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IC Markets vs Oanda: Comparison and Analysis

Written by Filippo Ucchino Fact-Checked by Luca Puddu Publication Date Last Updated
Our verdict · CFD/FX trading

IC Markets is better than Oanda for CFD trading in the UK by a small margin, but it holds no licence in the UK. IC Markets runs cTrader next to the MetaTrader platforms and TradingView both brokers share, opens ECN, Islamic and managed accounts, allows high-frequency strategies, offers copy and social trading, holds more account base currencies (ten against one) and moves money faster, crediting deposits on the same day and withdrawals in 1 day, against 2 days. Oanda, on the other hand, has a lower EUR/USD cost (4.75 USD per lot against 7.55 USD), runs a proprietary trading platform, lists more tradable symbols (1,500 against 180), adds futures to the CFDs and opens corporate and professional accounts. Oanda is regulated in the UK by the FCA, while IC Markets has no UK licence and is regulated by CySEC and ASIC. Both brokers ask for no minimum deposit, cover CFDs on commodities, forex, indices and stocks, open raw spread accounts, allow scalping, hedging, expert advisors, VPS hosting and API access, and provide a demo account that does not expire.

Best overall

IC Markets

CFDCFD IC Markets offers CFD trading: leveraged contracts that follow the price of an asset without owning it. Switch the comparison to CFD/FX to rate it on that. FXFX IC Markets offers forex trading: currency pairs such as EUR/USD, traded with leverage. Forex is rated together with CFDs, on the CFD/FX side. Not regulated in your country IC Markets does not accept residents in the UK because it is not regulated by FCA.
IC Markets review ›
87CFD/FXOverall score IC Markets scores 87/100 for CFD/FX trading. The overall score is calculated from the data in this comparison across 12 areas.
Not licensed in the UK

72.52% of retail investor accounts lose money when trading CFDs with this provider.

Oanda

CFDCFD Oanda offers CFD trading: leveraged contracts that follow the price of an asset without owning it. Switch the comparison to CFD/FX to rate it on that. FXFX Oanda offers forex trading: currency pairs such as EUR/USD, traded with leverage. Forex is rated together with CFDs, on the CFD/FX side. Regulated in your country Oanda is allowed by FCA to onboard clients residing in the UK.
Oanda review ›
82CFD/FXOverall score Oanda scores 82/100 for CFD/FX trading. The overall score is calculated from the data in this comparison across 12 areas.
Open Account

76.6% of retail investor accounts lose money when trading CFDs with this provider.

Best for

What we compare A comparison of the kinds of traders IC Markets and Oanda are best suited to, based on what each one actually offers in United Kingdom.
1 / 12

IC Markets is better than Oanda for high-volume traders and crypto traders. Oanda, on the other hand, is better for futures traders. Professional traders, scalpers and swing traders can choose either IC Markets or Oanda.

Best for
Overall score IC Markets 87 Best Oanda 82 -5
Day trading i
Long-term investing i
Professional traders i
High-volume traders i
Scalpers i
Swing traders i
News traders i
Algo traders i
Stock traders i
Crypto traders i
Futures traders i
Options traders i

Regulation

What we compare A comparison between the financial authorities that supervise IC Markets and the ones that supervise Oanda.
2 / 12

Only Oanda is regulated in the UK, by the FCA. IC Markets holds no licence in the UK and is regulated by CySEC and ASIC (Australia).

Regulation
Section score IC Markets 100 Oanda 100
Tier-1 regulators
ESMA (European Union) i
FCA (United Kingdom) i
ASIC (Australia) i
CFTC (United States) i
NFA (United States) i
SEC (United States) i
CIRO (Canada) i
MAS (Singapore) i
SFC (Hong Kong) i
JFSA (Japan) i
FINMA (Switzerland) i
Tier-2 regulators
FMA (New Zealand) i
CBR (Russia) i
FSCA (South Africa) i
DFSA (Dubai) i
CSRC (China) i
ISA (Israel) i
LFSA (Malaysia) i
JSC (Jordan) i
CMA (Kenya) i
Tier-3 regulators
FSA (Seychelles) i
MMA (Maldives) i
SCB (Bahamas) i
FSC (Mauritius) i
VFSC (Vanuatu) i
FSC (Belize) i
CIMA (Cayman Islands) i
SV FSA (Saint Vincent and the Grenadines) i
FSRC (St. Kitts & Nevis) i
BMA (Bermuda) i
BVI FSC (British Virgin Islands) i
EDR (External Dispute Resolution) i

Safety

What we compare A comparison of the tools and services that IC Markets and Oanda have in place to protect your money in United Kingdom.
3 / 12

Both IC Markets and Oanda offer segregated client funds and two-factor authentication. Oanda also offers an investor compensation scheme. IC Markets holds no licence in the UK and is not covered by the FSCS.

Safety
Section score IC Markets 65 -14 Oanda 79 Best
Company info
Is it publicly traded i
Is it a bank i
Year founded i 2007 1996
Parent company i International Capital Markets Pty Ltd OANDA Group
CEO i Andrew Budzinski Gavin Bambury
Money safety
Segregated client funds i
Two-factor authentication i
Investor compensation scheme i
Additional money insurance i
Partner bank i N/A N/A
Brand power
Number of customers worldwide i
Annual revenue i USD 16,900,000
Monthly website search traffic i 2.2M monthly visits

Costs

What we compare A comparison of what it costs to trade with IC Markets and with Oanda in United Kingdom, both on each trade and on holding the account.
4 / 12

IC Markets is better than Oanda for costs, given that IC Markets has tighter EUR/USD standard spreads, at 0.8 pips (against Oanda's 0.85 pips), has tighter EUR/USD raw spreads, at 0.01 pips (against Oanda's 0.1 pip), and has tighter gold CFD spreads, at 0.09 points (against Oanda's 0.57 points). Neither IC Markets nor Oanda charges account maintenance fees or deposit fees.

Costs
Section score IC Markets 79 Best Oanda 75 -4
Broker fees
Deposit fees i
Withdrawal fees i
Overnight fees i
Inactivity fees i
Currency conversion fees i
Discounts on volume i
Real time market data fee i
Dividend withholding i
Account opening fees i
Account maintenance fee i
Portfolio management fee i
Fees on CFDs
Forex commission per lot i USD 7 Free
EUR/USD average standard spread i
0.8 pips
0.85 pips
EUR/USD average raw spread i
0.01 pips
0.1 pips
EUR/USD average fixed spread i
EUR/USD total cost per lot i USD 7.55 USD 4.75
S&P 500 fees (CFD) i 0.492 points 0.49 points
Gold fees (CFD) i 0.09 points 0.57 points
Bitcoin fees (CFD) i USD 12.01
US stocks fees (CFD) i USD 0.02 USD 0.06
Fees on stocks
Stock fee type i Commission, Percentage Percentage
US stocks fees (real) i
ETF fees (real) i
Management costs i
Connection costs i
Fees on futures
Futures fees per contract i Free
Platform fees i
Fees on options
Options fees per contract i
Event fees i
Fees on savings plans
IRA opening fee i
IRA maintenance fee i
401k opening fee i
401k maintenance fee i

Available markets

What we compare A comparison of the markets and products you can trade with IC Markets and with Oanda in United Kingdom, and of how many instruments each one gives access to.
5 / 12

Oanda is better than IC Markets for available markets, since Oanda gives access to 1,500 tradable symbols (against IC Markets' 180), and offers futures on crypto and forex, which IC Markets does not. Both IC Markets and Oanda offer CFDs on commodities, forex, indices and stocks.

Available markets
Section score IC Markets 75 -20 Oanda 95 Best
Total tradable symbols i 180 1,500
Currency pairs i
Indices i
Commodities i
Stocks i
ETF i
Cryptocurrencies i
Bonds i
Interest rates i
Portfolios i
CFDs i Commodities, Crypto, Forex, Indices, Stocks Commodities, Forex, Indices, Stocks
Futures i Crypto, Forex
Options i
Assets you can own i

Platform

What we compare A comparison of the trading platforms that IC Markets and Oanda make available to their clients in United Kingdom.
6 / 12

IC Markets and Oanda are equally good for platforms, since IC Markets offers cTrader and social trading while Oanda offers a proprietary platform and AutoChartist. Both IC Markets and Oanda offer MetaTrader 5 and MetaTrader 4.

Platform
Section score IC Markets 89 -2 Oanda 91
Proprietary platform i
MetaTrader 4 i
MetaTrader 5 i
cTrader i
Social trading platform i
Copy trading platform i
ZuluTrade i
TradingView i
Duplitrade i
Mirror Trader i
NinjaTrader i
AutoChartist i
Real time pricing i
5 digit pricing i
One-click trading i

Mobile

What we compare A comparison of the mobile apps of IC Markets and Oanda in United Kingdom, and of what each one lets you do from your phone.
7 / 12

IC Markets is better than Oanda for mobile trading, as IC Markets offers the cTrader app and mobile trading signals, which Oanda does not. IC Markets and Oanda both offer a proprietary mobile app and the MetaTrader 5 app.

Mobile
Section score IC Markets 93 Best Oanda 86 -7
Proprietary app i
Social trading app i
Copy trading app i
MetaTrader 4 app i
MetaTrader 5 app i
cTrader app i
Mobile trading signals i
Mobile alerts i
Mobile charting tools i
Mobile drawing tools i
Mobile watchlist i
Smartwatch app i

Trading features

What we compare A comparison of the trading tools and strategies that IC Markets and Oanda allow on their platforms in United Kingdom.
8 / 12

IC Markets and Oanda are equally good for trading features, since IC Markets allows for high-frequency trading while Oanda offers negative balance protection. Both IC Markets and Oanda offer trailing stops and tier-1 liquidity providers. The leverage shown for IC Markets is set by its Seychelles entity and exceeds the retail limit in the UK (30:1 on major currency pairs).

Trading features
Section score IC Markets 83 Oanda 83
Trade execution
Broker type i NDD Agency
Average execution time i 40 ms
Slippage occurrence i
Requotes occurrence i
Tier-1 liquidity providers i
PFOF i
Leverage
Major FX pairs leverage i 5000:1 30:1
Minor/Exotic FX pairs leverage i 5000:1 20:1
Major indices leverage i 200:1 20:1
Minor indices leverage i 200:1 10:1
Gold leverage i 2000:1 20:1
Commodities leverage i 1000:1 10:1
Equities leverage i 20:1 5:1
Cryptocurrency leverage i 500:1
Risk management
Stop losses i
Take profits i
Limit orders i
Trailing stop i
Margin call i
OCO orders i
Guaranteed stop loss i
Negative balance protection i
Minimum trade size (FX) i 0.01 lots 0.01 lots
Minimum trade size (stocks) i USD 0 USD 0
Fractional stocks i
Trading compliance
Scalping strategies allowed i
Hedging strategies allowed i
Automated trading strategy allowed i
EAs use allowed i
HFT strategy allowed i
VPS use allowed i
API use allowed i
Price scraping allowed i
FIFO rule applies i

Account types

What we compare A comparison of the kinds of account you can open at IC Markets and at Oanda in United Kingdom, and of who each one is meant for.
9 / 12

IC Markets is better than Oanda for account types, as IC Markets offers a managed account, an ECN account and an Islamic account, which Oanda does not. Both IC Markets and Oanda offer a demo account and a professional traders account.

Account types
Section score IC Markets 92 Best Oanda 53 -39
Demo account i
Unlimited demo account i
Standard account i
Micro account i
Cent account i
Nano account i
Raw spread account i
ECN account i
Swap-free account i
Islamic account i
Professional traders account i
Fixed spread account i
Spread betting account i
Copy trading account i
Corporate account i
Managed account i
Stock investing account i
Margin investing account i
Savings account i
Retirement account i

Account opening

What we compare A comparison of what it takes to open and fund an account with IC Markets and with Oanda in United Kingdom.
10 / 12

IC Markets is better than Oanda for account opening, because IC Markets offers 10 account base currencies (against Oanda's 1), supports e-wallets, which Oanda does not, and credits deposits faster, within the same day (against Oanda's 2 days). Neither IC Markets nor Oanda requires a minimum deposit. IC Markets holds no licence in the UK.

Account opening
Section score IC Markets 95 Best Oanda 65 -30
Minimum deposit i USD 0 USD 0
Minimum withdrawal i USD 0 USD 0
Wire transfers i
Credit cards i
Debit cards i
eWallets i PayPal, Neteller, Skrill
Local payment methods i
Account base currencies i AUD, CAD, CHF, EUR, GBP, HKD, JPY, NZD, SGD, USD USD
Deposit waiting time i Instant up to 2 business days
Withdrawal waiting time i up to 1 business days up to 2 business days
Bonus program i

Customer care

What we compare A comparison of the customer support of IC Markets and Oanda in United Kingdom, in how it can be reached and how fast it answers.
11 / 12

IC Markets is better than Oanda for customer care, since IC Markets offers customer support in 17 languages (against Oanda's 5), has a website in 17 languages (against Oanda's 7), and offers a dedicated account manager, which Oanda does not. Both IC Markets and Oanda offer phone support and live chat.

Customer care
Section score IC Markets 87 Best Oanda 46 -41
Number of languages supported i 17 7
Website languages i Arabic, Bulgarian, Czech, German, English, French, Croatian, Indonesian, Italian, Korean, Malay, Portuguese, Russian, Spanish, Thai, Vietnamese, Chinese German, English, French, Italian, Russian, Spanish, Chinese
Website available in English i
Customer support languages i Arabic, Bulgarian, Czech, German, English, French, Croatian, Indonesian, Italian, Korean, Malay, Portuguese, Russian, Spanish, Thai, Vietnamese, Chinese German, English, Russian, Spanish, Chinese
Customer support in English i
Call back request i
Email support i
Phone support i
Live chat i
Priority customer support i
Dedicated account manager i
Cash sweep i
Stock lending i
Distributes proceeds i
Tax withholding agent i
Tax assistance i

Learning

What we compare A comparison of the educational material that IC Markets and Oanda provide to their clients in United Kingdom.
12 / 12

IC Markets is better than Oanda for learning, as IC Markets offers professional reports and daily market commentary, which Oanda does not. Both IC Markets and Oanda offer education for advanced traders and webinars.

Learning
Section score IC Markets 100 Best Oanda 80 -20
Education
Education center i
Education for beginners i
Education for advanced traders i
Webinars i
Tutorials i
Glossary i
Research
Economic calendar i
Traders' sentiment i
Daily market commentary i
Daily trading ideas i
News via social media i
Professional reports i
Watchlist i
IC Markets
Not licensed in the UK 72.52% of retail investor accounts lose money when trading CFDs with this provider.
Oanda
Open Account 76.6% of retail investor accounts lose money when trading CFDs with this provider.
Our verdict

IC Markets vs Oanda: which one should you choose?

IC Markets

CFD/FX Choose IC Markets if you want a CFD and forex broker with several trading platforms, copy and social trading and several account base currencies and live in a country where it is licensed to operate.

Not licensed in the UK 72.52% of retail investor accounts lose money when trading CFDs with this provider.
Oanda

CFD/FX Choose Oanda, regulated in the UK by the FCA, if you want an online CFD broker with low trading costs and a proprietary trading platform.

Open Account 76.6% of retail investor accounts lose money when trading CFDs with this provider.

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