Written by ForexBrokers.com
In this head to head comparison of Interactive Brokers vs OANDA, we will compare the trading platforms, mobile apps, range of investments, costs, market research, and more. Let's dive in.
Overall
Overall
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 51% and 89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Interactive Brokers vs OANDA: both are long-standing online brokers with high trust ratings. Interactive Brokers was founded in 1977 and is publicly traded; OANDA was founded in 1996 and is privately held. Neither is a bank. ForexBrokers.com’s Trust Score rates brokers out of 99 (90–99 highly trusted, 80–89 trusted, 70–79 average risk, 60–69 high risk, below 59 not trusted). Interactive Brokers scores 99/99, while OANDA scores 92/99—both in the highly trusted range.
Regulation and licensing also differ. Interactive Brokers holds nine Tier-1 licenses (highly trusted) and two Tier-2 licenses (trusted). OANDA holds seven Tier-1 licenses and no Tier-2 licenses. This indicates Interactive Brokers has broader licensing coverage, while OANDA still maintains strong top-tier oversight.
| Feature |
Interactive Brokers
|
OANDA
|
|---|---|---|
| Year Founded | 1977 | 1996 |
| Publicly Traded (Listed) | Yes | No |
| Bank | No | No |
| Tier-1 Licenses | 9 | 7 |
| Tier-2 Licenses | 2 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 0 | 1 |
Interactive Brokers (5 stars; ranked #2 of 63 for Commissions and Fees) generally delivers lower all-in trading costs than OANDA (4 stars; ranked #30 of 63), especially for larger or more active forex traders. IBKR is commission-based and doesn’t mark up spreads, while OANDA leans more on spread-based pricing unless you opt into its Core structure. In short: IBKR tends to be cheaper for standard-lot trading and high volume, whereas OANDA’s convenience features appeal to smaller trade sizes despite higher effective costs.
Interactive Brokers aggregates prices from 17 major dealers and charges a commission instead of adding spread markups. In Q3 2024, we observed an average EUR/USD spread of about 0.19 pips at IBKR, translating to roughly 0.59 pips all-in after commission. Commissions start at 0.00002 (0.2 bps) of USD trade value per side with a $2 minimum per order ($4 round turn), which is about $16–$40 per million round turn ($8–$20 per side). A $100,000 EUR/USD trade works out to roughly 0.40 pips in commission plus the prevailing spread. Note the $2-per-side minimum makes sub-100k trades proportionally pricier. High-volume discounts apply (minimum drops to $1.5 per order above $1B/month, and $1 above $5B), and IBKR Lite and Pro accounts support forex but are not commission-free.
OANDA’s default spreads are on the higher side; for example, the average EUR/USD spread was 1.61 pips in July 2024. Its Core pricing lowers the spread but adds a $5 per side commission per $100,000 traded (about $10 round turn) and requires a $10,000 minimum deposit; a typical example puts Core at about 1.4 pips all-in versus 1.6 pips on the default plan. OANDA stands out for flexibility with position sizes down to 1 unit and offers Elite Trader rebates of $5–$17 per million for active traders. It publishes trailing spread data to aid transparency, though the lack of fixed-period averages can make precise broker-to-broker comparisons harder.
| Feature |
Interactive Brokers
|
OANDA
|
|---|---|---|
| Minimum Deposit | $0 | $0 |
| Average spread (EUR/USD) - Standard account | 0.59 | 1.68 |
| All-in Cost EUR/USD - Active | 0.65 | 1.69 |
| Non-wire bank transfer | Yes | Yes |
| PayPal (Deposit/Withdraw) | No | Yes |
| Skrill (Deposit/Withdraw) | No | Yes |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
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Interactive Brokers and OANDA both support forex trading as CFDs and as spot contracts. For overall choice, Interactive Brokers lists about 8,500 tradeable symbols and 90 currency pairs, while OANDA offers around 4,172 symbols and 69 pairs. Each broker lets clients buy exchange-traded securities on U.S. markets (like Apple) and on international exchanges (like Vodafone). Both also provide access to actual cryptocurrency and to crypto CFDs. One key difference: OANDA includes copy trading, while Interactive Brokers does not.
For range of investments, ForexBrokers.com rates Interactive Brokers 5 stars and ranks it #1 out of 63 brokers; OANDA earns 4.5 stars and ranks #20. In short, Interactive Brokers suits traders who want the widest market selection, while OANDA appeals if you value copy trading alongside a broad list of markets.
| Feature |
Interactive Brokers
|
OANDA
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 8500 | 4172 |
| Forex Pairs (Total) | 90 | 69 |
| U.S. Stocks (Shares) | Yes | Yes |
| Global Stocks (Non-U.S. Shares) | Yes | Yes |
| Copy Trading | No | Yes |
| Cryptocurrency (Underlying) | Yes | Yes |
| Cryptocurrency (CFDs) | Yes | Yes |
| Disclaimers | Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients). | Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients). |
Dive deeper: Best Copy Trading Platforms.
When comparing Interactive Brokers and OANDA for trading platforms and tools, both let you practice with a free paper trading or demo account. Each offers its own in-house platform along with a Windows desktop download and a web-based platform. You can place trades right from charts with either broker, which makes acting on your analysis quick and simple.
The key differences come down to integrations and ratings. OANDA supports MetaTrader 4 and MetaTrader 5 and also offers copy trading, while Interactive Brokers does not. In independent reviews, Interactive Brokers earns 5 stars for Trading Platforms and Tools and is ranked #2 out of 63 brokers by ForexBrokers.com, whereas OANDA earns 4 stars and is ranked #16. Choose OANDA if you want MetaTrader and copy trading, or go with Interactive Brokers if top-tier, in-house tools are your priority.
| Feature |
Interactive Brokers
|
OANDA
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Desktop Trading Platform | Yes | Yes |
| Desktop Platform (Windows) | Yes | Yes |
| Web Platform | Yes | Yes |
| Copy Trading | No | Yes |
| MetaTrader 4 (MT4) | No | Yes |
| MetaTrader 5 (MT5) | No | Yes |
| Charting - Indicators / Studies (Total) | 155 | 89 |
| Charting - Trade From Chart | Yes | Yes |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
Interactive Brokers and OANDA both offer mobile trading apps for iPhone and Android. Each app holds a 5-star Mobile Trading Apps rating. For rankings, ForexBrokers.com places Interactive Brokers at #4 out of 63 brokers in the Mobile Trading Apps category, while OANDA ranks #7.
Feature-wise, both apps support price alerts and let you draw trendlines on charts. Interactive Brokers syncs watchlists with your online account; OANDA does not. For charting depth, Interactive Brokers includes 97 technical studies compared to OANDA’s 30. However, OANDA’s app auto-saves chart drawings, while Interactive Brokers does not. If you want more indicators and synced watchlists, Interactive Brokers is the stronger pick; if you value simpler charting with auto-save convenience, OANDA fits well.
| Feature |
Interactive Brokers
|
OANDA
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Price Alerts | Yes | Yes |
| Mobile Watchlists - Syncing | Yes | No |
| Mobile Charting - Indicators / Studies | 97 | 30 |
| Mobile Charting - Draw Trendlines | Yes | Yes |
| Mobile Charting - Trendlines Autosave | No | Yes |
Dive deeper: Best Forex Trading Apps.
Interactive Brokers and OANDA both deliver strong market research for traders. Each offers daily market commentary, forex news from top-tier sources like Bloomberg, Reuters, or Dow Jones, an economic calendar, and a sentiment tool that shows long/short positioning. Both are rated 5 out of 5 stars for Research by ForexBrokers.com; Interactive Brokers is ranked #3 out of 63 brokers, while OANDA is close behind at #4.
The key differences come down to the research add-ons. Interactive Brokers includes Trading Central, TipRanks, and tools from Acuity Trading (such as Signal Centre). OANDA includes Autochartist for pattern recognition but does not offer Trading Central, TipRanks, or Acuity Trading. If you want a wider mix of third-party research and stock analysis alongside forex news, Interactive Brokers has the edge. If you prefer Autochartist’s scanning to generate trade ideas in a straightforward setup, OANDA is a good fit.
| Feature |
Interactive Brokers
|
OANDA
|
|---|---|---|
| Daily Market Commentary (Articles) | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | No | Yes |
| Trading Central | Yes | No |
| Client sentiment data | Yes | Yes |
| TipRanks | Yes | No |
| Acuity Trading | Yes | No |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
Interactive Brokers and OANDA both make it easy for beginners to start learning. Each broker runs online client webinars at least once a month and offers 10+ beginner-friendly videos, plus 10+ advanced videos for when you’re ready to level up. Both earn a 5 out of 5 star Education rating, giving new traders access to a broad mix of lessons, videos, and live sessions that touch on popular topics like forex and CFDs.
The key difference is standing: ForexBrokers.com ranks Interactive Brokers #1 for Education out of 63 brokers, while OANDA sits at #18. That gap suggests Interactive Brokers provides a larger, better-organized learning experience overall. If you want the top-ranked education with lots of videos and frequent webinars, Interactive Brokers is a strong choice. If you prefer a simpler path with steady webinars and plenty of beginner content, OANDA still serves beginners well.
| Feature |
Interactive Brokers
|
OANDA
|
|---|---|---|
| Webinars | Yes | Yes |
| Videos - Beginner Trading Videos | Yes | Yes |
| Videos - Advanced Trading Videos | Yes | Yes |
Dive deeper: Best Forex Brokers for Beginners.
After testing 63 of the best forex brokers, our research and account testing finds that Interactive Brokers is better than OANDA. Interactive Brokers finished with an overall rank of #2, while OANDA finished with an overall rank of #13.
Interactive Brokers is a highly trusted multi-asset broker with an extensive offering of tradeable global markets. It delivers competitive fees and high-quality research and education, as well as a modern, institutional-grade trading platform suite.
| Feature |
Interactive Brokers
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OANDA
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| Trust Score | 99 | 92 |
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Interactive Brokers vs OANDA: both platforms let you buy delivered (spot) cryptocurrency and trade cryptocurrency CFDs, providing flexible ways to gain crypto exposure in one account.
Both Interactive Brokers and OANDA support ACH/SEPA transfers and bank wire deposits/withdrawals; OANDA additionally accepts PayPal and Skrill while Interactive Brokers does not, and Visa/Mastercard availability is not specified for either broker.
Please note:
We review each broker’s overall global offering – a “Yes” checkmark in our Compare Tool does not guarantee the availability of any specific features in your country of residence. To verify the availability of any features within your country of residence, please contact the broker directly.
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0 of 5| Overall Rating | Interactive Brokers | OANDA | |
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| Trust Score | 99 | 92 | |
| Winner | check_circle | ||
| Review | Interactive Brokers Review | OANDA Review |
| Broker Screenshots | Interactive Brokers | OANDA | |
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| Regulation | Interactive Brokers | OANDA | |
|---|---|---|---|
| Trust Score | 99 | 92 | |
| Year Founded | 1977 | 1996 | |
| Publicly Traded (Listed) | Yes | No | |
| Bank | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes | |
| Tier-1 Licenses | 9 | 7 | |
| Tier-2 Licenses | 2 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 0 | 1 |
| Tier-1 Licenses (Highly Trusted) | Interactive Brokers | OANDA | |
|---|---|---|---|
| Australia (ASIC Authorised) | Yes | Yes | |
| Canada (CIRO Authorised) | Yes | Yes | |
| Hong Kong (SFC Authorised) | Yes | No | |
| Japan (FSA Authorised) | Yes | Yes | |
| Singapore (MAS Authorised) | Yes | Yes | |
| Switzerland (FINMA Authorised) | Yes | ||
| United Kingdom (U.K.) (FCA Authorised) | Yes | Yes | |
| USA (CFTC Authorized) | Yes | Yes | |
| New Zealand (FMA Authorised) | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes |
| Tier-2 Licenses (Trusted) | Interactive Brokers | OANDA | |
|---|---|---|---|
| Kenya (CMA Authorised) | |||
| Israel (ISA Authorised) | No | No | |
| South Africa (FSCA Authorised) | No | No | |
| UAE (DFSA, FSRA, or SCA Authorised) | Yes | No | |
| India (SEBI Authorised) | Yes | No | |
| Jordan (JSC Authorised) |
| Investments | Interactive Brokers | OANDA | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 8500 | 4172 | |
| Forex Pairs (Total) | 90 | 69 | |
| U.S. Stocks (Shares) | Yes | Yes | |
| Global Stocks (Non-U.S. Shares) | Yes | Yes | |
| Copy Trading | No | Yes | |
| Cryptocurrency (Underlying) | Yes | Yes | |
| Cryptocurrency (CFDs) | Yes | Yes | |
| Disclaimers | Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients). | Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients). |
| Cost | Interactive Brokers | OANDA | |
|---|---|---|---|
| Average spread (EUR/USD) - Standard account | 0.59 | 1.68 | |
| All-in Cost EUR/USD - Active | 0.65 | 1.69 | |
| Inactivity Fee | No | Yes | |
| Order execution: Agency | Yes | No | |
| Order execution: Market Maker | No | Yes |
| Funding | Interactive Brokers | OANDA | |
|---|---|---|---|
| Minimum Deposit | $0 | $0 | |
| PayPal (Deposit/Withdraw) | No | Yes | |
| Skrill (Deposit/Withdraw) | No | Yes | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| Non-wire bank transfer | Yes | Yes |
| Trading Platforms | Interactive Brokers | OANDA | |
|---|---|---|---|
| Proprietary Desktop Trading Platform | Yes | Yes | |
| Desktop Platform (Windows) | Yes | Yes | |
| Web Platform | Yes | Yes | |
| Copy Trading | No | Yes | |
| MetaTrader 4 (MT4) | No | Yes | |
| MetaTrader 5 (MT5) | No | Yes | |
| cTrader | No | No |
| Trading Tools | Interactive Brokers | OANDA | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Price Alerts | Yes | Yes | |
| Charting - Indicators / Studies (Total) | 155 | 89 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | Interactive Brokers | OANDA | |
|---|---|---|---|
| Android App | Yes | Yes | |
| Apple iOS App | Yes | Yes | |
| Mobile Price Alerts | Yes | Yes | |
| Mobile Watchlist [DELETED] | |||
| Mobile Watchlists - Syncing | Yes | No | |
| Mobile Charting - Indicators / Studies | 97 | 30 | |
| Mobile Charting - Draw Trendlines | Yes | Yes | |
| Mobile Charting - Trendlines Autosave | No | Yes | |
| Mobile Research - Economic Calendar | Yes | Yes |
| Research | Interactive Brokers | OANDA | |
|---|---|---|---|
| Daily Market Commentary (Articles) | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | No | Yes | |
| Trading Central | Yes | No | |
| TipRanks | Yes | No | |
| Client sentiment data | Yes | Yes | |
| Economic Calendar | Yes | Yes |
| Education | Interactive Brokers | OANDA | |
|---|---|---|---|
| Webinars | Yes | Yes | |
| Videos - Beginner Trading Videos | Yes | Yes | |
| Videos - Advanced Trading Videos | Yes | Yes |
| Major Forex Pairs | Interactive Brokers | OANDA | |
|---|---|---|---|
| GBP/USD [DELETED] | |||
| USD/JPY [DELETED] | |||
| EUR/USD | Yes | Yes | |
| USD/CHF [DELETED] | |||
| USD/CAD [DELETED] | |||
| NZD/USD [DELETED] | |||
| AUD/USD [DELETED] | |||
| Review | Interactive Brokers Review | OANDA Review |
| Overall | Interactive Brokers | OANDA | |
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| Trust Score | 99 | 92 | |
| Winner | check_circle | ||
| Review | Interactive Brokers Review | OANDA Review |
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