Oanda vs IG - Fees Review included
Which broker is better Oanda or IG? 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 5.3 out of 10. IG is one of the top brokers in the financial market with the TU Overall Score of 5.98 out of 10. Find out more about TU Overall Score.
| Feature | Oanda | IG |
|---|---|---|
Overall |
4.4 |
4.4 |
5 |
4.7 |
|
4.5 |
4.7 |
|
3.5 |
5 |
|
Investment Instruments |
4.1 |
3.9 |
Platforms and Charting Tools |
4.8 |
4.7 |
Deposit and Withdrawal |
4.2 |
4.0 |
Research |
4.7 |
4.5 |
Education |
4.5 |
4.2 |
Support |
4.8 |
4.8 |
Bonuses |
4.6 |
3.4 |
|
|
Oanda vs IG: 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.
The Forex broker IG Markets is a structural subdivision of the IG Group corporation. Its securities are listed on the London Stock Exchange and are included in the FTSE 250 index. IG Markets is a UK registered company created in 1974, but since its inception, its representative offices have appeared in some other European countries. Since 2014, a retail line of brokerage services has been opened. The international division of the broker is registered in Bermuda and licensed by the Bermuda Monetary Authority
| Oanda | IG | |
|---|---|---|
| Overall Pros | Regulated by a range of reputable financial bodies | reliability. IG Markets is part of the IG Group, founded in 1974. Its subsidiaries are also licensed by the British regulator FCA, the Monetary Authority of Singapore (MAS), and the American regulators CFTC, and NFA |
| Real-time news and fundamental analysis tools | 16,000 trading instruments, investments in IPOs and exchange-traded funds | |
| localized and multilingual phone support | relatively good spreads, from 0.6-1 pips depending on the type of instrument | |
| User-friendly platform for new forex traders | customer support is 24/7 | |
| Outstanding research tools | ||
| Financial information publicly available | ||
| High educational value through written content and videos | ||
| Orders get executed with no requotes | ||
| Deposit minimum as low as $1 | ||
| Overall Cons | No programs offering bonus | high threshold of entry which discourages private novice traders |
| Slow withdrawal of funds | complicated and unpleasant verification procedure. There are cases of refusal to open an account due to unconfirmed or low income | |
| there are no products for passive investment, no bonus system is provided | ||
| a limited set of options for depositing and withdrawing money, which is not very convenient for global Forex traders |
Oanda vs IG: Safety and Regulation
| Regulated By: | Oanda | IG |
|---|---|---|
US Regulation |
Yes (CFTC, NFA) |
Yes (CFTC, NFA) |
FCA (Great Britain) |
Yes |
Yes |
CySec (Cyprus, EU) |
No |
No |
ASIC (Australia) |
Yes |
No |
Other Regulators |
European Union (regulated by the MFSA), Singapore (regulated by the MAS), Canada (regulated by IIROC), Japan (regulated by FSA) |
BMA (Bermuda), MAS (Singapore) |
Oanda vs IG: Trading Conditions
| Trading Conditions | Oanda | IG |
|---|---|---|
Minimum Deposit |
No minimum deposit |
$450 |
Trading Platforms |
MT4, OANDA, TradingView |
MT4, IG Trading Platform, L2 dealer |
Max Leverage (Futures) |
1-50 |
1-200 |
Supported Markets |
Forex, CFDs (not for all entetities): Forex, Indexes, Commodities, Metals, Bonds, Cryptocurrencies |
Forex, Crypto, commodities |
Trading assets |
120+ |
16000+ |
Trading Accounts |
Standard, Core, and Swap-free |
Demo, Standard |
Base Account Currencies |
USD, EUR, HKD, SGD |
USD |
Oanda vs IG: Fees
Forex Trading Fees
| Fee | Oanda | IG |
|---|---|---|
Standard Account EURUSD Average Spread |
1.2 pips |
0.6 pips |
Standard Account Fee |
$0 |
$0 |
ECN/STP Account Fee |
not offered |
Not supported |
ECN Account EUR Average Spread |
not offered |
Not supported |
CFD Trading Fees
| Fee | Oanda | IG |
|---|---|---|
CFD Trading Fee |
Floating spread |
Floating spread |
Non-Trading Fees
| Fee | Oanda | IG |
|---|---|---|
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 |
$18 per month after 24 months of inactivity |
A conversion fee may be applied as withdrawals and deposits are conducted in USD. Any other currency will have to be converted.
Oanda vs IG: Trading Assets
| Asset Name | Oanda | IG |
|---|---|---|
Overall |
120+trading assets |
16000+ |
Forex |
Yes |
Yes |
Stocks |
No |
No |
Metals |
Yes (CFD) |
Yes (CFD) |
Cryptocurrencies |
Yes (CFD) |
Yes (CFD) |
Energy |
Yes (CFD) |
Yes (CFD) |
Indices |
Yes (CFD) |
No |
ETFs |
No |
Yes |
Bonds |
No |
No |
Mutual funds |
No |
No |
Stock options |
No |
No |
Futures Trading |
No |
No |
Binary Options |
No |
No |
Oanda or IG: Investment Programs
| Asset Name | Oanda | IG |
|---|---|---|
Copy Trading |
Yes |
No |
MAM/PAMM |
No |
No |
Managed Accounts |
No |
No |
Other |
No |
Investing in IPOs |
Trading Platforms: IG or Oanda
| Oanda | IG | |
|---|---|---|
MT4 |
Yes |
Yes |
MT5 |
Yes |
No |
cTrader |
No |
No |
Appropriate platform |
Oanda |
IG Trading Platform |
Others |
No |
L2 dealer |
|
|
Oanda vs IG: Deposit and Withdrawal Methods
| Deposit and Withdrawal Method | Oanda | IG |
|---|---|---|
Bank Transfer |
Yes |
Yes |
Debit Card |
Yes |
Yes |
Electronic Wallets |
Yes (not for all markets) |
No |
Crypto |
No |
No |
Oanda vs IG: Research
| Research Type | Oanda | IG |
|---|---|---|
News Feed |
Yes |
Yes |
Fundamental Data |
Yes |
Yes |
Chart Analysis |
Yes |
Yes |
Trading Ideas |
Yes |
No |
E-Mail Reports |
Yes |
No |
Oanda vs IG: Education
| Education Type | Oanda | IG |
|---|---|---|
Demo-account/Paper Trading |
Yes |
Yes |
Webinars |
Yes |
Yes |
Articles |
Yes |
Yes |
Videos |
Yes |
Yes |
Cent account |
Yes |
No |
IG vs Oanda: Support
| Support Features | Oanda | IG |
|---|---|---|
Working Days |
24/5 |
24/7 |
Yes |
Yes |
|
Phone |
Yes |
Yes |
Online chat |
Yes |
Yes |
Other |
No |
No |
Oanda vs IG: Forex Bonuses and Promo
| Promo | Oanda | IG |
|---|---|---|
Forex Bonus |
Yes (Not for all countries) |
No |
Affiliate Program |
Yes |
"Invite a friend". The partner receives $100 for each attracted referral who must carry out 5 transactions of the corresponding volume (possibly, 5 lots are implied) within 6 months. |
Other Promos |
Rebates and commission markdowns |
No |
|
|
Top 5 Reviews on IG
-
Comment
It’s a decent company, I do most of my trading here, but I have an account with another company. There are no particular complaints. If you know how to trade, I can confidently recommend IG Markets.
-
Comment
Personally, what attracts me the most is the access to options with a low deposit at IG Markets broker. However, everything comes with a price: commissions and premiums are higher compared to companies with higher margin requirements. By the way, with a minimum deposit of $200 for options, you won't get much leverage. So, to feel more comfortable, you need to deposit at least 10 times more money into your account.
-
Comment
I can briefly share my experience. Overall, if you don't dwell on withdrawal issues, everything is fine. I withdraw funds to my card or in USDT almost every month. Initially, I had doubts about IG Markets, but after several consistent withdrawals to my card, I started to trust them more. Although the profit is not that great because the amount constantly circulates in the balance: I deposit, trade, withdraw profit. But I enjoy the trading process itself, so I have no complaints about IG Markets broker.
-
Comment
I have recently explored IG Markets. My first impressions are positive. I had a lot of questions and contacted the support service. I was pleasantly surprised, since all questions were explained to me promptly and in full. Working is convenient, the IG Markets website is informative, and the platform has a lot of trading tools for every taste. In general, I am satisfied. I hope everything will be just as good.
-
Comment
I've known the broker IG Markets for several years. I started trading here when I had no experience with currency pairs. Over time, I gained experience and stopped losing my money. IG Markets is not my primary broker. I maintain a smaller deposit here compared to another company where the conditions are better. However, the first broker is the first broker, and I don't want to leave it.
Top 5 Reviews on Oanda
-
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.
-
Comment
Oanda offers enticing conditions. However, it's worth noting that the broker is not geared toward beginners. Conditions are not overly challenging, but it's advisable to come to trade with Oanda when you have a trading strategy. Alternatively, it's essential to develop a strategy on a demo account before transitioning to a live account.
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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!