Oanda vs IC Markets - Fees Review included
Which broker is better Oanda or IC Markets? Our expert assessment conducted according to TU’s own methodology showed that Oanda is one of the top brokers in the financial market with the TU Overall Score of 5.28 out of 10. IC Markets is one of the top brokers in the financial market with the TU Overall Score of 8.62 out of 10. Find out more about TU Overall Score.
| Feature | Oanda | IC Markets |
|---|---|---|
Overall |
4.4 |
4.7 |
5 |
5 |
|
4.5 |
4.9 |
|
3.5 |
4.6 |
|
Investment Instruments |
4.1 |
4.9 |
Platforms and Charting Tools |
4.8 |
4.4 |
Deposit and Withdrawal |
4.2 |
4.6 |
Research |
4.7 |
4.3 |
Education |
4.5 |
4.4 |
Support |
4.8 |
4.6 |
Bonuses |
4.6 |
2.5 |
|
|
|
Oanda vs IC Markets: Pros and Cons
Olsen & Associates, also known as OANDA, is a US-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.
| Oanda | IC Markets | |
|---|---|---|
| Overall Pros | Regulated by a range of reputable financial bodies | World biggest Forex broker, over 180,000 clients and $1.11 trln monthly turnover in 2022 |
| Real-time news and fundamental analysis tools | Advanced ECN trading | |
| localized and multilingual phone support | Order execution speed 40 mc | |
| User-friendly platform for new forex traders | Free VPS | |
| Outstanding research tools | Trading servers in New York and London | |
| Financial information publicly available | Strong regulation | |
| High educational value through written content and videos | 2000+ trading assets, 60+ currency pairs | |
| Orders get executed with no requotes | EURUSD Average spread 01 pip | |
| Deposit minimum as low as $1 | ||
| Overall Cons | No programs offering bonus | No forex bonuses |
| Slow withdrawal of funds | World biggest Forex broker, over 180,000 clients and $1.11 trln monthly turnover in 2022 |
Oanda vs IC Markets: Safety and Regulation
| Regulated By: | Oanda | IC Markets |
|---|---|---|
US Regulation |
Yes (CFTC, NFA) |
No |
FCA (Great Britain) |
Yes |
Yes |
CySec (Cyprus, EU) |
No |
Yes |
ASIC (Australia) |
Yes |
AFCA (Australia) |
Other Regulators |
European Union (regulated by the MFSA), Singapore (regulated by the MAS), Canada (regulated by IIROC), Japan (regulated by FSA) |
Yes |
Oanda vs IC Markets: Trading Conditions
| Trading Conditions | Oanda | IC Markets |
|---|---|---|
Minimum Deposit |
No minimum deposit |
$200 |
Trading Platforms |
MT4, OANDA, TradingView |
MT4, MT5, cTrader |
Max Leverage (Futures) |
1-50 |
1-500 |
Supported Markets |
Forex, CFDs (not for all entetities): Forex, Indexes, Commodities, Metals, Bonds, Cryptocurrencies |
Forex, futures, CFDs on indices, commodities, metals, stocks and bonds |
Trading assets |
120+ |
2000+ |
Trading Accounts |
Standard, Core, and Swap-free |
cTrader, Raw Spread, Standard |
Base Account Currencies |
USD, EUR, HKD, SGD |
USD, AUD, GBP, CHF, JPY, NZD, SGD, CAD, HKD, BTC |
Oanda vs IC Markets: Fees
Forex Trading Fees
| Fee | Oanda | IC Markets |
|---|---|---|
Standard Account EURUSD Average Spread |
1.2 pips |
0.62 pips |
Standard Account Fee |
$0 |
$0 |
ECN/STP Account Fee |
not offered |
$3 per lot |
ECN Account EUR Average Spread |
not offered |
0.02 pip |
CFD Trading Fees
| Fee | Oanda | IC Markets |
|---|---|---|
CFD Trading Fee |
Floating spread |
Floating spread |
Non-Trading Fees
| Fee | Oanda | IC Markets |
|---|---|---|
Account Fee |
No |
No |
Deposit Fee |
No |
No |
Withdrawal Fee |
$20 - just for bank transfer |
No |
Inactivity Fee |
After 12 months of inactivity, 10 units of your account’s currency denomination |
No |
A conversion fee may be applied as withdrawals and deposits are conducted in USD. Any other currency will have to be converted.
Oanda vs IC Markets: Trading Assets
| Asset Name | Oanda | IC Markets |
|---|---|---|
Overall |
120+trading assets |
2000+ trading assets |
Forex |
Yes |
Yes |
Stocks |
No |
Yes (CFD) |
Metals |
Yes (CFD) |
Yes (CFD) |
Cryptocurrencies |
Yes (CFD) |
Yes (CFD) |
Energy |
Yes (CFD) |
Yes (CFD) |
Indices |
Yes (CFD) |
Yes (CFD) |
ETFs |
No |
Yes (CFD) |
Bonds |
No |
Yes (CFD) |
Mutual funds |
No |
No |
Stock options |
No |
No |
Futures Trading |
No |
Yes (CFD) |
Binary Options |
No |
No |
Oanda or IC Markets: Investment Programs
| Asset Name | Oanda | IC Markets |
|---|---|---|
Copy Trading |
Yes |
Yes |
MAM/PAMM |
No |
Yes |
Managed Accounts |
No |
No |
Other |
No |
No |
Trading Platforms: IC Markets or Oanda
| Oanda | IC Markets | |
|---|---|---|
MT4 |
Yes |
Yes |
MT5 |
Yes |
Yes |
cTrader |
No |
Yes |
Appropriate platform |
Oanda |
IC Markets terminal |
Others |
No |
No |
|
|
|
Oanda vs IC Markets: Deposit and Withdrawal Methods
| Deposit and Withdrawal Method | Oanda | IC Markets |
|---|---|---|
Bank Transfer |
Yes |
Yes |
Debit Card |
Yes |
Yes |
Electronic Wallets |
Yes (not for all markets) |
Yes |
Crypto |
No |
No |
Oanda vs IC Markets: Research
| Research Type | Oanda | IC Markets |
|---|---|---|
News Feed |
Yes |
Yes |
Fundamental Data |
Yes |
Yes |
Chart Analysis |
Yes |
Yes |
Trading Ideas |
Yes |
Yes |
E-Mail Reports |
Yes |
Yes |
Oanda vs IC Markets: Education
| Education Type | Oanda | IC Markets |
|---|---|---|
Demo-account/Paper Trading |
Yes |
Yes |
Webinars |
Yes |
Yes |
Articles |
Yes |
Yes |
Videos |
Yes |
Yes |
Cent account |
Yes |
No |
IC Markets vs Oanda: Support
| Support Features | Oanda | IC Markets |
|---|---|---|
Working Days |
24/5 |
24/5 |
Yes |
Yes |
|
Phone |
Yes |
Yes |
Online chat |
Yes |
Yes |
Other |
No |
No |
Oanda vs IC Markets: Forex Bonuses and Promo
| Promo | Oanda | IC Markets |
|---|---|---|
Forex Bonus |
Yes (Not for all countries) |
Not offered |
Affiliate Program |
Yes |
% of trading commissions |
Other Promos |
Rebates and commission markdowns |
|
|
|
|
Top 5 Reviews on IC Markets
-
Comment
I decided to use the services of IC Markets not long ago. Now I think that not all negative reviews are justified. This is a good broker and I have already withdrawn profits several times, everything went without problems. IC Markets’ rates differ from those of other brokers. But you can adapt to this problem.
-
Comment
I initially paid $3000 to start with and an account manager demonstrated a growth of $500 in quick time. A specialist then came in and tried to get me to invest $25000 to which I bluntly denied and they tried with $20K, then $10K and even $5K to all of which I refused! They have now kept me hanging and I asked for a refund to which they are asking for more money from me and I don't know what more to do! Also as of yesterday, the site itself is DOWN!! I cannot log in anymore and the email contact i had from there, when i sent the email to check it came back saying that domain does not exist anymore!! I am at loss of words and my hard earned money unfortunately i was able to recover my money back with the help of Olivia teams get in touch with them oliviatrader 44 at gmail com WhatApp +1 (423) 248 - 2140
-
Comment
I was looking for a reliable broker and noticed the long existence and good reputation of ICMarkets. Moreover, my friend, who has been trading for a long time, recommended contacting them. After several years, I have become a more experienced trader and I am satisfied with the work of the broker.
-
Comment
I have been trading with IC Markets for some time now and I can draw some conclusions. The platform works stably, which indicates a serious approach to its work. Spreads are quite optimal, although for cryptocurrencies they are higher than average as compared to those of its competitors. Slippages occur, there is nothing you can do about it. But there are no problems with requotes at all. In general, I think it’s possible to rate IC Markets “good”.
-
Comment
There are many advantages to IC Markets broker. First, of course, is the presence of a license from a reputable regulator. Accounts can be opened for citizens of many countries. Second, the platform works very well. Order execution speed is high, and you can actively trade manually or with the help of an advisor. I am quite satisfied with IC Markets as a broker.
Top 5 Reviews on Oanda
-
Comment
I can describe OANDA as one of the most proper brokers on the currency market. It works quickly, there are no failures, and no market movements have a significant impact on it. I'm safe here.
-
Comment
OANDA is a good company and I plan to continue trading with them. I started with a demo account and then switched to a live one with a small deposit. OANDA successfully passed my tests in trading and withdrawals. I easily withdraw profits to my bank card.
-
Comment
I got acquainted with the OANDA broker online. Initially, I read reviews about it and decided to give this platform a try. If you do everything correctly, you can pass the verification process, although it does take some time. Then, the actual trading process began. The conditions at OANDA are average, so I can give this broker a decent rating.
-
Comment
The broker OANDA is licensed by reliable regulators, offers a wide range of financial services, boasts years of experience, multiple regulators, and significant awards. There is a vast selection of popular trading instruments, a very low minimum deposit, and qualified technical support. However, the OANDA website occasionally functions poorly. Overall, I currently have no major complaints about trading with this broker.
-
Comment
OANDA offers tight spreads, is licensed, and has a low entry threshold and fast withdrawals. The overall impression of working with this company is positive. I would recommend this broker. Another advantage is that OANDA's client support is excellent.
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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 novice 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
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
The area of responsibility of Mikhail includes covering the news of currency and stock markets, fact checking, updating and editing the content published on the Traders Union website. He successfully analyzes complex financial issues and explains their meaning in simple and understandable language for ordinary people. Mikhail generates content that provides full contact with the readers.
Mikhail’s motto: Learn something new and share your experience – never stop!