Oanda vs Interactive Brokers - Fees Review included
Which broker is better Oanda or Interactive Brokers? 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 6.8 out of 10. Interactive Brokers is one of the top brokers in the financial market with the TU Overall Score of 7.45 out of 10. Find out more about TU Overall Score.
| Feature | Oanda | Interactive Brokers |
|---|---|---|
Overall |
4.4 |
4.9 |
5 |
5 |
|
4.5 |
4.9 |
|
3.5 |
5 |
|
Investment Instruments |
4.1 |
4.2 |
Platforms and Charting Tools |
4.8 |
5 |
Deposit and Withdrawal |
4.2 |
4.1 |
Research |
4.7 |
4.7 |
Education |
4.5 |
4.5 |
Support |
4.8 |
4.2 |
Bonuses |
4.6 |
3.1 |
|
|
|
Oanda vs Interactive Brokers: 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 biggest international broker
| Oanda | Interactive Brokers | |
|---|---|---|
| Overall Pros | Regulated by a range of reputable financial bodies | Access to 135 markets in 33 countries |
| Real-time news and fundamental analysis tools | 30.000+ trading instruments | |
| localized and multilingual phone support | Regulated in the US, UK and 8 other countries | |
| User-friendly platform for new forex traders | Advanced trading platform | |
| Outstanding research tools | Free stocks for registration | |
| Financial information publicly available | Low fees | |
| High educational value through written content and videos | Low margin rates | |
| Orders get executed with no requotes | Nasdaq Listed company | |
| Deposit minimum as low as $1 | 25 supported account currencies | |
| Overall Cons | No programs offering bonus | long and complex registration procedure |
| Slow withdrawal of funds |
Oanda vs Interactive Brokers: Safety and Regulation
| Oanda | Interactive Brokers | |
|---|---|---|
Max. Regulation Level |
Tier-1 |
Tier-1 |
Investor protection |
£85,000 SGD 75,000 $500,000 |
$500,000 £85,000 |
FCA UK Regulation |
Yes |
Yes |
FINRA (U.S) |
No |
Yes |
BaFin (Germany) |
No |
No |
ASIC (Australia) |
Yes |
Yes |
CFTC (U.S) |
Yes |
Yes |
MAS |
Yes |
Yes |
FSCA SA |
No |
No |
BVI FSC |
Yes |
No |
VFSC |
No |
No |
FSA (Seychelles) |
No |
No |
Oanda vs Interactive Brokers: Trading Conditions
| Trading Conditions | Oanda | Interactive Brokers |
|---|---|---|
Minimum Deposit |
No minimum deposit |
$0 |
Trading Platforms |
MT4, OANDA, TradingView |
IB Trader Workstation, IBKR GlobalTrader, Client Portal |
Max Leverage (Futures) |
1-50 |
1-50 |
Supported Markets |
Forex, CFDs (not for all entetities): Forex, Indexes, Commodities, Metals, Bonds, Cryptocurrencies |
Stocks, Forex, ETFs, Mutual Funds, Bonds, Stock options, Commodity Futures, Currency futures, Cryptocurrencies, Robo-portfolios, hedge funds |
Trading assets |
120+ |
30000+ |
Trading Accounts |
Standard, Core, and Swap-free |
Cash account, margin account |
Base Account Currencies |
USD, EUR, HKD, SGD |
USD, EUR, GBP, AUD, CAD, CZK, DKK, HKD, HUF, ILS, JPY, MXN, NZD, NOK, PLN, SGD, SEK, CHF, CNH |
Oanda vs Interactive Brokers: Fees
| Oanda | Interactive Brokers | |
|---|---|---|
Standard acc. spread EUR/USD, min pips |
0,1 |
0,2 |
Standard acc. spread EUR/USD, max pips |
0,5 |
0,8 |
ECN Commission |
3,5 |
2 |
ECN Spread EUR/USD |
0,15 |
0,2 |
Deposit fee, % |
No |
No |
Withdrawal fee, % |
No |
Yes |
Withdrawal fee, USD |
0-15 |
Yes |
Inactivity fee, $ |
No |
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 Interactive Brokers: Trading Assets
| Asset Name | Oanda | Interactive Brokers |
|---|---|---|
Overall |
120+trading assets |
30000+ |
Forex |
Yes |
Yes |
Stocks |
No |
Yes |
Metals |
Yes (CFD) |
Yes |
Cryptocurrencies |
Yes (CFD) |
Yes |
Energy |
Yes (CFD) |
Yes |
Indices |
Yes (CFD) |
Yes |
ETFs |
No |
Yes |
Bonds |
No |
Yes |
Mutual funds |
No |
Yes |
Stock options |
No |
Yes |
Futures Trading |
No |
Yes |
Binary Options |
No |
No |
Oanda or Interactive Brokers: Investment Programs
| Asset Name | Oanda | Interactive Brokers |
|---|---|---|
Copy Trading |
Yes |
No |
MAM/PAMM |
No |
No |
Managed Accounts |
No |
No |
Other |
No |
Robo-portfolios, hedge funds, Bonds |
Trading Platforms: Interactive Brokers or Oanda
| Oanda | Interactive Brokers | |
|---|---|---|
MT4 |
Yes |
No |
MT5 |
Yes |
No |
cTrader |
No |
No |
Appropriate platform |
Oanda |
IB Trader Workstation, IBKR GlobalTrader, Client Portal |
Others |
No |
No |
|
|
|
Oanda vs Interactive Brokers: Deposit and Withdrawal Methods
| Oanda | Interactive Brokers | |
|---|---|---|
Bank Wire |
Yes |
Yes |
Bank Card |
Yes |
Yes |
Neteller |
Yes |
Yes |
BTC |
Yes |
Yes |
Wise |
No |
No |
Payoneer |
No |
No |
USDT |
No |
No |
Oanda vs Interactive Brokers: Research
| Research Type | Oanda | Interactive Brokers |
|---|---|---|
News Feed |
Yes |
Yes |
Fundamental Data |
Yes |
Yes |
Chart Analysis |
Yes |
Yes |
Trading Ideas |
Yes |
No |
E-Mail Reports |
Yes |
Yes |
Oanda vs Interactive Brokers: Education
| Education Type | Oanda | Interactive Brokers |
|---|---|---|
Demo-account/Paper Trading |
Yes |
Yes |
Webinars |
Yes |
Yes |
Articles |
Yes |
Yes |
Videos |
Yes |
Yes |
Cent account |
Yes |
No |
Interactive Brokers vs Oanda: Support
| Support Features | Oanda | Interactive Brokers |
|---|---|---|
Working Days |
24/5 |
24/5 |
Yes |
Yes |
|
Phone |
Yes |
Yes |
Online chat |
Yes |
Yes |
Other |
No |
Community forum, Software bug reports |
Oanda vs Interactive Brokers: Forex Bonuses and Promo
| Promo | Oanda | Interactive Brokers |
|---|---|---|
Forex Bonus |
Yes (Not for all countries) |
No |
Affiliate Program |
Yes |
As 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. |
Other Promos |
Rebates and commission markdowns |
|
|
|
|
Top 5 Reviews on Interactive Brokers
-
Comment
What stands out for me with Interactive Brokers is their mobile app. I use the IBKR Mobile app a lot when I’m not at my desk, and it offers pretty much the same experience as the desktop version. The ability to trade everything from stocks to options while on the go is a huge plus. It also has features for international trading, which makes it easy for me to handle trades across multiple markets. The app’s interface is straightforward and user-friendly, allowing me to monitor my portfolio, execute trades, and even access research tools seamlessly. While it might lack some advanced charting features, it’s still one of the most versatile apps I’ve used, especially for global traders like me
-
Comment
I am a client of interactivebrokers and I have never faced any problems during the whole time. I am completely satisfied with the service: the staff is always friendly, responsive and ready to help, which really leaves a good impression. Special thanks to the operators - their attentive attitude to people creates a feeling of care and support. It is a pleasure to work with a company that values its customers and does everything for comfortable service!
-
Comment
As far as my experience is concerned with Interactive Brokers, the thing I love most is the sheer variety of markets available. The GlobalTrader app lets me trade in over 90 different markets, which is super convenient for someone like me who likes to diversify. The interface might feel overwhelming at first, especially on Trader Workstation, but once you get the hang of it, it’s extremely powerful. I also appreciate the competitive pricing and order options that help keep my trading costs low.
-
Comment
Interactive brokers offer a huge variety of trading instruments, which is certainly pleasing. The opportunities for trading and diversification here are excellent. However, there is one minus - the website interface is only partially translated into other languages, and it is a bit disappointing. It would be more convenient if the whole platform was available in different languages, especially for traders who do not speak English.
-
Comment
Interactive Brokers provides access to 135 markets from 33 countries, which is a huge advantage. This allows traders to easily diversify their portfolios and find opportunities around the world. I am very pleased with this broad coverage and the ability to trade in a multitude of international markets.
Top 5 Reviews on Oanda
-
Comment
I considered Oanda as a platform for portfolio diversification. What attracted me was its stability — the broker has been operating since 1996 and is regulated in four jurisdictions. Liquidity is provided by major banks, including JPMorgan and Deutsche Bank, which adds confidence in order execution without slippage.
-
Comment
The Oanda platform offers a solid range of instruments, including currency pairs, cryptocurrencies, metals, indices, and commodities. The minimum order size starts from 0.01 lots, and spreads for major pairs begin at 0 pips. These are favorable conditions for traders using intraday or scalping strategies.
-
Comment
When choosing a broker, I paid close attention to leverage. OANDA offers up to 1:200, which provides enough flexibility for active trading. You can trade on MetaTrader 4, 5, as well as the proprietary fxTrade platform. The stop-out level is fixed at 50%, which is in line with industry standards.
-
Comment
The conditions at OANDA are average, so I can give this broker a decent rating.
-
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.
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.