Trying to choose between OANDA and IG but unable to do so? We conducted a comprehensive comparison between OANDA and IG. We’ve analyzed the safety and licensing, trading conditions with fees, trading platforms, instruments, deposit & withdrawal terms, and every other relevant data.
Although OANDA and IG are major forex/CFD brokerages, IG offers a more premium service experience. While comparable in most categories, IG offers various products, including ETFs and actual stocks. The trading platforms of IG are better than those of OANDA.
OANDA is much superior in pricing and customer service, despite the latter only running 24 hours daily.
OANDA is a 1996-founded multinational Forex broker headquartered in the United States. OANDA focuses solely on currency trading solutions for all levels of traders. Their most robust selling features are their comprehensive regulatory structure and unique systems.
IG is a worldwide broker founded in 1974 with 10 respectable financial licenses. It offers CFD trading on stocks, commodities, ETFs, indices, cryptocurrencies, bonds, futures, options, and actual stocks via its share dealing account.
IG (LON: IGG) is a long-established, well-regulated forex broker that draws forex traders seeking the highest levels of safety, product range, trading tools, and research. Whether you trade Forex or contracts for difference (CFDs), IG has the tools to provide you with the most favorable trading environment at a competitive price. IG is headquartered in London but has a branch in the United States.
A broker’s endurance in this volatile industry is a believable claim. IG was founded forty-six years ago. There are several levels of currency regulators in various countries. By following the stringent norms and regulations of each jurisdiction in which they conduct business, Forex brokers get tier-1 regulation. IG is supervised by tier-1 authorities in the United States, Australia, Japan, Singapore, the United Kingdom, and Switzerland. IG’s validity is bolstered by its status as a regulated bank.
IG provides more than 17,000 trading products and the most CFDs. IG draws traders who wish to improve their chances of success in Forex and CFD trading. It supports sixteen global client service locations. IG is the global leader in offering traders contracts for difference and financial spread betting.
OANDA was created in 1996 by Drs. Stumm and Olsen. Their motto is that it specializes in “all things currency,” including currency conversion, FX data services for enterprises, and an established worldwide online brokerage service for retail FX and CFD traders.
Globally, OANDA provides two account categories, basic and premium, and a product portfolio comprising a vast array of CFD and spread betting services across many asset classes. However, not every service is available worldwide. In addition to foreign exchange, the broker provides trading possibilities in indices, metals, commodities, and bonds across all financial markets. Depending on the area, OANDA offers varied levels of account security to the majority of its customers. OANDA Europe Limited provides negative balance protection as stipulated by the ESMA. At the same time, OANDA Asia Pacific Pte Ltd offers guaranteed stop loss orders. OANDA Corporation does not provide this measure of assurance for the accounts of U.S. customers.
In the United States, OANDA has obtained become one of the largest brokers in retail forex adjusted for realized and unrealized net profit or loss.
OANDA is among the elite of online forex brokers due to its transparent website, emphasis on customer education and research, different user interfaces, and worldwide regulatory monitoring.
IG vs. OANDA Service & Feature Comparison
The commission-free cost structure of both brokers, which usually starts at 0.6 pips or $6 every 1.0 standard lots, is among the lowest in the business. OANDA’s commission-based Forex structure begins with raw spreads of 0 pips for a $5.00 fee. IG Markets provides a standard CFD pricing environment with a minimum fee of 0.10 percent. Both brokers provide a volume-based rebate scheme, which reduces the ultimate transaction fees for active traders. IG Markets and OANDA provide swap rates on leveraged overnight positions and third-party payment processor fees. Both brokers provide a trading cost structure that is quite competitive.
Many brokers impose inactivity fees. As the name indicates, this occurs when your account has been inactive for a specific time. In contrast to IG, OANDA does not collect inactivity fees.
You should receive many alerts informing you of impending deadlines. You can select whether to continue using your account or to close it. In most cases, the fines are negligible, so there is no reason for worry, especially when the issue can be simply avoided.
OANDA provides two account options in addition to an Islamic account. Standard and Premium accounts are based on the spread and have better charges. In addition, the Islamic Account is designed for merchants who adhere to Sharia’s rules and laws. In addition, IG only offers a single Standard Account. Each provides demo accounts.
Demo accounts are advantageous for those with no trading expertise. Thus, you incur no financial risk while trying your trading talents in a risk-free environment. For those without trading experience, we recommend opening a demo account with OANDA and IG.
For more experienced traders, a basic account is accessible. This account permits trading in equities, commodities, cryptocurrencies. A minimum deposit of $100 is required to start one of these retail investors accounts. This is the account that the majority of individuals will attempt to open. Both OANDA and IG offer Standard accounts to clients.
Education and Research
OANDA provides instructive programs and articles for both novice and seasoned investors. Live webinars also offer a wide range of topics, such as market analysis, platform education, economic analysis, and Q&A sessions.
The graphics and videos utilize inconsistent platforms, and some information is outdated compared to the most recent trading platform releases. Education is not centralized, and navigating might be challenging.
IG grants users access to the IG Academy. The IG Academy is a free educational resource that may assist you in becoming a more effective trader. Choose from our extensive selection of webinars and courses.
IG strives to provide its clients with superior market research. They employ internal and external sources to give the most current market data.
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Range of Investments
It is commonly recognized that forex brokers provide more trading instruments than currency pairs. The offer provides traders intriguing opportunities to investigate potentially lucrative other marketplaces and diversify their trading portfolios.
In this instance, OANDA enables trading with Forex, gold, and silver, CFDs, and cryptocurrencies. IG offers the possibility to trade Forex, gold, and silver, CFDs, oil, and cryptocurrencies.
IG Markets remains one of the world’s leading brokers regarding asset selection. There are 102 currency pairs available to Forex traders, three of which belong to a new category of weekend pairings. The absolute number of CFDs surpasses 17,000. IG Markets writes CFDs if there is customer demand.
OANDA offers 61 currency pairings, 9 non-index futures, 22 commodities, mainly gold and silver, quoted in several currencies, 16 index CFDs, and 5 bond CFDs. OANDA offers Forex traders a good selection but does not cater to sophisticated customers.
Withdrawal and Funding Methods
Both OANDA and IG provide a variety of deposit and withdrawal methods. Depositing and withdrawing from your OANDA and IG account to your preferred payment method should be straightforward. Let’s see how OANDA and IG stack up against one another. Consider that, depending on your chosen payment method, your payment provider or bank may charge you additional costs for processing and exchanging your cash. Not every possible charge will originate from OANDA or IG.
Today, we live in an accessible world. Therefore, your trading platform must take this into account. It is crucial to trade with the touch of a button. It enables you to make trading selections at your convenience on the OANDA and IG platforms. Without this, you would be unable to take advantage of any possible situations in the financial markets.
OANDA provides clients with four methods for trading the markets. Its flagship product, fxTrade, is accessible through desktop download, web browser, or mobile application. In addition, they provide the popular MetaTrader 4 (MT4) download for desktop and mobile trading on mobile smart devices.
OANDA’s central user interface, fxTrade, is well-designed and offers clients access to trading instruments, sophisticated order types, and account statistics. The desktop edition has proprietary and sophisticated charting from a third-party vendor, Tradingview.
Clients may utilize OANDA’s research capabilities, including MarketPulse and Autochartist technical analysis, straight from the interface. Nonetheless, the items will open on a website. The “order book” of OANDA reveals client mood, whereas “depth of market (DOM)” reveals supply/demand dynamics. Moreover, many useful tools and resources, such as Dow Jones FX Select news and various calculators, make fxTrade an excellent trading platform.
In addition to the majority of the capabilities of the downloading edition, the web-based solution provides Tradingview charts with sophisticated studies and display styles. Additionally, clients may trade straight from charts. There are also adjustable watchlists, news feeds, browser-based research alternatives (economic analysis, MarketPulse), and API access.
Traders can also utilize the famous MetaTrader 4 (MT4) platform. Numerous traders value MT4’s sophisticated charting, research, watchlists, and trade automation via “expert adviser” plug-ins. Because the MT4 platform is an industry-standard, traders transferring from other brokers to OANDA will be familiar with its features.
Beginners will find IG’s web-based platform simple to navigate. Numerous characteristics facilitate trade, including:
- Multiple period trading charts.
- You may trade directly from the charts.
- Market updates, trade analyses, and expert comments are broadcast live. Reuters provides streaming live news.
- Trading signals directly from your platform.
- Trade executions and pricing: This platform executes trades quickly and precisely.
Advanced investors may choose the MetaTrader 4 interface on IG’s dealer platform for trading shares. This system is equipped with automated trading. All systems feature sophisticated real-time charting capabilities.
Trading via a mobile device may be convenient. Why is it so? The financial markets fluctuate minute-by-minute; if you are away from your desktop computer, you will likely have access to a smartphone. So doing, you can take advantage of any opportunity.
The OANDA and IG trading applications are compatible with Microsoft Windows tablets and smartphones.
Customer Support Compared
Customer service is vital in business. Even expert traders will require assistance from OANDA or IG. This is especially true for beginning traders with limited knowledge. In the beginning, you will want to guarantee that OANDA and IG support are constantly accessible. Customer service at OANDA and IG is more than just helpful. It is vital to your success in trading!
Live chat is crucial for several reasons. This is because it is comforting to know that a problem may be resolved immediately if it arises. Additionally, chatting with someone in person is far less irritating than communicating via several emails. Both OANDA and IG provide live chat assistance.
When trading CFDs, equities, commodities, currencies, cryptocurrencies, or other financial instruments with OANDA or IG, email assistance is crucial. Occasionally, you may have a question requiring a specific OANDA or IG support team member to respond satisfactorily. This is where OANDA and IG email support will be required. Both IG and OANDA provide email assistance.
Although most inquiries may be answered over the phone, it is good to be able to explain ourselves to a real person at OANDA or IG. We can get to the point quickly, saving us time and aggravation. Both IG and OANDA provide phone help.
IG vs. OANDA: The Bottom Line
IG Markets offers a more excellent range of products and services than most internet brokers. Even though it serves all sorts of investors and traders, algorithmic tactics remain favored. Clients can utilize the unique web-based trading platform or MT4, ProReal Time, or L2 Dealer.
IG Markets has access to substantial liquidity, resulting in an environment with competitive Forex pricing. Alongside MT4, OANDA implements its customized trading platform. It is upgraded with 28 plug-ins, making it one of the most outstanding MT4 solutions. Furthermore, both commission-free and commission-based accounts retain a competitive pricing structure.
The volume-based rebate scheme reduces expenses for both brokers’ active traders. Both also provide access to internal research and instructional tools for novices. Nonetheless, IG Markets is superior in both areas. OANDA remains popular in North America, but IG Markets is the best broker for foreign traders overall.
In conclusion, determining the superior broker comes down to your deliberation. If you are an active trader, choosing a broker with a variable spread is preferable rather than a set one. MetaTrader 4 is the basic trading platform utilized by all traders. Choose the broker that offers other platforms if you want a different experience with a more complex interface. The same holds true for trading instruments; if you want to explore other markets, you should look for a broker offering more trading instrument possibilities.
Does IG Markets or OANDA offer lower pricing?
Both brokers provide comparable commission-free pricing structures. IG Markets and OANDA provide a volume-based rebate scheme for their commission-based alternatives; however, OANDA offers an excellent deal.
Which is the more dependable broker?
Regarding dependability, both brokers are trustworthy. IG Markets has more remarkable experience than OANDA. Yet, both companies contributed to developing the internet brokerage business over three decades ago.
What tools does IG provide?
IG provides several capabilities, such as news, charts, notifications, pricing, and swift executions.
What kinds of research does OANDA offer?
OANDA offers news analysis, technical analysis, and algorithmic trading.