OANDA vs IC Markets Comparison
Comparing forex brokers side by side is no easy task. Our research team has collected thousands of data points, written hundreds of thousands of words of research, and tested over 60 brokers to help you find the best forex brokers in the industry. Trying to decide between OANDA and IC Markets? Our independent database powered by our unbiased research will help you compare OANDA vs IC Markets side-by-side.
What is Trust Score?
Trust Score is a data-driven rating system that provides an at-a-glance rating of a broker’s overall trust by tracking 60+ brokers and over 100 regulatory jurisdictions across the globe. To make things clearer for everyday traders, we’ve created a five-tier system for regulators and Trust Score rating labels. Learn more about Trust Score, and check out our country guides to see the most trusted brokers in your country of residence.
Can I trust OANDA?
OANDA has a Trust Score of 93, giving it a "Highly Trusted" Trust Score Label.
Can I trust IC Markets?
IC Markets has a Trust Score of 84, giving it a "Trusted" Trust Score Label.
Is OANDA a good broker?
Founded in 1996, OANDA is a long-standing, highly trusted broker licensed in an impressive seven Tier-1 regulatory jurisdictions. Forex and CFD traders will find plenty to like at OANDA, including strong market research and support for a range of third-party plug-ins and platforms (like MetaTrader 4
and the wildly popular TradingView). The OANDA Trade platform is available for web, desktop, and mobile. Though the desktop platform is good – not great – the mobile app is easy to use and boasts a great balance of features. The only downside with using OANDA is its comparatively small range of markets and industry-average spreads.
Is IC Markets a good broker?
IC Markets' low spreads, competitive pricing, and scalable execution policies make it a great choice for algorithmic traders. A trusted broker licensed in multiple Tier-1 regulatory jurisdictions, IC Markets boasts support for a variety of social copy trading apps, including its IC Social mobile app. IC Markets consistently ranks near or at the top of our ratings for MetaTrader brokers (and was our top pick for MetaTrader brokers in 2023). Traders at IC Markets gain access to MetaTrader 4 and MetaTrader 5, as well as the Advanced Trading Tools package for desktop and support for third-party plugins from Autochartist and Trading Central. It's worth noting that the broker's research and educational offerings still have room to improve.
What Tier-1 jurisdictions is each broker regulated in?
Tier-1 is reserved for the strictest, most stringent regulatory jurisdictions in the world. Tier-1 regulators impose additional capital requirements and require a tougher initial screening process. OANDA holds regulatory licenses in the following Tier-1 jurisdictions: Australia (ASIC Authorised), Canada (CIRO Authorised), Japan (SFC Authorised), Singapore (MAS Authorised), United Kingdom (U.K.) (FCA Authorised) and USA (CFTC Authorized). IC Markets, on the other hand, is licensed in these Tier-1 regulatory jurisdictions: Australia (ASIC Authorised). Neither have Hong Kong (SFC Authorised), CBI Authorised (Ireland), New Zealand (FMA Authorised) and Switzerland (FINMA Authorised)
What Tier-2 jurisdictions is each broker regulated in? What about Tier-3?
Tier-2 and tier-3 licenses are still important in evaluating the overall trustworthiness of forex brokers. As far as tier-2 licenses go, OANDA is none, while IC Markets is Cyprus (CySEC Authorised).. Neither have China (CBRC Authorised), India (SEBI Authorised), Israel (ISA Authorised), Russia (CBR Authorised), South Africa (FSCA Authorised), Thailand (SEC Authorised) and UAE (DFSA/Central Bank Authorised). When comparing tier-3 licenses OANDA is British Virgin Islands (FSC Authorised), while IC Markets is Bahamas (SCB Authorised).. Neither have Belize (FSC Authorised), Bermuda (BMA Authorised), Cayman Islands (CIMA Authorised), Mauritius (FSC Authorised) and Vanuatu (VFSC Authorised).
Which broker offers more trading platforms?
Whether your broker develops its own proprietary platforms or provides access to popular third-party platforms, you should make sure you can use your preferred type of trading platform. In our testing, we found that OANDA offers a Proprietary Platform and Desktop Platform (Windows), whereas IC Markets supports a Desktop Platform (Windows), cTrader and ZuluTrade. Neither have DupliTrade
Does OANDA offer MetaTrader? Does IC Markets offer MetaTrader?
Both OANDA and IC Markets offer the whole MetaTrader suite, which consists of both MetaTrader 4 and MetaTrader 5. If you’re new to MetaTrader 4 here’s our educational guide on how to use MT4.
How do OANDA and IC Markets differ in terms of minimum deposit? What about average spreads and funding options?
OANDA requires a minimum deposit of $0, while IC Markets requires a minimum deposit of $200. You'll also want to make sure that your broker accepts the funding options and deposit methods that work best for you. In our testing, we've found that both OANDA and IC Markets offer Bank Wire (Deposit/Withdraw), Visa/Mastercard (Credit/Debit), PayPal (Deposit/Withdraw) and Skrill (Deposit/Withdraw) for deposits
Which broker offers more tradeable asset classes, OANDA or IC Markets?
When choosing a forex broker, it’s important to consider each broker’s available investment products and tradeable asset classes. We’ve researched each broker’s individual offering of investments to help you pick the right broker for what you want to trade. During our testing, we found that OANDA delivers a more diverse selection of investment options than IC Markets, offering tradeable asset classes and investment types such as Forex Trading (Spot or CFDs), Spread Betting, Social Trading / Copy Trading, Metals, Energies and Agriculturals.
We also keep track of each broker’s total number of tradeable symbols; OANDA offers 124, and IC Markets offers a total of 3583 tradeable symbols.
Can I trade cryptocurrency with OANDA or IC Markets?
Crypto trading has become popular among forex traders across a range of international jurisdictions. As a result, many forex brokers now offer crypto products to their clients; most crypto assets are offered either as an underlying physical asset (such as when you own actual bitcoin assets, for example) or as a derivative product like a CFD. If you are looking to trade physical cryptocurrencies, you’ll find that neither OANDA nor IC Markets allow you to trade physical cryptocurrencies.
Who offers more research tools, OANDA or IC Markets?
Market research plays a huge role in any forex trader’s ability to conduct analysis within the global forex market. We test each broker’s research offering to help you decide which broker is right for your technical or fundamental analysis needs. OANDA delivers the following research tools: Autochartist, Daily Market Commentary, Forex News (Top-Tier Sources) and Social Trading / Copy Trading. IC Markets, on the other hand, provides the tools listed here: Autochartist, Daily Market Commentary, Stock Charts, Forex News (Top-Tier Sources), Trading Central (Recognia) and Social Trading / Copy Trading
Overall winner: OANDA
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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.