Written by ForexBrokers.com
In this head to head comparison of Interactive Brokers 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.
Interactive Brokers and OANDA are both reputable online trading platforms with distinct qualities. Founded in 1977, Interactive Brokers is a publicly traded firm renowned for its high level of trust, reflected in its ForexBrokers.com Trust Score of 99 out of 99. The broker holds 9 Tier-1 licenses, considered highly reliable, and 2 Tier-2 licenses, which are also deemed trustworthy. Despite not being a bank, Interactive Brokers stands out for its stringent regulatory compliance and strong track record in the financial industry.
OANDA, established in 1996, is a well-regarded platform with a ForexBrokers.com Trust Score of 93 out of 99. While OANDA is not a publicly traded entity, it maintains a reputable presence in the trading world with 7 Tier-1 licenses to its name. Although it holds no Tier-2 licenses, OANDA's adherence to high regulatory standards and consistent performance makes it a trusted choice for traders. Both companies are reliable options, with Interactive Brokers offering a slightly higher trust rating and regulatory fortification.
| Feature |
Interactive Brokers
|
OANDA
|
|---|---|---|
| Year Founded | 1977 | 1996 |
| Publicly Traded (Listed) | Yes | No |
| Bank | No | No |
| Tier-1 Licenses | 9 | 7 |
| Tier-2 Licenses | 2 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 0 | 1 |
When comparing commissions and fees, Interactive Brokers stands out with a competitive pricing structure, although its forex average spreads are not published. During the third quarter of 2024, Interactive Brokers offered an average spread of 0.19 pips for the EUR/USD pair, resulting in an effective all-in spread of 0.59 pips when including commissions. Commissions start at 0.2 basis points of the U.S. dollar trade value, with a minimum $2 per order ($4 round turn), but can decrease for very active traders. Notably, Interactive Brokers aggregates prices from 17 major interbank forex dealers and charges commissions instead of marking up spreads. Rated 5 stars and ranked #2 out of 62 brokers by ForexBrokers.com, Interactive Brokers is ideal for cost-conscious and active traders.
OANDA, on the other hand, generally has higher forex trading costs despite its automated execution advantage. The bid/ask spreads are on the steeper side, with average non-core pricing spreads reaching 1.61 pips for the EUR/USD in July 2024. OANDA’s core pricing offers slightly better costs with lower spreads and a $5 commission per $100,000 traded, leading to an all-in cost of roughly 1.4 pips when trading standard lots. This option does require a $10,000 minimum deposit. Although OANDA provides a more granular trade size of just 1 unit (0.001 micro lot), its commission and fee structure is rated 4 stars and ranks at #34 by ForexBrokers.com.
In summary, while Interactive Brokers excels with its low commission structure and high star rating, catering well to active traders with large volumes, OANDA provides flexible trading sizes and core pricing alternatives but comes with relatively higher costs, making it less competitive for traders who prioritize lower spreads and fees.
| Feature |
Interactive Brokers
|
OANDA
|
|---|---|---|
| Minimum Deposit | $0 | $0 |
| Average Spread EUR/USD - Standard | 0.59 | 1.61 |
| All-in Cost EUR/USD - Active | 0.59 | 1.61 |
| Active Trader or VIP Discounts | Yes | Yes |
| ACH or SEPA Transfers | Yes | Yes |
| PayPal (Deposit/Withdraw) | No | Yes |
| Skrill (Deposit/Withdraw) | No | Yes |
| Visa/Mastercard (Credit/Debit) | No | Yes |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
When it comes to the variety of investments offered, Interactive Brokers stands out as a top choice for investors seeking broader market exposure. With the ability to trade 8,500 symbols, including exchange-traded securities on both U.S. and international exchanges, Interactive Brokers provides unparalleled access to global markets. They support forex trading with 90 different currency pairs, both as CFDs and spot contracts, and they also enable investors to purchase actual cryptocurrencies, as well as derivatives. Although they do not offer copy trading, their extensive range of options earns them a perfect five-star rating in investment variety.
Conversely, OANDA delivers a slightly more limited but still diverse range of investment products. Offering 3,928 tradeable symbols, OANDA includes forex trading with 68 currency pairs, similar to Interactive Brokers, through both CFDs and spot contracts. Unlike Interactive Brokers, OANDA does not provide exchange-traded securities, which may limit the scope for investors looking to trade individual stocks. However, OANDA supports copy trading, catering to those interested in mimicking other traders' strategies. While they permit the purchase of both actual cryptocurrencies and their derivatives, OANDA's range of offerings earns them a four-star rating and ranks them 27th among 62 brokers.
| Feature |
Interactive Brokers
|
OANDA
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 8500 | 3928 |
| Forex Pairs (Total) | 90 | 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.
Both Interactive Brokers and OANDA provide simulated trading accounts for users who wish to practice their strategies risk-free. These demo accounts are perfect for beginners or those looking to test new methods without committing real funds. When it comes to proprietary platforms, both brokers offer their in-house developed trading platforms, available in both Windows-based desktop versions and web-based formats, making them easily accessible on various devices. Although both offer extensive trading platforms, OANDA has an edge for those interested in copy trading and popular third-party platforms like MetaTrader 4 and MetaTrader 5, which Interactive Brokers does not provide.
Interactive Brokers and OANDA both allow users to trade directly from the charting interface, a feature appreciated by many traders. However, when it comes to charting tools, the two differ significantly. OANDA offers an impressive 431 drawing tools, compared to Interactive Brokers' 85, but Interactive Brokers has a superior offering regarding watch list customization, with 659 columns compared to OANDA's 6. Despite OANDA offering the popular MetaTrader platforms and a strong lineup of charting tools, Interactive Brokers still holds a higher ranking in platform ratings. It receives 5 stars and is ranked third by ForexBrokers.com, in contrast to OANDA's 4-star rating and ranking of 15th. This suggests that Interactive Brokers delivers a more comprehensive trading platform experience for a wide range of trader needs.
| Feature |
Interactive Brokers
|
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) | No | Yes |
| MetaTrader 5 (MT5) | No | Yes |
| DupliTrade | No | No |
| ZuluTrade | No | No |
| Charting - Indicators / Studies (Total) | 155 | 81 |
| Charting - Drawing Tools (Total) | 85 | 431 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 659 | 6 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
Both Interactive Brokers and OANDA offer impressive mobile trading apps for iPhone and Android devices. Each platform provides essential features such as stock or forex price alerts and the ability to draw trendlines on charts. Watchlist creation with real-time quotes is available on both apps, though Interactive Brokers stands out by allowing watchlist symbol syncing across its mobile and online platforms, a feature missing from OANDA. Interactive Brokers also provides a more comprehensive charting experience with 97 technical studies compared to OANDA’s 30.
In terms of chart customization, both apps let users view multiple timeframes. However, OANDA has an advantage when it comes to auto-saving drawings on charts, whereas Interactive Brokers does not auto save. Despite these differences, both apps have achieved high user satisfaction, earning stellar ratings of 5 stars for mobile trading. Among 62 brokers reviewed by ForexBrokers.com, Interactive Brokers is ranked higher at #4 in the Mobile Trading Apps category, while OANDA follows at #7.
| Feature |
Interactive Brokers
|
OANDA
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | Yes | No |
| Mobile Charting - Indicators / Studies | 97 | 30 |
| Mobile Charting - Draw Trendlines | Yes | Yes |
| Mobile Charting - Multiple Time Frames | Yes | Yes |
| Mobile Charting - Drawings Autosave | No | Yes |
| Mobile Watchlist | Yes | Yes |
Dive deeper: Best Forex Trading Apps.
Interactive Brokers and OANDA both stand out in the realm of market research by offering daily market commentary and forex news from reputable sources such as Bloomberg and Reuters. They provide economic calendars to keep traders informed about global news events, ensuring users stay ahead in the fast-paced trading world. When it comes to research tools, Interactive Brokers and OANDA offer sentiment-based trading tools, helping traders gauge market sentiments across various instruments. Despite their comprehensive offerings, each broker has unique features that cater to different trading needs.
Interactive Brokers shines with its inclusion of TipRanks and Acuity Trading tools, elevating its research capabilities further. Although Interactive Brokers lacks the Autochartist tool, it makes up for this with Trading Central technical analytics, providing valuable insights for technical and fundamental research. On the other hand, OANDA excels with its collaboration with Autochartist, giving users access to sophisticated technical analysis tools. While both brokers boast a commendable five-star research rating, Interactive Brokers holds a slightly higher rank (#3) compared to OANDA (#5) according to ForexBrokers.com. This slight edge underscores Interactive Brokers' superior research offerings, ideal for traders seeking extensive analytical resources.
| Feature |
Interactive Brokers
|
OANDA
|
|---|---|---|
| Daily Market Commentary | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | No | Yes |
| Trading Central (Recognia) | Yes | 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.
Interactive Brokers and OANDA both excel in providing educational resources for beginners curious about forex and CFDs trading. Each platform offers at least 10 educational materials, including articles, videos, and archived webinars, ensuring comprehensive coverage for new traders. Interactive Brokers and OANDA also host regular online webinars, enriching clients' education once per month. They both maintain a searchable archive of these webinars, enhancing learning flexibility.
Beyond beginner education, both Interactive Brokers and OANDA present over 10 advanced videos tailored for seasoned traders, alongside dictionaries detailing over 50 investing terms. Although both brokers hold a solid five-star rating for educational resources, Interactive Brokers edges ahead in the rankings by securing the third spot out of 62 brokers according to ForexBrokers.com, while OANDA ranks at number 22. This positions Interactive Brokers as a slightly more prominent choice for educational support in the trading community.
| Feature |
Interactive Brokers
|
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 62 of the best forex brokers, our research and account testing finds that Interactive Brokers is better than OANDA. Interactive Brokers finished with an overall rank of #2, while OANDA finished with an overall rank of #12.
Interactive Brokers is a highly trusted multi-asset broker with an extensive offering of tradeable global markets. It delivers competitive fees and high-quality research and education, as well as a modern, institutional-grade trading platform suite.
| Feature |
Interactive Brokers
|
OANDA
|
|---|---|---|
| Overall Rating |
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| Trust Score | 99 | 93 |
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Both Interactive Brokers and OANDA provide the capability to purchase actual delivered cryptocurrencies as well as trade cryptocurrency derivatives, offering users flexibility in how they engage with digital asset markets.
Interactive Brokers and OANDA both support ACH and SEPA transfers as well as bank wires for account transactions, but unlike Interactive Brokers, OANDA also provides PayPal, Skrill, and Visa or Mastercard as additional options for depositing or withdrawing funds.
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 | Interactive Brokers | OANDA | |
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| Trust Score | 99 | 93 | |
| Winner | check_circle | ||
| Review | Interactive Brokers Review | OANDA Review |
| Broker Screenshots | Interactive Brokers | OANDA | |
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| Regulation | Interactive Brokers | OANDA | |
|---|---|---|---|
| Trust Score | 99 | 93 | |
| Year Founded | 1977 | 1996 | |
| Publicly Traded (Listed) | Yes | No | |
| Bank | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes | |
| Tier-1 Licenses | 9 | 7 | |
| Tier-2 Licenses | 2 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 0 | 1 |
| Tier-1 Licenses (Highly Trusted) | Interactive Brokers | OANDA | |
|---|---|---|---|
| Australia (ASIC Authorised) | Yes | Yes | |
| Canada (CIRO Authorised) | Yes | Yes | |
| Hong Kong (SFC Authorised) | Yes | 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) | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes |
| Tier-2 Licenses (Trusted) | Interactive Brokers | OANDA | |
|---|---|---|---|
| Kenya (CMA Authorised) | No | No | |
| Israel (ISA Authorised) | No | No | |
| South Africa (FSCA Authorised) | No | No | |
| UAE (DFSA/Central Bank Authorised) | Yes | No | |
| India (SEBI Authorised) | Yes | No | |
| Jordan (JSC Authorised) | No | No |
| Investments | Interactive Brokers | OANDA | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 8500 | 3928 | |
| Forex Pairs (Total) | 90 | 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 | Interactive Brokers | OANDA | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 0.59 | 1.61 | |
| All-in Cost EUR/USD - Active | 0.59 | 1.61 | |
| Active Trader or VIP Discounts | Yes | Yes | |
| Inactivity Fee | No | Yes | |
| Execution: Agency Broker | Yes | No | |
| Execution: Market Maker | No | Yes |
| Funding | Interactive Brokers | OANDA | |
|---|---|---|---|
| Minimum Deposit | $0 | $0 | |
| PayPal (Deposit/Withdraw) | No | Yes | |
| Skrill (Deposit/Withdraw) | No | Yes | |
| Visa/Mastercard (Credit/Debit) | No | Yes | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| ACH or SEPA Transfers | Yes | Yes |
| Trading Platforms | Interactive Brokers | OANDA | |
|---|---|---|---|
| Proprietary Platform | Yes | Yes | |
| Desktop Platform (Windows) | Yes | Yes | |
| Web Platform | Yes | Yes | |
| Social Trading / Copy Trading | No | Yes | |
| MetaTrader 4 (MT4) | No | Yes | |
| MetaTrader 5 (MT5) | No | Yes | |
| cTrader | No | No | |
| DupliTrade | No | No | |
| ZuluTrade | No | No |
| Trading Tools | Interactive Brokers | OANDA | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Alerts - Basic Fields | Yes | Yes | |
| Watchlists - Total Fields | 659 | 6 | |
| Charting - Indicators / Studies (Total) | 155 | 81 | |
| Charting - Drawing Tools (Total) | 85 | 431 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | Interactive Brokers | 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 | 97 | 30 | |
| Mobile Charting - Draw Trendlines | Yes | Yes | |
| Mobile Charting - Multiple Time Frames | Yes | Yes | |
| Mobile Charting - Drawings Autosave | No | Yes | |
| Mobile Economic Calendar | Yes | Yes |
| Research | Interactive Brokers | OANDA | |
|---|---|---|---|
| Daily Market Commentary | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | No | Yes | |
| Trading Central (Recognia) | Yes | No | |
| TipRanks | Yes | No | |
| Social Sentiment - Currency Pairs | Yes | Yes | |
| Economic Calendar | Yes | Yes |
| Education | Interactive Brokers | 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 | Interactive Brokers | 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 | Interactive Brokers Review | OANDA Review |
| Overall | Interactive Brokers | OANDA | |
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| Trust Score | 99 | 93 | |
| Winner | check_circle | ||
| Review | Interactive Brokers Review | OANDA Review |
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