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Interactive Brokers vs OANDA: fees, regulation and platforms compared
Interactive Brokers and OANDA side by side on the things that decide which one suits you: who regulates the company you would join, what a trade costs, which platforms you get and whether you can open an account where you live.
Short answer: If you live in the US, only OANDA accepts US retail forex clients, so the choice is made for you. Outside the US, choose OANDA if you prefer simple spread-only pricing with no separate commission; choose Interactive Brokers if you trade larger sizes, where a 0.20 bp commission on pass-through quotes is cheap.
Interactive Brokers vs OANDA at a glance
| Interactive Brokers | OANDA | |
|---|---|---|
| Regulation of main companies | FCA, Central Bank of Ireland, ASIC, CIRO and others | CFTC/NFA (US), FCA, ASIC, CIRO |
| Minimum deposit | No account minimum | None in the US, UK and Australia |
| EUR/USD pricing (headline) | From 0.1 pips + 0.20 bp of trade value ($2 minimum per order) | From 0.6 pips, spread-only (UK) |
| Platforms | Trader Workstation, IBKR Desktop, API | OANDA platform, TradingView, MT4, MT5 |
| US retail forex clients | No leveraged retail forex for US clients | Yes (CFTC-registered, NFA member; 50:1 cap on majors) |
| Background | Interactive Brokers Group, listed on Nasdaq (IBKR) | Founded 1996 |
| 1-lot EUR/USD round turn at headline prices | about $5 | about $6 |
Round-turn costs use each broker's headline "from" price for 1 standard lot (100,000 units, $10 per pip) including any published commission. Real spreads are often wider. Try your own numbers in our forex cost calculator.
Which should you choose?
Choose Interactive Brokers if:
- you trade larger sizes, where a 0.20 bp commission on pass-through quotes is cheap
- you also want stocks, futures and options in one account
- you want an API
Watch out: The $2 minimum commission makes small trades relatively expensive, and the platforms have a steeper learning curve.
Choose OANDA if:
- you live in the US and want a CFTC-registered, NFA-member broker
- you want no minimum deposit in the US, UK or Australia
- you want TradingView alongside MT4 and MT5
Watch out: Pricing is spread-only on standard accounts, so very active traders may find raw-plus-commission accounts elsewhere cheaper.
Regulation and safety
Interactive Brokers lists FCA, Central Bank of Ireland, ASIC, CIRO and others. OANDA lists CFTC/NFA (US), FCA, ASIC, CIRO. A broker's headline licences do not always cover you: the company that opens your account depends on where you live, and only that company's regulator protects you. Our legal entity guide shows how to check it on the regulator's own register.
Costs
Interactive Brokers: From 0.1 pips + 0.20 bp of trade value ($2 minimum per order). OANDA: From 0.6 pips, spread-only (UK). Also compare overnight swap rates if you hold trades, and any deposit, withdrawal, inactivity or currency conversion fees. See spreads and commissions explained.
Platforms
Interactive Brokers: Trader Workstation, IBKR Desktop, API. OANDA: OANDA platform, TradingView, MT4, MT5. If you run Expert Advisors, check MetaTrader support first; see MT4 vs MT5.
FAQ
Is Interactive Brokers or OANDA cheaper?
On headline figures, a 1-lot EUR/USD round turn costs about $5 at Interactive Brokers and about $6 at OANDA. That makes Interactive Brokers cheaper on paper, but headline "from" prices are minimums and real spreads widen at quiet times.
Which is better regulated, Interactive Brokers or OANDA?
Interactive Brokers: FCA, Central Bank of Ireland, ASIC, CIRO and others. OANDA: CFTC/NFA (US), FCA, ASIC, CIRO. What matters is the company that would hold your account, which depends on where you live.
Do Interactive Brokers and OANDA accept US clients?
Interactive Brokers: No leveraged retail forex for US clients. OANDA: Yes (CFTC-registered, NFA member; 50:1 cap on majors).
What is the minimum deposit at Interactive Brokers and OANDA?
Interactive Brokers: No account minimum. OANDA: None in the US, UK and Australia.
Which platforms do Interactive Brokers and OANDA offer?
Interactive Brokers: Trader Workstation, IBKR Desktop, API. OANDA: OANDA platform, TradingView, MT4, MT5.
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Sources
- Forex Awards Interactive Brokers review (sources listed there)
- Forex Awards OANDA review (sources listed there)
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