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.
IG and OANDA are both reputable online brokers with strong regulatory credentials, but they have notable differences that may sway your choice. Founded in 1974, IG is a veteran in the industry and is publicly traded, enhancing its transparency. It also operates as a bank, providing an extra layer of trust. IG holds an impressive eight Tier-1 licenses, which are highly trusted by ForexBrokers.com, and two Tier-2 licenses. This robust regulatory oversight contributes to its top-notch Trust Score rating of 99 out of 99, marking it as highly trusted.
On the other hand, OANDA was established in 1996 and, while it is not publicly traded or a bank, it still maintains a strong presence in the trading world. OANDA holds seven Tier-1 licenses, reflecting a high level of regulatory trust, though it does not hold any Tier-2 licenses. It boasts a Trust Score of 93 out of 99, indicating that it is also highly trusted but slightly trails behind IG in terms of overall trustworthiness as per ForexBrokers.com. Both brokers offer reliability and trusted trading environments, but IG’s status as a publicly traded bank and its slightly higher regulatory compliance can appeal to those seeking extra assurance.
| Feature |
IG
|
OANDA
|
|---|---|---|
| Year Founded | 1974 | 1996 |
| Publicly Traded (Listed) | Yes | No |
| Bank | Yes | No |
| 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) | No | 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, both online brokers provide forex trading through CFDs and spot contracts, catering to investors eager to delve into currency markets. However, IG stands out significantly with its vast array of offerings. With 19,537 tradeable symbols and 97 forex pairs, IG surpasses OANDA's 3,928 tradeable symbols and 68 forex pairs. Additionally, IG allows clients to invest in exchange-traded securities across both U.S. and international exchanges, enabling the direct purchase of shares like Apple and Vodafone. In contrast, OANDA doesn't offer this option for physical securities but compensates with the availability of copy trading.
While both brokers support investment in actual cryptocurrencies and derivatives, IG's broader investment range garners it a higher rating of 5 stars in this category, compared to OANDA's 4 stars. IG is also ranked higher by ForexBrokers.com, holding the 4th position among 63 brokers, while OANDA trails at 27th. This indicates that investors seeking a more diverse set of investment options may find IG to be the more compelling choice. However, OANDA's comfort with copy trading might appeal to those looking for social trading opportunities. Overall, the choice hinges on the specific trading needs and preferences of individual investors.
| 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 | No |
| Int'l Stock Trading (Non CFD) | Yes | No |
| Social Trading / Copy Trading | No | 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.
IG and OANDA are both prominent online brokers offering various trading platforms and tools for traders. Both brokers provide simulated trading through free virtual demo accounts, making it easy for users to practice their strategies risk-free. IG and OANDA boast proprietary platforms developed in-house and each offers a Windows-based desktop trading platform alongside web-based options for trading through a browser. Both platforms support trading on the popular MetaTrader 4, though OANDA goes further by also offering MetaTrader 5. For traders interested in copy trading, OANDA provides this feature, unlike IG. Although neither broker supports DupliTrade or ZuluTrade, they both facilitate trading directly from stock charts, enhancing the user experience.
Charting tools and custom watch lists are essential for effective trading. IG offers 20 drawing tools for charting, while OANDA impresses with 431. Moreover, OANDA provides six columns in its watch lists compared to IG’s five, giving traders more flexibility in tracking their assets. IG, however, emerges with a slightly stronger reputation, earning a perfect 5-star rating for Trading Platforms and Tools from ForexBrokers.com, compared to OANDA's 4-star rating. In the same category, IG holds the impressive #2 spot out of 63 brokers, whereas OANDA ranks at #15, showcasing IG's slight edge in platform tools 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 | No | Yes |
| MetaTrader 4 (MT4) | Yes | Yes |
| MetaTrader 5 (MT5) | No | Yes |
| DupliTrade | No | No |
| ZuluTrade | No | No |
| 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.
When comparing mobile trading apps from IG and OANDA, both brokers provide applications for iPhone and Android devices, allowing users to trade on the go. While each app supports stock and forex price alerts and offers the ability to draw trendlines on charts, IG enhances user convenience by syncing watchlists across platforms—a feature not available with OANDA. Additionally, IG slightly edges out OANDA in technical offerings by providing 33 technical studies, compared to OANDA's 30.
Both IG and OANDA allow users to view charts in various time frames and auto-save drawings, and they both support the creation of watchlists with real-time quotes. Their mobile trading apps are highly rated, each earning a 5-star rating. However, when ranked by ForexBrokers.com for their mobile trading capabilities, IG takes the top spot among 63 brokers, while OANDA is ranked seventh. This positions IG as a preferred choice for those seeking a seamless and feature-rich mobile trading experience.
| Feature |
IG
|
OANDA
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | Yes | No |
| 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.
Both IG and OANDA provide traders with comprehensive market research to support informed decision-making. Each broker delivers daily market commentary and timely forex news from prestigious sources, including Bloomberg and Reuters, ensuring that users stay up-to-date with market developments. Investors can also benefit from technical and fundamental research tools from Autochartist, offering valuable insights and analyses. However, neither broker includes research tools from Trading Central. For traders interested in sentiment-based trading tools, both IG and OANDA present a ratio of long or short positions across currency pairs, which can be a valuable tool for understanding market sentiment.
While both IG and OANDA deliver top-tier research experiences, differences emerge in certain offerings. IG stands out by providing market research from TipRanks and additional tools from Acuity Trading. On the other hand, OANDA does not offer these specific advantages. Both platforms feature an economic calendar to track global economic events. Despite both receiving a 5-star rating for research, IG ranks higher at #2 compared to OANDA's #5 position among 63 brokers as analyzed by ForexBrokers.com, indicating a slightly broader research offering by IG.
| Feature |
IG
|
OANDA
|
|---|---|---|
| Daily Market Commentary | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | Yes | Yes |
| Trading Central (Recognia) | No | No |
| Social Sentiment - Currency Pairs | Yes | Yes |
| TipRanks | Yes | No |
| Signal Centre (Acuity Trading) | Yes | No |
| 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 IG and OANDA offer flexible options for depositing or withdrawing account funds, including ACH, SEPA, PayPal, Visa, Mastercard, and bank wires; however, OANDA additionally supports Skrill, which IG does not.
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 | No | |
| Bank | Yes | No | |
| 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) | No | Yes | |
| Hong Kong (SFC Authorised) | No | No | |
| Japan (SFC Authorised) | Yes | Yes | |
| Singapore (MAS Authorised) | Yes | Yes | |
| Switzerland (FINMA Authorised) | Yes | No | |
| United Kingdom (U.K.) (FCA Authorised) | Yes | Yes | |
| USA (CFTC Authorized) | Yes | Yes | |
| New Zealand (FMA Authorised) | Yes | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes |
| Tier-2 Licenses (Trusted) | IG | OANDA | |
|---|---|---|---|
| Kenya (CMA Authorised) | No | No | |
| Israel (ISA Authorised) | No | No | |
| South Africa (FSCA Authorised) | Yes | No | |
| UAE (DFSA/Central Bank Authorised) | Yes | No | |
| India (SEBI Authorised) | No | No | |
| Jordan (JSC Authorised) | No | No |
| 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 | No | |
| Int'l Stock Trading (Non CFD) | Yes | No | |
| Social Trading / Copy Trading | No | 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 | No | |
| Execution: Market Maker | Yes | Yes |
| Funding | IG | OANDA | |
|---|---|---|---|
| Minimum Deposit | £250.00 | $0 | |
| PayPal (Deposit/Withdraw) | Yes | Yes | |
| Skrill (Deposit/Withdraw) | No | 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 | No | Yes | |
| MetaTrader 4 (MT4) | Yes | Yes | |
| MetaTrader 5 (MT5) | No | Yes | |
| cTrader | No | No | |
| DupliTrade | No | No | |
| ZuluTrade | No | No |
| 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 | No | |
| 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) | No | No | |
| TipRanks | Yes | No | |
| 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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