Written by ForexBrokers.com
In this head to head comparison of OANDA vs IronFX, 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.
OANDA, established in 1996, holds a strong position in online trading with a ForexBrokers.com Trust Score of 93, indicating a high level of trust. This broker is not publicly traded nor a bank, but it boasts an impressive seven Tier-1 licenses, which are highly regarded by ForexBrokers.com for their trustworthiness. These factors contribute to OANDA's solid reputation among traders who value regulatory compliance and reliability.
In comparison, IronFX entered the market in 2010 and has a ForexBrokers.com Trust Score of 83, which places it in the trusted category. Like OANDA, IronFX is neither publicly traded nor a bank. However, it holds three Tier-1 licenses, suggesting a reasonable level of regulatory trust. While both brokers have positive trust scores, OANDA edges out with more Tier-1 licenses and a higher trust rating, making it a preferable choice for those focused on regulatory assurance.
| Feature |
OANDA
|
IronFX
|
|---|---|---|
| Year Founded | 1996 | 2010 |
| Publicly Traded (Listed) | No | No |
| Bank | No | No |
| Tier-1 Licenses | 7 | 3 |
| Tier-2 Licenses | 0 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 1 | 1 |
OANDA and IronFX are two notable online brokers competing in the forex trading market, each with distinct approaches to commissions and fees. OANDA, while not considered a discount broker, offers its automated execution service as a primary advantage despite its generally high trading costs. With an average spread of 1.61 pips on the EUR/USD pair as of July 2024, OANDA's default pricing structure aligns closely with brokers like FOREX.com and FxPro. OANDA's core pricing, however, offers potential savings for traders who can afford a $10,000 minimum deposit, featuring a lower spread that, when combined with a per-side commission of $5 per $100,000 currency trade, results in an all-in cost that is slightly below the default price structure. OANDA's flexibility in trade size and transparency in pricing prove beneficial, with the ability to trade down to 1 unit and access tiered rebates through its Elite Trader program.
On the other hand, IronFX has room for improvement in pricing, mainly because its spreads tend to be higher than the industry standard. For its Standard variable spread account, the typical spread is listed at 1.8 pips, but the information on date ranges or account type differentiation is not extensive, potentially leading to variability. IronFX offers a zero fixed-spread account with no spread starting point but charges an $18 commission per lot, with overnight spreads widening to 3 pips, which could impact traders holding positions past trading sessions.
In terms of ratings and rankings, both OANDA and IronFX have received 4 out of 5 stars for commissions and fees. However, when it comes to their standing among a pool of 63 brokers, OANDA ranks at #34, indicating a higher position than IronFX, which holds the 46th spot according to ForexBrokers.com. This distinction may reflect OANDA's slight edge in cost efficiency and service transparency, making it a potentially more attractive choice for traders focused on minimizing fees.
| Feature |
OANDA
|
IronFX
|
|---|---|---|
| Minimum Deposit | $0 | $50 |
| Average Spread EUR/USD - Standard | 1.61 | 1.2 |
| All-in Cost EUR/USD - Active | 1.61 | N/A |
| Active Trader or VIP Discounts | Yes | Yes |
| ACH or SEPA Transfers | Yes | No |
| PayPal (Deposit/Withdraw) | Yes | No |
| Skrill (Deposit/Withdraw) | Yes | Yes |
| Visa/Mastercard (Credit/Debit) | Yes | Yes |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
When comparing OANDA and IronFX for their range of investments, both platforms provide the option to trade forex either as a CFD or spot contract, catering to various trader preferences. OANDA, however, features a far greater variety of tradeable symbols, offering a total of 3,928 compared to just 340 from IronFX. In terms of forex pairs, IronFX surpasses OANDA with 83 pairs against OANDA's 68. Neither broker offers access to exchange-traded securities from U.S. or international exchanges, which might be a limitation for investors interested in direct stock purchases. Still, both platforms support copy trading, appealing to users looking to mirror successful trades automatically.
Despite IronFX's broader range of forex pairs, OANDA stands out with its provision for users to buy actual cryptocurrency, a feature IronFX lacks, limiting itself to cryptocurrency derivatives. Consequently, OANDA has achieved a higher rating of 4 stars out of 5 for its range of investments, compared to IronFX's 3.5 stars. This broader range of investment options helps OANDA secure a better position on ForexBrokers.com rankings, where it is placed 27th out of 63 brokers, significantly ahead of IronFX, which is positioned at 51st.
| Feature |
OANDA
|
IronFX
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 3928 | 340 |
| Forex Pairs (Total) | 68 | 83 |
| U.S. Stock Trading (Non CFD) | No | No |
| Int'l Stock Trading (Non CFD) | No | No |
| Social Trading / Copy Trading | Yes | Yes |
| Cryptocurrency (Physical) | Yes | No |
| 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 OANDA and IronFX provide traders with a comprehensive suite of trading platforms and tools. OANDA stands out by offering a proprietary platform, alongside popular options like MetaTrader 4 and MetaTrader 5, while IronFX supports MetaTrader 4 but lacks its own proprietary platform and MetaTrader 5. Both brokers offer simulators for paper trading, Windows-based and web-based platforms, and copy trading capabilities. When it comes to charting tools, OANDA offers 431 drawing tools, significantly more than the 15 tools available with IronFX. Both brokers provide traders the ability to execute trades directly from stock charts, enhancing the trading experience.
In terms of watch lists, IronFX slightly edges out with support for 7 columns compared to OANDA's 6, but this marginal advantage does not fully compensate for the overall platform ranking. OANDA is rated 4 out of 5 stars for its trading platforms and tools and stands at the 15th position among 63 brokers on ForexBrokers.com. On the other hand, IronFX is rated 3.5 stars and ranked 61st in the same category, indicating that OANDA provides a more favorably reviewed trading environment for most traders. In summary, for investors looking for feature-rich platforms, advanced charting, and greater variety in trading options, OANDA offers a more appealing package compared to IronFX.
| Feature |
OANDA
|
IronFX
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Platform | Yes | No |
| Desktop Platform (Windows) | Yes | Yes |
| Web Platform | Yes | Yes |
| Social Trading / Copy Trading | Yes | Yes |
| MetaTrader 4 (MT4) | Yes | Yes |
| MetaTrader 5 (MT5) | Yes | No |
| DupliTrade | No | No |
| ZuluTrade | No | No |
| Charting - Indicators / Studies (Total) | 81 | 30 |
| Charting - Drawing Tools (Total) | 431 | 15 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 6 | 7 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
When comparing OANDA and IronFX through the lens of mobile trading apps, both brokers provide robust support for iPhone and Android devices, along with basic functionalities such as price alerts and the ability to draw trendlines on charts. Each app offers 30 technical studies for comprehensive chart analysis, and users can easily switch between various timeframes like daily or weekly views. Additionally, both platforms permit the creation of watchlists that feature real-time quotes, although neither broker supports syncing of watchlist symbols with the user's online account.
Despite the similar feature set, user sentiment and expert rankings reveal distinct differences in satisfaction and performance. OANDA earns a stellar 5-star rating for its app, placing it at an impressive #7 out of 63 brokers in ForexBrokers.com's rankings. In contrast, IronFX’s mobile app, albeit functional, garners a more modest 3.5 stars and ranks considerably lower at #62, indicating room for improvement in the user experience. Overall, while both apps are capable, OANDA's offering clearly stands out in the eyes of users and industry experts alike.
| Feature |
OANDA
|
IronFX
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | No | No |
| Mobile Charting - Indicators / Studies | 30 | 30 |
| Mobile Charting - Draw Trendlines | Yes | Yes |
| Mobile Charting - Multiple Time Frames | Yes | Yes |
| Mobile Charting - Drawings Autosave | Yes | Yes |
| Mobile Watchlist | Yes | Yes |
Dive deeper: Best Forex Trading Apps.
OANDA and IronFX both offer comprehensive tools for traders, including daily market commentary and access to forex news from top-tier sources like Bloomberg and Reuters. However, they differ in certain aspects of their research tools. OANDA provides advanced features such as tools from Autochartist for technical and fundamental analysis, and a sentiment-based trading tool that displays a ratio of long or short positions across currency pairs. In contrast, IronFX compensates with access to Trading Central tools for technical analytics but lacks the sentiment-based trading tool OANDA provides.
Both brokers offer economic calendars that keep traders informed about global events affecting various economies. While neither offers research tools from TipRanks or Acuity Trading, OANDA stands out with a superior research rating of five stars compared to IronFX's four stars. According to ForexBrokers.com, OANDA ranks fifth among 63 brokers, reflecting its strengths in research tools, whereas IronFX stands at rank 28, highlighting some room for improvement in their research offerings.
| Feature |
OANDA
|
IronFX
|
|---|---|---|
| Daily Market Commentary | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | Yes | No |
| Trading Central (Recognia) | No | Yes |
| Social Sentiment - Currency Pairs | Yes | No |
| TipRanks | No | No |
| Signal Centre (Acuity Trading) | No | No |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
When it comes to educational resources for beginners, OANDA and IronFX both provide a foundational learning experience by offering over 10 educational materials focused on forex and CFDs. These resources include articles, videos, and archived webinars to cater to novice traders. Both brokers also present a searchable archive of past webinars, ensuring that learners have convenient access to previously covered topics. However, OANDA stands out by offering monthly live webinars to engage users in real-time, a feature that IronFX lacks.
OANDA further distinguishes itself with an array of over 10 advanced educational videos suited for seasoned traders, whereas IronFX does not meet this benchmark. Both brokers have investor dictionaries with comprehensive definitions of more than 50 terms to aid in understanding trading jargon. According to ForexBrokers.com rankings, OANDA is well-regarded in the education category, achieving a 5-star rating and securing the 22nd spot among 63 brokers. IronFX, while still competent with a 4-star rating, is positioned at #44. With these offerings, OANDA provides a more versatile and comprehensive educational platform for budding traders compared to IronFX.
| Feature |
OANDA
|
IronFX
|
|---|---|---|
| Education (Forex or CFDs) | Yes | Yes |
| Client Webinars | Yes | No |
| Client Webinars (Archived) | Yes | Yes |
| Videos - Beginner Trading Videos | Yes | Yes |
| Videos - Advanced Trading Videos | Yes | No |
| 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 OANDA is better than IronFX. OANDA finished with an overall rank of #12, while IronFX finished with an overall rank of #48.
A trusted global brand, OANDA stands out for its reputation and quality market research. Its regulatory track record is strong, and its support for third-party features bolsters its overall offering.
| Feature |
OANDA
|
IronFX
|
|---|---|---|
| Overall Rating |
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| Trust Score | 93 | 83 |
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OANDA stands out by offering the option to buy both actual delivered cryptocurrencies and cryptocurrency derivatives, while IronFX only provides the ability to purchase cryptocurrency derivatives, not the actual cryptocurrencies themselves.
OANDA offers a more versatile range of funding options, including ACH, SEPA, PayPal, Skrill, Visa/Mastercard, and bank wires, compared to IronFX, which supports Skrill, Visa/Mastercard, and bank wires, but lacks ACH, SEPA, and PayPal options.
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 | OANDA | IronFX | |
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| Trust Score | 93 | 83 | |
| Winner | check_circle | ||
| Review | OANDA Review |
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| Regulation | OANDA | IronFX | |
|---|---|---|---|
| Trust Score | 93 | 83 | |
| Year Founded | 1996 | 2010 | |
| Publicly Traded (Listed) | No | No | |
| Bank | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes | |
| Tier-1 Licenses | 7 | 3 | |
| Tier-2 Licenses | 0 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 1 | 1 |
| Tier-1 Licenses (Highly Trusted) | OANDA | IronFX | |
|---|---|---|---|
| Australia (ASIC Authorised) | Yes | Yes | |
| Canada (CIRO Authorised) | Yes | No | |
| Hong Kong (SFC Authorised) | No | No | |
| Japan (SFC Authorised) | Yes | No | |
| Singapore (MAS Authorised) | Yes | No | |
| Switzerland (FINMA Authorised) | No | No | |
| United Kingdom (U.K.) (FCA Authorised) | Yes | Yes | |
| USA (CFTC Authorized) | Yes | No | |
| New Zealand (FMA Authorised) | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes |
| Tier-2 Licenses (Trusted) | OANDA | IronFX | |
|---|---|---|---|
| Kenya (CMA Authorised) | No | No | |
| Israel (ISA Authorised) | No | No | |
| South Africa (FSCA Authorised) | No | No | |
| UAE (DFSA/Central Bank Authorised) | No | No | |
| India (SEBI Authorised) | No | No | |
| Jordan (JSC Authorised) | No | No |
| Investments | OANDA | IronFX | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 3928 | 340 | |
| Forex Pairs (Total) | 68 | 83 | |
| U.S. Stock Trading (Non CFD) | No | No | |
| Int'l Stock Trading (Non CFD) | No | No | |
| Social Trading / Copy Trading | Yes | Yes | |
| Cryptocurrency (Physical) | Yes | No | |
| 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 | OANDA | IronFX | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 1.61 | 1.2 | |
| All-in Cost EUR/USD - Active | 1.61 | N/A | |
| Active Trader or VIP Discounts | Yes | Yes | |
| Inactivity Fee | Yes | No | |
| Execution: Agency Broker | No | Yes | |
| Execution: Market Maker | Yes | Yes |
| Funding | OANDA | IronFX | |
|---|---|---|---|
| Minimum Deposit | $0 | $50 | |
| PayPal (Deposit/Withdraw) | Yes | No | |
| Skrill (Deposit/Withdraw) | Yes | Yes | |
| Visa/Mastercard (Credit/Debit) | Yes | Yes | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| ACH or SEPA Transfers | Yes | No |
| Trading Platforms | OANDA | IronFX | |
|---|---|---|---|
| Proprietary Platform | Yes | No | |
| Desktop Platform (Windows) | Yes | Yes | |
| Web Platform | Yes | Yes | |
| Social Trading / Copy Trading | Yes | Yes | |
| MetaTrader 4 (MT4) | Yes | Yes | |
| MetaTrader 5 (MT5) | Yes | No | |
| cTrader | No | No | |
| DupliTrade | No | No | |
| ZuluTrade | No | No |
| Trading Tools | OANDA | IronFX | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Alerts - Basic Fields | Yes | Yes | |
| Watchlists - Total Fields | 6 | 7 | |
| Charting - Indicators / Studies (Total) | 81 | 30 | |
| Charting - Drawing Tools (Total) | 431 | 15 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | OANDA | IronFX | |
|---|---|---|---|
| Android App | Yes | Yes | |
| Apple iOS App | Yes | Yes | |
| Mobile Alerts - Basic Fields | Yes | Yes | |
| Mobile Watchlist | Yes | Yes | |
| Watchlist Syncing | No | No | |
| Mobile Charting - Indicators / Studies | 30 | 30 | |
| Mobile Charting - Draw Trendlines | Yes | Yes | |
| Mobile Charting - Multiple Time Frames | Yes | Yes | |
| Mobile Charting - Drawings Autosave | Yes | Yes | |
| Mobile Economic Calendar | Yes | Yes |
| Research | OANDA | IronFX | |
|---|---|---|---|
| Daily Market Commentary | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | Yes | No | |
| Trading Central (Recognia) | No | Yes | |
| TipRanks | No | No | |
| Social Sentiment - Currency Pairs | Yes | No | |
| Economic Calendar | Yes | Yes |
| Education | OANDA | IronFX | |
|---|---|---|---|
| Education (Forex or CFDs) | Yes | Yes | |
| Client Webinars | Yes | No | |
| Client Webinars (Archived) | Yes | Yes | |
| Videos - Beginner Trading Videos | Yes | Yes | |
| Videos - Advanced Trading Videos | Yes | No | |
| Investor Dictionary (Glossary) | Yes | Yes |
| Major Forex Pairs | OANDA | IronFX | |
|---|---|---|---|
| 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 | OANDA Review |
| Overall | OANDA | IronFX | |
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| Trust Score | 93 | 83 | |
| Winner | check_circle | ||
| Review | OANDA Review |
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