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 for forex trading, Interactive Brokers and OANDA cater to different trading styles and preferences. Interactive Brokers is renowned for its competitive pricing structure, especially for active forex traders. While the broker does not publicly release its average forex spreads, during Q3 2024, the spread for EUR/USD averaged 0.19 pips, culminating in an all-in spread of approximately 0.59 pips after factoring in commissions. The commission fees for forex begin at 0.00002 of the U.S. dollar trade value, with a $2 minimum per order, which can decrease based on trading volume. Interactive Brokers stands out with its commission-based model, offering discounts to high-volume traders and is rated 5 stars for its excellent pricing, securing the #2 ranking from ForexBrokers.com out of 63 brokers.
OANDA, on the other hand, generally incurs higher overall forex trading costs due to its spread structure. Although initially higher, OANDA's core pricing model can offer more favorable conditions by incorporating a commission of $5 per $100,000 traded, allowing for competitive all-in costs compared to its default spread offerings. The broker's transparency in pricing allows traders to understand the costs involved, although it may not match some competitors' lower sub-pip spreads. Despite this, OANDA's execution quality and the flexibility of micro-lots (as small as 1 unit) cater to a range of traders. The brokerage is rated 4 stars for its pricing structure, placing it #34 in ForexBrokers.com's Commissions and Fees ranking.
To summarize, Interactive Brokers appeals to high-frequency and large-volume traders with its tiered commission structure and highly competitive spreads, whereas OANDA provides flexible trading sizes and transparent pricing, albeit with higher spreads. Each broker brings distinct advantages based on trading needs and preferences, making it essential for traders to consider their individual requirements when selecting a forex broker.
| 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.
Interactive Brokers and OANDA both offer a variety of investment opportunities to traders, with some key differences in their range of offerings. Interactive Brokers provides access to an impressive 8,500 tradeable symbols and a broad selection of 90 forex pairs. It stands out by allowing clients to invest in exchange-traded securities on both U.S. and international exchanges, such as buying Apple shares on NASDAQ or Vodafone shares on the London Stock Exchange. In addition to its comprehensive list of assets, Interactive Brokers enables clients to buy both actual cryptocurrencies and cryptocurrency derivatives. Despite not offering copy trading, its extensive investment options have earned it a five-star rating and the top spot in ForexBrokers.com's Range of Investments category.
OANDA, on the other hand, offers fewer tradeable symbols, with a total of 3,928, including 68 forex pairs. While it doesn't provide direct access to U.S. or international exchange-traded securities, OANDA allows for forex trading via CFDs and spot contracts, similar to Interactive Brokers. It caters to clients interested in digital assets by offering both actual cryptocurrencies and cryptocurrency derivatives. Additionally, OANDA supports investors looking for guidance through its copy trading feature, allowing users to follow the trades of experienced investors. Although rated four stars and ranked 27th by ForexBrokers.com for its range of investments, OANDA still provides a solid choice for those focusing on forex and cryptocurrency trading.
| 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.
Interactive Brokers and OANDA both offer a variety of tools for traders of all levels. Both brokers provide simulated trading with free virtual demo accounts, and both have proprietary platforms available as download options on Windows, in addition to web-based trading platforms. While Interactive Brokers does not support copy trading or the popular MetaTrader platforms, OANDA offers these options, accommodating traders who prefer using MetaTrader 4 or 5 and those interested in copy trading. However, neither broker provides support for DupliTrade or ZuluTrade, keeping the focus on their proprietary platforms for feature-rich experiences.
In terms of charting tools, Interactive Brokers and OANDA both allow trading directly from charts. Yet, OANDA outshines in charting by offering a wider selection of drawing tools, boasting 431 compared to Interactive Brokers' 85. Despite OANDA's strength in this area, Interactive Brokers excels in creating comprehensive watch lists with up to 659 columns, compared to OANDA’s 6. This, among other factors, likely contributes to Interactive Brokers' top ratings for trading platforms and tools, earning a perfect 5-star rating and a #3 ranking by ForexBrokers.com, while OANDA holds a solid 4-star rating and ranks #15 out of 63 brokers.
| 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.
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.
When it comes to educational resources for beginners, both Interactive Brokers and OANDA provide a comprehensive array of materials aimed at helping new traders understand forex and CFDs. Each platform offers more than ten educational pieces, including articles, videos, and webinars, to equip beginners with the fundamental knowledge they need. Additionally, both Interactive Brokers and OANDA host at least one educational webinar each month, allowing users to learn in a more interactive setting. For those who may have missed these live sessions, each broker offers a searchable archive of previously recorded webinars. Both companies also go the extra mile by providing at least ten beginner-friendly videos specifically designed to cover essential trading topics.
In addition to supporting beginner traders, both Interactive Brokers and OANDA cater to experienced traders by offering more than ten advanced educational videos. Each platform features an investor dictionary containing over 50 investing terms, ensuring traders can easily access the definitions they need. Interactive Brokers is especially praised for its educational offerings, having been awarded 5 stars and ranked third by ForexBrokers.com out of 63 brokers. Similarly, OANDA also holds a 5-star rating for education, though it ranks 22nd. These ratings reflect the commitment both brokers have devoted to educating their clients, though Interactive Brokers slightly edges out in terms of overall recognition.
| 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
|
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 | |
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| 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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