IC Markets and Oanda are online forex brokers that offer their trading services to traders and investors. IC Markets is a regulated and trusted forex broker. It is regulated by multiple regulatory authorities including ASIC, CySEC, FSA. Similarly, Oanda is also a regulated broker which is regulated by ASIC, CFTC, IIROC, FCA, PFSA, MAS in Singapore, FSA in Japan, FSC in BVI. Both the brokers have their own strengths and weaknesses.
In this article, we will review and compare the brokerage services offered by IC Markets vs Oanda. We will explore options such as regulations, reputations, fees, features, leverage, and more. Additionally, we will analyze and rate the brokers based on macro and micro categories and options. By reviewing these aspects, you will get a clear idea of which broker suits you best for your trading journey.
IC Markets vs Oanda: In a Nutshell
IC Markets
Founded in 2007 by Andrew Budzinksi, IC Markets is an Australian-based forex and CFD broker offering trading services to institutional and retail traders worldwide. The broker offers 2250+ trading instruments including Forex, commodities, indices, bonds, stocks, futures, and cryptocurrencies. Over the years, the broker has improved in quality and services. It offers true ECN trading with low spreads, high leverage, and fast executions to a global clientele. IC Markets is a multi-asset trading platform of choice for high-volume traders, scalpers, and robots. To learn more, you can read our review on IC Markets where we have covered its features, pros, cons, ratings, and more.
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Oanda
Founded by Drs. Stumm and Olsen in the USA in 1996, Oanda is one of the oldest and most experienced forex brokers in the world. The broker expanded into Asia in 2007, opened its London office in 2011, and its Sydney office in 2014. On its platforms, you can trade over 3,000 forex pairs, CFDs, and even real stocks. The broker is regulated by top regulatory authorities including ASIC, CFTC, IIROC, FCA, PFSA, MAS in Singapore, FSA in Japan, and FSC in BVI. Oanda offers multiple trading platforms such as MT4, MT5, the fxTrade app, and TradingView. Oanda is also known for its currency transfer services as well as its MarketPlus trading analytics. To learn more, you can read our review on Oanda, where we cover features, pros, cons, and more
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IC Markets vs Oanda : Features
IC Markets:
- Regulations: ASIC, CySEC, and FSA
- Trading Instruments: 2150+ including Forex, commodities, indices, bonds, stocks, futures, cryptocurrencies
- Minimum Deposit: $200 or Equivalent
- Maximum leverage: up to 1000:1 in FSA jurisdiction, in some countries, it offers 500:1 leverage, for ASIC, and CySEC entity the brokers offers up to 1:30 leverage.
- Account types: Standard Account and Raw Account (Metater, Ctrader)
- Fees: Spread starting from 0.8 pips for Standard Account or 3.00 to 3.50 per lot for Raw Account on a single Trip.
- PAMM/ MAM: Not Available
- Scalping: Allowed
- News Trading: Allowed
- EA/ Robot Trading: Allowed
Oanda:
- Trading Instruments: CFD trading is not allowed for US clients; however, non-US clients can trade CFDs
- Maximum leverage: The maximum leverage of Oanda is 1:200 (global), 1:50 (US), 1:30 (EU)
- Minimum Deposit: No Minimum Deposit.
- Account Types: Two (Standard, Elitetrader)
- Trading Fees: Spreads range from 0.1 to 0.6, and commissions range from 3.5 to 4 per lot (depending on account type).
- PAMM/ MAM:
- Scalping: Allowed
- News Trading: Allowed
- EA/ Robot Trading: Allowed
IC Markets vs Oanda: Pros and Cons
IC Markets
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Oanda
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IC Markets vs Oanda: Side-by-Side Comparison
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IC Markets Vs Oanda: Our Scores and Ratings
We rated both brokers, IC Markets and Oanda, on a scale of 1 to 10, with 0.1 increments. To achieve a comprehensive rating, we broadly grouped all services offered by brokers into 6 macro categories and assigned percentage weights to them. Each macro category is subdivided into several data points which contributes to the total score of 1.0-10.0 assigned to each macro category. Since all categories are not equally important, our weight percentage plays a significant role in assessing the broker accurately. For example, Regulation and Security contributes a total weight of 40% to the whole ratings because this is the most important rating category. To learn more, read our methodology.
IC Markets :
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Oanda:
Final Verdict :
IC Markets and Oanda are regulated forex and CFD brokers in the industry. They offer similar trading services, including forex and CFDs. Both allow scalping, hedging, EA trading and Copy trading, with a minimum order size of 0.01.
However, there are a few areas where you may find some differences. For example, the minimum deposit for IC Markets is $200, whereas the minimum deposit for Oanda is $0. The maximum leverage for IC Markets is generally from 500:1. However, the broker offers 1000:1 in FSA Jurisdiction. In contrast, the maximum leverage for Oanda is 500:1. IC Markets offer passive investment programs or copy trading programs like MAM and Zulutrade. At the same time, Oanda does not have any passive investment programs.
Our score for IC Markets is 9.3, and for Oanda, it is 8.8. If you are looking for the most trusted forex brokers with tight spreads and MAM account services, you may choose IC Markets. However, if you prefer a US-regulated forex broker, or if you are a trader from the USA, you may choose Oanda.
