OANDA vs IC Markets

IC Markets is the better choice than OANDA for most active forex and CFD traders, particularly scalpers, algorithmic traders and anyone prioritising raw spreads and MetaTrader or cTrader execution. OANDA is the better choice if regulatory reach, US availability, a strong proprietary trading platform or a lower barrier to opening an account matters more.

For most non-US traders choosing purely on the trading environment, IC Markets wins overall. Its Raw Spread accounts offer tighter pricing, it supports MetaTrader 4, MetaTrader 5, cTrader and TradingView in its Global offering, and its infrastructure is explicitly built around active and automated trading.

OANDA still has two significant advantages. The OANDA group operates across a much broader set of regulated markets, including entities overseen by the CFTC/NFA in the US, FCA in the UK, ASIC in Australia, MAS in Singapore, CIRO in Canada and Poland's KNF. OANDA is also available to US retail forex traders, while IC Markets Global explicitly excludes US residents.

OANDA vs IC Markets at a glance

The most important caveat is jurisdiction. OANDA and IC Markets are groups of regulated legal entities, not one identical brokerage product worldwide. Spreads, leverage, instruments, account minimums, platforms and investor protections can change depending on which entity serves you.

Why IC Markets wins for most active traders

IC Markets has the stronger proposition if your priority is reducing execution costs and using a professional forex trading stack.

The current IC Markets Global Raw Spread account lists spreads from 0.0 pips and states an average EUR/USD spread of 0.1 pips. Its standard MetaTrader Raw Spread commission is $3.50 per lot per side, equivalent to $7 for a full round trip on one standard lot. Its Standard account removes the separate commission and instead lists spreads from 0.8 pips.

For cTrader, IC Markets charges $3 per USD 100,000 traded per side. IC Markets also connects cTrader accounts with TradingView, giving active traders a choice between MetaTrader, cTrader and TradingView rather than forcing them into one ecosystem.

That difference matters most to:

• scalpers making frequent short-duration trades
• Expert Advisor users running MetaTrader algorithms
• systematic traders using cTrader Algo
• high-volume forex traders for whom small differences in spreads and commissions compound
• traders who want raw pricing rather than a spread-only account

IC Markets Global also states that its MetaTrader servers are located in the Equinix NY4 data centre and positions the Raw Spread account specifically for scalpers, day traders and Expert Advisor users. Those are broker-published infrastructure claims rather than independent execution benchmarks, but they make the target customer obvious.

What does one lot of EUR/USD cost at IC Markets?

Using IC Markets' stated 0.1-pip average EUR/USD spread on the standard Raw Spread MetaTrader account, a 100,000-unit EUR/USD trade has approximately $1 of spread cost when one pip is worth $10.

Add the $3.50 commission on entry and $3.50 on exit, and the indicative round-trip transaction cost becomes approximately:

$1 spread + $7 commission = $8 per standard lot

That is roughly equivalent to an all-in cost of 0.8 pips, before swaps, slippage or other costs.

This calculation is useful because "spreads from 0.0 pips" alone tells you almost nothing about the actual cost of trading.

Is IC Markets cheaper than OANDA?

For example, OANDA Global Markets currently lists spread-only EUR/USD pricing from 1.0 pip and Core Pricing from 0.1 pip. Core Pricing adds a commission and is available through its qualifying Premium Plus arrangement.

OANDA's UK entity publishes EUR/USD spreads from 0.6 pips. In the United States, OANDA's published spread-only EUR/USD figure was 1.4 pips when checked, while eligible Core Pricing clients can access lower spreads plus commission. US Core Pricing requires an initial deposit or account balance of at least $10,000.

There is therefore no honest universal statement such as "OANDA charges X pips". The correct OANDA versus IC Markets fee comparison must use the two legal entities available in the trader's country.

That is also why raw-spread marketing should not determine the decision on its own. Compare:

average spread + round-trip commission + overnight financing + likely slippage + non-trading fees

for the instruments and position sizes you actually trade.

OANDA has the stronger regulatory footprint

OANDA states that it operates in eight regulated markets. Its entities include OANDA Corporation under CFTC/NFA oversight in the United States, OANDA Europe Limited under the FCA in the UK, OANDA TMS Brokers under Poland's KNF, OANDA Asia Pacific under MAS, OANDA Canada under CIRO and OANDA Australia under ASIC.

IC Markets also has substantial regulatory coverage, but the exact entity matters. International Capital Markets Pty Ltd is regulated by ASIC in Australia under AFSL 335692. IC Markets (EU) Ltd is authorised by CySEC under licence 362/18. IC Markets Global is the trading name of Raw Trading Ltd, regulated by the Seychelles Financial Services Authority under Securities Dealer licence SD018.

This does not mean every OANDA account is automatically "safer" than every IC Markets account. Client protections depend on the contracting entity, local rules and account classification.

Before depositing, check the legal entity shown in the account agreement rather than relying on the regulator logos displayed across the broker group's marketing site.

Which broker has better trading platforms?

IC Markets Global supports:

• MetaTrader 4
• MetaTrader 5
• cTrader
• TradingView
• IC Social and additional trading tools

Its cTrader environment also supports C# through cTrader Algo, while MetaTrader gives Expert Advisor traders access to MQL4 and MQL5.

OANDA's offering depends on jurisdiction. OANDA Global Markets currently offers OANDA Mobile, TradingView and MetaTrader 5. OANDA stopped supporting MT4 through its Global Markets entity in October 2024. However, OANDA's UK operation still lists OANDA Web, OANDA Mobile, TradingView, MT4 and MT5, while OANDA's US operation continues to support MT4.

OANDA also has a genuine advantage for traders who prefer a broker-built interface instead of MetaTrader or cTrader. Its proprietary web and mobile platforms combine trading, charting and account management, and its US platform includes access to the v20 REST API for programmatic trading and market data.

Choose IC Markets for cTrader, MetaTrader and EA-heavy workflows. Choose OANDA if you value a polished proprietary trading environment or OANDA's API ecosystem.

Which broker offers more markets?

IC Markets Global currently advertises more than 2,250 tradable instruments, including 61 forex CFDs, more than 2,100 stock CFDs, 25 index CFDs, 24 commodity CFDs, nine bond CFDs, 21 cryptocurrency CFDs and four futures CFDs.

OANDA's European operation advertises more than 1,700 CFD instruments, including over 1,600 share CFDs, as well as forex, indices, commodities, cryptocurrencies and ETF CFDs. The same OANDA European business also offers access to more than 2,100 shares and 350 ETFs through its investing offering, which is distinct from CFD trading.

The headline instrument count therefore needs context.

If you mainly trade EUR/USD, GBP/USD, gold and major indices, having another 1,000 share CFDs is irrelevant. If you actively trade individual equity CFDs, the additional breadth becomes far more valuable.

Does IC Markets really require a $200 minimum deposit?

The current IC Markets Global account comparison lists a $0 minimum deposit for its normal MetaTrader Raw Spread, cTrader and Standard accounts. Its Australian account page, however, still lists a $200 minimum deposit.

OANDA states that there is no minimum account deposit or minimum balance for its US, European and Global Markets accounts, although individual payment methods can impose their own transaction minimums.

This distinction matters because a lot of broker comparison content still repeats "$0 versus $200" as though it applied globally.

Is OANDA or IC Markets better for scalping?

IC Markets' Raw Spread pricing, 0.1-pip stated average EUR/USD spread, MT4, MT5 and cTrader support, and infrastructure aimed specifically at active traders make it the stronger fit for high-frequency manual trading and short-duration algorithmic strategies.

OANDA is perfectly capable of supporting active trading, particularly through MT5 and qualifying Core Pricing accounts. It simply has less of its overall proposition built around the classic low-spread scalper and EA user.

For a scalper, the broker decision should ultimately be tested on live execution quality rather than marketing spreads. Compare actual filled spread, slippage, rejected orders and round-trip cost during the hours you trade.

Is OANDA or IC Markets better for automated trading?

IC Markets supports Expert Advisors through MT4 and MT5 and C# automation through cTrader Algo. Its Raw Spread accounts are explicitly positioned towards EAs and scalpers.

OANDA Global Markets supports MQL5 Expert Advisors through MetaTrader 5, while OANDA's proprietary technology and REST API can make it attractive to developers building systems outside the standard MetaTrader ecosystem.

For an off-the-shelf EA portfolio, choose IC Markets. For a custom application built around broker APIs and historical FX data, OANDA deserves a closer look.

Is OANDA or IC Markets better for beginners?

The reason is not that beginners need more educational articles. OANDA combines no account minimum in several major jurisdictions, a proprietary web/mobile experience, TradingView integration and a very broad regulatory footprint. That removes some of the platform and account-selection complexity a new trader encounters with IC Markets.

IC Markets becomes more attractive once the trader knows why they want a Raw Spread account, cTrader, an Expert Advisor or a specific execution setup.

Can US traders use OANDA or IC Markets?

OANDA Corporation operates in the United States under CFTC and NFA oversight. Its US accounts support spot forex, with select spot cryptocurrency access available to eligible individual accounts. CFDs are not offered to US residents.

IC Markets Global explicitly lists the United States among its restricted countries.

For a US resident, that makes the OANDA versus IC Markets decision straightforward: OANDA is the viable option of the two for ordinary retail forex trading.

OANDA vs IC Markets: Which should you choose?

IC Markets is the stronger choice for:

• scalpers
• day traders
• MetaTrader Expert Advisor users
• cTrader users
• traders prioritising raw spreads and commissions
• active CFD traders wanting a large instrument range

OANDA is the stronger choice for:

• US forex traders
• traders prioritising regulatory breadth
• beginners wanting a proprietary web or mobile platform
• API-focused traders
• traders who do not want an account minimum
• European users who also want access to traditional shares and ETFs through the same broader broker group

Final verdict

Its Raw Spread pricing and wider selection of execution platforms give it the edge where trading costs and infrastructure matter most.

OANDA is the better broker for traders who prioritise jurisdictional coverage and accessibility over the absolute lowest trading costs. It is also the clear choice between these two brokers for US retail forex clients.

There is one final check before choosing either broker: identify the exact OANDA or IC Markets legal entity that would hold your account. Comparing an ASIC-regulated IC Markets account with an OANDA US account or an offshore OANDA Global Markets account is not a like-for-like comparison.

Broker regulation, leverage, pricing, investor protections and available products differ by country and entity.

Risk warning: Forex and CFD trading involves substantial risk, particularly when leverage is used. CFDs can result in rapid losses and are not suitable for every investor. Check the legal entity, product disclosure and current fee schedule applicable in your jurisdiction before opening an account.