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IC Markets vs Oanda: Comparison and Analysis

Written by Filippo Ucchino Fact-Checked by Luca Puddu Publication Date Last Updated
Our verdict · CFD trading

IC Markets is better than Oanda for CFD trading in India by a small margin, because it allows high-frequency trading strategies, offers copy and social trading, settles withdrawals faster (1 day against 2 days) and opens accounts in more base currencies (10 against 1). Oanda is the better of the two for the EUR/USD cost (5.50 USD per lot against 7.55 USD) and for tradable symbols (1,500 against 180), and it covers futures next to the CFD classes both offer. IC Markets holds licences from CySEC, ASIC, the SCB and the FSA (Seychelles), and Oanda from the KNF, ASIC, the FSC (British Virgin Islands), the CFTC, the FCA, the FSA (Seychelles), CIRO, the MAS and the JFSA. Both ask for no minimum deposit, provide a demo account with no expiry date and run MetaTrader 4, MetaTrader 5 and TradingView.

Best overall

IC Markets

CFDCFD This broker offers CFD trading: leveraged contracts that follow the price of an asset without owning it. Switch the comparison to CFD to rate it on that. Available in your country IC Markets accepts clients from the country this site is for.
87CFDOverall score InvestinGoal score from 0 to 100, calculated from the data in this comparison across 12 areas (regulation, safety, costs, platforms and more). CFD and stock trading are scored separately: the number follows the side selected above.
Open Account

72.52% of retail investor accounts lose money when trading CFDs with this provider.

Oanda

CFDCFD This broker offers CFD trading: leveraged contracts that follow the price of an asset without owning it. Switch the comparison to CFD to rate it on that. Available in your country Oanda accepts clients from the country this site is for.
82CFDOverall score InvestinGoal score from 0 to 100, calculated from the data in this comparison across 12 areas (regulation, safety, costs, platforms and more). CFD and stock trading are scored separately: the number follows the side selected above.
Open Account

76.6% of retail investor accounts lose money when trading CFDs with this provider.

Best for

What we compare A comparison of the kinds of traders IC Markets and Oanda are best suited to, based on what each one actually offers in India.
1 / 12

Oanda is better than IC Markets for day traders and futures traders. Professional traders, high-volume traders and scalpers can choose either Oanda or IC Markets.

Best for
Overall score IC Markets 87 Best Oanda 82 -5
Day trading i
Long-term investing i
Professional traders i
High-volume traders i
Scalpers i
Swing traders i
News traders i
Algo traders i
Stock traders i
Crypto traders i
Futures traders i
Options traders i

Regulation

What we compare A comparison between the financial authorities that supervise IC Markets and the ones that supervise Oanda.
2 / 12

IC Markets and Oanda are both regulated by top-tier authorities, IC Markets by CySEC and ASIC (Australia) and Oanda by KNF, ASIC (Australia) and the CFTC (United States).

Regulation
Section score IC Markets 100 Oanda 100
Tier-1 regulators
ESMA (European Union) i
FCA (United Kingdom) i
ASIC (Australia) i
CFTC (United States) i
NFA (United States) i
SEC (United States) i
CIRO (Canada) i
MAS (Singapore) i
SFC (Hong Kong) i
JFSA (Japan) i
FINMA (Switzerland) i
Tier-2 regulators
FMA (New Zealand) i
CBR (Russia) i
FSCA (South Africa) i
DFSA (Dubai) i
CSRC (China) i
ISA (Israel) i
LFSA (Malaysia) i
JSC (Jordan) i
CMA (Kenya) i
Tier-3 regulators
FSA (Seychelles) i
MMA (Maldives) i
SCB (Bahamas) i
FSC (Mauritius) i
VFSC (Vanuatu) i
FSC (Belize) i
CIMA (Cayman Islands) i
SV FSA (Saint Vincent and the Grenadines) i
FSRC (St. Kitts & Nevis) i
BMA (Bermuda) i
BVI FSC (British Virgin Islands) i
EDR (External Dispute Resolution) i

Safety

What we compare A comparison of the tools and services that IC Markets and Oanda have in place to protect your money in India.
3 / 12

Both IC Markets and Oanda offer segregated client funds and two-factor authentication.

Safety
Section score IC Markets 65 -1 Oanda 66
Company info
Is it publicly traded i
Is it a bank i
Year founded i 2007 1996
Parent company i International Capital Markets Pty Ltd OANDA Group
CEO i Andrew Budzinski Gavin Bambury
Money safety
Segregated client funds i
Two-factor authentication i
Investor compensation scheme i
Additional money insurance i
Partner bank i N/A N/A
Brand power
Number of customers worldwide i
Annual revenue i USD 16,900,000
Monthly website search traffic i 2.2M monthly visits

Costs

What we compare A comparison of what it costs to trade with IC Markets and with Oanda in India, both on each trade and on holding the account.
4 / 12

Oanda is better than IC Markets for costs, given that Oanda is cheaper on EUR/USD, at 5.5 USD per lot (against IC Markets' 7.55 USD), has tighter S&P 500 CFD spreads, at 0.49 points (against IC Markets' 0.49 points), and does not charge currency conversion fees, unlike IC Markets. Neither IC Markets nor Oanda charges account maintenance fees or deposit fees.

Costs
Section score IC Markets 79 -5 Oanda 84 Best
Broker fees
Deposit fees i
Withdrawal fees i
Overnight fees i
Inactivity fees i
Currency conversion fees i
Discounts on volume i
Real time market data fee i
Dividend withholding i
Account opening fees i
Account maintenance fee i
Portfolio management fee i
Fees on CFDs
Forex commission per lot i USD 7 Free
EUR/USD average standard spread i
0.8 pips
1 pips
EUR/USD average raw spread i
0.01 pips
0.1 pips
EUR/USD average fixed spread i
EUR/USD total cost per lot i USD 7.55 USD 5.5
S&P 500 fees (CFD) i 0.492 points 0.49 points
Gold fees (CFD) i 0.09 points 0.57 points
Bitcoin fees (CFD) i USD 12.01 USD 40
US stocks fees (CFD) i USD 0.02 USD 0.1
Fees on stocks
Stock fee type i Commission, Percentage Percentage
US stocks fees (real) i
ETF fees (real) i
Management costs i
Connection costs i
Fees on futures
Futures fees per contract i Free
Platform fees i
Fees on options
Options fees per contract i
Event fees i
Fees on savings plans
IRA opening fee i
IRA maintenance fee i
401k opening fee i
401k maintenance fee i

Available markets

What we compare A comparison of the markets and products you can trade with IC Markets and with Oanda in India, and of how many instruments each one gives access to.
5 / 12

Oanda is better than IC Markets for available markets, since Oanda gives access to 1,500 tradable symbols (against IC Markets' 180), and offers futures on crypto and forex, which IC Markets does not. Both IC Markets and Oanda offer CFDs on commodities, crypto, forex, indices and stocks.

Available markets
Section score IC Markets 75 -25 Oanda 100 Best
Total tradable symbols i 180 1,500
Currency pairs i
Indices i
Commodities i
Stocks i
ETF i
Cryptocurrencies i
Bonds i
Interest rates i
Portfolios i
CFDs i Commodities, Crypto, Forex, Indices, Stocks Commodities, Crypto, Forex, Indices, Stocks
Futures i Crypto, Forex
Options i
Assets you can own i

Platform

What we compare A comparison of the trading platforms that IC Markets and Oanda make available to their clients in India.
6 / 12

IC Markets and Oanda are equally good for platforms, since IC Markets offers cTrader and social trading while Oanda offers a proprietary platform and AutoChartist. Both IC Markets and Oanda offer MetaTrader 5 and MetaTrader 4.

Platform
Section score IC Markets 89 -2 Oanda 91
Proprietary platform i
MetaTrader 4 i
MetaTrader 5 i
cTrader i
Social trading platform i
Copy trading platform i
ZuluTrade i
TradingView i
Duplitrade i
Mirror Trader i
NinjaTrader i
AutoChartist i
Real time pricing i
5 digit pricing i
One-click trading i

Mobile

What we compare A comparison of the mobile apps of IC Markets and Oanda in India, and of what each one lets you do from your phone.
7 / 12

IC Markets is better than Oanda for mobile trading, as IC Markets offers the cTrader app and mobile trading signals, which Oanda does not. IC Markets and Oanda both offer a proprietary mobile app and the MetaTrader 5 app.

Mobile
Section score IC Markets 93 Best Oanda 86 -7
Proprietary app i
Social trading app i
Copy trading app i
MetaTrader 4 app i
MetaTrader 5 app i
cTrader app i
Mobile trading signals i
Mobile alerts i
Mobile charting tools i
Mobile drawing tools i
Mobile watchlist i
Smartwatch app i

Trading features

What we compare A comparison of the trading tools and strategies that IC Markets and Oanda allow on their platforms in India.
8 / 12

IC Markets and Oanda are equally good for trading features, since IC Markets allows for high-frequency trading while Oanda offers negative balance protection. Both IC Markets and Oanda offer trailing stops and tier-1 liquidity providers.

Trading features
Section score IC Markets 83 Oanda 83
Trade execution
Broker type i NDD Agency
Average execution time i 40 ms
Slippage occurrence i
Requotes occurrence i
Tier-1 liquidity providers i
PFOF i
Leverage
Major FX pairs leverage i 5000:1 888:1
Minor/Exotic FX pairs leverage i 5000:1 888:1
Major indices leverage i 200:1 888:1
Minor indices leverage i 200:1 200:1
Gold leverage i 2000:1 888:1
Commodities leverage i 1000:1 100:1
Equities leverage i 20:1 20:1
Cryptocurrency leverage i 500:1 10:1
Risk management
Stop losses i
Take profits i
Limit orders i
Trailing stop i
Margin call i
OCO orders i
Guaranteed stop loss i
Negative balance protection i
Minimum trade size (FX) i 0.01 lots 0.01 lots
Minimum trade size (stocks) i USD 0 USD 0
Fractional stocks i
Trading compliance
Scalping strategies allowed i
Hedging strategies allowed i
Automated trading strategy allowed i
EAs use allowed i
HFT strategy allowed i
VPS use allowed i
API use allowed i
Price scraping allowed i
FIFO rule applies i

Account types

What we compare A comparison of the kinds of account you can open at IC Markets and at Oanda in India, and of who each one is meant for.
9 / 12

IC Markets is better than Oanda for account types, as IC Markets offers a managed account, an ECN account and an Islamic account, which Oanda does not. Both IC Markets and Oanda offer a demo account and a professional traders account.

Account types
Section score IC Markets 92 Best Oanda 53 -39
Demo account i
Unlimited demo account i
Standard account i
Micro account i
Cent account i
Nano account i
Raw spread account i
ECN account i
Swap-free account i
Islamic account i
Professional traders account i
Fixed spread account i
Spread betting account i
Copy trading account i
Corporate account i
Managed account i
Stock investing account i
Margin investing account i
Savings account i
Retirement account i

Account opening

What we compare A comparison of what it takes to open and fund an account with IC Markets and with Oanda in India.
10 / 12

IC Markets is better than Oanda for account opening, because IC Markets offers 10 account base currencies (against Oanda's 1), supports 3 e-wallets (against Oanda's 2), and credits deposits faster, within the same day (against Oanda's 2 days). Neither IC Markets nor Oanda requires a minimum deposit.

Account opening
Section score IC Markets 95 Best Oanda 80 -15
Minimum deposit i USD 0 USD 0
Minimum withdrawal i USD 0 USD 0
Wire transfers i
Credit cards i
Debit cards i
eWallets i PayPal, Neteller, Skrill Neteller, Skrill
Local payment methods i
Account base currencies i AUD, CAD, CHF, EUR, GBP, HKD, JPY, NZD, SGD, USD USD
Deposit waiting time i Instant up to 2 business days
Withdrawal waiting time i up to 1 business days up to 2 business days
Bonus program i

Customer care

What we compare A comparison of the customer support of IC Markets and Oanda in India, in how it can be reached and how fast it answers.
11 / 12

IC Markets is better than Oanda for customer care, since IC Markets offers customer support in 17 languages (against Oanda's 5), has a website in 17 languages (against Oanda's 7), and offers a dedicated account manager, which Oanda does not. Both IC Markets and Oanda offer phone support and live chat.

Customer care
Section score IC Markets 87 Best Oanda 46 -41
Number of languages supported i 17 7
Website languages i Arabic, Bulgarian, Czech, German, English, French, Croatian, Indonesian, Italian, Korean, Malay, Portuguese, Russian, Spanish, Thai, Vietnamese, Chinese German, English, French, Italian, Russian, Spanish, Chinese
Website available in English i
Customer support languages i Arabic, Bulgarian, Czech, German, English, French, Croatian, Indonesian, Italian, Korean, Malay, Portuguese, Russian, Spanish, Thai, Vietnamese, Chinese German, English, Russian, Spanish, Chinese
Customer support in English i
Call back request i
Email support i
Phone support i
Live chat i
Priority customer support i
Dedicated account manager i
Cash sweep i
Stock lending i
Distributes proceeds i
Tax withholding agent i
Tax assistance i

Learning

What we compare A comparison of the educational material that IC Markets and Oanda provide to their clients in India.
12 / 12

IC Markets is better than Oanda for learning, as IC Markets offers professional reports and daily market commentary, which Oanda does not. Both IC Markets and Oanda offer education for advanced traders and webinars.

Learning
Section score IC Markets 100 Best Oanda 80 -20
Education
Education center i
Education for beginners i
Education for advanced traders i
Webinars i
Tutorials i
Glossary i
Research
Economic calendar i
Traders' sentiment i
Daily market commentary i
Daily trading ideas i
News via social media i
Professional reports i
Watchlist i
IC Markets
Open Account 72.52% of retail investor accounts lose money when trading CFDs with this provider.
Oanda
Open Account 76.6% of retail investor accounts lose money when trading CFDs with this provider.
Our verdict

IC Markets vs Oanda: which one should you choose?

IC Markets

CFD Choose IC Markets, regulated by CySEC and ASIC, if you want a CFD broker with high-frequency trading strategies, copy trading and fast withdrawals.

Open Account 72.52% of retail investor accounts lose money when trading CFDs with this provider.
Oanda

CFD Choose Oanda, regulated by the FCA and the CFTC, if you want a forex brokerage service with low trading costs and access to futures.

Open Account 76.6% of retail investor accounts lose money when trading CFDs with this provider.

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