Written by ForexBrokers.com
In this head to head comparison of IG vs OANDA, 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.
Founded in 1974, IG is a well-established and globally recognized online broker known for its strong regulatory foothold. It holds 8 Tier-1 licenses, underscoring its status as a highly trusted entity according to ForexBrokers.com. Additionally, IG is publicly traded and operates as a bank, contributing to its unparalleled Trust Score of 99 out of 99. With its extensive regulatory compliance and strong position in the financial sector, IG offers a sense of security and reliability to its clients.
By comparison, OANDA, established in 1996, also enjoys a solid reputation, demonstrated by its 7 Tier-1 licenses. While not publicly traded or classified as a bank, OANDA maintains a commendable Trust Score of 93 out of 99 as per ForexBrokers.com. Although OANDA does not possess any Tier-2 licenses, its consistent regulatory compliance across multiple regions highlights its commitment to providing a secure trading environment.
| Feature |
IG
|
OANDA
|
|---|---|---|
| Year Founded | 1974 | 1996 |
| Publicly Traded (Listed) | Yes | |
| Bank | Yes | |
| Tier-1 Licenses | 8 | 7 |
| Tier-2 Licenses | 2 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 1 | 1 |
When it comes to comparing commissions and fees between IG and OANDA, IG stands out for its competitive pricing and flexibility. IG offers various execution methods, including Forex Direct accounts that cater to active traders, with spreads averaging 0.62 pips in July 2023. The all-in cost with commission considered is 0.82 pips. For volume traders, IG provides active trader rebates, with potential savings leading to very competitive spreads. The DMA account, requiring a minimum of £1,000, offers tight spreads with tiered commissions, advantageous for those trading in higher volumes. With these impressive offerings, IG earns a 5-star rating and ranks 8th out of 63 brokers in the Commissions and Fees category according to ForexBrokers.com.
OANDA, on the other hand, has higher trading costs compared to IG. Its default pricing spreads are relatively steep, with the average spread on the EUR/USD pair being 1.61 pips in July 2024. OANDA does offer core pricing that features narrower spreads with a commission of $10 per $100,000 in currency traded, making the all-in cost slightly better than default pricing. Additionally, OANDA's platform allows trade sizes as small as 1 unit and offers rebates for active traders through its Elite Trader program. Its transparent pricing approach is beneficial, but without fixed period averages, it can be challenging to gauge. Consequently, OANDA receives a 4-star rating and is ranked 34th out of 63 brokers in the Commissions and Fees category by ForexBrokers.com.
In summary, both brokers have their strengths, with IG excelling in lower spreads and competitive rebates for high-volume traders, making it a preferred choice for those seeking cost-effective trading options. OANDA offers unique features like automated execution and tiny trade sizes, but its higher effective spreads might not appeal to cost-conscious traders. While IG takes the lead in terms of commissions and fees, both brokers offer distinct advantages catered to different trading needs.
| Feature |
IG
|
OANDA
|
|---|---|---|
| Minimum Deposit | £250.00 | $0 |
| Average Spread EUR/USD - Standard | 0.98 | 1.61 |
| All-in Cost EUR/USD - Active | 0.82 | 1.61 |
| Active Trader or VIP Discounts | Yes | Yes |
| ACH or SEPA Transfers | Yes | Yes |
| PayPal (Deposit/Withdraw) | Yes | Yes |
| Skrill (Deposit/Withdraw) | Yes | |
| Visa/Mastercard (Credit/Debit) | Yes | Yes |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
When comparing IG and OANDA for investment options, it's clear that both platforms cater to a wide range of trading needs, but IG stands out with a more extensive selection. IG offers forex trading as both a CFD and spot contract, with an impressive 19,537 tradeable symbols and 97 forex pairs. In contrast, OANDA also supports forex trading as a CFD and spot contract, yet offers a smaller selection with 3,928 tradeable symbols and 68 forex pairs. For those interested in exchange-traded securities, IG allows clients to buy shares on both U.S. and international exchanges, including popular stocks like Apple and Vodafone. OANDA, however, doesn’t offer this feature but provides copy trading, a tool unavailable on IG.
Both brokers offer options for cryptocurrency trading, with the ability to purchase actual cryptocurrencies and derivatives. Despite these similarities, IG's broader variety of tradeable assets earns it a 5-star rating for its range of investments, compared to OANDA's 4-star rating. In rankings by ForexBrokers.com, IG takes the #4 spot among 63 brokers for its investment options, indicating a strong diversified offering, while OANDA ranks at #27. Ultimately, for traders seeking a diverse range of investments, IG may present a more comprehensive platform.
| Feature |
IG
|
OANDA
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 19537 | 3928 |
| Forex Pairs (Total) | 97 | 68 |
| U.S. Stock Trading (Non CFD) | Yes | |
| Int'l Stock Trading (Non CFD) | Yes | |
| Social Trading / Copy Trading | Yes | |
| Cryptocurrency (Physical) | Yes | Yes |
| 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 IG and OANDA for their trading platforms and tools, both brokers provide a high-quality trading experience with features that cater to various traders. IG and OANDA each offer free virtual demo accounts, allowing users to practice trading without real money. Both brokers have their own in-house developed platforms and support the popular MetaTrader 4 (MT4) platform. However, OANDA takes it a step further by offering MetaTrader 5 (MT5), which IG does not. For traders who prefer trading on a PC, both brokers offer Windows-based desktop download platforms as well as web-based platforms for browser-based trading. Furthermore, traders can execute trades directly from stock charts on both IG and OANDA platforms.
OANDA stands out with a comprehensive offering of 431 drawing tools for charting compared to IG's 20. For watch lists, OANDA offers more flexibility with six columns compared to IG's five. In terms of ratings, IG excels with a perfect score of 5 stars for its trading platforms and tools, while OANDA is rated 4 stars. According to ForexBrokers.com, IG is ranked as the second best among 63 brokers in this category, whereas OANDA holds the 15th position. Additionally, OANDA offers a copy trading feature, adding another dimension for those interested in following the strategies of experienced traders, which is an area IG does not cater to. Overall, both brokers provide solid platforms and tools, but IG is slightly ahead in terms of rankings and user ratings.
| Feature |
IG
|
OANDA
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Platform | Yes | Yes |
| Desktop Platform (Windows) | Yes | Yes |
| Web Platform | Yes | Yes |
| Social Trading / Copy Trading | Yes | |
| MetaTrader 4 (MT4) | Yes | Yes |
| MetaTrader 5 (MT5) | Yes | |
| DupliTrade | ||
| ZuluTrade | ||
| Charting - Indicators / Studies (Total) | 33 | 81 |
| Charting - Drawing Tools (Total) | 20 | 431 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 5 | 6 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
If you're searching for a mobile trading app, both IG and OANDA are excellent choices available for iPhone and Android users. They each allow traders to stay informed with stock and forex price alerts directly on their devices. Notably, both platforms support viewing of multiple time frames and trendline drawing on charts, catering to traders looking to perform detailed analysis on-the-go. Where IG slightly edges ahead is in its offering of 33 technical studies compared to OANDA's 30, providing a broader range of analytical tools.
Another notable feature where IG stands out is its seamless watchlist symbol syncing, allowing users to update their lists and have these changes automatically reflected across both their mobile app and online account—a feature not available with OANDA. Despite these differences, both IG and OANDA allow users to create watchlists with real-time quotes and ensure that all drawings on stock or forex charts are automatically saved. Recognized for their user-friendly interfaces and comprehensive features, IG and OANDA both received five-star ratings from users for their mobile apps. However, when looking at rankings by ForexBrokers.com, IG takes the lead as the top-rated mobile trading app provider out of 63 brokers, whereas OANDA holds the seventh spot.
| Feature |
IG
|
OANDA
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | Yes | |
| Mobile Charting - Indicators / Studies | 33 | 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.
When it comes to market research offerings, both IG and OANDA provide a comprehensive suite of tools and resources for traders. Both brokers supply daily market commentary and forex news from top-tier sources like Bloomberg and Reuters, ensuring that users stay updated with the latest information. Each platform integrates technical analysis tools from Autochartist, and offers sentiment-based trading tools that show the ratio of long or short positions across various instruments. Additionally, both IG and OANDA feature economic calendars displaying significant global news events.
Although IG and OANDA are equally rated at five stars for research, there are subtle differences in their offerings. IG provides extra value with TipRanks market research and research tools from Acuity Trading, such as Signal Centre. These enhancements contribute to IG's higher ranking of #2 in the research category by ForexBrokers.com, compared to OANDA's rank of #5. This slight distinction may guide traders seeking more diverse research options in their decision between the two brokers.
| Feature |
IG
|
OANDA
|
|---|---|---|
| Daily Market Commentary | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | Yes | Yes |
| Trading Central (Recognia) | ||
| Social Sentiment - Currency Pairs | Yes | Yes |
| TipRanks | Yes | |
| Signal Centre (Acuity Trading) | Yes | |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
When it comes to educational resources for beginners venturing into the world of forex and CFDs, both IG and OANDA have got you covered. Each offers a comprehensive array of educational materials, such as articles, videos, and archived webinars, ensuring that beginners have plenty of content to get started. With educational client webinars held monthly, and archives easily searchable, both platforms make learning accessible. Additionally, they cater to different levels of expertise with a variety of beginner and advanced educational videos, helping traders enhance their skills over time.
Further enhancing their educational offerings, IG and OANDA provide investor dictionaries with over 50 investing terms, supporting traders in building their financial vocabulary. When rated by ForexBrokers.com, both IG and OANDA receive an impressive five-star rating for education. However, IG stands out by being ranked #1 out of 63 brokers in the Education category, highlighting its standout reputation in nurturing beginner traders. OANDA holds a decent position at #22, making it a strong contender for those looking to dive into trading education. Whether you choose IG or OANDA, both platforms offer solid foundations for developing your trading knowledge.
| Feature |
IG
|
OANDA
|
|---|---|---|
| Education (Forex or CFDs) | Yes | Yes |
| Client Webinars | Yes | Yes |
| Client Webinars (Archived) | Yes | Yes |
| Videos - Beginner Trading Videos | Yes | Yes |
| Videos - Advanced Trading Videos | Yes | Yes |
| Investor Dictionary (Glossary) | Yes | Yes |
Dive deeper: Best Forex Brokers for Beginners.
After testing 63 of the best forex brokers, our research and account testing finds that IG is better than OANDA. IG finished with an overall rank of #1, while OANDA finished with an overall rank of #12.
IG offers the ultimate comprehensive trading package, featuring excellent trading and research tools, industry-leading education, and an extensive range of tradeable markets.
| Feature |
IG
|
OANDA
|
|---|---|---|
| Overall Rating |
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| Trust Score | 99 | 93 |
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Both online brokers IG and OANDA allow investors to buy actual delivered cryptocurrencies as well as cryptocurrency derivatives, providing comprehensive trading options for cryptocurrency enthusiasts.
Both online brokers IG and OANDA provide multiple options for depositing and withdrawing account funds, including ACH or SEPA transfers, PayPal, Visa or Mastercard, and bank wires, with OANDA offering the additional option of Skrill, which IG does not provide.
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 | IG | OANDA | |
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| Trust Score | 99 | 93 | |
| Winner | check_circle | ||
| Review | IG Review | OANDA Review |
| Broker Screenshots | IG | OANDA | |
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| Regulation | IG | OANDA | |
|---|---|---|---|
| Trust Score | 99 | 93 | |
| Year Founded | 1974 | 1996 | |
| Publicly Traded (Listed) | Yes | ||
| Bank | Yes | ||
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes | |
| Tier-1 Licenses | 8 | 7 | |
| Tier-2 Licenses | 2 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 1 | 1 |
| Tier-1 Licenses (Highly Trusted) | IG | OANDA | |
|---|---|---|---|
| Australia (ASIC Authorised) | Yes | Yes | |
| Canada (CIRO Authorised) | Yes | ||
| Hong Kong (SFC Authorised) | |||
| Japan (SFC Authorised) | Yes | Yes | |
| Singapore (MAS Authorised) | Yes | Yes | |
| Switzerland (FINMA Authorised) | Yes | ||
| United Kingdom (U.K.) (FCA Authorised) | Yes | Yes | |
| USA (CFTC Authorized) | Yes | Yes | |
| New Zealand (FMA Authorised) | Yes | ||
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes |
| Tier-2 Licenses (Trusted) | IG | OANDA | |
|---|---|---|---|
| Kenya (CMA Authorised) | |||
| Israel (ISA Authorised) | |||
| South Africa (FSCA Authorised) | Yes | ||
| UAE (DFSA/Central Bank Authorised) | Yes | ||
| India (SEBI Authorised) | |||
| Jordan (JSC Authorised) |
| Investments | IG | OANDA | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 19537 | 3928 | |
| Forex Pairs (Total) | 97 | 68 | |
| U.S. Stock Trading (Non CFD) | Yes | ||
| Int'l Stock Trading (Non CFD) | Yes | ||
| Social Trading / Copy Trading | Yes | ||
| Cryptocurrency (Physical) | Yes | Yes | |
| 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 | IG | OANDA | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 0.98 | 1.61 | |
| All-in Cost EUR/USD - Active | 0.82 | 1.61 | |
| Active Trader or VIP Discounts | Yes | Yes | |
| Inactivity Fee | Yes | Yes | |
| Execution: Agency Broker | Yes | ||
| Execution: Market Maker | Yes | Yes |
| Funding | IG | OANDA | |
|---|---|---|---|
| Minimum Deposit | £250.00 | $0 | |
| PayPal (Deposit/Withdraw) | Yes | Yes | |
| Skrill (Deposit/Withdraw) | Yes | ||
| Visa/Mastercard (Credit/Debit) | Yes | Yes | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| ACH or SEPA Transfers | Yes | Yes |
| Trading Platforms | IG | OANDA | |
|---|---|---|---|
| Proprietary Platform | Yes | Yes | |
| Desktop Platform (Windows) | Yes | Yes | |
| Web Platform | Yes | Yes | |
| Social Trading / Copy Trading | Yes | ||
| MetaTrader 4 (MT4) | Yes | Yes | |
| MetaTrader 5 (MT5) | Yes | ||
| cTrader | |||
| DupliTrade | |||
| ZuluTrade |
| Trading Tools | IG | OANDA | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Alerts - Basic Fields | Yes | Yes | |
| Watchlists - Total Fields | 5 | 6 | |
| Charting - Indicators / Studies (Total) | 33 | 81 | |
| Charting - Drawing Tools (Total) | 20 | 431 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | IG | OANDA | |
|---|---|---|---|
| Android App | Yes | Yes | |
| Apple iOS App | Yes | Yes | |
| Mobile Alerts - Basic Fields | Yes | Yes | |
| Mobile Watchlist | Yes | Yes | |
| Watchlist Syncing | Yes | ||
| Mobile Charting - Indicators / Studies | 33 | 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 | IG | OANDA | |
|---|---|---|---|
| Daily Market Commentary | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | Yes | Yes | |
| Trading Central (Recognia) | |||
| TipRanks | Yes | ||
| Social Sentiment - Currency Pairs | Yes | Yes | |
| Economic Calendar | Yes | Yes |
| Education | IG | OANDA | |
|---|---|---|---|
| Education (Forex or CFDs) | Yes | Yes | |
| Client Webinars | Yes | Yes | |
| Client Webinars (Archived) | Yes | Yes | |
| Videos - Beginner Trading Videos | Yes | Yes | |
| Videos - Advanced Trading Videos | Yes | Yes | |
| Investor Dictionary (Glossary) | Yes | Yes |
| Major Forex Pairs | IG | OANDA | |
|---|---|---|---|
| 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 | IG Review | OANDA Review |
| Overall | IG | OANDA | |
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| Trust Score | 99 | 93 | |
| Winner | check_circle | ||
| Review | IG Review | OANDA Review |
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