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Head-to-head
OANDA vs IC Markets: fees, regulation and platforms compared
OANDA and IC Markets 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 IC Markets if you trade often and want raw pricing with a published commission.
OANDA vs IC Markets at a glance
| OANDA | IC Markets | |
|---|---|---|
| Regulation of main companies | CFTC/NFA (US), FCA, ASIC, CIRO | ASIC, CySEC, FSA Seychelles, SCB; CMA (Kenya) |
| Minimum deposit | None in the US, UK and Australia | $0 (global accounts) |
| EUR/USD pricing (headline) | From 0.6 pips, spread-only (UK) | Raw from 0.0 pips + $3.50 per lot per side (MetaTrader) |
| Platforms | OANDA platform, TradingView, MT4, MT5 | MT4, MT5, cTrader, TradingView |
| US retail forex clients | Yes (CFTC-registered, NFA member; 50:1 cap on majors) | No |
| Background | Founded 1996 | Founded 2007, Sydney |
| 1-lot EUR/USD round turn at headline prices | about $6 | about $7 |
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 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.
Choose IC Markets if:
- you trade often and want raw pricing with a published commission
- you use cTrader or MetaTrader EAs
- you want no minimum on global accounts
Watch out: Its global accounts are held by an offshore company licensed in Seychelles, so check which company you would join.
Regulation and safety
OANDA lists CFTC/NFA (US), FCA, ASIC, CIRO. IC Markets lists ASIC, CySEC, FSA Seychelles, SCB; CMA (Kenya). 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
OANDA: From 0.6 pips, spread-only (UK). IC Markets: Raw from 0.0 pips + $3.50 per lot per side (MetaTrader). Also compare overnight swap rates if you hold trades, and any deposit, withdrawal, inactivity or currency conversion fees. See spreads and commissions explained.
Platforms
OANDA: OANDA platform, TradingView, MT4, MT5. IC Markets: MT4, MT5, cTrader, TradingView. If you run Expert Advisors, check MetaTrader support first; see MT4 vs MT5.
FAQ
Is OANDA or IC Markets cheaper?
On headline figures, a 1-lot EUR/USD round turn costs about $6 at OANDA and about $7 at IC Markets. That makes OANDA cheaper on paper, but headline "from" prices are minimums and real spreads widen at quiet times.
Which is better regulated, OANDA or IC Markets?
OANDA: CFTC/NFA (US), FCA, ASIC, CIRO. IC Markets: ASIC, CySEC, FSA Seychelles, SCB; CMA (Kenya). What matters is the company that would hold your account, which depends on where you live.
Do OANDA and IC Markets accept US clients?
OANDA: Yes (CFTC-registered, NFA member; 50:1 cap on majors). IC Markets: No.
What is the minimum deposit at OANDA and IC Markets?
OANDA: None in the US, UK and Australia. IC Markets: $0 (global accounts).
Which platforms do OANDA and IC Markets offer?
OANDA: OANDA platform, TradingView, MT4, MT5. IC Markets: MT4, MT5, cTrader, TradingView.
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Sources
- Forex Awards OANDA review (sources listed there)
- Forex Awards IC Markets review (sources listed there)
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