOREX. Although neither platform supports watchlist symbol syncing, OANDA compensates with a wider range of technical studies, numbering 30, enhancing chart analysis capabilities. In contrast, iFOREX does not offer any technical studies. OANDA's app also supports drawing trendlines, viewing multiple time frames, and auto-saving chart drawings, offering a more comprehensive experience for traders. iFOREX, however, lacks these functionalities. Additionally, OANDA allows the creation of watchlists with real-time quotes, a feature missing in the iFOREX app.
In terms of user ratings, OANDA's mobile trading app shines with a perfect 5-star rating, compared to the 4-star rating received by iFOREX. This difference in user satisfaction is further reflected in their rankings by ForexBrokers.com, where OANDA holds an impressive 7th place out of 63 brokers, while iFOREX is ranked at 55. These distinctions underscore OANDA’s superior offering in terms of features and user experience, making it the more compelling choice for mobile trading enthusiasts. Overall, users seeking a more feature-rich and user-friendly mobile trading experience are likely to prefer OANDA over iFOREX.
| Feature |
OANDA
|
iFOREX
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | No |
| Watchlist Syncing | No | No |
| Mobile Charting - Indicators / Studies | 30 | N/A |
| Mobile Charting - Draw Trendlines | Yes | No |
| Mobile Charting - Multiple Time Frames | Yes | No |
| Mobile Charting - Drawings Autosave | Yes | No |
| Mobile Watchlist | Yes | No |
Dive deeper: Best Forex Trading Apps.
When it comes to market research, OANDA and iFOREX both provide traders with daily market commentary and access to economic calendars that highlight global news events. However, they differ significantly in the range and quality of research tools they offer. OANDA excels by including forex news from top-tier sources such as Bloomberg and Reuters, which iFOREX does not provide. Additionally, OANDA incorporates technical analysis tools from Autochartist, enhancing its research offerings. On the other hand, iFOREX stands out with tools from Trading Central, providing unique technical analytics not available with OANDA.
Both brokers offer sentiment-based trading tools, allowing traders to see the ratio of long or short positions across various instruments. However, neither OANDA nor iFOREX includes research tools from TipRanks or Acuity Trading. In terms of overall research quality, OANDA is more highly rated, receiving a 5-star research rating and ranking 5th out of 63 brokers by ForexBrokers.com. Meanwhile, iFOREX is rated at 3.5 stars and stands at the 48th position. This indicates that while both have solid offerings, OANDA's broader range of high-quality research tools places it ahead of iFOREX in this comparison.
| Feature |
OANDA
|
iFOREX
|
|---|---|---|
| Daily Market Commentary | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | No |
| Autochartist | Yes | No |
| 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, OANDA provides a more extensive offering compared to iFOREX. OANDA stands out by delivering a variety of over 10 educational materials that focus on Forex and CFDs, including articles, videos, and archived webinars. Additionally, OANDA hosts regular online webinars for clients and maintains a searchable archive of these sessions. This commitment is complemented by both beginner and advanced trading videos, ensuring learners of all levels have access to the information they need. Furthermore, OANDA offers an investor dictionary, helping traders understand over 50 essential investing terms.
On the other hand, iFOREX's educational resources are notably less comprehensive. Although iFOREX does provide beginner videos on trading topics, they fall short in offering the breadth of educational content that OANDA does. The lack of regular client webinars and an archive, along with the absence of a detailed investor dictionary and fewer advanced video resources, make learning for beginners a bit more challenging. This difference in educational material is reflected in their ratings: OANDA shines with a 5-star rating and ranks 22nd in education by ForexBrokers.com, while iFOREX is rated at 3.5 stars and ranks 53rd.
| Feature |
OANDA
|
iFOREX
|
|---|---|---|
| Education (Forex or CFDs) | Yes | No |
| Client Webinars | Yes | No |
| Client Webinars (Archived) | Yes | No |
| Videos - Beginner Trading Videos | Yes | Yes |
| Videos - Advanced Trading Videos | Yes | No |
| Investor Dictionary (Glossary) | Yes | No |
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 iFOREX. OANDA finished with an overall rank of #12, while iFOREX finished with an overall rank of #52.
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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iFOREX
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|---|---|---|
| Overall Rating |
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| Trust Score | 93 | 75 |
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OANDA enables users to purchase actual delivered cryptocurrency and offers cryptocurrency derivatives, whereas iFOREX only provides the option to trade cryptocurrency derivatives, not the actual cryptocurrency.
OANDA distinguishes itself from iFOREX by offering ACH and SEPA transfers for depositing and withdrawing funds, while both brokers support PayPal, Skrill, Visa or Mastercard, and bank wire 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 | iFOREX | |
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| Trust Score | 93 | 75 | |
| Winner | check_circle | ||
| Review | OANDA Review |
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| Regulation | OANDA | iFOREX | |
|---|---|---|---|
| Trust Score | 93 | 75 | |
| Year Founded | 1996 | 1996 | |
| Publicly Traded (Listed) | No | No | |
| Bank | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes | |
| Tier-1 Licenses | 7 | 1 | |
| Tier-2 Licenses | 0 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 1 | 1 |
| Tier-1 Licenses (Highly Trusted) | OANDA | iFOREX | |
|---|---|---|---|
| Australia (ASIC Authorised) | Yes | No | |
| 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 | iFOREX | |
|---|---|---|---|
| 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 | iFOREX | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 3928 | 750 | |
| Forex Pairs (Total) | 68 | 88 | |
| U.S. Stock Trading (Non CFD) | No | No | |
| Int'l Stock Trading (Non CFD) | No | No | |
| Social Trading / Copy Trading | Yes | No | |
| 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 | iFOREX | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 1.61 | N/A | |
| All-in Cost EUR/USD - Active | 1.61 | N/A | |
| Active Trader or VIP Discounts | Yes | No | |
| Inactivity Fee | Yes | No | |
| Execution: Agency Broker | No | No | |
| Execution: Market Maker | Yes | Yes |
| Funding | OANDA | iFOREX | |
|---|---|---|---|
| Minimum Deposit | $0 | $100 | |
| 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 | iFOREX | |
|---|---|---|---|
| Proprietary Platform | Yes | Yes | |
| Desktop Platform (Windows) | Yes | No | |
| Web Platform | Yes | Yes | |
| Social Trading / Copy Trading | Yes | No | |
| MetaTrader 4 (MT4) | Yes | No | |
| MetaTrader 5 (MT5) | Yes | No | |
| cTrader | No | No | |
| DupliTrade | No | No | |
| ZuluTrade | No | No |
| Trading Tools | OANDA | iFOREX | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | No | |
| Alerts - Basic Fields | Yes | No | |
| Watchlists - Total Fields | 6 | 9 | |
| Charting - Indicators / Studies (Total) | 81 | 57 | |
| Charting - Drawing Tools (Total) | 431 | 25 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | No |
| Mobile Trading | OANDA | iFOREX | |
|---|---|---|---|
| Android App | Yes | Yes | |
| Apple iOS App | Yes | Yes | |
| Mobile Alerts - Basic Fields | Yes | No | |
| Mobile Watchlist | Yes | No | |
| Watchlist Syncing | No | No | |
| Mobile Charting - Indicators / Studies | 30 | N/A | |
| Mobile Charting - Draw Trendlines | Yes | No | |
| Mobile Charting - Multiple Time Frames | Yes | No | |
| Mobile Charting - Drawings Autosave | Yes | No | |
| Mobile Economic Calendar | Yes | No |
| Research | OANDA | iFOREX | |
|---|---|---|---|
| Daily Market Commentary | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | No | |
| Autochartist | Yes | No | |
| Trading Central (Recognia) | No | Yes | |
| TipRanks | No | No | |
| Social Sentiment - Currency Pairs | Yes | Yes | |
| Economic Calendar | Yes | Yes |
| Education | OANDA | iFOREX | |
|---|---|---|---|
| Education (Forex or CFDs) | Yes | No | |
| Client Webinars | Yes | No | |
| Client Webinars (Archived) | Yes | No | |
| Videos - Beginner Trading Videos | Yes | Yes | |
| Videos - Advanced Trading Videos | Yes | No | |
| Investor Dictionary (Glossary) | Yes | No |
| Major Forex Pairs | OANDA | iFOREX | |
|---|---|---|---|
| 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 | iFOREX | |
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| Trust Score | 93 | 75 | |
| Winner | check_circle | ||
| Review | OANDA Review |
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