IG Markets vs Oanda

Company Overview

IG Markets

Headquartered in Europe, IG Markets is a foreign exchange broker with 45 years of experience and winning multiple prestigious awards along the way. It provides spread betting, CFD and forex trading across a comprehensive suite of markets with the best trading environment at an affordable rate to customers in 17 countries. In addition, it also provides fast and flexible network transactions, a variety of Trading tools and a full-featured trading platform like MetaTrader 4. As a broker authorized by regulators in several countries, it attracts a large number of investors who want to improve their chances of success in Forex and CFDs.

Oanda

Founded in 1996, Oanda is a forex broker based in Europe. Its secure trading platform, tradable tools and user-friendly and sophisticated web platform, no minimum deposit and premium currency products and services attract a lot of traders, especially beginners, who are looking for a broker. The company is authorized by many regulatory agencies, such as FCA, ASIC, CIRO.Oanda. In addition, It offers web, desktop, mobile, and MT4 platforms for trading CFDs, forex currency pairs, stocks, and commodities. Although it doesn't 't offer options trading, it provides algorithmic trading tools and exceptional forex market analysis.

Trading Platforms

Both IG Markets and Oanda provide users a user-friendly interface and cutting-edge platform for trading foreign exchange. In addition to competitive trading tools, IG Markets offers MT4, ProReal Time, and L2 Dealer.

Oanda provides trading platforms such as tradingview, mt4, mobile, and wed, and offers a the most competitive MT4 trading environments due to its Access 28 new applications and indicators and Use one-cancels-the-other (OCO) for breakouts or reversions. As a result, each platform has distinct advantages, and the best option is the one that works for you.

Account Types and Fees

Account Types

Fees

IG Markets have two spricing options: spread-only and commission plus core spread.With spread-only, commission is wrapped into the spread we offer so the spread is the only cost you pay. With commission plus core spread,the core pricing spreads start from 0.0, with $50 commissions per 1M.To sum up，IG Markets offers raw spreads of 0.6 pips for a minimum commission of $3.00. there are no deposit and withdrawal fees.

Oanda’s speads is fixed, it trade with spreads from 0.6 points for CFDs on key FX pairs, from 1 point for CFDs on major indices, and 0.3 points for CFDs on commodities.Commissions is $50/Mil commission for Core pricing.

let's take a look at their specific differences. A currency spread rate sheet is a good indicator of a forex broker’s fee structure. The spread is the broker’s commission on currency pairs. This table lays out IG’s and Oanda’s currency spread rate.it compared to the industry average.  

All in all,Both of Oanda’s and ig’s rates are slightly below the industry average.Oanda doesn’t require a minimum initial deposit, but it makes up for it with its spread fees. IG Markets requires $250 minimum initial deposit but keep the low price for traders. 

Trading conditions and Regulation

Both IG Markets and Oanda are two incredibly experienced and trading platforms authorized by multiple regulators.

In terms of licenses, IG Markets licensed by seven tier-1 regulators, Oanda holds six tier-1 licenses. Doesn't seem like much of a difference.

these are the seven tier-1 regulators:

· The Japanese Financial Services Authority (JFSA)

· The Australian Securities & Investment Commission (ASIC)

· The Financial Markets Authority (FMA)

· The Commodity Futures Trading Commission (CFTC)

· The Financial Conduct Authority (FCA)

· The Monetary Authority of Singapore (MAS)

· The Swiss Financial Market Supervisory Authority (FINMA)

Oanda holds six tier-1 licenses. It’s also regulated by the JFSA, ASIC, FMA, MAS, CFTC, and FCA, additionally boasting licenses from the Investment Industry Regulatory Organization of Canada (IIROC).

In terms of trading condition, there is some difference. Onada's Max leverage is 1:50, IG's max leverage is 1:200. Higher leverage can lead to higher potential profits, but it also comes with higher risk. It is up to you to choose Onada or IG Markets individual needs. Onada supports more trading markets than ig, which provides users with more choices, but IG Markets has more asset types than Oanda, providing customers with multi-asset transactions.

User Experience and Mobile Apps

User Experience

1. Lost money: Both Oanda and IG Markets want to provide clients with first-class market research and better research tools to reduce client losses. Compared to Financial Conduct Authority’s (FCA’s) estimate of 82% loss, only 68% of traders in IG Markets lost money, and 73.5% of Oanda’s clients lost money. In comparison, IG’s loss will be even less.

2. Deposits and withdrawals

Both have many effective and convenient payment methods

Oanda deposits: PayNow,DBS Bill Pay,PayPal,FAST,Bank/Wire transfers

Oanda withdrawl: PayPal,Bank/Wire transfers

IG deposits:bank transfers,paynow,Card payment,Cheques,Bill payments

IG withdrawl:bank transfers,paynow,Card payment,Cheques,Bill payments

3. CUSTOMER SUPPORT:

IG Markets provide friendly account opening team to walk you through their products and platforms one-to-one. At the same time it also provides experts to teach you more trading skills, and you can talk to them by phone or email – 24 hours a day, from Monday to Friday. In addition, they also provide analytics tool, IG Community, IG Academy to help you communicate and learn better.

Onada provides Oanda labs and Algorithm lab to help you design and use your trading methods and strategies. And by offering an economic calendar with forecasts from 4CAST and real-time market news, you can conduct in-depth market analysis at any time.

Mobile Apps

The IG app is one of the best on the market. It has a large number of features to meet the needs of all kinds of traders, from beginners to professionals.

Apps overview: It offers two trading applications, MT4 and IG trading (also known as IG forex). There are also two apps available besides trading, IG Academy and IG Access which are used for education and account security respectively. charts for alerts, sentiment readings , Research for news headlines from Reuters, signals from Autochartist, and PIA First.

Ease of use: IG's mobile app makes switching between different sections very smooth, and the distribution of each part is balanced, browsing is fast and convenient. The only disadvantage of IG's mobile app is the absence of predefined watchlists or screeners, which makes it challenging to navigate through their vast product list. However, the charts on the app are exceptional and synchronize perfectly with the web platform. For instance, a chart template saved on the web can be applied to charts on the mobile app. Although trend lines do not sync like they do on SaxoTraderGO from Saxo Bank, there are syncing watchlists. Overall, the IG mobile app is still highly commendable.

IG's mobile app is equipped with 30 technical indicators, 20 drawing tools, and 16 selectable time frames across five different chart types, including tick charts. Setting up charts is straightforward, and zooming in and out across time frames is quick and accurate. Chart indicators added on the web platform cannot be automatically synchronized with the mobile app, although they can be saved as presets. Nevertheless, using IG Mobile's charts was an enjoyable experience.

Oanda has a mobile app is easy to use and offers high-quality market research and charting features. In fact, in 2023, it ranks among the best forex brokers in this category. Oanda also offers the popular MetaTrader 4 (MT4) mobile app, which was developed by MetaQuotes Software Corporation.

The Trade app has an intuitive design that makes it easy to open a chart by clicking the graph icon at the bottom of the watchlist. Whether you're setting up a trade or adding a price alert, the overall layout is straightforward and user-friendly. The Trade app also offers useful features like research from Autochartist and news headlines.

One feature that I found particularly impressive was the seamless transition to the trade ticket window from within the charts. This allows users to quickly enter their orders from the chart and then adjust their stop-loss and limit order levels with a simple drag and drop function.

The Trade app's charting features are also versatile, offering 33 technical indicators, 13 drawing tools, and the ability to select from over a dozen time frames. Zooming in and out of charts on Trade is smooth and responsive.

However, there are a few areas where the Trade app could improve. For example, it doesn't currently have the ability to sync watchlists, and mobile chart indicators don't sync with the desktop or web version of Trade. Additionally, it would be helpful if the app offered educational and market analysis videos.

Conclusion

IG Marketsand odama are both experienced and secure platforms. We compared their trading platforms, fees, trading conditions and Regulation, User Experience and Mobile Apps, and found that the two are evenly matched, with advantages and disadvantages. The choice still needs to be based on the convenience of the trader's trading style and type to choose a more suitable trader.