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 |
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 | 0.59 | 1.69 |
| All-in Cost EUR/USD - Active | 0.65 | 1.69 |
| 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.
Interactive Brokers vs. OANDA for range of investments: both brokers support forex trading as CFDs or spot contracts and let you buy both real cryptocurrency and crypto derivatives. Interactive Brokers lists about 8,500 tradeable symbols and 90 currency pairs, while OANDA offers about 4,172 symbols and 69 pairs. Both also provide access to exchange‑traded securities on U.S. markets (like NASDAQ) and on international exchanges (such as the London Stock Exchange).
One key difference is copy trading: OANDA offers it, while Interactive Brokers does not. For overall market access, Interactive Brokers earns 5 stars and ranks #1 out of 63 brokers for Range of Investments at ForexBrokers.com; OANDA holds 4 stars and ranks #28. Pick Interactive Brokers if you want the widest selection across stocks, forex, and crypto. Choose OANDA if copy trading is important and you’re comfortable with a smaller, but still broad, set of markets.
| Feature |
Interactive Brokers
|
OANDA
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 8500 | 4172 |
| Forex Pairs (Total) | 90 | 69 |
| U.S. Stock Trading (Non CFD) | Yes | Yes |
| Int'l Stock Trading (Non CFD) | Yes | Yes |
| 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.
When comparing trading platforms and tools, both Interactive Brokers and OANDA stand out with unique features tailored for different trading preferences. Interactive Brokers offers a highly comprehensive platform with a wide range of features, including an extensive 85 drawing tools for charting and the ability to manage an impressive watch list with up to 659 columns. The broker also provides a free virtual demo account, a proprietary platform, and both desktop and web-based trading options. Although Interactive Brokers does not support MetaTrader 4 or 5 and lacks copy trading capabilities, it remains a strong contender with a full 5-star rating, securing its place as the 3rd highest-ranked broker for Trading Platforms and Tools among 63 brokers on ForexBrokers.com.
On the other hand, OANDA offers traders its own proprietary platform along with the ever-popular MetaTrader 4 and 5, catering to those who prefer these industry-standard tools. The broker also supports copy trading, an attractive feature for those looking to mirror successful trading strategies. Despite having fewer watch list fields (6) and 74 drawing tools, OANDA remains accessible with a user-friendly desktop and web-based interface. While rated at 4 stars and ranked 15th in Trading Platforms and Tools by ForexBrokers.com, OANDA provides a balanced platform ideal for traders keen on leveraging MetaTrader and copy trading capabilities, alongside the convenience of a demo account for practicing strategies risk-free.
| 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 | 89 |
| Charting - Drawing Tools (Total) | 85 | 74 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 659 | 6 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
Interactive Brokers and OANDA both provide mobile apps for iPhone and Android, making them accessible to a wide range of users. When it comes to stock and forex price alerts, both brokers have you covered. However, Interactive Brokers edges out OANDA with its watchlist syncing feature, allowing seamless integration between the mobile app and your online account. If charting tools are important to you, Interactive Brokers offers 97 technical studies, considerably more than the 30 provided by OANDA. Both apps support drawing trendlines and viewing multiple time frames, but only OANDA automatically saves your chart drawings.
Both platforms allow you to create watchlists with real-time quotes, ensuring you stay updated on market changes. Although both mobile apps are highly rated with five stars for mobile trading, Interactive Brokers is ranked slightly higher at fourth place by ForexBrokers.com, compared to OANDA's seventh. Overall, while both apps provide strong trading features, Interactive Brokers stands out for its more comprehensive charting options and enhanced syncing capabilities.
| 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.
Both Interactive Brokers and OANDA deliver daily market commentary and forex news from reliable sources like Bloomberg and Reuters, ensuring traders stay informed about market developments. While traders at Interactive Brokers can use sentiment-based trading tools and research resources from TipRanks and Acuity Trading, OANDA users can take advantage of tools from Autochartist for technical and fundamental analysis. Both platforms provide an economic calendar to track global news events, making it easier for traders to stay up-to-date.
Interactive Brokers stands out with its offering from Trading Central, adding depth to its technical analytics, while OANDA's lack of Trading Central resources may be a drawback for some traders. Despite these differences, both brokers receive high praise for their research capabilities, each earning a 5-star rating. However, Interactive Brokers is ranked slightly higher at #3, compared to OANDA's #5 position in the research category by ForexBrokers.com, indicating a slight edge for those prioritizing extensive research and analysis tools.
| 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.
Comparing education for beginners, both Interactive Brokers and OANDA deliver strong forex and CFD learning hubs. Each offers well over 10 pieces of forex/CFD content, monthly client webinars, and a searchable archive of past sessions so you can learn on your own schedule. New traders will find 10+ beginner-focused videos at both brokers, while those ready to go deeper can access 10+ advanced videos. Each broker also includes an investor dictionary with at least 50 terms to help you quickly understand market jargon.
While both earn a 5-star Education rating, ForexBrokers.com ranks Interactive Brokers higher at #3 out of 63 brokers, compared with OANDA at #19. If you want the education platform with the stronger overall standing, Interactive Brokers gets the edge. That said, OANDA remains a solid choice for accessible forex and CFD education, complete with live webinars, on-demand videos, and an easy-to-browse webinar archive.
| 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 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
|
|---|---|---|
| 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 | ||
| 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/Central Bank 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. Stock Trading (Non CFD) | Yes | Yes | |
| Int'l Stock Trading (Non CFD) | Yes | Yes | |
| 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 | 1.69 | |
| All-in Cost EUR/USD - Active | 0.65 | 1.69 | |
| 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 | 89 | |
| Charting - Drawing Tools (Total) | 85 | 74 | |
| 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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