IG vs OANDA Forex Broker Comparison
A head-to-head comparison of IG and OANDA across regulation, trading costs, platforms, and editorial scoring.
IG invented spread betting in 1974 and remains the benchmark for experienced UK and European traders: unmatched market breadth, a genuinely excellent proprietary platform, and regulatory credibility that few brokers can match - at the cost of slightly higher charges than specialist ECN desks.
VS
NFA- and FCA-regulated with strong US/UK coverage, transparent historical pricing, and excellent research.
Our Verdict
IG winsby 0.2 pts
IG edges ahead with a score of 4.8/5 vs OANDA's 4.6/5. A narrow margin, so review the breakdown below to see where each broker has a clear advantage.
Verdict by Trader Profile
Which broker wins for each type of trader, based on costs, safety, platforms, and editorial scoring.
Best for low cost trading
Recommended
IG offers tighter spreads from 0.6 pips vs 1 pips for OANDA, reducing trading costs.
Best for safety & regulation
It's a tie
Both equally suited
Both brokers show an equally strong safety profile across regulation, fund protection, and client safeguards.
Best for platform choice
Recommended
OANDA offers more exclusive platform options: MetaTrader 5, a proprietary platform.
Best for beginners
Recommended
IG edges out OANDA with a higher editorial score (4.8/5 vs 4.6/5), indicating a stronger overall experience for new traders.
IG vs OANDA: Side-by-Side Forex Broker Comparison
Score
= highlighted score shows which broker leads in that category| Editorial score | 4.8/ 5 | 4.6/ 5 |
|---|---|---|
| Score Breakdown | ||
Trust & Regulation 40% weight | 5.0 / 5▲ | 4.8 / 5 |
Fees & Spreads 30% weight | 4.8 / 5▲ | 4.5 / 5 |
Platforms & Tools 20% weight | 5.0 / 5▲ | 4.6 / 5 |
Customer Support 10% weight | 4.5 / 5▲ | 4.3 / 5 |
| Founded | 1974 | 1996 |
| Headquarters | London, United Kingdom | New York, United States |
| Min deposit | No minimum | No minimum |
| Spreads from | 0.6 pips | 1 pips |
| Commission / lot | N/A | N/A |
| Max leverage | 30:1 | 50:1 |
| Withdrawal fee | Free | Free for ACH |
| Regulators | FCA ASIC DFSA CMVM BaFin Finansinspektionen Finanstilsynet FMA CBI KNF Finanstilsynet | FCA CMF ASIC NFA CBI |
| Platforms | MetaTrader 4 Proprietary Web/Mobile TradingView | MetaTrader 4 MetaTrader 5 Proprietary Web/Mobile TradingView |
| Active bonuses | ||
| Visit broker | Visit IG | Visit OANDA |
IG vs OANDA Forex Broker Pros & Cons
Pros
LSE-listed with FCA and ASIC regulation - among the most credible regulatory stacks in retail CFDs
19,000+ markets including weekend crypto, volatility indices, and EM pairs - genuine breadth, not a padded count
Proprietary platform with ProRealTime charts, Reuters news, and DMA equity routing built in
Spread betting available for UK clients - tax-free gains on the same account used for CFD trading
No minimum deposit and no deposit or withdrawal fee on standard methods
Client funds held in segregated accounts
Negative balance protection
Investor compensation scheme coverage
No deposit fees
MetaTrader 4 and MetaTrader 5 supported
Advanced charting tools included
Transparent pricing with clear cost disclosure
24/5 live chat support
Phone support available
Multilingual customer support
Pros
Available to US residents (NFA-registered)
Best-in-class research and economic data
No minimum deposit
MT4, MT5 and proprietary platforms
Regulated by top-tier authorities (FCA, ASIC, CySEC)
Client funds held in segregated accounts
Negative balance protection
Investor compensation scheme coverage
No deposit fees
MetaTrader 4 and MetaTrader 5 supported
Mobile trading app available
Advanced charting tools included
Transparent pricing with clear cost disclosure
24/5 live chat support
Phone support available
Multilingual customer support
Cons
Market maker on forex - not suitable for scalpers who need sub-0.1 pip raw ECN spreads
Inactivity fee of £12/month kicks in after 24 months with no trades
Onboarding verification is slower than smaller or offshore brokers
Customer support quality drops outside UK business hours
Cons
Spreads slightly wider than ECN-style brokers
No copy trading
No raw spread account option
Inactivity fee applies
IG vs OANDA: Detailed Category Breakdown
A closer look at the specific criteria each broker meets or misses within each scoring category.
Highlighted rows show where the two brokers differ
| Criteria | IG | OANDA |
|---|---|---|
| Trust & Regulation | ||
| Top-tier regulator (FCA, ASIC, CFTC, etc.) | Pass | Pass |
| Segregated client funds | Pass | Pass |
| Negative balance protection | Pass | Pass |
| Compensation scheme (e.g. FSCS) | Pass | Pass |
| Fees & Spreads | ||
| Raw/ECN spreads available | Fail | Fail |
| No deposit fee | Pass | Pass |
| No inactivity fee | Fail | Fail |
| Transparent pricing page | Pass | Pass |
| Platforms & Tools | ||
| MT4/MT5 available | Pass | Pass |
| Proprietary platform | Pass | Pass |
| Mobile app | Pass | Pass |
| Advanced charting tools | Pass | Pass |
| Customer Support | ||
| 24/5 live chat | Pass | Pass |
| Phone support | Pass | Pass |
| Multilingual support | Pass | Pass |
IG vs OANDA: Frequently Asked Questions
Based on our independent editorial scoring, IG ranks higher with a score of 4.8/5 vs 4.6/5 for OANDA. The best choice still depends on your individual trading needs; IG and OANDA may each suit different trader profiles.
IG offers tighter spreads starting from 0.6 pips, compared to OANDA's spreads from 1 pips. Tighter spreads lower the cost per trade, particularly valuable for high-frequency and scalping strategies.
Neither IG nor OANDA requires a minimum deposit, making both accessible regardless of starting capital.
Both IG and OANDA hold licences from top-tier regulators, indicating a high standard of regulatory oversight. Both are considered safe. Check each broker's specific regulatory bodies to confirm coverage in your jurisdiction.
For beginners: both brokers offer negative balance protection. Also weigh up educational resources and customer support quality before deciding.
IG offers maximum leverage of 30:1, while OANDA offers up to 50:1. Available leverage varies by account type, instrument, and jurisdiction. Higher leverage amplifies both potential profits and losses. Always use appropriate risk management.
IG supports MetaTrader 4, Proprietary Web/Mobile, TradingView and OANDA offers MetaTrader 4, MetaTrader 5, Proprietary Web/Mobile, TradingView; both support MetaTrader 4, Proprietary Web/Mobile, TradingView; OANDA exclusively offers MetaTrader 5.
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