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.
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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 |
Interactive Brokers and OANDA take different approaches to forex commissions and fees. Interactive Brokers earns 5 out of 5 stars and ranks #2 of 63 for Commissions and Fees, while OANDA earns 4 out of 5 stars and ranks #35. In practice, Interactive Brokers tends to be cheaper for typical EUR/USD trading thanks to low commissions and tight spreads, whereas OANDA’s pricing is simpler but generally higher unless you opt into its Core plan.
Interactive Brokers charges a commission instead of marking up the spread. Commissions start at 0.00002 of the U.S. dollar trade value per side (minimum $2 per order, or $4 round trip), roughly $16–$40 per million round turn, with discounts for very high monthly volumes (as low as $1 per order at $5B+). In Q3 2024, we observed an average EUR/USD spread of 0.19 pips at Interactive Brokers, which worked out to about 0.59 pips all-in after commission. Keep in mind the $2-per-side minimum makes trades much smaller than a standard lot (100,000 units) proportionally more expensive.
OANDA’s forex costs are higher on average. In July 2024, the average EUR/USD spread on OANDA’s default (commission-free) pricing was 1.61 pips. Its Core pricing lowers the spread but adds a $5 per $100,000 commission per side (about $10 round trip). Using an example spread of 0.4 pips on Core, the all-in cost would be about 1.4 pips—cheaper than OANDA’s default plan but still above the Interactive Brokers example. OANDA allows very small trade sizes (down to 1 unit) and offers volume rebates of $5–$17 per million in select regions, and it publishes trailing average spreads for transparency, though not fixed-period averages that make precise comparisons easy.
| Feature |
Interactive Brokers
|
OANDA
|
|---|---|---|
| Minimum Deposit | $0 | $0 |
| Average spread (EUR/USD) - Standard account | 0.59 | 1.69 |
| All-in Cost EUR/USD - Active | 0.65 | 1.69 |
| Non-wire bank transfer | Yes | Yes |
| PayPal (Deposit/Withdraw) | No | Yes |
| Skrill (Deposit/Withdraw) | No | Yes |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
Interactive Brokers vs OANDA: both let you trade forex as either CFDs or spot, and both support actual cryptocurrency as well as crypto CFDs. Each also offers exchange-traded securities on U.S. and international exchanges, so you can buy shares like Apple (AAPL) and Vodafone (VOD-GB). The key difference is scale: Interactive Brokers lists about 8,500 tradeable symbols and 90 forex pairs, while OANDA offers about 4,172 symbols and 69 forex pairs.
Feature-wise, OANDA includes copy trading, while Interactive Brokers does not. For sheer range, Interactive Brokers earns 5 stars and ranks #1 out of 63 brokers for Range of Investments at ForexBrokers.com. OANDA earns 4 stars and ranks #28. If you want the widest market access, Interactive Brokers is the stronger choice; if you value copy trading alongside a sizable menu of markets, OANDA fits well.
| Feature |
Interactive Brokers
|
OANDA
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 8500 | 4172 |
| Forex Pairs (Total) | 90 | 69 |
| U.S. Stocks (Shares) | Yes | Yes |
| Global Stocks (Non-U.S. Shares) | Yes | Yes |
| Copy Trading | No | Yes |
| Cryptocurrency (Underlying) | Yes | Yes |
| Cryptocurrency (CFDs) | 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.
Interactive Brokers and OANDA both cover the essentials for traders seeking capable trading platforms and tools. Each provides a free simulated (paper) demo account, a proprietary platform, a Windows desktop download, and a web-based platform. Both also let you place orders directly from charts, helping you move from analysis to execution in one screen.
Key differences: OANDA supports copy trading and offers MetaTrader 4 (MT4) and MetaTrader 5 (MT5), while Interactive Brokers does not. If you value MT4/MT5 or social/copy trading, OANDA is a match. If you want higher-rated platform tools, Interactive Brokers stands out with a 5-star rating and a #3 ranking out of 63 brokers for Trading Platforms and Tools on ForexBrokers.com, compared with OANDA’s 4-star rating and #15 ranking.
| Feature |
Interactive Brokers
|
OANDA
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Desktop Trading Platform | Yes | Yes |
| Desktop Platform (Windows) | Yes | Yes |
| Web Platform | Yes | Yes |
| Copy Trading | No | Yes |
| MetaTrader 4 (MT4) | No | Yes |
| MetaTrader 5 (MT5) | No | Yes |
| Charting - Indicators / Studies (Total) | 155 | 89 |
| Charting - Trade From Chart | Yes | Yes |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
Interactive Brokers and OANDA both offer mobile trading apps for iPhone and Android. Each app holds a 5-star Mobile Trading Apps rating. For rankings, ForexBrokers.com places Interactive Brokers at #4 out of 63 brokers in the Mobile Trading Apps category, while OANDA ranks #7.
Feature-wise, both apps support price alerts and let you draw trendlines on charts. Interactive Brokers syncs watchlists with your online account; OANDA does not. For charting depth, Interactive Brokers includes 97 technical studies compared to OANDA’s 30. However, OANDA’s app auto-saves chart drawings, while Interactive Brokers does not. If you want more indicators and synced watchlists, Interactive Brokers is the stronger pick; if you value simpler charting with auto-save convenience, OANDA fits well.
| Feature |
Interactive Brokers
|
OANDA
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Price Alerts | Yes | Yes |
| Mobile Watchlists - Syncing | Yes | No |
| Mobile Charting - Indicators / Studies | 97 | 30 |
| Mobile Charting - Draw Trendlines | Yes | Yes |
| Mobile Charting - Trendlines Autosave | No | Yes |
Dive deeper: Best Forex Trading Apps.
Interactive Brokers and OANDA both deliver strong market research for traders. Each offers daily market commentary, forex news from top-tier sources like Bloomberg, Reuters, or Dow Jones, an economic calendar, and a sentiment tool that shows long/short positioning. Both are rated 5 out of 5 stars for Research by ForexBrokers.com; Interactive Brokers is ranked #3 out of 63 brokers, while OANDA is close behind at #4.
The key differences come down to the research add-ons. Interactive Brokers includes Trading Central, TipRanks, and tools from Acuity Trading (such as Signal Centre). OANDA includes Autochartist for pattern recognition but does not offer Trading Central, TipRanks, or Acuity Trading. If you want a wider mix of third-party research and stock analysis alongside forex news, Interactive Brokers has the edge. If you prefer Autochartist’s scanning to generate trade ideas in a straightforward setup, OANDA is a good fit.
| Feature |
Interactive Brokers
|
OANDA
|
|---|---|---|
| Daily Market Commentary (Articles) | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | No | Yes |
| Trading Central | Yes | No |
| Client sentiment data | Yes | Yes |
| TipRanks | Yes | No |
| Acuity Trading | Yes | No |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
For beginner traders, both Interactive Brokers and OANDA make learning accessible. Each broker hosts client webinars at least once a month and offers 10 or more beginner-friendly videos that explain key trading topics in clear terms. As you progress, both also provide 10 or more advanced videos, so you can continue building skills without leaving their learning hubs. Notably, each broker earns 5 out of 5 stars for Education from ForexBrokers.com.
Where they differ is in industry placement: out of 63 brokers reviewed for education, Interactive Brokers ranks #3 while OANDA ranks #19. If you want a higher-ranked learning experience from beginner through advanced levels, Interactive Brokers has the edge. If you prefer OANDA’s platform and tools, you’ll still find frequent webinars and a sizable video library to get started with forex and CFD education.
| Feature |
Interactive Brokers
|
OANDA
|
|---|---|---|
| Webinars | Yes | Yes |
| Videos - Beginner Trading Videos | Yes | Yes |
| Videos - Advanced Trading Videos | Yes | Yes |
Dive deeper: Best Forex Brokers for Beginners.
After testing 63 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
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OANDA
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|---|---|---|
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| Trust Score | 99 | 93 |
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Interactive Brokers vs OANDA: both platforms let you buy delivered (spot) cryptocurrency and trade cryptocurrency CFDs, providing flexible ways to gain crypto exposure in one account.
Both Interactive Brokers and OANDA support ACH/SEPA transfers and bank wire deposits/withdrawals; OANDA additionally accepts PayPal and Skrill while Interactive Brokers does not, and Visa/Mastercard availability is not specified for either broker.
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 | ||
| 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) | |||
| Israel (ISA Authorised) | No | No | |
| South Africa (FSCA Authorised) | No | No | |
| UAE (DFSA, FSRA, or SCA Authorised) | Yes | No | |
| India (SEBI Authorised) | Yes | No | |
| Jordan (JSC Authorised) |
| Investments | Interactive Brokers | OANDA | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 8500 | 4172 | |
| Forex Pairs (Total) | 90 | 69 | |
| U.S. Stocks (Shares) | Yes | Yes | |
| Global Stocks (Non-U.S. Shares) | Yes | Yes | |
| Copy Trading | No | Yes | |
| Cryptocurrency (Underlying) | Yes | Yes | |
| Cryptocurrency (CFDs) | 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 account | 0.59 | 1.69 | |
| All-in Cost EUR/USD - Active | 0.65 | 1.69 | |
| Inactivity Fee | No | Yes | |
| Order execution: Agency | Yes | No | |
| Order execution: Market Maker | No | Yes |
| Funding | Interactive Brokers | OANDA | |
|---|---|---|---|
| Minimum Deposit | $0 | $0 | |
| PayPal (Deposit/Withdraw) | No | Yes | |
| Skrill (Deposit/Withdraw) | No | Yes | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| Non-wire bank transfer | Yes | Yes |
| Trading Platforms | Interactive Brokers | OANDA | |
|---|---|---|---|
| Proprietary Desktop Trading Platform | Yes | Yes | |
| Desktop Platform (Windows) | Yes | Yes | |
| Web Platform | Yes | Yes | |
| Copy Trading | No | Yes | |
| MetaTrader 4 (MT4) | No | Yes | |
| MetaTrader 5 (MT5) | No | Yes | |
| cTrader | No | No |
| Trading Tools | Interactive Brokers | OANDA | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Price Alerts | Yes | Yes | |
| Charting - Indicators / Studies (Total) | 155 | 89 | |
| 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 Price Alerts | Yes | Yes | |
| Mobile Watchlist [DELETED] | |||
| Mobile Watchlists - Syncing | Yes | No | |
| Mobile Charting - Indicators / Studies | 97 | 30 | |
| Mobile Charting - Draw Trendlines | Yes | Yes | |
| Mobile Charting - Trendlines Autosave | No | Yes | |
| Mobile Research - Economic Calendar | Yes | Yes |
| Research | Interactive Brokers | OANDA | |
|---|---|---|---|
| Daily Market Commentary (Articles) | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | No | Yes | |
| Trading Central | Yes | No | |
| TipRanks | Yes | No | |
| Client sentiment data | Yes | Yes | |
| Economic Calendar | Yes | Yes |
| Education | Interactive Brokers | OANDA | |
|---|---|---|---|
| Webinars | Yes | Yes | |
| Videos - Beginner Trading Videos | Yes | Yes | |
| Videos - Advanced Trading Videos | Yes | Yes |
| Major Forex Pairs | Interactive Brokers | OANDA | |
|---|---|---|---|
| GBP/USD [DELETED] | |||
| USD/JPY [DELETED] | |||
| EUR/USD | Yes | Yes | |
| USD/CHF [DELETED] | |||
| USD/CAD [DELETED] | |||
| NZD/USD [DELETED] | |||
| AUD/USD [DELETED] | |||
| 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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