Our ForexBrokers.com team spent seven months and hundreds of hours assessing 43 different forex broker accounts
for trading FX. In total, over 6,000 data points were collected. For this review, we will compare Interactive Brokers vs OANDA.
To start this comparison, first, we will take a look at the fees charged for trading forex. It's important to note this is no easy task. Not every broker shares their average spreads, spreads can be fixed or variable (floating), execution policies differ, and brokers can act as market makers (dealers) or act as agents for execution. To simplify things, we analyzed everything for you and provide a single star rating for cost. Both Interactive Brokers and OANDA hold a 4 star rating.
Cost aside, we can now turn our focus to regulation alongside currency availability. For regulation, it's very important to select a broker you can trust with your money. Interactive Brokers alongside OANDA are regulated in a major hub. Interactive Brokers is a publicly traded company, OANDA isn't. How many currency pairs are available to trade? Interactive Brokers offers its clients access to 115 different currency pairs while OANDA has 71 available pairs, a difference of 44.
To round out our comparison, let's look at the popular tools and features forex traders prefer. For platforms, some FX traders prefer MetaTrader. OANDA offers Meta Trader while Interactive Brokers does not. Within the trading platform, charting should be robust, so we counted the number of drawing tools and total technical indicators made available. Interactive Brokers trails OANDA by 22 total charting tools, with OANDA offering 31 and Interactive Brokers offering 9. Interactive Brokers offers its clients access to 121 different indicators (for example, volume) while OANDA has 51 available indicators, a difference of 70.
Overall, both Interactive Brokers and OANDA hold a 4 star rating. And, when it comes to individual category awards, unfortunately, neither Interactive Brokers nor OANDA received awards Best in Class - Platforms & Tools, Best in Class - Research, Best in Class - Customer Service, Best in Class - Active Trading, Best in Class - Mobile Trading and Best in Class - Investor Education.