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 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 |
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
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 |
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 |
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
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 |
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
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.
-
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.
-
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.
-
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.
-
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.
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!