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Head to head

IC Markets vs OANDA

IC Markets is licensed by ASIC in Australia, CySEC in the European Union and SCB in The Bahamas, and also has an offshore registration. OANDA is licensed by CFTC / NFA in the United States, FCA in the United Kingdom, KNF in the European Union, CIRO in Canada, ASIC in Australia, MAS in Singapore and JFSA in Japan, and also has an offshore registration. The licence that applies to you depends on where you live, so check which company you would contract with before comparing anything else.

Minimum deposits start at $0 at IC Markets and $0 at OANDA. Only OANDA offers negative balance protection. Both offer segregated client money.

Facts last checked: IC Markets on 20 October 2026, OANDA on 20 October 2026.

IC Markets profileOANDA profile
Broker 1
Broker 2
Broker 3

Monthly cost uses the account chosen in each slot: cost per lot × your lots. Swap and other fees are extra. The lowest monthly cost is highlighted only as a fact about cost, not as a recommendation.

Broker
IC MarketsStrictly regulatedRead the profile
OANDAStrictly regulatedRead the profile
Comparing
IC MarketsRaw Spread (MetaTrader) account · Australia
OANDAUnited States

Overview

Founded
Not yet checked
Not yet checked
Headquarters
Sydney, Australia
Not yet checked
Official websites
  • icmarkets.com
  • icmarkets.sc
  • icmarkets.eu
  • icmarkets.com.au
  • icmarkets.bs
  • ic.com
  • oanda.com
  • oanda.sg
Facts last checked
20 October 2026
20 October 2026

Regulation and protection

Company you would contract with
International Capital Markets Pty Ltd
OANDA Corporation
Regulator
ASIC
Australia
CFTC / NFA
United States
Regulation level
Strictly regulated
Strictly regulated
Licence number
AFSL 335692
Check the register
NFA ID 0325821
Check the register
Clients this company serves
Australian residents
US residents (retail forex; registered futures commission merchant and retail foreign exchange dealer)
All licences held
  • ASIC (Australia)
  • CySEC (European Union)
  • SCB (The Bahamas)
  • FSA Seychelles (Seychelles)
  • CFTC / NFA (United States)
  • FCA (United Kingdom)
  • KNF (European Union)
  • CIRO (Canada)
  • ASIC (Australia)
  • MAS (Singapore)
  • JFSA (Japan)
  • FSC (BVI) (British Virgin Islands)
Segregated client money
Yes
Yes
Negative balance protection
No
Yes
Compensation scheme
ICF up to €20,000 (IC Markets EU only); none for the Seychelles or Bahamas companies
FSCS (UK, OANDA Europe Limited clients); CIPF (Canada); other countries have their own schemes or none

Costs

Your monthly cost
$80$8 per lot × 10 lots
No accounts listed
Cost per lot (EUR/USD)
$8
No accounts listed
Spread from
0.0 pips
No accounts listed
Typical EUR/USD spread
0.1 pips
No accounts listed
Commission per lot (round turn)
$7
No accounts listed
Typical GBP/USD spread
Not yet checked
Not yet checked
Typical USD/JPY spread
Not yet checked
Not yet checked
Typical XAU/USD spread
Not yet checked
Not yet checked
Swap-free account
Yes
Not yet checked

Leverage and margin

Maximum retail leverage
1:30 (EU, Australia); up to 1:5000 at the Seychelles company
1:30 on major currency pairs (UK and EU retail clients); other companies set their own limits
Retail leverage by asset class
  • Major currency pairs (EU and Australian retail): 1:30
  • All account types (Seychelles company): Up to 1:5000
  • Major currency pairs: 1:30
  • Other currency pairs: 1:20
  • Other commodities and non-major indices: 1:10
  • Share CFDs: 1:5
Margin call level
Not yet checked
Not yet checked
Stop-out level
50%
Not yet checked

Account

Minimum deposit (this account)
$0
No accounts listed
Base currencies
AUD, USD, EUR, GBP, SGD, JPY, CHF, NZD, CAD, HKD
No accounts listed
Execution
Raw spread plus $3.50 per lot per side
No accounts listed

Platforms and features

Platforms
  • MetaTrader 4
  • MetaTrader 5
  • cTrader
  • TradingView
  • Web platform
  • OANDA Trade web
  • OANDA Trade mobile app
  • MetaTrader 4
  • MetaTrader 5
  • TradingView
Markets
Forex, commodities, indices, metals, bonds, share CFDs and crypto CFDs (2,250 instruments on MetaTrader)
Currency pairs, indices, commodities, metals, bonds, shares and ETFs as CFDs and spread bets (UK)
Demo account
Yes
Not yet checked
Copy trading
Not yet checked
Not yet checked
Expert advisors (automated trading)
Yes
Yes
News trading allowed
Not yet checked
Not yet checked
Guaranteed stops
Not yet checked
Yes

Deposits and withdrawals

Deposit methods
  • Credit card
  • Debit card
  • PayPal
  • Neteller
  • Skrill
  • Bank transfer
  • Cryptocurrency
  • UnionPay
  • Broker to broker transfer
  • Debit or credit card
  • Bank transfer
Withdrawal fee
Not yet checked
No deposit or withdrawal fees from OANDA (UK); your bank may charge
Inactivity fee
Not yet checked
Monthly fee after 12 months without trading, capped at £20 a month per client (UK)

Support

Customer support
24 hours a day, Monday to Sunday
Not yet checked

Our notes

Strengths
  • Australian and EU companies licensed by strict regulators (ASIC and CySEC)
  • Published average EUR/USD spread of 0.1 pips on the Raw Spread account, with commission set out per currency
  • Client money held in segregated accounts, according to each IC company
  • Wide platform choice, including cTrader and TradingView
  • Licensed by strict regulators in the US, UK, EU, Canada, Australia, Singapore and Japan
  • No minimum account balance and no deposit or withdrawal fees on the UK site
  • Guaranteed stop-loss orders available in the UK (for a fee)
Watch out for
  • International clients join Raw Trading Ltd, regulated only in Seychelles (offshore), where leverage goes up to 1:5000
  • The Seychelles company's risk warning says losses may exceed the amount you deposit
  • The Standard account's typical spread is not published (it quotes "from 0.8 pips")
  • Brand changing from IC Markets to IC, with several regional domains; check you are on one listed here
  • Clients outside the countries with a local OANDA company may be placed with OANDA Global Markets Ltd, which holds only an offshore licence from the BVI FSC
  • UK inactivity fee after 12 months without trading, up to £20 a month
  • The NFA's BASIC record for OANDA Corporation lists past NFA and CFTC regulatory actions; read them there before you open a US account

Risk warnings

The buttons to a broker’s website above the table are partner links: we may earn a commission if you open an account through them. That never changes the facts shown here. Trading leveraged products such as forex and CFDs carries a high risk of losing money rapidly, and most retail accounts lose money. Each broker’s own warning:

  • IC Markets: Risk Warning: Trading in securities involves significant risk. Prices may fluctuate and securities can become entirely valueless. You may incur losses that exceed your potential profits, and in some cases, losses may exceed the amount you have deposited. Securities, futures, options, and contracts for differences are complex financial instruments and are not suitable for all investors. Engaging in such transactions requires a sound understanding of the associated risks. Please read and ensure you fully understand our Risk Disclosure.
  • OANDA: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76.6% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

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Other head-to-head pages

Cost per lot is the typical EUR/USD spread in busy hours × $10, plus any round-turn commission, for one standard lot. “Not yet checked” means we have not confirmed that fact yet. This page compares facts; it does not rank the brokers or recommend either. Confirm costs and licences on each broker’s site and the regulator’s public register before opening an account: see how we review brokers and check a broker yourself.

Nothing on this page is financial advice. Read the full disclaimer.

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