Oanda vs IG.com Compared 2023

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Oanda vs IG: In a Nutshell

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 3000 forex, CFDs, and even real stocks.

Oanda Overview
  • Founded In: 1996
  • Minimum Deposit: None
  • Maximum Leverage: 500:1
  • Regulations: ASIC, CFTC, FCA,PFSA,MAS, FSA
  • Trading platform: MT4, MT5, fxTrade app, Tradingview
  • Account Types: Standard , Elitetrader
  • 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 

IG

Founded in 1974 as IG Index by British Financier Stuart Wheeler, IG is a well-known forex and CFD broker. It offers offer over 100 forex currency pairs, CFDs, commodities, stocks, indexes, gold, silver, oil, bitcoin, and other cryptocurrencies for your personal investment and trading options.

IG Markets Overview
  • Founded In: 1974
  • Minimum Deposit: $250
  • Maximum Leverage: 200:1
  • Regulations: ASIC, FCA, FSA, NFA , AMF, FMA, MAS, DFSA
  • Trading platform: MT4, WebTrader, MobileTrader (MobileApp), ProRealTime
  • Account Types: Standard account, DMA Account
  • Payment Options: Bank Wire (BankTransfer/SWIFT), VISA, MasterCard, PayPal
  • US Traders:  Accepted 

Oanda vs IG: Pros and Cons

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

IG

Pros
  • Regulated by multiple top tire regulators like  NFA,  FCA, ASIC, FSA, AMF, FMA, MAS, DFSA 
  • Allows scalping, EA/ Robot Trading, News Trading
  • Offers web trading, mobile trading and ECN Trading 
  • IG's acquisition of tastytrade for $1 billion brought options trading and listed-derivatives (such as futures) trading to clients in the United States
  • 16,000 trading instruments, investments in IPOs and exchange-traded funds;
  • Quality choice of trading platforms, including MT4, WebTrader, MobileTrader (MobileApp), ProRealTime
  • Relatively good spreads, from 0.6-1 pips depending on the type of instrument;
  •  Offers passive investment programme ( MAM, PAMM accounts)
Cons
  • Relatively high Minimum deposit ( Min Deposit $250) 
  • Conservative leverage in some areas  ( The max leverage is 1:200)
  • IG charges $/£12/€14 per month after 24 months of inactivity 
  • Limited product range on MT4
  • High Stock CFD fees 

Oanda vs IG: Side-by-Side Comparison

Oanda
IG.com
Product
Founded In
Founded In
1996
1974
Founded By
Founded By
Dr. Michael Stumm & Dr. Richard Olsen
Stuart Wheeler
Headquarters
Headquarters
New York, New York, United States
London, UK
Regulations
Regulations
ASIC, CFTC, FCA,PFSA,MAS, FSA
ASIC , FSCA ,DFSA , FCA,NFA
Min Deposit
Min Deposit
None
$50
Max Leverage
Max Leverage
500:1
50:1
Tradable Assets
Tradable Assets
Forex, Indices , Metals , Shares, Commodities, Cryptocurrencies
Indices, Forex ,Shares, Commodities ,Cryptocurrencies, Bond
Fees
Fees
Spread from 0.8 pips
Spread from
Platforms and Tools
Platforms and Tools
MT4, MT5, fxTrade app
MT4
US Traders
US Traders
Allowed
Allowed

Oanda Vs IG: Our Scores and Ratings

We rated both brokers, Oanda and IG, 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.

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

IG

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

Final Verdict :

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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