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OANDA vs Interactive Brokers Review

Steven Hatzakis

Published by Steven Hatzakis


Tuesday, May 29th, 2018

To find the top fx brokers, the team here at ForexBrokers.com collected over 6,000 data points during a seven month review of the forex industry. In this fx broker comparison, we will compare Interactive Brokers vs OANDA.

To assess both of these forex brokers, we will begin with cost. Comparing two fx brokers on cost is not easy. First, not every broker publicizes their average spreads. And, for the brokers that do publish their data, the formulas used to calculate average spreads can vary. Furthermore, the currency pair you are trading can impact cost, as well as the execution policies of the broker. Dealing desk or no dealing desk? The list goes on and on. To make comparing cost easy, we have a star rating that takes everything into account. Interactive Brokers is a better option with a 4.00 star rating over OANDA's 3.50 star rating.

Next to commissions and fees, regulation and currency availability are important to take into consideration. You want to trust and have confidence the forex broker you choose. Both Interactive Brokers and OANDA are regulated in a major hub. Interactive Brokers is a publicly traded company, OANDA isn't. And, when it comes to total currency pairs available to trade, a quick comparison is helpful. OANDA trails Interactive Brokers by 14 total currency pairs (for example, EUR/USD), with Interactive Brokers offering 85 and OANDA offering 71.

To round out our comparison of Interactive Brokers vs OANDA, let's look at the tools and features most used by forex traders. For trading platforms, traders are all familiar with MetaTrader. OANDA offers Meta Trader while Interactive Brokers does not. With a platform picked out, looking at charts is a must so they should be of high-quality. As part of our research, we count the number of drawing tools and total technical indicators available. OANDA boasts an offering of 31 charting tools compared to Interactive Brokers's 9 available charting tools. Interactive Brokers boasts an offering of 121 different indicators (for example, moving averages) compared to OANDA's 51 available indicators.

Overall, Interactive Brokers takes the upper hand with 4.50 stars over OANDA's 4.00 stars. And, when it comes to individual category awards, both Interactive Brokers and OANDA found themselves without awards for 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 in 2018.
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Overall
Offering of Investments
Commissions & Fees
Platform & Tools
Customer Service
Research
Mobile Trading
Education
Trust Score
Year Founded
Publicly-Traded Company (Listed)
Regulated in Major Hub
Regulated in Emerging Hub
CFTC Registered (USA)
FCA Regulated (UK)
FINMA Authorised (Switzerland)
ASIC Authorised (Australia)
MAS Authorised (Singapore)
IIROC Authorised (Canada)
SFC Authorised (Hong Kong)
FSA Authorised (Japan)
CySEC Authorised (Cyprus)
FMA Authorised (New Zealand)
Forex: Spot Trading
Currency Pairs (Total Forex pairs)
CFDs - Total Offered
Cryptocurrency traded as actual
Cryptocurrency traded as CFD
All-in Cost EUR/USD - Active
Average Spread EUR/USD - Standard
Active Trader or Premium/VIP
Proprietary
Desktop Platform (Windows)
Web Platform
Social Trading / Copy-Trading
MetaTrader4 (MT4)
MetaTrader5 (MT5)
cTrader
Currenex
ZuluTrade
MirrorTrader
Virtual Trading (Demo)
Watchlists - Total Fields
Alerts - Basic Fields
Charting - Trade From Chart
Charts can be saved
Charting - Drawing Tools (Total)
Charting - Indicators / Studies (Total)
Charting - Drawings Autosave
Order Type - Trailing Stop
Android App
Apple iOS App
Forex News
Alerts - Basic Fields
Alerts Delivery - Push Notifications
Watch List
Watch List Syncing
Charting - Technical Studies/Indicators
Charting - Draw Trend Lines
Daily Market Commentary
Forex News (Top-Tier Sources)
AutoChartist
Trading Central (Recognia)
Delkos Research
Acuity Trading
Social Trading / Copy-Trading
Social Sentiment - Currency Pairs
Client Webinars
Client Webinars (Archived)
Videos - Beginner Trading Videos
Economic Calendar
Calendar Includes Forecasts
Economic News Sentiment
Trade Ideas - Backtesting
GBPUSD (or USDGBP)
USDJPY (or JPYUSD)
EURUSD (or USDEUR)
USDCHF (or CHFUSD)
USDCAD (or CADUSD)
NZDUSD (or USDNZD)
AUDUSD (or USDAUD)
USDCNH (or CNHUSD)
USDSGD (or SGDUSD)
USDMXN (or MXNUSD)
USDNOK (or NOKUSD)
USDSEK (or SEKUSD)
USDTRY (or TRYUSD)
USDZAR (or ZARUSD)
USDDKK (or DKKUSD)
USDBRL (or BRLUSD)
Minimum Initial Deposit
Bank Wire (Deposit/Withdraw)
Visa/Mastercard (Credit/Debit)
PayPal (Deposit/Withdraw)
Skrill (Deposit/Withdraw)
UnionPay (Deposit/Withdraw)
OANDA
OANDA Review
 
4
4
3.5
4
2.5
4
4
3.5
 
90
1996
No
Yes
No
Yes
Yes
No
Yes
Yes
Yes
No
Yes
No
No
 
Yes
71
52
No
No
 
1
1.2
Yes
 
Yes
Yes
Yes
Yes
Yes
No
No
No
No
No
 
Yes
7
Yes
Yes
Yes
31
51
Yes
Yes
 
Yes
Yes
Yes
Yes
Yes
Yes
No
30
Yes
 
Yes
Yes
Yes
No
No
No
Yes
Yes
Yes
Yes
Yes
Yes
No
No
Yes
 
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
 
Yes
Yes
Yes
Yes
Yes
Yes
No
 
$0.00
Yes
Yes
No
No
No
Interactive Brokers
Interactive Brokers Review
 
4.5
5
4
4
4
4
4
4
 
91
1977
Yes
Yes
No
Yes
Yes
No
No
No
Yes
Yes
Yes
No
No
 
Yes
85
4217
No
Yes
 
N/A
N/A
Yes
 
Yes
Yes
No
No
No
No
No
No
No
No
 
Yes
300
Yes
Yes
No
9
121
Yes
Yes
 
Yes
Yes
Yes
Yes
Yes
Yes
Yes
68
No
 
No
Yes
No
Yes
No
No
No
No
Yes
Yes
No
Yes
Yes
Yes
No
 
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
 
Yes
Yes
Yes
No
Yes
No
No
 
$10,000
Yes
No
No
No
No

Trading CFDs, FX, and cryptocurrencies involves a high degree of risk. All data was obtained from a published web site as of 4/03/2018 and is believed to be accurate, but is not guaranteed. The ForexBrokers.com staff is constantly working with its online broker representatives to obtain the latest data. If you believe any data listed above is inaccurate, please contact us using the link at the bottom of this page.

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