IC Markets vs Oanda: Comparison and Analysis

IC Markets vs Oanda: A Comparison Summary

When it comes to online trading, selecting a reliable and reputable broker is critical. In this comparison summary, we will look at two of the most prominent brokers in the market: IC Markets and Oanda.

Security

IC Markets is regulated by four financial authorities, including CySEC, ASIC, FSA, and SCB, whereas Oanda is regulated by six financial authorities, including ASIC, MAS, FSA, FCA, NFA, and IIROC. Both brokers have a high security rating, with Oanda having a slightly better rating than IC Markets.

Demo Account

IC Markets offers an unlimited demo account with virtual funds of up to $5 million, and the funds can be restored by contacting customer support. In contrast, Oanda offers a demo account with virtual funds of $100,000, which can also be restored by contacting customer support.

Account Opening

IC Markets doesn’t require a minimum deposit, while Oanda doesn’t have a minimum deposit requirement as well. IC Markets offers over ten base currencies, which helps traders avoid currency conversion fees, and offers three types of accounts – Standard, RAW Spread, and Professional. Oanda offers a variety of account options, including the Standard, Premium, Core, Spread Betting, and Professional accounts.

Social-Copy Trading

Both brokers offer social-copy trading services through third-party platforms such as ZuluTrade for IC Markets and Tradingview for Oanda. Additionally, traders can use EAs on the MT4 and MT5 platform to engage in copy trading through their Oanda account.

Markets

IC Markets offers a wider range of tradable assets than Oanda, including Forex, Commodities, Indices, Crypto Assets, and Stocks. In contrast, Oanda offers Forex, Commodities, Indices, Crypto Assets, Stocks, ETFs, and Bonds. It is worth noting that both brokers offer CFD trading only, which makes them suitable for short-term investing.

Trading Fees

IC Markets has lower spreads, starting from 0 pips on Forex, and lower commissions, up to $7 per lot traded, making it an ideal choice for scalping. In contrast, Oanda has spreads starting from 1.2 pips on Forex, which is slightly above the market average, and doesn’t charge any commission on EUR accounts.

Platforms

IC Markets offers the MetaTrader 4 and 5 (MT4 and MT5) platforms, as well as cTrader, which are available via webtrader, desktop, and mobile. Oanda offers the Oanda Trade Platform, which is a proprietary platform available via desktop, web, and mobile, as well as the MT4 and MT5 platforms, which are available via webtrader, desktop, and mobile in the European Union.

Education/Customer Care

Both brokers offer a range of educational material, including webinars, tutorials, and events. IC Markets offers podcasts as well. Customer support is available via phone, email, and live chat for both brokers, with over 18 languages available for IC Markets and no information provided for Oanda.

Conclusion

Overall, both IC Markets and Oanda are reputable brokers with a high security rating, unlimited demo accounts, and a wide range of trading platforms. However, IC Markets offers a more extensive range of markets, lower spreads, and commissions, making it a better choice for scalping. On the other hand, Oanda has more account options and offers access to real stocks for European traders. Traders must carefully evaluate their needs and preferences before selecting a broker that fits their trading style.