Broker to Trading

This is a comparison of Oanda Global Markets Ltd based and regulated in the British Virgin Islands vs IC Markets regulated in the Seychelles. IC Markets was founded in 2007 with a focus on supporting traders between retail and institutional (e.g. automated traders and high frequency traders). Oanda has been a MetaTrader broker since 1996 when it was originally founded in Toronto, Canada.

Oanda offers support for a wide range of traders from automated traders and scalpers to traders with longer term stratgies. Oanda offers a wide range of tools to support those who trade with them, and provides a mobile trading app, fxTrade.

IC Markets has a focus on providing features for those who apply automated trading trategies in that it offers high speed order execution. However traders who execute their own trades can also trade with them, and it has indeed a wide range of markets, including over 2000 Stocks CFDs.

Quick comparison

Oanda offers MT4 and MT5 and a wide range of tools. IC Markets provides MT4, MT5, TradingView and cTrader, with high speed order execution and a wide range of markets.

Minimum deposit and account types

The minimum deposit for IC Markets is $200. There is no minimum deposit requirement for Oanda.

IC Markets offers the Standard, Raw Spread, Islamic (Swap Free) and cTrader Raw accounts. IC Markets provides market analysis, Web TV (market commentary and trade ideas in a video), educational articles and video tutorials and an economic calendar on its website. IC Markets provides ZuluTrade, Myfxbook and IC Social for social and copy trading. IC Markets uses Equinix NY4 and London LD5 Servers to deliver low latency trading conditions and has micro (0.01) lot trading.
IC Markets's Standard account does not charge a commission, but the Raw Spread and cTrader Raw accounts charge a commission. Scalping, hedging and automated trading are allowed.
Oanda offers the following trading account types: Standard, Core, Swap-free, Premium and Premium Core. The Standard is described as suitable for all traders and has no minimum deposit requirement. The Core is described as suitable for EAs and scalpers. The Swap-free account is for traders who do not want to pay or receive interest on their account. All three of these accounts offer the Signal Center by Acuity. The Premium and Premium Core accounts are for high volume traders and require the trader to maintain a $20,000 minimum balance and trade more than $10 million notional or equivalent per month. These two accounts come with an Account Manager, Zero Deposit Fees (and reimburse bank fees), Free withdrawals, Priority support and a Free VPN.
The Standard account has spreads from 1.1, the Core account has spreads from 0.2 and the Swap-free account offers spreads from 1.6 pips. The Premium account has spreads from 0.8 and the Premium Core account has spreads from 0.2. The Core and Premium Core accounts charges commissions, the Standard, Premium and Swap-free accounts do not. At Oanda Global, verification documents are not needed for gross account deposits below $9000. Tools include MarketPulse, with a range of analysis and market news, technical analysis powered by AutoChartist, an Economic Calendar and MetaTrader plug-in tools. The minimum trade size is 0.01 lots.

Markets

• IC Markets offers Forex, Indices, Energy, Metals, Soft Commodities, Cryptocurrencies, Stocks, ETFs and Bonds, with 2500+ available.
• Oanda offers Forex, Indices, Energy, Metals, Soft Commodities, Cryptocurrencies and Stocks, with 800+ available.

Leverage

Maximum leverage for IC Markets (FSA regulated) is 500:1. Maximum leverage for Oanda (FSC regulated) is 200:1.

Commissions

• IC Markets charges a commission of $3.50 per lot per side for the MT4 and MT5 Raw Spread accounts while the cTrader Raw Spread account charges a commission of $3 per 100,000 USD traded per side.
• Oanda has a commission charge on its Core account of $4 per lot and $3.5 per lot on its Premium Core account.

Online trading platforms

Oanda offers MT4, MT5 and fxTrade. IC Markets offers MT4, MT5 and cTrader.

Foundation

Oanda was founded in 1996, while IC Markets was founded in 2007.

Payment methods

Both brokers support Bank Transfer, Credit/Debit Cards, Skrill and Neteller. IC Markets additionally supports PayPal, Klarna and Rapidpay.

Why Oanda or IC Markets ?

Traders who want to use automated trading strategies can use either broker, both explicitly support these trading styles. Traders who plan their own trades can also use either. Social and copy traders can make use IC Markets. Traders who want to trade without verification documents may do so at Oanda (up to $9,000 gross deposits). Traders who want to trade a wide range of Stocks CFDs can try IC Markets (with 1800+).

TL;DR summary

Oanda is a CFD provider offering a accounts to suit different types of traders, from those who plan their own trades to robot traders. IC Markets has a focus on providing automated trading, scalping and high frequency trading services across a range of platorms, but also caters to those who do not use robots, including copy traders.

Comparison summary

• Both offer CFD trading
• IC Markets has more markets to trade than Oanda
• Both offer MT4 and MT5
• IC Markets also provides cTrader and TradingView
• Oanda offers the fxTrade mobile app
• IC Markets provides social and copy trading
• Oanda has no minimum deposit