IC Markets vs Oanda (2024)

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Forex traders always look for trusted and reliable forex brokers that suit their trading styles and preferences. IC Markets and Oanda are top-tier regulated forex brokers offering online trading services globally. IC Markets is regulated in two Tier-1, one Tier-2, and two Tier-4 jurisdictions, including ASIC, CySEC, SCB, FSA-S, and FSCA. On the other hand, Oanda is regulated in two Tier-1 and one Tier-4 jurisdiction, including ASIC, FCA, IIROC, FFAJ, MFSA, MAS, CFTC, NFA, and BVI FSC. These two brokers offer almost similar services. However, each broker has its strengths and weaknesses.

In this article, we will compare IC Markets with Oanda regarding trading platforms, Pros, Cons, regulations, tradable assets, fees, customer support, and overall trading experience score.This comparison lets you understand which broker is better for your trading style and preferences.

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.

ICMarkets Overview

ICMarkets Overview
  • Founded In: 2007 
  • Founder: Andrew Budzinksi
  • Headquarters: Australia
  • Minimum Deposit: $200
  • Maximum Leverage: Upto 1000:1 for FSA Jurisdiction, 30:1 for ASIC, CySEC clients.  
  • Regulations: ASIC, CySEC,  and FSA
  • Trading platform: MT4, MT5 and cTrader
  • Trading Instruments: 2150+ Trading Instruments including Forex, Crypto, Stock, Commodity Indices, Bonds, Futures.
  • Account Types: Standard, Standard, Raw (Metatrader, Ctrader) 
  • Fees: Spread starting from 0.8 Pips(Standard Accounts) or $3 to 3.5 Commission (Raw Accounts)
  • Payment Options: bank/wire transfer, Paypal, credit card, Skrill, Neteller, UnionPay, Bpay, FasaPay and Poli.
  • US Traders: Not Accepted 

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

Oanda Overview

Oanda Overview
  • Founded In: 1996
  • Founder:  Dr. Stumm (a computer scientist), and Dr. Olsen (an economist)
  • Headquarters: New York, United States
  • Trading Instruments: 100+ trading Instruments including forex, indices, shares, commodities, metals, cryptocurrencies, metals
  • Minimum Deposit: No minimum Deposit is required. You may deposit as low as $1
  • Maximum Leverage: 1:50 (US), 1:30 (EU), 1:200 (other regions)
  • Regulations: ASIC, CFTC, IIROC, FCA, PFSA, MAS in Singapore, FSA in Japan, FSC in BVI
  • Trading platform: MT4, MT5, fxTrade app, Tradingview
  • Account Types: Standard, Elitetrader
  • Trading Fees: Spreads starting from 0.6 pips (EUR/USD pair)
  • Payment Options: Bank Wire (BankTransfer/SWIFT), VISA, MasterCard, ACH Payments (echeck), BPAY, CHAPS, Check, DBS Bill Payment, Local Bank Deposits, Local Bank Transfers, Neteller, Payment Asia, PayNow, PayPal, SEPA Credit Transfer (SCT), Skrill
  • US Traders:  Accepted 

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

Pros
  • Fully Regulated broker, ( One tire-1 , jurisdiction, one tire-2 jurisdiction) 
  • Super fast trade execution speed 
  • Straightforward registration process 
  • Low spread, starting from 0 pips. 
  • Easy and Fast Account Opening 
  • Free deposit and withdrawal 
  • Offers standard and raw spread account
  • Trading EA is Allowed 
  • Ability to trade from a mobile device 
  • A demo Account is available
Cons
  • Higher minimum deposit 
  • No investor protection for non-EU Clients 
  • Limited Product Selection 
  • No weekend Trading 
  • US Traders are not accepted

Oanda

Pros
  • Regulated by the CySEC, FCA, CFTC, JFSA, IIROC, ASIC, MAS and FSC BVI
  • Clients can trade over 1800 forex/CFDs and over 2000 real stocks.
  • Platforms: MT4, MT5, and Oanda mobile apps on iOS and Android.
  • Trading tools provided are MetaTrader premium tools, Autochartist, Market pulse analysis, etc.
  • Customer support is provided in multiple languages and via different channels.
  • Fast and user-friendly account opening
  • The TradingView platform is available, alongside several VPS services for MT4 hosting.
Cons
  • Bank withdrawals incur a fee which is transferred to the trader.
  • Premium core accounts require a minimum balance of $20,000
  • Inactivity fees are charged from dormant accounts.
  • No account protection for U.S. clients
  • No guaranteed stop-losses for U.S. or U.K. clients
  • Traders in the U.S. cannot access single-stock CFDs
  • No cent accounts, bonus programme for beginner traders

IC Markets vs Oanda: Side-by-Side Comparison

ICmarkets
Oanda
Product
Founded In
Founded In
2007
1996
Founded By
Founded By
Andrew Budzinksi
Dr. Michael Stumm & Dr. Richard Olsen
Headquarters
Headquarters
Sydney, Australia
New York, New York, United States
Regulations
Regulations
ASIC, CySEC, FSA, and SCB
ASIC, CFTC, FCA,PFSA,MAS, FSA
Min Deposit
Min Deposit
$200
None
Max Leverage
Max Leverage
1:500
500:1
Tradable Assets
Tradable Assets
Over 2100 forex, CFDs in stocks, indices, commodities, cryptos, and Bonds.
Forex, Indices , Metals , Shares, Commodities, Cryptocurrencies
Fees
Fees
Spreads from 0.6 pips, Commissions $7/round lot
Spread from
Platforms and Tools
Platforms and Tools
MT4, MT5, and cTrader
MT4, MT5, fxTrade app
US Traders
US Traders
Not Allowed
Allow

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 :

9.3
IC Markets Scores
Regulation and Security (40%)9.5
Fees and Commissions (20%)9.5
Trading (15%)8.5
Trading tools (10%)9
Customer Support (10%)9.6
Trading Education (5%)9.4

Oanda:

8.8
Total Score
Regulation and Security (40%)10
Fees and Commissions (20%)7
Trading (15%)8
Trading tools (10%)9
Customer Support (10%)9.2
Trading Education (5%)7

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.

Written by

Jason Paine is a forex trader, researcher, and tech enthusiast. He is passionate about financial markets and cutting-edge technology. With a dynamic 16-year trading career, he's on a mission to guide fellow traders. Having navigated diverse forex brokers, Jason shares his insights at Brokersway to bridge the gap between traders and the right brokerage.

DisclosureAt Brokersway we're committed to delivering unbiased information. our opinions are our own and are not influenced by the payment we receive from our advertising partners. While we adhere to strict editorial integrity, this post may contain references to products from our partners. Here's an explanation of how we make money.

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