Interactive Brokers vs OANDA Forex Broker Comparison
A head-to-head comparison of Interactive Brokers and OANDA across regulation, trading costs, platforms, and editorial scoring.
Score 4.6 / 5
2 bonusesListed broker with global market access, lowest financing rates we benchmark, and the powerful TWS workstation.
VS
NFA- and FCA-regulated with strong US/UK coverage, transparent historical pricing, and excellent research.
Our Verdict
Too close to call
Interactive Brokers and OANDA are extremely closely matched with scores of 4.6/5 and 4.6/5. The right choice depends on your individual trading priorities.
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
Interactive Brokers offers tighter spreads from 0.2 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 active traders
Recommended
Interactive Brokers has a cost edge: raw/ECN spreads, tighter spreads from 0.2 pips.
Best for platform choice
Recommended
OANDA offers more exclusive platform options: MetaTrader 4, MetaTrader 5, TradingView, a proprietary platform.
Best for beginners
It's a tie
Both equally suited
Both brokers share the same editorial score of 4.6/5 and the same minimum deposit requirement, making them equally suited for new traders.
Interactive Brokers vs OANDA: Side-by-Side Forex Broker Comparison
Score
= highlighted score shows which broker leads in that category| Editorial score | 4.6/ 5 | 4.6/ 5 |
|---|---|---|
| Score Breakdown | ||
Trust & Regulation 40% weight | 4.8 / 5 | 4.8 / 5 |
Fees & Spreads 30% weight | 4.6 / 5▲ | 4.5 / 5 |
Platforms & Tools 20% weight | 4.6 / 5 | 4.6 / 5 |
Customer Support 10% weight | 4.0 / 5 | 4.3 / 5▲ |
| Founded | 1978 | 1996 |
| Headquarters | Greenwich, United States | New York, United States |
| Min deposit | No minimum | No minimum |
| Spreads from | 0.2 pips | 1 pips |
| Commission / lot | $2/lot | N/A |
| Max leverage | 50:1 | 50:1 |
| Withdrawal fee | First withdrawal/month free | Free for ACH |
| Regulators | FCA CMF SEC FINRA ASIC JFSA SEBI AMF SFC DFSA CMVM NFA IIROC CNV FSC CBI CNB MFSA | FCA CMF ASIC NFA CBI |
| Platforms | Proprietary Web/Mobile Trader Workstation (TWS) | MetaTrader 4 MetaTrader 5 Proprietary Web/Mobile TradingView |
| Active bonuses | ||
| Visit broker | Visit Interactive Brokers | Visit OANDA |
Interactive Brokers vs OANDA Forex Broker Pros & Cons
Pros
Available to US residents
Lowest margin rates in industry
150+ global markets
Regulated by top-tier authorities (FCA, ASIC, CySEC)
Client funds held in segregated accounts
Negative balance protection
Investor compensation scheme coverage
Raw spread account available
No deposit fees
No inactivity fee
Mobile trading app available
Proprietary trading platform available
Advanced charting tools included
Transparent pricing with clear cost disclosure
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
Steeper learning curve on TWS
No MT4 / MT5
No MetaTrader support
No 24/5 live chat
Cons
Spreads slightly wider than ECN-style brokers
No copy trading
No raw spread account option
Inactivity fee applies
Interactive Brokers vs OANDA: Detailed Category Breakdown
A closer look at the specific criteria each broker meets or misses within each scoring category.
2
Interactive Brokers
criteria wins
2
OANDA
criteria wins
Highlighted rows show where the two brokers differ
| Criteria | Interactive Brokers | 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 | Pass | Fail |
| No deposit fee | Pass | Pass |
| No inactivity fee | Pass | Fail |
| Transparent pricing page | Pass | Pass |
| Platforms & Tools | ||
| MT4/MT5 available | Fail | Pass |
| Proprietary platform | Pass | Pass |
| Mobile app | Pass | Pass |
| Advanced charting tools | Pass | Pass |
| Customer Support | ||
| 24/5 live chat | Fail | Pass |
| Phone support | Pass | Pass |
| Multilingual support | Pass | Pass |
Interactive Brokers vs OANDA: Frequently Asked Questions
Interactive Brokers and OANDA share the same editorial score of 4.6/5. The right choice depends on your priorities: trading costs, platform preference, or regulatory coverage.
Interactive Brokers offers tighter spreads starting from 0.2 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 Interactive Brokers nor OANDA requires a minimum deposit, making both accessible regardless of starting capital.
Both Interactive Brokers 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.
Interactive Brokers offers maximum leverage of 50:1, 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.
Interactive Brokers charges $2 per lot on commission-based accounts. Commission details for the other broker are not currently available. Check their website for up-to-date pricing.
Interactive Brokers supports Proprietary Web/Mobile, Trader Workstation (TWS) and OANDA offers MetaTrader 4, MetaTrader 5, Proprietary Web/Mobile, TradingView; both support Proprietary Web/Mobile; Interactive Brokers exclusively offers Trader Workstation (TWS); OANDA exclusively offers MetaTrader 4, MetaTrader 5, TradingView.
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Score 4.6 / 5
Score 4.6 / 5
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