Oanda vs Interactive Brokers - Fees Review included

Share this:
Editorial Note: While we adhere to strict Editorial Integrity, this post may contain references to products from our partners. Here's an explanation for How We Make Money. None of the data and information on this webpage constitutes investment advice according to our Disclaimer.

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 5.34 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

Regulation

5

5

Fees

4.5

4.9

Trading Assets

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 review

Interactive Brokers review

Open an account

Your capital is at risk.

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

Regulated By: Oanda Interactive Brokers

US Regulation

Yes (CFTC, NFA)

Yes

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)

Investment Industry Regulatory Organization of Canada (IIROC), Central Bank of Ireland (CBI, reference number C423427), Central Bank of Hungary (Magyar Nemzeti Bank), Australian Securities and Investments Commission (AFSL: 453554) and is a participant of ASX, ASX 24 and Cboe Australia, Hong Kong Securities and Futures Commission, and is a member of the SEHK and the HKFE, India SEBI Registration No. INZ000217730, Japan - Kanto Local Finance Bureau (Registration No.187) and is a member of Japan Securities Dealers Association and The Commodity Futures Association of Japan, Monetary Authority of Singapore (Licence No. CMS100917)

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

Learn more

Learn more

Oanda vs Interactive Brokers: Fees

Forex Trading Fees

Fee Oanda Interactive Brokers

Standard Account EURUSD Average Spread

1.2 pips

0.1 pips

Standard Account Fee

$0

0.08 to 0.20 bps times trade size

ECN/STP Account Fee

not offered

0.08 to 0.20 bps times trade size

ECN Account EUR Average Spread

not offered

0.1 pips

CFD Trading Fees

Fee Oanda Interactive Brokers

CFD Trading Fee

Floating spread

0.05% on all share CFDs

Non-Trading Fees

Fee Oanda Interactive Brokers

Account Fee

No

No

Deposit Fee

No

No

Withdrawal Fee

$20 - just for bank transfer

$10 per wire transfer, $1 per BACS/GIRO/ACH/EFT/SEPA

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 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

Learn more

Learn more

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 review

Interactive Brokers review

Open an account

Your capital is at risk.

Oanda vs Interactive Brokers: Deposit and Withdrawal Methods

Deposit and Withdrawal Method Oanda Interactive Brokers

Bank Transfer

Yes

Yes

Debit Card

Yes

No

Electronic Wallets

Yes (not for all markets)

No

Crypto

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

E-mail

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

Oanda review

Interactive Brokers review

Open an account

Your capital is at risk.

Top 5 Reviews on Interactive Brokers

  • Interactive Brokers

    din74

    14.02.2024

    Comment

    I am very glad that I found Interactive Brokers, because it is convenient to work with — the service is well made and streamlined, the user account is convenient, and you can trade on different platforms and use robots. There are a lot of tools for traders. In general, their approach to work is serious.

  • Interactive Brokers

    madhava

    25.01.2024

    Comment

    I recently started trading with interactive brokers, but I am already trading on a live account. There is no delay in withdrawing money, the execution is excellent, and they make life easier for traders, as they allow you to trade with different strategies. You can try whatever you want and the choice of platforms is amazing, so there is a space for experiments.

  • Interactive Brokers

    rtrt

    28.12.2023

    Comment

    There are no problems with Interactive Brokers. All trading operations are carried out as needed. There is a license and regulators, and that definitely says a lot.

  • Interactive Brokers

    PeterHaw

    07.11.2023

    Comment

    Attempts to successfully invest funds haven’t always brought me the positive results that were promised to me by the brokers with whom I worked. I had to start searching, and those who search always find. I found interactive brokers. As a result, in six months, I doubled the money invested. I hope that I will stay here for a long time.

  • Interactive Brokers

    armandomy69

    10.01.2023

    Comment

    No worries with Interactive Brokers. I know for sure that the company will not let you down. How many years here and only a positive opinion about Interactive Brokers. Always, on all thematic resources, I advise this company.

Learn more

Top 5 Reviews on Oanda

  • OANDA

    dilhara

    23.02.2024

    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.

  • OANDA

    Shahidcr7

    17.01.2024

    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.

  • OANDA

    rasheed

    25.12.2023

    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.

  • OANDA

    varuns

    09.12.2023

    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.

  • OANDA

    nyla13

    03.12.2023

    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.

Learn more

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
Author at Traders Union

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!