IG Markets vs OANDA

If you are reading this article, you’re likely having trouble deciding whether IG Markets or OANDA is the better Forex trading platform for you. While both platforms generally provide positive user experiences, there are some essential differences to note.

In this OANDA vs IG Markets review, we outline the highlights of each trading platform to help you make a more informed decision. We evaluate:

Headquarters
United KingdomBritish Virgin Islands
Regulators
FCAASIC, BVIFSC, CFTC, FCA, FSA, IIROC, MAS, MFSA
Tier 1 Regulator(s)?
Owned by Public Company?
Year Established
19741996
Execution Type(s)
Market MakerECN/STP, Market Maker, Matched Principal Broker
Minimum Deposit
$250$0
Negative Balance Protection
Trading Platform(s)
MetaTrader 4, Proprietary platformMetaTrader 4, Proprietary platform
Average Trading Cost EUR/USD
0.9 pips0.9 pips
Average Trading Cost GBP/USD
1.4 pip1.3 pips
Average Trading Cost WTI Crude Oil
$0.03 $0.03
Average Trading Cost Gold
$0.30 $0.30
Retail Loss Rate
Undisclosed78.3%
Minimum Raw Spreads
Not applicable0.0 pips
Minimum Standard Spreads
0.8 pips0.6 pips
Minimum Commission for Forex
Commission-free$5.00 per round lot
Islamic Account
Signals
US Persons Accepted?
Managed Accounts
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Features and Platforms

MT4
MT5
MT4/MT5 Add-Ons
cTrader
Proprietary Platform
Automated Trading
Social/Copy Trading
DOM?
Guaranteed Stop Loss
Scalping
Hedging
One-Click Trading
OCO Orders
Interest on Margin
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IG Markets is the biggest CFD broker with a long operational history. Its market leadership position results in this broker providing liquidity to other retail brokers while maintaining a cost advantage for clients. The choice of trading platforms features its proprietary web-based browser. IG Markets also has MT4, ProReal Time, and L2 Dealer, plus competitive trading tools. Oanda is home to one of the most competitive MT4 trading environments due to its 28 plug-in upgrade package while also delivering a proprietary alternative. Both brokers provide traders with quality research and education.

Available Markets

Currency Pairs
Cryptocurrencies
Commodities
Crude Oil
Gold
Metals
Equity Indices
Stocks
0
Stocks (non-CFDs)
Bonds
ETFs
Options
Futures
Synthetics
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When it comes to asset selection, IG Markets remains among the best brokers globally. Forex traders get 102 currency pairs, three of which belong to a new class of weekend pairs, and the overall CFD selection exceeds 17,000. IG Markets also writes CFDs if client demand exists. Oanda has 61 currency pairs and 9 non-index futures, 22 commodities, primarily gold and silver quoted in various currencies, 16 index CFDs, and five bond CFDs. Oanda provides Forex traders with an average choice but fails to cater to advanced clients. Therefore, IG Markets maintains a notable edge in available markets.

Typical Spreads and Fees

Average Trading Cost EUR/USD
0.9 pips0.9 pips
Average Trading Cost GBP/USD
1.4 pip1.3 pips
Average Trading Cost WTI Crude Oil
$0.03 $0.03
Average Trading Cost Gold
$0.30 $0.30
Average Trading Cost Bitcoin
$90 $62
Minimum Raw Spreads
Not applicable0.0 pips
Minimum Standard Spreads
0.8 pips0.6 pips
Minimum Commission for Forex
Commission-free$5.00 per round lot
Deposit Fee
Withdrawal Fee
Inactivity Fee
$12 per month after 24 months$10 monhtly after 12 months
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Both brokers offer a commission-free cost structure starting from 0.6 pips or $6 per 1.0 standard lots, ranking among the best across the industry. The commission-based Forex structure at Oanda commences from raw spreads of 0.0 pips for a commission of $5.00. IG Markets lists an average CFD pricing environment with a minimum charge of 0.10%. Both brokers maintain a volume-based rebate program, lowering final trading costs for active traders. Swap rates on leveraged overnight positions and third-party payment processor costs exist at IG Markets and Oanda. Both brokers offer a highly competitive trading cost structure.

Security and Trust

Country of the Regulator
Australia, Bermuda, Switzerland, Cyprus, Germany, Japan, New Zealand, Singapore, United StatesAustralia, Canada, Japan, Malta, Singapore, United Kingdom, United States, British Virgin Islands
Name of the Regulator
FCAASIC, BVIFSC, CFTC, FCA, FSA, IIROC, MAS, MFSA
Regulatory License Number
195355, 378/19, 10148759, confirmed, but no regulaary license number, F001780, 41393, 1489, unconfirmed, 220440, 18923, 0509630, 54814Undisclosed, 0325821, 542574, C95813, 412981, 2137, CMS100122-4, SIBA/L/20/1130
Regulatory Tier
N/A1, 1, 1, 1, 1, 1, 1, 4
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IG Markets is a publicly-listed company in the UK and a constituent of the FTSE 250, with the UK Financial Conduct Authority (FCA) as its primary regulator. IG Markets has several subsidiaries in various jurisdictions, all of which remain compliant with their respective regulators. The Canadian Investment Industry Regulatory Organization of Canada (IIROC) is the primary regulator of Oanda. Additional oversight exists from the UK FCA, the Monetary Authority of Singapore (MAS), and the Australian Securities and Investments Commission (ASIC). IG Markets has more experience. Both segregate client deposits from corporate funds and offer negative balance protection.

IG Markets vs OANDA – Verdict

IG Markets maintains a product and services portfolio superior to most online brokers. While it caters to all types of investors and traders, algorithmic strategies remain well supported. Clients may use the proprietary web-based trading platform or opt for MT4, ProReal Time and L2 Dealer. IG Markets has access to deep liquidity, resulting in a competitive Forex pricing environment. Oanda deploys its proprietary trading platform alongside MT4, which receives an excellent upgrade with 28 plug-ins, creating one of the best MT4 solutions. It also maintains a competitive cost structure in its commission-free and commission-based accounts. The volume-based rebate program lowers costs for active traders at both brokers. In-house research is also available at both, together with educational resources for beginners, but IG Markets has an edge in both categories. Oanda remains popular in North America, while international traders have a superior overall broker in IG Markets.

Both brokers offer an equally competitive commission-free cost structure. IG Markets and Oanda maintain a volume-based rebate program for their commission-based alternatives, where Oanda provides a better offer.

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FAQs

Does IG Markets or Oanda offer lower pricing?

Both brokers offer an equally competitive commission-free cost structure. IG Markets and Oanda maintain a volume-based rebate program for their commission-based alternatives, where Oanda provides a better offer

Which is the more reliable broker?

From a reliability perspective, both brokers are reliable. IG Markets has more experience than Oanda, but both shaped the online brokerage industry nearly three decades ago.

Which trading platform is better: IG Markets or Oanda?

IG Markets provides overall better trading platform choices with its proprietary solution and third-party alternatives, ProReal Time and L2 Dealer, while the out-of-the-box MT4 is also available. Oanda has the better MT4 offer due to 28 plug-ins.

Is IG Markets or Oanda safer for Forex and CFDs trading?

While IG Markets is a publicly-listed company and has more regulatory oversight, both brokers provide clients with a safe Forex and CFD trading environment.

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