Interactive Brokers vs OANDA vs IC Markets - Fees Review Included
Interactive Brokers, OANDA, and IC Markets are top-tier Forex and CFD brokers, each offering unique advantages. Interactive Brokers provides access to 135+ global markets with low commissions and strong regulation. OANDA is known for flexible trading options, competitive spreads, and strong research tools. IC Markets offers raw spreads from 0.0 pips, high-speed execution, and leverage up to 1:500.
Choosing the right broker is a crucial decision for traders looking to maximize their profits while minimizing costs. With so many platforms available, it’s essential to compare their fees, trading conditions, and overall reliability. In this detailed Interactive Brokers vs OANDA vs IC Markets comparison, we break down the key aspects of each broker to help you make an informed decision.
Interactive Brokers vs OANDA vs IC Markets - fees review included
Whether you're looking for OANDA or IC Markets reviews to assess trading conditions or exploring Interactive Brokers vs OANDA reviews to understand their regulatory standing, this guide covers it all. From spreads and commissions to platform features and investment options, we analyze which broker offers the best value for traders at all levels. Let’s dive in and see how these three major players stack up against each other.
Interactive Brokers vs OANDA vs IC Markets
| Feature | Interactive Brokers | OANDA | IC Markets |
|---|---|---|---|
| Overall | 4.9 | 4.4 | 4.7 |
| Regulation | 5 | 5 | 5 |
| Fees | 4.9 | 4.5 | 4.9 |
| Trading Assets | 5 | 3.5 | 4.6 |
| Investment Instruments | 4.2 | 4.1 | 4.9 |
| Platforms and Charting Tools | 5 | 4.8 | 4.4 |
| Deposit and Withdrawal | 4.1 | 4.2 | 4.6 |
| Research | 4.7 | 4.7 | 4.3 |
| Education | 4.5 | 4.5 | 4.4 |
| Support | 4.2 | 4.8 | 4.6 |
| Bonuses | 3.1 | 4.6 | 2.5 |
| Open an account |
Interactive Brokers vs OANDA vs IC Markets: pros and cons
Olsen & Associates, also known as OANDA, is a U.S.-registered company set up to offer a plethora of financial services to clients around the world. Its history goes as far back as 1996, and it is now under regulation in four jurisdictions. The broker has licenses from different regulators, of which the United Kingdom Financial Conduct Authority (FCA) is the major one.
IC Markets Trading Company was founded in 2007 in Sydney, Australia. The broker is licensed under the Australian Financial Services License (AFSL) and the Australian Securities and Investment Commission (ASIC). The broker is also a member of the Australian Financial Complaint Authority (AFCA), the governing body that sets the industry standard for the resolution of disputes between consumers and financial service providers, and regularly undertakes audits.
When comparing these brokers, traders often weigh the pros and cons of IC Markets and OANDA to determine which one best suits their needs. While OANDA is praised for its strong regulation and advanced research tools, IC Markets stands out for its raw spreads and fast execution speeds. Both brokers offer reliable platforms, but OANDA is often preferred by traders who value strong educational resources, while IC Markets attracts those looking for a high-leverage trading environment. Understanding these differences helps traders make a well-informed choice based on their strategy and experience level.
Interactive Brokers vs OANDA vs IC Markets: pros and cons
| Interactive Brokers | OANDA | IC Markets | |
|---|---|---|---|
| Overall pros |
|
|
|
| Overall cons |
|
|
|
Interactive Brokers vs OANDA vs IC Markets: safety and regulation
Both Interactive Brokers and IC Markets operate under strict regulations, ensuring traders benefit from high standards of security and compliance. While Interactive Brokers is regulated in multiple tier-1 jurisdictions, including the U.S. and UK, IC Markets also maintains strong oversight under ASIC and other regulatory bodies. Understanding how Interactive Brokers and IC Markets are regulated is crucial for traders seeking a trustworthy and secure trading environment.
Interactive Brokers vs OANDA vs IC Markets: safety and regulation
| Regulated By: | Interactive Brokers | OANDA | IC Markets |
|---|---|---|---|
| Max. regulation level | Tier-1 | Tier-1 | Tier-1 |
| Investor protection | $500,000 £85,000 | £85,000 SGD 75,000 $500,000 | £85,000 SGD 75,000 $500,000 |
| FCA UK regulation | Yes | Yes | Yes |
| FINRA (U.S) | No | No | No |
| BaFin (Germany) | No | No | No |
| ASIC (Australia) | Yes | Yes | Yes |
| CFTC (U.S) | Yes | Yes | Yes |
| MAS | Yes | Yes | Yes |
| FSCA SA | No | No | No |
| BVI FSC | No | Yes | Yes |
| VFSC | No | No | No |
| FSA (Seychelles) | No | No | No |
Interactive Brokers vs OANDA vs IC Markets: trading conditions
Choosing between IC Markets and Interactive Brokers depends on the trading platform and available tools. While IC Markets supports MT4, MT5, and cTrader, Interactive Brokers offers proprietary platforms such as IBKR GlobalTrader and Trader Workstation, catering to advanced traders.
The trading conditions at OANDA and IC Markets vary significantly, with IC Markets offering higher leverage and raw spreads, while OANDA focuses on flexible lot sizes and strong research tools. Understanding these differences is crucial for traders deciding between the two brokers.
Regarding the minimum deposit, IC Markets requires $200 to open an account, whereas OANDA has no fixed minimum deposit requirement, allowing traders more flexibility when starting. This can be a decisive factor for beginners looking to test the waters with a lower initial investment.
Interactive Brokers vs OANDA vs IC Markets: trading conditions
| Trading Conditions | Interactive Brokers | OANDA | IC Markets |
|---|---|---|---|
| Minimum deposit | $0 | No minimum deposit | $200 |
| Trading platforms | IB Trader Workstation, IBKR GlobalTrader, Client Portal | MT4, OANDA, TradingView | MT4, MT5, cTrader |
| Max leverage (futures) | 1-50 | 1-50 | 1-500 |
| Supported markets | Stocks, Forex, ETFs, Mutual Funds, Bonds, Stock options, Commodity Futures, Currency futures, Cryptocurrencies, Robo-portfolios, hedge funds | Forex, CFDs (not for all entities): Forex, Indexes, Commodities, Metals, Bonds, Cryptocurrencies | Forex, futures, CFDs on indices, commodities, metals, stocks and bonds |
| Trading assets | 30000+ | 120+ | 2000+ |
| Trading accounts | Cash account, margin account | Standard, Core, and Swap-free | cTrader, Raw Spread, Standard |
| Base account currencies | USD, EUR, GBP, AUD, CAD, CZK, DKK, HKD, HUF, ILS, JPY, MXN, NZD, NOK, PLN, SGD, SEK, CHF, CNH | USD, EUR, HKD, SGD | USD, AUD, GBP, CHF, JPY, NZD, SGD, CAD, HKD, BTC |
Interactive Brokers vs OANDA vs IC Markets: fees
When comparing Interactive Brokers and IC Markets fees, traders should consider both commission-based structures and spreads. Interactive Brokers offers a transparent fee model with competitive commissions, while IC Markets attracts traders with its ultra-low spreads and ECN pricing.
The spreads at IC Markets and OANDA differ significantly, with IC Markets generally offering tighter spreads due to its raw spread accounts, whereas OANDA provides more flexible pricing depending on market conditions. Traders who prioritize lower spreads may find IC Markets more appealing for high-frequency trading.
Opening an account with Interactive Brokers or IC Markets comes with different requirements. Interactive Brokers provides access to a wide range of asset classes with customizable account options, while IC Markets offers a simpler account setup focused on Forex and CFD trading. Choosing between these two brokers depends on whether you seek a broader investment portfolio or a specialized trading environment. Compare Interactive Brokers, Saxo Bank, and IC Markets.
Interactive Brokers vs OANDA vs IC Markets: fees
| Fee | Interactive Brokers | OANDA | IC Markets |
|---|---|---|---|
| Standard acc. spread EUR/USD, min pips | 0,2 | 0.1 | 0.1 |
| Standard acc. spread EUR/USD, max pips | 0,8 | 0,5 | 0,5 |
| ECN commission | 2 | 3,5 | 3,5 |
| ECN spread EUR/USD | 0,2 | 0,15 | 0,15 |
| Deposit fee, % | No | No | No |
| Withdrawal fee, % | Yes | No | No |
| Withdrawal fee, USD | Yes | 0-15 | 0-15 |
| Inactivity fee, $ | No | No | No |
Interactive Brokers vs OANDA vs IC Markets: trading assets
When comparing Oanda and Interactive Brokers for trading, traders will notice significant differences in asset variety and market access. Interactive Brokers offers a diverse range of instruments, including stocks, ETFs, and futures, while OANDA focuses primarily on Forex and CFDs.
For Forex trading, OANDA and IC Markets both provide access to major, minor, and exotic currency pairs, but IC Markets is known for its ultra-low spreads and ECN execution. Traders looking for tighter spreads and high-speed execution might prefer IC Markets, whereas OANDA appeals to those who value flexible lot sizes and strong research tools.
Interactive Brokers vs OANDA vs IC Markets: trading assets
| Asset Name | Interactive Brokers | OANDA | IC Markets |
|---|---|---|---|
| Overall | 30000+ | 120+trading assets | 2000+ trading assets |
| Forex | Yes | Yes | Yes |
| Stocks | Yes | No | Yes (CFD) |
| Metals | Yes | Yes (CFD) | Yes (CFD) |
| Cryptocurrencies | Yes | Yes (CFD) | Yes (CFD) |
| Energy | Yes | Yes (CFD) | Yes (CFD) |
| Indices | Yes | Yes (CFD) | Yes (CFD) |
| ETFs | Yes | No | Yes (CFD) |
| Bonds | Yes | No | Yes (CFD) |
| Mutual funds | Yes | No | No |
| Stock options | Yes | No | No |
| Futures trading | Yes | No | Yes (CFD) |
| Binary options | No | No | No |
Interactive Brokers or OANDA or IC Markets: investment programs
Both Interactive Brokers and IC Markets offer different investment programs tailored to traders with varying needs. Interactive Brokers focuses on long-term investment options like robo-portfolios and hedge funds, while IC Markets provides advanced copy trading and MAM/PAMM accounts for those looking to follow professional traders.
Choosing between Interactive Brokers and IC Markets investment programs depends on whether you prefer active trading with automated strategies or a diversified investment approach. Traders seeking passive income through fund management might lean towards Interactive Brokers, whereas those interested in Forex copy trading and high-speed execution will find IC Markets more suitable.
Interactive Brokers or OANDA or IC Markets: investment programs
| Asset Name | Interactive Brokers | OANDA | IC Markets |
|---|---|---|---|
| Copy trading | No | Yes | Yes |
| MAM/PAMM | No | No | Yes |
| Managed accounts | No | No | No |
| Other | Robo-portfolios, hedge funds, bonds | No | No |
Trading platforms: Interactive Brokers or OANDA or IC Markets
When comparing IC Markets and Interactive Brokers platforms, traders will find that IC Markets focuses on MetaTrader (MT4/MT5) and cTrader, while Interactive Brokers offers a proprietary ecosystem with IBKR GlobalTrader and Trader Workstation. For those who prefer algorithmic trading and high-speed execution, IC Markets may be the better choice, whereas Interactive Brokers appeals to investors looking for a more advanced stock and options trading experience.
OANDA and Interactive Brokers cater to different trading styles:
OANDA offering a simplified Forex trading environment.
Interactive Brokers providing access to a broader range of asset classes.
Traders looking for a dedicated Forex platform might prefer OANDA, while those wanting to diversify into stocks, ETFs, and futures will benefit from Interactive Brokers’ trading tools.
Trading platforms: Interactive Brokers or OANDA or IC Markets
| Interactive Brokers | OANDA | IC Markets | |
|---|---|---|---|
| MT4 | No | Yes | Yes |
| MT5 | No | Yes | Yes |
| cTrader | No | No | Yes |
| Appropriate platform | IB Trader Workstation, IBKR GlobalTrader, Client Portal | OANDA | IC Markets terminal |
| Others | No | No | No |
Interactive Brokers vs OANDA vs IC Markets: deposit and withdrawal methods
When considering OANDA and Interactive Brokers for withdrawals, traders should compare their transaction fees and processing times. OANDA provides a more flexible withdrawal process with multiple payment methods, while Interactive Brokers imposes stricter banking regulations and may charge fees for certain transactions.
The minimum deposit requirement differs between IC Markets and OANDA, with IC Markets setting a $200 minimum, whereas OANDA has no fixed deposit requirement. This makes OANDA a better choice for traders who prefer to start with a smaller capital, while IC Markets caters to those looking for a structured trading environment.
Depositing funds with Interactive Brokers and IC Markets involves different options, with Interactive Brokers offering extensive funding methods for global investors, while IC Markets provides instant funding through multiple e-wallets and cryptocurrency deposits. Choosing the right broker depends on the trader’s preference for deposit convenience and funding flexibility.
Interactive Brokers vs OANDA vs IC Markets: deposit and withdrawal methods
| Deposit and Withdrawal Method | Interactive Brokers | OANDA | IC Markets |
|---|---|---|---|
| Bank Wire | Yes | Yes | Yes |
| Bank Card | No | Yes | Yes |
| Neteller | No | Yes | Yes |
| BTC | Yes | Yes | Yes |
| Wise | No | No | No |
| Payoneer | No | No | No |
| USDT | No | No | No |
Interactive Brokers vs OANDA vs IC Markets: research
When comparing the research capabilities of Interactive Brokers and IC Markets, traders will find that both brokers offer a strong selection of analytical tools, but with different focuses. Interactive Brokers provides in-depth fundamental data and institutional-grade research, while IC Markets caters more to technical traders with advanced charting and market sentiment tools.
The variety of research types available at Interactive Brokers and IC Markets ensures that traders can access real-time market data, news feeds, and professional insights. Traders looking for a broker with extensive fundamental analysis will benefit from Interactive Brokers, while those who rely on trading ideas and real-time charting may prefer IC Markets.
Interactive Brokers vs OANDA vs IC Markets: research
| Research Type | Interactive Brokers | OANDA | IC Markets |
|---|---|---|---|
| News feed | Yes | Yes | Yes |
| Fundamental data | Yes | Yes | Yes |
| Chart analysis | Yes | Yes | Yes |
| Trading ideas | No | Yes | Yes |
| E-mail reports | Yes | Yes | Yes |
Interactive Brokers vs OANDA vs IC Markets: education
For beginners comparing OANDA vs IC Markets, education plays a crucial role in choosing the right broker:
OANDA provides a structured learning experience with webinars, video tutorials, and market insights.
IC Markets focuses more on technical education and platform usage.
Both OANDA and IC Markets offer solid educational resources, but they cater to different types of learners. OANDA’s approach is ideal for traders who prefer a guided learning experience, while IC Markets suits those who want to dive deeper into advanced trading strategies and technical analysis.
Interactive Brokers vs OANDA vs IC Markets: education
| Education Type | Interactive Brokers | OANDA | IC Markets |
|---|---|---|---|
| Demo-account/paper trading | Yes | Yes | Yes |
| Webinars | Yes | Yes | Yes |
| Articles | Yes | Yes | Yes |
| Videos | Yes | Yes | Yes |
| Cent account | No | Yes | No |
Interactive Brokers vs OANDA vs IC Markets: support
When evaluating IC Markets and OANDA support services, traders will find both brokers offer comprehensive customer assistance through email, phone, and live chat. However, IC Markets stands out with its multilingual support and fast response times, while OANDA provides in-depth assistance with a strong knowledge base and a focus on Forex-related inquiries.
For traders comparing Interactive Brokers and OANDA live chat options, both brokers ensure responsive customer service, but with different approaches. Interactive Brokers offers a structured support system with additional resources like community forums and ticket-based assistance, whereas OANDA’s live chat is more straightforward and user-friendly for quick problem resolution.
Interactive Brokers vs OANDA vs IC Markets: support
| Support Features | Interactive Brokers | OANDA | IC Markets |
|---|---|---|---|
| Working days | 24/5 | 24/5 | 24/5 |
| Yes | Yes | Yes | |
| Phone | Yes | Yes | Yes |
| Online chat | Yes | Yes | Yes |
| Other | Community forum, software bug reports | No | No |
Interactive Brokers vs OANDA vs IC Markets: Forex bonuses and promo
When comparing Interactive Brokers vs OANDA vs IC Markets bonuses, traders will find significant differences in promotional offerings. OANDA provides occasional trading bonuses in certain regions, while IC Markets does not offer direct deposit bonuses but compensates with lower spreads and commission discounts.
IC Markets and OANDA offers have different promotional strategies:
OANDA focusing on welcome and trading incentives.
IC Markets provides rebates and cashback programs for active traders.
Traders should consider which broker’s promotions align better with their trading goals before making a decision.
Interactive Brokers vs OANDA vs IC Markets: Forex bonuses and promo
| Promo | Interactive Brokers | OANDA | IC Markets |
|---|---|---|---|
| Forex bonus | No | Yes (Not for all countries) | Not offered |
| Affiliate program | As a referrer you can earn up to USD 1000 of IBKR stock. The Refer a Friend program allows eligible IBKR clients to refer people to IBKR for a flat fee payment. Residents of Japan, Spain and Israel are not eligible to participate in the program. | Yes | % of trading commissions |
| Other promos | Rebates and commission markdowns |
Conclusion
Choosing between Interactive Brokers, OANDA, and IC Markets depends on your trading priorities. Interactive Brokers excels in multi-asset trading, research, and institutional-level tools. OANDA offers flexible deposits, strong regulatory oversight, and solid educational resources. IC Markets stands out with ultra-low spreads, ECN execution, and high leverage. If you prioritize diverse investments, Interactive Brokers is ideal; for Forex traders valuing simplicity, OANDA is a strong choice; and for those seeking tight spreads and advanced trading conditions, IC Markets is the winner. Assess your needs carefully to select the best broker for your strategy.
FAQs
What should I start Forex trading with?
It is desirable for novice traders to explore trading using a demo account to learn the market and how to work on the trading platform without the risk of suffering losses. At the same time, it is advisable to review the educational materials of the broker, learn trading basics. Then you can deposit the minimum required amount to perform a small number of transactions. If you manage to close several months in a row in the black, without substantial drawdowns on the account, then you can try increasing your deposit. Also trying to copy trades automatically is a good option for a start.
What amount should I start trading with?
The minimum deposit of $10 may be enough to trade on the cent account. However, for trading on Standard/ECT accounts, experts recommend starting with at least $200-500. With this amount, you can use not a very big leverage. Remember, getting carried away with the margin is the main cause of losses among beginners.
What should I take into consideration when choosing a broker?
Experts recommend looking at the broker’s reliability first and foremost. The other important features include basic trading conditions, commissions and fees, customer reviews. If brokers are approximately the same in terms of basic criteria, you need to choose based on your experience and tasks. One broker may be good for professionals and another – for new traders.
Is it possible to be scammed by a broker with a license from a reputable regulator?
In theory, yes. But in practice, it takes so much time and money to comply with the requirements of reputable regulators that it is not worth it for scammers to bother obtaining a legitimate license.
Team that worked on the article
Rinat Gismatullin is an entrepreneur and a business expert with 9 years of experience in trading. He focuses on long-term investing, but also uses intraday trading. He is a private consultant on investing in digital assets and personal finance. Rinat holds two degrees in Economy and Linguistics.
Chinmay Soni is a financial analyst with more than 5 years of experience in working with stocks, Forex, derivatives, and other assets. As a founder of a boutique research firm and an active researcher, he covers various industries and fields, providing insights backed by statistical data. He is also an educator in the field of finance and technology.
As an author for Traders Union, he contributes his deep analytical insights on various topics, taking into account various aspects.
Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO).