IC Markets vs OANDA (2026) — Which Is Better?
Compare IC Markets and OANDA — features, pricing, pros and cons.
Fees, feature availability, and plan details come from each provider's current documentation. If you're about to act on this, confirm the specific numbers on the vendor's site first. Methodology →
At-a-Glance
Higher Rated
IC Markets (4.5)
More Affordable
IC Markets (Free)
IC Markets
True ECN forex broker with the lowest average spreads in the industry, deep liquidity, and support for MT4/MT5/cTrader.
OANDA
Trusted forex broker with competitive spreads, advanced trading tools, and no minimum deposit requirement.
Spread, Regulation & Feature Breakdown
| Feature | IC Markets | OANDA |
|---|---|---|
| Rating | ★ 4.5 | ★ 4.3 |
| Starting Price | Free | Free |
| Free Tier | Yes | Yes |
| Markets | bonds, forex, crypto, stocks, indices, commodities, futures | crypto, CFDs, forex |
| AI Analysis | ✗ | ✗ |
| Backtesting | ✓ | ✗ |
| Paper Trading | ✓ | ✓ |
| Price Alerts | ✓ | ✓ |
| Mobile App | ✓ | ✓ |
| API Access | ✓ | ✓ |
| Social Features | ✗ | ✗ |
| Broker Integration | ✓ | ✓ |
| Custom Indicators | ✓ | ✓ |
| Automated Trading | ✓ | ✓ |
| Trade Journaling | ✗ | ✗ |
| Performance Analytics | ✗ | ✓ |
| Risk Management | ✓ | ✓ |
| News Feed | ✗ | ✓ |
| Education Content | ✓ | ✓ |
Forex Broker Head-to-Head
IC Markets (4.5/5) and OANDA (4.3/5) are both popular forex brokers with contrasting strengths. IC Markets is a true ECN broker with the industry's lowest average spreads and sub-40ms execution speeds. OANDA offers micro-lot trading, no minimum deposit, and regulation across multiple major jurisdictions including the US.
IC Markets' advantage is raw execution quality — direct market access, no dealing desk, and spreads that start from 0.0 pips on the Raw Spread account. OANDA's differentiator is flexibility and accessibility: micro-lot trading for precise position sizing, no deposit minimum, and US availability that IC Markets cannot offer.
Scalpers, day traders, and high-frequency traders outside the US who need the tightest possible spreads should choose IC Markets. Traders who value micro-lot flexibility, no minimum deposits, or who are based in the US should go with OANDA. IC Markets is the better technical choice, but OANDA's US regulation and position-sizing flexibility make it the practical choice for many traders.
IC Markets: Pros & Cons
Pros
- + Lowest average spreads in the industry
- + True ECN execution with no dealing desk
- + Sub-40ms execution speeds
- + Supports all trading styles including scalping
Cons
- - Not available to US residents
- - Customer support can be slow during peak times
- - Limited research and analysis tools
OANDA: Pros & Cons
Pros
- + No minimum deposit on Standard account
- + Micro-lot trading for precise position sizing
- + Regulated in multiple major jurisdictions
- + TradingView integration available
Cons
- - Standard account spreads are above average
- - Core Pricing requires $10,000 minimum
- - Product range limited compared to multi-asset brokers
- - No crypto trading in most regions
IC Markets vs OANDA: Australian ECN Specialist vs US-Available Conservative
IC Markets and OANDA are both well-regulated forex brokers with strong reputations, but they target completely different traders. IC Markets is the Australian ECN specialist built for scalpers and algo traders — not available to US retail. OANDA is the US-available conservative broker with tier-1 regulation across every major English-speaking market. If you're US-based, this comparison isn't a comparison — it's OANDA. Outside the US, it's about execution model.
US availability
OANDA is CFTC-registered and one of five brokers legally serving US retail forex traders. Forex + metals only for US clients.
IC Markets does not serve US clients. If you're US-based, this comparison is over.
Execution: ECN vs market-maker
IC Markets Raw Spread is a true ECN account — orders route through liquidity providers with 0.02 pip average spreads on EUR/USD, sub-40ms execution, $3.50/side/lot commission. cTrader gives you depth-of-market visibility. This is genuinely the tightest cost structure in retail forex for high-frequency traders.
OANDA Standard is market-maker execution with variable spreads averaging 1.1 pips on EUR/USD. OANDA Core Pricing offers raw spreads with $5 per 100K commission but requires $10,000 minimum.
For scalpers or algo traders running high-frequency strategies, IC Markets is meaningfully better execution. For casual position traders, the OANDA-vs-IC Markets execution gap disappears in the noise.
Regulation and safety
OANDA: CFTC/NFA (US), FCA (UK), ASIC (Australia), IIROC (Canada), MAS (Singapore), JFSA (Japan). Genuine tier-1 coverage across every major English-speaking retail market.
IC Markets: ASIC (Australia), CySEC (Cyprus), FSA (Seychelles), SCB (Bahamas). ASIC is the strongest entity; offshore entities (Seychelles, Bahamas) have weaker client-money protections but allow higher leverage.
Both are safe. OANDA's regulatory footprint is wider; IC Markets's ASIC-regulated entity is comparable to OANDA's ASIC entity on protection.
Platform choice
IC Markets: MT4, MT5, and cTrader. cTrader is the platform IC Markets is known for — depth of market, one-click scalping, cAlgo for automated trading in C#. If cTrader is central to your workflow, IC Markets is the natural home.
OANDA: proprietary OANDA Trade platform, MT4, MT5, and TradingView integration. No cTrader.
If TradingView is central to your workflow, OANDA wins. If cTrader is, IC Markets wins. If you're MT4/MT5-only, both work.
Costs at typical volume
EUR/USD, 1 standard lot round-trip:
OANDA Standard: ~1.1 pips = ~$11
OANDA Core Pricing: ~0.1 pips + $10 = ~$11 (requires $10K)
IC Markets Standard: ~0.8 pips = ~$8
IC Markets Raw Spread: ~0.02 pips + $7 = ~$9
IC Markets Standard is meaningfully cheaper than OANDA Standard. IC Markets Raw Spread beats OANDA Core Pricing without requiring $10K minimum. For raw cost at any account size, IC Markets wins.
Minimum deposit
OANDA: no minimum on Standard; $10,000 on Core Pricing.
IC Markets: $200 minimum on both Standard and Raw Spread accounts.
OANDA has the lower absolute floor ($0 vs $200) but IC Markets' $200 Raw Spread account beats OANDA's $10K Core Pricing threshold for anyone who wants tight spreads early.
Product range
OANDA: forex, metals, indices, commodities, crypto CFDs in supported regions. Focused product set.
IC Markets: forex, indices, commodities, bonds, crypto CFDs, some stock CFDs, futures CFDs. Broader multi-asset than OANDA.
Neither is available to US CFD traders. Outside the US, IC Markets is meaningfully broader.
Withdrawals and inactivity
OANDA: 1-3 business days processing depending on method. No inactivity fees.
IC Markets: same-day processing if requested before cutoff (1-3 days to hit account). No inactivity fees.
Both are competitive on withdrawal speed. Neither charges inactivity fees.
Research and education
OANDA has stronger research content — weekly market analysis, currency-strength heatmaps, structured education for beginners. Long history in retail forex education.
IC Markets' research is thinner — the focus is on execution rather than teaching retail. Advanced traders don't need it; beginners will find OANDA's education more supportive.
Copy trading
Neither offers native first-party copy trading. Both support MT4/MT5 signals with setup.
If copy trading is central to your approach, look at RoboForex CopyFX, AvaTrade's DupliTrade, or eToro instead.
Our take
US-based traders: OANDA. IC Markets isn't available.
Outside the US, prioritizing execution quality, tight spreads, and cTrader access: IC Markets. This is genuinely the tightest cost structure in retail forex, especially for scalping and algo trading.
Outside the US, prioritizing tier-1 regulation across every major English-speaking market, TradingView integration, and stronger education: OANDA. Broader regulatory footprint and better content for developing traders.
If you specifically use cTrader: IC Markets (or Pepperstone). OANDA doesn't offer it.
If you're a beginner learning forex: OANDA's education and research are better; the tighter IC Markets pricing doesn't matter until you're actually trading enough for the spread difference to compound.