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 vs OANDA: Interactive Brokers, founded in 1977, is publicly traded (listed on a stock exchange), while OANDA, founded in 1996, is privately held. Neither company is a bank.
On ForexBrokers.com’s Trust Score (90-99 highly trusted; 80-89 trusted; 70-79 average risk; 60-69 high risk; below 59 not trusted), Interactive Brokers scores 99/99 and holds 8 Tier-1 and 2 Tier-2 licenses. OANDA scores 92/99 with 7 Tier-1 licenses and no Tier-2 licenses. Both are highly trusted, with Interactive Brokers offering slightly broader licensing coverage.
| Feature |
Interactive Brokers
|
OANDA
|
|---|---|---|
| Year Founded | 1977 | 1996 |
| Publicly Traded (Listed) | Yes | No |
| Bank | No | No |
| Tier-1 Licenses | 8 | 7 |
| Tier-2 Licenses | 2 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 0 | 1 |
Interactive Brokers comes out ahead of OANDA on commissions and fees, especially for forex traders looking for lower trading costs. IBKR charges a commission instead of widening spreads, and a recent Q3 2024 sample for EUR/USD showed an average spread of 0.19 pips, or about 0.59 pips all-in after commission. Forex commissions start at 0.2 basis points of the U.S. dollar trade value per side, with a $2 minimum per order, and can fall even lower for very high-volume traders. Interactive Brokers is rated 5 stars and ranked #1 out of 36 brokers for commissions and fees.
OANDA is easier to understand, but its pricing is generally higher. Its standard forex pricing averaged 1.61 pips on EUR/USD in July 2024, which is much wider than IBKR’s pricing in the example above. OANDA also offers a core pricing option with lower spreads plus a $5 commission per $100,000 traded per side, but the $10,000 minimum deposit and added commission mean the total cost is still not especially cheap. OANDA is rated 4 stars and ranked #32 out of 36 brokers for commissions and fees.
For active traders, both brokers offer lower costs at higher volumes, but Interactive Brokers gives the stronger overall value for most traders, especially those trading standard or larger sizes. OANDA can appeal to traders who want very small trade sizes and straightforward execution, since it allows trading in tiny increments as small as 1 unit. Still, when it comes to commissions and fees, IBKR is the lower-cost choice overall.
| Feature |
Interactive Brokers
|
OANDA
|
|---|---|---|
| Minimum Deposit | $0 | $0 |
| Average spread (EUR/USD) - Spread-only account | N/A | 1.68 |
| All-in Cost EUR/USD - Raw spread account | 0.626 | N/A |
| Non-wire bank transfer (Deposit/Withdraw) | Yes | Yes |
| PayPal (Deposit/Withdraw) | No | No |
| Skrill (Deposit/Withdraw) | No | Yes |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
When it comes to the range of investments, Interactive Brokers offers a wider choice than OANDA. Interactive Brokers lists about 8,500 tradeable symbols and 100 forex pairs, compared with OANDA’s 4,172 symbols and 68 forex pairs. Both brokers let clients trade forex as either a CFD or spot contract, and both offer access to exchange-traded securities on U.S. and international markets, so you can buy real shares such as Apple or Vodafone through either platform.
There are a few key differences to note. OANDA offers copy trading, while Interactive Brokers does not. Both brokers allow you to buy actual cryptocurrency, but only OANDA also offers cryptocurrency CFDs. These differences help explain the ratings: Interactive Brokers earns 5 out of 5 stars for Range of Investments and ranks #1 out of 36 brokers at ForexBrokers.com, while OANDA is rated 4.5 stars and ranks #20.
| Feature |
Interactive Brokers
|
OANDA
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 8500 | 4172 |
| Forex Pairs (Total) | 100 | 68 |
| U.S. Stocks (Shares) | Yes | Yes |
| Global Stocks (Non-U.S. Shares) | Yes | Yes |
| Copy Trading | No | Yes |
| Cryptocurrency (Underlying) | Yes | Yes |
| Cryptocurrency (CFDs) | No | 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 give traders a choice of paper trading, in-house platforms, desktop software for Windows, and browser-based trading, so each broker covers the main ways most people like to place trades. Both also let users trade directly from charts, which can make order entry faster and easier for active traders. In ForexBrokers.com’s Trading Platforms and Tools category, Interactive Brokers stands out with a 5-star rating and a #2 ranking out of 36 brokers, while OANDA is rated 4 stars and ranked #16.
Where OANDA has an edge is in flexibility for traders who want popular third-party tools, since it supports copy trading plus MetaTrader 4 and MetaTrader 5, while Interactive Brokers does not. That makes OANDA a better fit for traders who prefer MT4/MT5 or want to follow other traders, while Interactive Brokers may appeal more to those looking for a highly rated platform experience with strong built-in tools across desktop and web.
| 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 | 82 |
| Charting - Trade From Chart | Yes | Yes |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
Interactive Brokers and OANDA both offer iPhone and Android apps, plus price alerts and the ability to draw trendlines on charts. Both platforms are also rated 5 stars for mobile trading apps, so each gives traders a strong overall mobile experience. If you want a broker that ranks higher in this category, Interactive Brokers comes out ahead, placing #4 out of 36 brokers, while OANDA ranks #7.
The biggest difference is in charting and watchlist features. Interactive Brokers supports watchlist symbol syncing between the mobile app and online account, while OANDA does not. Interactive Brokers also offers far more technical studies in its mobile charts, with 155 compared with OANDA’s 33. On the other hand, OANDA saves chart drawings automatically, while Interactive Brokers does not, making OANDA easier for traders who want their chart notes preserved without extra steps.
| 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 | 155 | 33 |
| Mobile Charting - Draw Trendlines | Yes | Yes |
| Mobile Charting - Trendlines Autosave | No | Yes |
Dive deeper: Best Forex Trading Apps.
Interactive Brokers and OANDA both give traders a strong set of market research features, including daily market commentary, news from top sources like Bloomberg and Reuters, sentiment tools, Acuity Trading research, and an economic calendar with key global events. Both brokers also earn a 5-star research rating, showing that each provides solid support for traders who want timely market insight.
The main differences come down to extra research tools. Interactive Brokers stands out with Trading Central, TipRanks, and a higher ForexBrokers.com research rank at #3 out of 36 brokers, while OANDA offers Autochartist instead and ranks #4. In simple terms, both are good choices for market research, but Interactive Brokers has a slight edge for traders who want more third-party analysis tools.
| 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 | Yes |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
When it comes to education for beginners, both Interactive Brokers and OANDA offer a lot to learn from. Each broker provides forex or CFDs education with at least 10 pieces of content, monthly educational webinars, and more than 10 beginner videos, along with advanced videos for experienced traders. Both also earn a 5-star Education rating, so either choice gives new traders access to a strong mix of learning tools.
The main difference is in how they rank. Interactive Brokers is ranked #1 out of 36 brokers for Education by ForexBrokers.com, while OANDA is ranked #18. That makes Interactive Brokers the stronger pick overall for educational support, especially for beginners who want a wide range of lessons, videos, and webinars to help them get started.
| 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 #14.
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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| Trust Score | 99 | 92 |
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As online brokers, Interactive Brokers and OANDA both allow investors to buy actual (delivered) cryptocurrency, but only OANDA additionally offers cryptocurrency CFD trading, while Interactive Brokers does not.
Interactive Brokers and OANDA both support ACH/SEPA transfers and bank wires for funding and withdrawals, neither offers PayPal, and while Interactive Brokers does not support Skrill, OANDA does.
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 | 92 | |
| 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 | 92 | |
| 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 | 8 | 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 (FSA 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 CMA 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) | 100 | 68 | |
| U.S. Stocks (Shares) | Yes | Yes | |
| Global Stocks (Non-U.S. Shares) | Yes | Yes | |
| Copy Trading | No | Yes | |
| Cryptocurrency (Underlying) | Yes | Yes | |
| Cryptocurrency (CFDs) | No | 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) - Spread-only account | N/A | 1.68 | |
| All-in Cost EUR/USD - Raw spread account | 0.626 | N/A | |
| 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 | No | |
| Skrill (Deposit/Withdraw) | No | Yes | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| Non-wire bank transfer (Deposit/Withdraw) | 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 | 82 | |
| 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 Watchlists - Syncing | Yes | No | |
| Mobile Charting - Indicators / Studies | 155 | 33 | |
| 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 | |
|---|---|---|---|
| EUR/USD | Yes | Yes | |
| Review | Interactive Brokers Review | OANDA Review |
| Overall | Interactive Brokers | OANDA | |
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| Trust Score | 99 | 92 | |
| Winner | check_circle | ||
| Review | Interactive Brokers Review | OANDA Review |
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