Explore the differences between IC Markets and OANDA across key aspects, including platforms, fees, and regulatory oversight, to choose the best broker.
IC Markets and OANDA are established Forex and CFD brokers, but their current trading setups target different priorities. IC Markets focuses heavily on raw pricing, high leverage, low-latency execution, MetaTrader, cTrader, TradingView, and automated trading. OANDA combines a simpler international account structure with MT5, TradingView, proprietary mobile trading, premium pricing tiers, and a strong collection of market-analysis tools.
Regulation and Trustworthiness
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IC Markets' main international service is operated by Raw Trading Ltd, which is regulated by the Seychelles Financial Services Authority under Securities Dealer license SD018. Client money is held in segregated accounts with top-tier banking institutions. IC Markets also operates separate regulated businesses, including IC Markets (EU) Ltd under CySEC license 362/18. OANDA states that its group operates across 8 regulated markets. OANDA Global Markets Ltd is regulated by the British Virgin Islands Financial Services Commission, while the wider group includes regulated entities in the United States, United Kingdom, Australia, Singapore, Canada, Japan, and Poland. OANDA Corporation is registered with the CFTC and is an NFA member under number 0325821.
The Deciding Difference
Both brands have regulated operations, but OANDA has the broader published global regulatory footprint. IC Markets' international account is specifically tied to its Seychelles entity, while OANDA operates dedicated regulated companies across more major financial centers.
Best Choice For
OANDA is stronger for traders who place particular importance on multinational regulatory coverage. IC Markets remains suitable for international traders comfortable opening through its Seychelles-regulated business. In either case, protections depend on the exact legal entity serving the account.
Trading Platforms
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IC Markets currently supports MetaTrader 4, MetaTrader 5, cTrader, and TradingView. MetaTrader supports Expert Advisors and MQL4 or MQL5 automation, while cTrader provides C# algorithmic trading, advanced order tools, and copy trading. TradingView connects through the broker's cTrader infrastructure. IC Markets also provides WebTrader, IC Social, Signal Start, and ZuluTrade services. OANDA Global Markets currently provides MetaTrader 5, TradingView, and OANDA Mobile. MT5 supports MQL5 Expert Advisors, backtesting, native depth of market, and Autochartist integration. OANDA's TradingView connection provides more than 100 analytical fields together with its charting and community environment.
The Deciding Difference
IC Markets provides considerably more platform variety and keeps both MT4 and MT5 alongside cTrader. OANDA has simplified its current international lineup around MT5, TradingView, and its proprietary mobile environment.
Best Choice For
IC Markets is the stronger platform choice for algorithmic traders, cTrader users, MT4 users, and traders who like switching between several environments. OANDA better suits traders who mainly want MT5 or TradingView without managing a larger platform lineup.
Trading Instruments
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IC Markets currently advertises more than 2,850 tradable instruments across Forex, commodities, stocks, indices, bonds, cryptocurrencies, and futures CFDs. Its Forex offering includes more than 61 currency pairs. The current MetaTrader Raw Spread and Standard account comparison lists 2,250 instruments, while the broader platform range increases total access beyond that figure. OANDA Global Markets currently advertises more than 1,500 CFD instruments across Forex, share CFDs, indices, commodities, metals, and cryptocurrencies.
The Deciding Difference
IC Markets now provides the larger overall CFD catalog. This reverses the older comparison, which significantly understated the size of its current product range.
Best Choice For
IC Markets is better suited to traders seeking the broadest instrument selection between these two brokers. OANDA still provides substantial multi-asset coverage and is sufficient for traders mainly interested in Forex and the major CFD markets.
Spreads and Fees
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IC Markets' MetaTrader Raw Spread account offers spreads from 0.0 pips and charges $3.50 per standard lot per side, equal to $7 round turn. Its average EUR/USD Raw spread is currently listed at 0.1 pips. The cTrader and TradingView Raw account starts from 0.0 pips and charges $3 per $100,000 traded. The Standard MetaTrader account charges no commission and starts from 0.8 pips. IC Markets does not charge an inactivity fee on its international accounts. OANDA's Standard account advertises spreads from 0.6 pips on 10 selected major instruments with $0 commission. Its separate pricing schedule lists EUR/USD from 1.0 pip under spread-only pricing and 0.1 pip under Core Pricing before commission. OANDA can charge an inactivity fee of up to $20 per month after 12 months without trading activity.
The Deciding Difference
IC Markets is more clearly structured around raw-spread trading with an explicit commission. OANDA provides a wider choice between spread-only pricing, premium tiers, and core-spread pricing.
Best Choice For
IC Markets is better aligned with scalpers, algorithmic traders, and active Forex traders who prefer raw pricing. OANDA may be more convenient for traders who want commission-free spread pricing or who qualify for its premium account benefits.
Leverage
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IC Markets currently provides leverage from 1:1 up to 1:5000 through eligible international MetaTrader accounts. Its current Standard and MetaTrader Raw Spread accounts both list maximum leverage of 1:5000, while the cTrader and TradingView Raw account lists up to 1:1000. OANDA Global Markets provides leverage up to 1:888. OANDA uses tiered margin rates, meaning the applicable margin requirement can increase as the size of a position grows. Its margin warning begins below a 100% margin level and automatic margin closeout is triggered at 50%.
The Deciding Difference
IC Markets provides the substantially higher maximum leverage. OANDA uses a lower ceiling and places more emphasis on tiered margin according to position size.
Best Choice For
IC Markets is better suited to experienced international traders specifically looking for very high leverage. OANDA provides a more moderate high-leverage structure for traders who do not require the largest possible ratio.
Order Execution and Speed
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IC Markets currently publishes average execution below 40 milliseconds after an order reaches the broker, while its Help Centre gives an average of approximately 35 milliseconds on currency pairs. MetaTrader servers are located in the Equinix NY4 data center in New York, and IC Markets sources pricing from more than 25 external pricing providers. Orders use market execution rather than instant execution. OANDA aggregates Forex pricing from a network of institutional liquidity providers and advertises institutional-quality execution through its trading infrastructure, but it does not currently publish one directly comparable universal millisecond execution average across MT5, TradingView, and OANDA Mobile.
The Deciding Difference
IC Markets provides considerably more numerical information about execution latency. The brokers do not publish equivalent measurements under the same testing conditions, so OANDA should not automatically be described as slower.
Best Choice For
IC Markets provides the stronger documented setup for traders who closely monitor latency, including scalpers and automated-strategy users. OANDA remains suitable for normal retail and active trading, but there is not enough comparable data to award it a specific speed ranking.
Customer Support and Education
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IC Markets provides customer support 24/7 through live chat, telephone, and email at [email protected]. Its educational resources include weekly webinars, tutorial videos, Web TV, podcasts, Forex education, an economic calendar, calculators, and trading guides. OANDA Global Markets provides support from Sunday at 5 p.m. AST until Friday at 7 p.m. AST through web chat, WhatsApp, Facebook Messenger, SMS, and email at [email protected]. Its educational resources include trading lessons, webinars, platform guides, market analysis, strategy content, and practical trading tutorials.
The Deciding Difference
IC Markets provides true seven-day customer-service availability, while OANDA concentrates support around the main trading week. Both maintain substantial educational libraries, although OANDA connects education more closely with its broader research ecosystem.
Best Choice For
IC Markets is better for traders who want access to support during weekends as well as market days. OANDA remains a strong choice for traders who want education combined with market research and platform instruction.
Account Types and Features
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IC Markets' main accounts include Standard, MetaTrader Raw Spread, and cTrader or TradingView Raw Spread. The Standard account has no commission, a $0 account minimum, spreads from 0.8 pips, and leverage up to 1:5000. MetaTrader Raw Spread also has a $0 account minimum, spreads from 0.0 pips, and a $3.50 per-lot-per-side commission. Its cTrader and TradingView Raw structure has a $0 minimum, spreads from 0.0 pips, a $3 commission per $100,000 traded, and leverage up to 1:1000. IC Markets is also introducing Raw Pro from $5,000 with a $1.50 per-lot-per-side commission and Raw Pro+ from $100,000 with a $1 commission per side. Swap-Free and Demo accounts are also available. OANDA Global Markets provides Standard, Premium, and Premium Plus tiers. Standard requires no initial deposit. Premium can be entered with a $10,000 deposit or the qualifying trading-volume requirement, while Premium Plus targets traders meeting substantially higher monthly and quarterly volumes.
The Deciding Difference
IC Markets separates accounts mainly by platform and pricing structure. OANDA starts with one broadly accessible Standard account and then rewards larger traders through premium tiers and additional benefits.
Best Choice For
IC Markets provides more flexibility for traders choosing between commission-free and raw-spread models. OANDA is simpler for lower-volume traders while giving larger clients a clearer progression into premium services.
Deposit and Withdrawal Methods
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IC Markets supports credit and debit cards, PayPal, Neteller, Skrill, UnionPay, bank wire, BPay, regional online banking methods, and cryptocurrency deposits using BTC, ETH, USDC, and USDT. Cards, PayPal, Neteller, Skrill, UnionPay, and several other methods can be processed instantly. International wire deposits normally require 2 to 5 business days. IC Markets does not normally charge an internal deposit or withdrawal fee, although external bank or provider charges can apply. OANDA Global Markets supports Visa, Mastercard, bank transfers, Wise, Skrill, Neteller, and supported regional payment methods. Cards, Neteller, Skrill, and bank transfers currently have no broker-set minimum deposit. OANDA does not charge an internal deposit fee, but a USD bank-wire withdrawal can cost $20 for the first withdrawal in a calendar month and $35 for additional withdrawals.
The Deciding Difference
IC Markets has the broader published international funding range and includes PayPal and cryptocurrency funding. OANDA provides a useful Wise integration but can impose more direct costs on bank-wire withdrawals.
Best Choice For
IC Markets is more attractive for traders who prioritize payment-method choice and generally fee-free broker processing. OANDA is particularly convenient for traders who use Wise or its supported regional banking methods.
Mobile Trading
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IC Markets provides mobile access through MetaTrader 4, MetaTrader 5, cTrader, TradingView, and its IC mobile application. The main IC app supports account monitoring, payments, and customer-service access, while the trading-platform apps provide charting, order placement, position management, and technical tools. OANDA provides OANDA Mobile, MetaTrader 5 Mobile, and TradingView mobile connectivity. OANDA Mobile supports one-click trading, risk-management tools, share CFDs, Forex, cryptocurrencies, commodities, and index CFDs from one proprietary interface.
The Deciding Difference
IC Markets provides more mobile platform choices because traders can use both MetaTrader versions, cTrader, and TradingView. OANDA puts more emphasis on its own trading app alongside MT5 and TradingView.
Best Choice For
IC Markets is stronger for experienced traders who want their preferred desktop platform replicated on mobile. OANDA is better suited to traders who want a more consolidated proprietary mobile experience.
Research and Market Analysis
Side-by-Side Snapshot
IC Markets provides IC Insights, Trading Central, Autochartist forecasts, an economic calendar, market commentary, technical research, and daily market forecasts. Its trading ecosystem also includes VPS services and advanced MetaTrader tools. OANDA provides Autochartist, OANDA Labs, economic research, market commentary, premium MetaTrader tools, and its proprietary Order and Position Book. The standard Order and Position Book provides positioning information across 16 instruments, while premium access expands the available markets and increases update frequency. OANDA's MT5 environment also includes signal alerts and copy-trading functionality.
The Deciding Difference
IC Markets provides a strong collection of third-party technical-analysis and active-trading tools. OANDA's distinctive advantage is proprietary client-positioning information combined with its own research and analytical ecosystem.
Best Choice For
IC Markets is better suited to traders who rely heavily on Trading Central, Autochartist, and technical-analysis tools. OANDA has the advantage for traders who incorporate client sentiment, positioning, correlation, and broader proprietary analysis into their decisions.
Conclusion
Side-by-Side Snapshot
IC Markets currently provides more than 2,850 instruments, more than 61 Forex pairs, spreads from 0.0 pips, average Raw EUR/USD pricing of 0.1 pips, a $3.50 per-lot-per-side MetaTrader Raw commission, no minimum deposit on its main Standard and Raw accounts, leverage up to 1:5000, and average execution below 40 milliseconds. Its main platforms include MT4, MT5, cTrader, and TradingView. OANDA Global Markets provides more than 1,500 CFDs, Standard spreads from 0.6 pips on selected major instruments, no Standard account initial deposit requirement, leverage up to 1:888, and trading through MT5, TradingView, and OANDA Mobile.
The Deciding Difference
IC Markets is built more aggressively around raw pricing, high leverage, fast execution, platform choice, automated trading, and a larger current CFD catalog. OANDA offers a more streamlined trading structure with premium account progression, strong regulation across the wider group, proprietary positioning data, and a well-developed research ecosystem.
Best Choice For
IC Markets is the stronger choice for scalpers, algorithmic traders, cTrader users, MetaTrader traders, and experienced clients who prioritize raw spreads, high leverage, and execution infrastructure. OANDA is better aligned with traders who prioritize research, sentiment data, simpler account selection, MT5, TradingView, and broader multinational regulatory coverage.
Published by:
Daniel Carter