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 |
OANDA and iFOREX offer different structures when it comes to commissions and fees, each with its own advantages and cost implications. OANDA generally has steeper trading costs, characterized by higher effective spreads across its pricing models. Its main edge lies in its automated execution capacities. OANDA's forex trading fees, like the average non-core pricing at 1.61 pips on the EUR/USD pair, tend to be comparable to brokers like FOREX.com and FxPro, though they may be slightly higher than firms listing sub-pip spreads.
OANDA provides a core pricing option, which features lower spreads but includes a commission of $5 per $100,000 currency traded, translating to $10 per standard lot round trip. With a required $10,000 deposit, this option offers reduced all-in costs compared to default pricing. For instance, the core pricing EUR/USD spread is 1.4 pips when incorporating the effective commission, marginally less than the default rate. OANDA also caters to smaller trades with its micro lot size starting at just 1 unit, enhancing accessibility for new traders, and rewards high-volume traders with rebate programs in certain areas.
In comparison, iFOREX lacks published average spread data, which limits transparency in fees for potential clients. While OANDA enjoys a higher commission and fee rating of 4 out of 5 stars and is ranked 34 out of 62 brokers by ForexBrokers.com, iFOREX has a lower rating of 3 stars and a ranking of 60. Prospective users may find these rankings useful in evaluating their options based on fee structures and overall trading costs.
| 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 OANDA to iFOREX in terms of the range of investments available, it's clear that both platforms offer opportunities for forex trading through both CFDs and spot contracts. OANDA stands out by providing an impressive 3,928 tradeable symbols, while iFOREX offers 750 symbols. For those particularly interested in forex pairs, iFOREX comes ahead with 88 pairs compared to OANDA's 68. However, neither broker offers exchange-traded securities, such as buying shares of Apple or Vodafone on U.S. or international exchanges, which might be a consideration for traders looking to diversify into equities.
OANDA outshines iFOREX with additional features such as copy trading and the option to buy actual cryptocurrencies, on top of cryptocurrency derivatives. Meanwhile, iFOREX is limited to offering only cryptocurrency derivatives. In terms of recognition, OANDA's diverse offering earns it 4 stars for range of investments and a ranking of #27 out of 62 brokers by ForexBrokers.com. Conversely, iFOREX secures a 3.5-star rating and is positioned at #41, indicating a more limited selection in comparison.
| 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 exploring the trading platform and tools offered by OANDA and iFOREX, there are distinct differences that cater to various trading styles and preferences. OANDA stands out with its offering of a simulated (paper) trading feature, allowing users to practice with a free virtual demo account, which is not available with iFOREX. Both brokers provide proprietary platforms, but OANDA extends further with a Windows-based desktop download platform, unlike iFOREX, which lacks this option. However, both brokers do offer web-based trading platforms. While OANDA supports MetaTrader 4 (MT4) and MetaTrader 5 (MT5), popular among traders for their extensive features, iFOREX does not provide these platforms. Furthermore, OANDA facilitates copy trading, adding another layer of trading strategy for users, which iFOREX does not include.
In terms of charting tools and customization, OANDA offers an impressive array of 431 drawing tools, significantly more than iFOREX's 25. Both allow trading directly from a stock chart, providing a seamless experience for chart-based traders. For watch lists, iFOREX presents more customization with 9 columns (fields) compared to OANDA's 6. Despite these differences, both brokers hold a 4-star rating for their trading platforms and tools. However, in the rankings by ForexBrokers.com, OANDA earns a higher position at #15 out of 62 brokers, indicating a stronger market presence compared to iFOREX's rank of #54. These distinctions underline the comparative strengths and areas of focus between the two brokers, helping traders choose based on their individual needs.
| 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 it comes to mobile trading apps, both OANDA and iFOREX offer compatibility with iPhone and Android devices. However, OANDA distinguishes itself with several advanced features that cater to active traders. OANDA users can set up price alerts for stocks and forex, helping them stay informed about market changes. The app also integrates 30 technical studies for detailed chart analysis and allows users to draw trendlines, view multiple time frames, and automatically save chart drawings, ensuring traders can perform in-depth market analysis on the go. Additionally, OANDA offers a watchlist with real-time quotes, further aiding in quick decision-making.
In contrast, iFOREX's mobile app lacks some of these advanced features. While it provides a basic trading platform, it does not support price alerts, drawing tools, or the ability to view multiple time frames on charts. iFOREX also does not offer real-time watchlist capabilities, which might be a drawback for traders seeking immediate market insights. Despite this, iFOREX holds a four-star rating for its mobile trading app, although it ranks significantly lower than OANDA, positioned at #55 compared to OANDA's #7 in the Mobile Trading Apps category according to ForexBrokers.com. This discrepancy highlights OANDA’s superior app quality and features, making it a preferred choice for traders seeking a comprehensive mobile trading experience.
| 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.
OANDA and iFOREX both provide daily market commentary and maintain an economic calendar for tracking global news events. OANDA distinguishes itself by providing forex news from renowned sources like Bloomberg and Reuters, whereas iFOREX does not offer this feature. Additionally, OANDA integrates tools from Autochartist for technical and fundamental research, while iFOREX benefits from Trading Central for similar purposes. Both brokers offer sentiment-based trading tools, allowing traders to view long or short positions across currency pairs.
When it comes to research tools, neither OANDA nor iFOREX offers features from TipRanks or Acuity Trading. OANDA is highly rated for its research capabilities, receiving a commendable five-star rating and ranking fifth among 62 brokers, as rated by ForexBrokers.com. In comparison, iFOREX is rated 3.5 stars and holds the 48th position, making OANDA the more distinguished option for traders seeking comprehensive market research insights.
| 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 in the world of forex and CFDs trading, OANDA stands out as a solid choice compared to iFOREX. OANDA provides a comprehensive range of educational materials, including over ten pieces of content focused on forex and CFDs, ensuring newcomers have plenty of information at their fingertips. In addition to this, OANDA offers monthly webinars where clients can enhance their knowledge. These live sessions are complemented by a searchable archive of recorded webinars, allowing learners to revisit lessons. On top of that, OANDA features a diverse collection of beginner videos and an investor dictionary that explains over 50 investing terms, making complex topics more approachable.
While iFOREX does offer some beginner educational videos, its range of resources doesn’t measure up to OANDA's. For instance, iFOREX lacks monthly educational webinars and doesn’t provide a searchable archive for past sessions. Furthermore, it does not offer an investor dictionary, which can be particularly helpful for new traders trying to grasp trading jargon. Consequently, OANDA receives a higher education rating of five stars, compared to iFOREX’s 3.5 stars. In terms of overall ranking among 62 brokers for educational offerings, OANDA sits at #22, while iFOREX finds itself at #53, further highlighting the greater breadth of educational resources available through OANDA.
| 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 62 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
|
iFOREX
|
|---|---|---|
| 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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