Written by ForexBrokers.com
In this head to head comparison of OANDA vs IC Markets, we will compare the trading platforms, mobile apps, range of investments, costs, market research, and more. Let's dive in.
Overall
Overall
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 and IC Markets are well-known online brokers with long track records. OANDA was founded in 1996, while IC Markets began in 2007. Neither company is publicly traded, and neither operates as a bank.
In terms of regulation, OANDA holds 7 Tier-1 licenses (considered highly trusted by ForexBrokers.com), compared to 2 for IC Markets; both hold 0 Tier-2 licenses. OANDA’s ForexBrokers.com Trust Score is 92, which places it in the “highly trusted” 90–99 range, while IC Markets scores 83, fitting the “trusted” 80–89 range. These ratings can help investors gauge perceived safety based on regulatory oversight and licensing.
| Feature |
OANDA
|
IC Markets
|
|---|---|---|
| Year Founded | 1996 | 2007 |
| Publicly Traded (Listed) | No | No |
| Bank | No | No |
| Tier-1 Licenses | 7 | 2 |
| Tier-2 Licenses | 0 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 1 | 3 |
When comparing OANDA vs IC Markets for commissions and fees, IC Markets is the clear lower-cost choice for most forex traders. OANDA’s trading costs are generally higher, with average EUR/USD spreads of 1.61 pips on its default pricing in July 2024, while its core pricing lowers spreads but adds commission and requires a $10,000 minimum deposit. OANDA does offer a small-trade advantage with micro positions down to 1 unit, plus rebates for active traders in some regions. OANDA is rated 4 stars and ranked #31 out of 36 for Commissions and Fees by ForexBrokers.com.
IC Markets, by contrast, is designed for low-cost trading and is one of the best brokers in this category. It offers a commission-free Standard account, along with Raw Spread and cTrader Raw Spread accounts that use very tight spreads plus low commissions. On its cTrader Raw Spread account, the commission is $3.00 per side per 100,000 units, while the MetaTrader Raw Spread account charges $3.50 per side. IC Markets’ pricing is especially appealing for active traders, and it also offers discounts for high-volume trading. IC Markets is rated 5 stars and ranked #5 out of 36 for Commissions and Fees.
In simple terms, OANDA may suit traders who value its execution setup and flexible small trade sizes, but IC Markets is the better pick if your main goal is to keep trading costs down. If you want the cheapest overall setup between these two, IC Markets has the edge on spreads, commissions, and all-in trading fees.
| Feature |
OANDA
|
IC Markets
|
|---|---|---|
| Minimum Deposit | $0 | $200 |
| Average spread (EUR/USD) - Standard account | 1.68 | 0.62 |
| All-in Cost EUR/USD - Active | 1.69 | 0.62 |
| Non-wire bank transfer | Yes | No |
| PayPal (Deposit/Withdraw) | Yes | Yes |
| Skrill (Deposit/Withdraw) | Yes | Yes |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
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OANDA and IC Markets both give traders access to forex as a CFD or spot contract, plus copy trading and cryptocurrency CFDs. They each also let clients trade international exchange-listed shares, but OANDA goes a step further by offering exchange traded U.S. stocks such as Apple, while IC Markets does not. OANDA also stands out for letting clients buy actual cryptocurrency, not just crypto CFDs.
When it comes to overall market choice, OANDA offers more tradeable symbols than IC Markets, with 4,172 versus 3,583, and more forex pairs, with 69 compared with 61. Both brokers receive the same 4.5-star rating for Range of Investments, but OANDA is ranked slightly higher by ForexBrokers.com at #20 out of 36, ahead of IC Markets at #22.
| Feature |
OANDA
|
IC Markets
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 4172 | 3583 |
| Forex Pairs (Total) | 69 | 61 |
| U.S. Stocks (Shares) | Yes | No |
| Global Stocks (Non-U.S. Shares) | Yes | Yes |
| Copy Trading | Yes | Yes |
| Cryptocurrency (Underlying) | Yes | No |
| Cryptocurrency (CFDs) | 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.
OANDA and IC Markets both give traders a strong range of platform choices, including free demo accounts, web-based trading, Windows desktop downloads, copy trading, and the popular MetaTrader 4 and MetaTrader 5 platforms. Each broker also lets you place trades directly from a chart, which can make it easier to react quickly while analyzing price moves. In short, both brokers cover the basics well for traders who want flexibility across different devices and trading styles.
The main difference is that OANDA also offers its own in-house trading platform, while IC Markets does not. That extra platform choice may appeal to traders who prefer a broker-built experience instead of relying only on third-party software. Even so, both brokers are evenly matched in overall user ratings for trading platforms and tools, with 4 out of 5 stars each. On ForexBrokers.com, OANDA ranks #16 out of 36 brokers in this category, just ahead of IC Markets at #17.
| Feature |
OANDA
|
IC Markets
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Desktop Trading Platform | Yes | No |
| Desktop Platform (Windows) | Yes | Yes |
| Web Platform | Yes | Yes |
| Copy Trading | Yes | Yes |
| MetaTrader 4 (MT4) | Yes | Yes |
| MetaTrader 5 (MT5) | Yes | Yes |
| Charting - Indicators / Studies (Total) | 89 | 30 |
| Charting - Trade From Chart | Yes | Yes |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
OANDA and IC Markets both offer mobile trading apps for iPhone and Android, along with price alerts, so traders can keep up with the markets on the go. Each app also includes 30 technical studies, trendline drawing tools, and auto-saving for chart drawings. One shared limitation is that neither broker offers watchlist symbol syncing between the mobile app and the online account.
Where OANDA stands out is in third-party recognition. ForexBrokers.com gives OANDA a 5-star rating for Mobile Trading Apps and ranks it #7 out of 36 brokers, while IC Markets earns 4 stars and ranks #22. For mobile trading, both brokers cover the basics well, but OANDA appears to have the edge in overall app quality and user experience.
| Feature |
OANDA
|
IC Markets
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Price Alerts | Yes | Yes |
| Mobile Watchlists - Syncing | No | No |
| Mobile Charting - Indicators / Studies | 30 | 30 |
| Mobile Charting - Draw Trendlines | Yes | Yes |
| Mobile Charting - Trendlines Autosave | Yes | Yes |
Dive deeper: Best Forex Trading Apps.
OANDA and IC Markets both give traders a wide range of market research tools, including daily market commentary, forex news from top sources like Bloomberg and Reuters, Autochartist support, sentiment data, and an economic calendar with major global events. Both brokers also cover the basics well for traders who want to follow news and monitor market moves without needing to rely on outside sources.
The main difference is that IC Markets adds Trading Central research tools, while OANDA does not. Even so, OANDA comes out ahead overall for research, with a 5-star rating and a #4 ranking out of 36 brokers from ForexBrokers.com, compared with IC Markets’ 4-star rating and #21 ranking. For traders focused on market research quality, OANDA has the edge, while IC Markets still offers a strong set of research features.
| Feature |
OANDA
|
IC Markets
|
|---|---|---|
| Daily Market Commentary (Articles) | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | Yes | Yes |
| Trading Central | No | Yes |
| Client sentiment data | Yes | Yes |
| TipRanks | No | No |
| Acuity Trading | No | No |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
OANDA and IC Markets both give beginners a strong starting point when it comes to learning forex and CFDs. Each broker offers a wide set of educational materials, including at least 10 pieces focused on forex or CFDs, monthly online webinars, and 10 or more beginner videos along with 10 or more advanced videos for traders who want to keep learning. This means new traders can find help with the basics, while more experienced users can also access content that goes further.
Looking at ratings, OANDA is scored 5 stars for Education and is ranked #18 out of 36 brokers by ForexBrokers.com, while IC Markets is rated 4 stars and ranked #16. In simple terms, both brokers are useful for beginners, but OANDA appears to have the edge in overall education quality, while IC Markets holds a slightly higher rank in the category.
| Feature |
OANDA
|
IC Markets
|
|---|---|---|
| Webinars | Yes | Yes |
| Videos - Beginner Trading Videos | Yes | Yes |
| Videos - Advanced Trading Videos | 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 IC Markets. OANDA finished with an overall rank of #13, while IC Markets finished with an overall rank of #21.
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
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IC Markets
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| Trust Score | 92 | 83 |
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OANDA vs IC Markets: OANDA lets you buy actual (delivered) cryptocurrencies and trade crypto CFDs, while IC Markets only offers cryptocurrency CFDs and does not support purchasing real, delivered crypto.
Comparing OANDA vs IC Markets for deposits and withdrawals: OANDA supports ACH/SEPA, PayPal, Skrill, and bank wire transfers, while IC Markets does not support ACH/SEPA but does accept PayPal, Skrill, and bank wires.
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 | IC Markets | |
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| Trust Score | 92 | 83 | |
| Winner | check_circle | ||
| Review | OANDA Review | IC Markets Review |
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| Regulation | OANDA | IC Markets | |
|---|---|---|---|
| Trust Score | 92 | 83 | |
| Year Founded | 1996 | 2007 | |
| Publicly Traded (Listed) | No | No | |
| Bank | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes | |
| Tier-1 Licenses | 7 | 2 | |
| Tier-2 Licenses | 0 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 1 | 3 |
| Tier-1 Licenses (Highly Trusted) | OANDA | IC Markets | |
|---|---|---|---|
| Australia (ASIC Authorised) | Yes | Yes | |
| Canada (CIRO Authorised) | Yes | No | |
| Hong Kong (SFC Authorised) | No | No | |
| Japan (FSA Authorised) | Yes | No | |
| Singapore (MAS Authorised) | Yes | No | |
| Switzerland (FINMA Authorised) | |||
| United Kingdom (U.K.) (FCA Authorised) | Yes | No | |
| 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 | IC Markets | |
|---|---|---|---|
| Kenya (CMA Authorised) | |||
| Israel (ISA Authorised) | No | No | |
| South Africa (FSCA Authorised) | No | No | |
| UAE (DFSA, FSRA, or CMA Authorised) | No | No | |
| India (SEBI Authorised) | No | No | |
| Jordan (JSC Authorised) |
| Investments | OANDA | IC Markets | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 4172 | 3583 | |
| Forex Pairs (Total) | 69 | 61 | |
| U.S. Stocks (Shares) | Yes | No | |
| Global Stocks (Non-U.S. Shares) | Yes | Yes | |
| Copy Trading | Yes | Yes | |
| Cryptocurrency (Underlying) | Yes | No | |
| Cryptocurrency (CFDs) | 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 | IC Markets | |
|---|---|---|---|
| Average spread (EUR/USD) - Standard account | 1.68 | 0.62 | |
| All-in Cost EUR/USD - Active | 1.69 | 0.62 | |
| Inactivity Fee | Yes | No | |
| Order execution: Agency | No | Yes | |
| Order execution: Market Maker | Yes | Yes |
| Funding | OANDA | IC Markets | |
|---|---|---|---|
| Minimum Deposit | $0 | $200 | |
| PayPal (Deposit/Withdraw) | Yes | Yes | |
| Skrill (Deposit/Withdraw) | Yes | Yes | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| Non-wire bank transfer | Yes | No |
| Trading Platforms | OANDA | IC Markets | |
|---|---|---|---|
| Proprietary Desktop Trading Platform | Yes | No | |
| Desktop Platform (Windows) | Yes | Yes | |
| Web Platform | Yes | Yes | |
| Copy Trading | Yes | Yes | |
| MetaTrader 4 (MT4) | Yes | Yes | |
| MetaTrader 5 (MT5) | Yes | Yes | |
| cTrader | No | Yes |
| Trading Tools | OANDA | IC Markets | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Price Alerts | Yes | Yes | |
| Charting - Indicators / Studies (Total) | 89 | 30 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | OANDA | IC Markets | |
|---|---|---|---|
| Android App | Yes | Yes | |
| Apple iOS App | Yes | Yes | |
| Mobile Price Alerts | Yes | Yes | |
| Mobile Watchlist [DELETED] | |||
| Mobile Watchlists - Syncing | No | No | |
| Mobile Charting - Indicators / Studies | 30 | 30 | |
| Mobile Charting - Draw Trendlines | Yes | Yes | |
| Mobile Charting - Trendlines Autosave | Yes | Yes | |
| Mobile Research - Economic Calendar | Yes | Yes |
| Research | OANDA | IC Markets | |
|---|---|---|---|
| Daily Market Commentary (Articles) | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | Yes | Yes | |
| Trading Central | No | Yes | |
| TipRanks | No | No | |
| Client sentiment data | Yes | Yes | |
| Economic Calendar | Yes | Yes |
| Education | OANDA | IC Markets | |
|---|---|---|---|
| Webinars | Yes | Yes | |
| Videos - Beginner Trading Videos | Yes | Yes | |
| Videos - Advanced Trading Videos | Yes | Yes |
| Major Forex Pairs | OANDA | IC Markets | |
|---|---|---|---|
| GBP/USD [DELETED] | |||
| USD/JPY [DELETED] | |||
| EUR/USD | Yes | Yes | |
| USD/CHF [DELETED] | |||
| USD/CAD [DELETED] | |||
| NZD/USD [DELETED] | |||
| AUD/USD [DELETED] | |||
| Review | OANDA Review | IC Markets Review |
| Overall | OANDA | IC Markets | |
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| Trust Score | 92 | 83 | |
| Winner | check_circle | ||
| Review | OANDA Review | IC Markets Review |
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