Oanda vs IC Markets

Oanda offers an excellent 28-plugin MT4 upgrade, creating one of the most competitive MT4 environments. It also connects to the TradingView community, where 50M+ social traders engage and share ideas. Beginners get live webinars and written educational content covering core topics. Oanda also provides actionable trading signals via its technical analysis section.

IC Markets ranks among the market leaders for algorithmic traders, with 65%+ of transactions placed by algorithms. The Advanced Trading Tools package, consisting of 20 plugins, upgrades the MT4 platform, but traders may also use MT5 and cTrader. Copy traders can use embedded services in Mt4, MT5, and cTrader or diversify via Myfxbook AutoTrade, ZuluTrade, and the newly added IC Social.

We have conducted an in-depth review of Oanda and IC Markets to determine which presents the better overall choice and which traders will benefit the most at either broker.

Headquarters
British Virgin IslandsAustralia
Regulators
ASIC, BVIFSC, CFTC, FCA, FSA, IIROC, MAS, MFSAASIC, CySEC, FSA
Tier 1 Regulator(s)?
Owned by Public Company?
Year Established
19962010
Execution Type(s)
ECN/STP, Market Maker, Matched Principal BrokerECN/STP
Minimum Deposit
$0$200
Negative Balance Protection
N/A
Trading Platform(s)
MetaTrader 4, Proprietary platformMetaTrader 4, MetaTrader 5, cTrader
Average Trading Cost EUR/USD
0.9 pips0.0 pips ($0.00)
Average Trading Cost GBP/USD
1.3 pips0.0 pips ($0.00)
Average Trading Cost WTI Crude Oil
$0.03 $0.03
Average Trading Cost Gold
$0.30 $0.05
Retail Loss Rate
78.3%N/A
Minimum Raw Spreads
0.0 pipsN/A
Minimum Standard Spreads
0.6 pipsN/A
Minimum Commission for Forex
$5.00 per round lotN/A
Islamic Account
Signals
US Persons Accepted?
Managed Accounts
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Features & Platforms

MT4
MT5
MT4/MT5 Add-Ons
N/A
cTrader
Proprietary Platform
Automated Trading
Social/Copy Trading
N/A
DOM?
Guaranteed Stop Loss
Scalping
Hedging
One-Click Trading
OCO Orders
Interest on Margin
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Noteworthy:

Both brokers offer corporate services and present advanced traders with API trading and VPS hosting. Oanda also offers an FX Payments service in 35 countries for corporate and individual transactions.

Available Markets

Currency Pairs
Cryptocurrencies
Commodities
Crude Oil
Gold
Metals
Equity Indices
Stocks
N/A
Stocks (non-CFDs)
Bonds
ETFs
Options
N/A
Futures
Synthetics
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Oanda and IC Markets rank among the leading Forex brokers. Still, IC Markets adds an excellent and well-balanced asset selection exceeding 2,250 trading instruments. Oanda is best for Forex traders, but it offers entry-level diversification. IC Markets covers all sectors, making it a better choice for diverse multi-asset portfolios.

Typical Spreads & Fees

Average Trading Cost EUR/USD
0.9 pips0.0 pips ($0.00)
Average Trading Cost GBP/USD
1.3 pips0.0 pips ($0.00)
Average Trading Cost WTI Crude Oil
$0.03 $0.03
Average Trading Cost Gold
$0.30 $0.05
Average Trading Cost Bitcoin
$62 $12.47
Minimum Raw Spreads
0.0 pipsN/A
Minimum Standard Spreads
0.6 pipsN/A
Minimum Commission for Forex
$5.00 per round lotN/A
Deposit Fee
N/A
Withdrawal Fee
N/A
Inactivity Fee
$10 monhtly after 12 monthsN/A
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Oanda takes the lead due to lower trading commissions. IC Markets charges a minimum commission of $7.00 for MT4/MT5 and $6.00 for cTrader. Oanda levies a $4.00 commission, and both brokers offer raw spreads from 0.0 pips and a volume-based rebate program.

Account Types

Account Types
Oanda
IC Markets
Commission-free Accounts
Yes
Yes
Commission-based Accounts
Yes
Yes
Demo Accounts
Yes
Yes
Islamic Accounts
Yes
Yes
Social / Copy Trading
Yes
Yes
Managed Accounts
No
No

The Oanda account choices depend on the operating subsidiary, but Oanda offers five options to most international clients. IC Markets has a commission-free account and commission-based alternatives, where the choice of trading platforms determines commissions. Therefore, Oanda has a better account structure with lower costs and fairer treatment for MT4 traders. Both brokers offer unrestricted demo accounts. Swap-free Islamic accounts are available at both Oanda and IC Markets.

Minimum Deposit

Deposit Snapshot
Oanda
IC Markets
Minimum Deposit
$0
$200
Deposit Fees
Third-Party
Third-Party
E-wallets
Yes
Yes
Cryptocurrencies
No
No
Localized Methods
Yes
Yes
Total Deposit Methods
4
14
Supported Deposit Currencies
USD, EUR, HKD, SGD
USD, EUR (10 total)

Oanda does not require a minimum deposit, offering all clients the flexibility to deposit as they feel comfortable. IC Markets asks for a $200 minimum deposit, higher than many brokers but within a reasonable range. Oanda only supports a limited choice of payment processors and prefers bank wires. IC Markets shines with its payment choices and accepts more currencies.

Minimum Withdrawal

Withdrawal Snapshot
Oanda
IC Markets
Minimum Withdrawal
No minimum
No minimum
Internal Withdrawal Fees
Yes (bank wires only)
No
Internal Processing Times
Up to 24 hours
Same-day

There is no minimum withdrawal amount at Oanda or IC Markets, and neither broker levies internal withdrawal fees, except for bank wires at Oanda. Traders should also consider third-party processing fees, potential currency conversion fees, and follow-on transaction charges. Processing times at Oanda and IC Markets are fast. Still, IC Markets maintains an edge, as it processes withdrawals the same day if the finance department receives the request by noon AEST/AEDT.

Security & Trust

Country of the Regulator
Australia, Canada, Japan, Malta, Singapore, United Kingdom, United States, British Virgin IslandsAustralia, The Bahamas, Cyprus, Seychelles
Name of the Regulator
ASIC, BVIFSC, CFTC, FCA, FSA, IIROC, MAS, MFSAASIC, CySEC, FSA
Regulatory License Number
Undisclosed, 0325821, 542574, C95813, 412981, 2137, CMS100122-4, SIBA/L/20/1130335692, SD018, SIA-F214, 362/18
Regulatory Tier
1, 1, 1, 1, 1, 1, 1, 41, 4, 4, 1
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Oanda and IC Markets rank among the industry leaders and present secure and trustworthy trading environments. Both brokers segregate all client deposits from corporate funds and offer negative balance protection to retail traders. Oanda has notably more operational experience and is a pioneer of the online Forex trading industry.

Broker versus Broker Verdict

Oanda

Pros
Cons
Excellent 28-tool MT4 upgrade package
Limited asset selection with equities missing
Trustworthy broker with more than 25 years of experience
A highly competitive commission-based pricing environment
Quality market commentary on the Oanda blog MarketPulse

IC Markets

Pros
Cons
Excellent choice of trading platforms consisting of MT4/MT5 and cTrader
The minimum deposit is slightly higher but within a reasonable range
Market-leading MT4 upgrade package and VPS hosting from three providers
Social trading via Myfxbook, MetaTrader Signals, ZuluTrade, and IC Social
Leverage of up to 1:500, deep liquidity, and superb trade execution

Oanda and IC Markets present traders with a cutting-edge environment featuring upgraded platforms, API trading, VPS hosting, and low trading fees. While IC Markets ranks among the leading Forex brokers for algorithmic traders and provides a better and well-balanced asset selection, Oanda takes the overall lead due to lower trading costs.

FAQs

Is IC Markets Islamic?

IC Markets is not an Islamic broker but offers Sharia-compliant Islamic trading accounts to Islamic traders.

Is IC Markets good for scalping?

IC Markets is an excellent choice for scalpers, but scalpers should also consider Oanda due to lower trading fees.

Which broker is similar to Oanda?

IC Markets is similar to Oanda. Pepperstone, IG Markets, Exness, and RoboForex also fall into this category.

Is IC Markets a trusted broker?

Yes, IC Markets is a trusted broker with regulatory licenses in multiple jurisdictions and a clean operational track record.

Is IC Markets better than Oanda?

IC Markets and Oanda offer traders high-quality trading environments. IC Markets has more assets, but Oanda features lower trading fees.

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