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$10 value per pip

Account Min



$10 value per pip

Account Min


1 Minute Review

IG is a comprehensive forex broker that offers full access to the currency market and support for over 80 currency pairs. The broker only offers forex trading to its U.S.-based customers, the brokerage does it spectacularly well. Novice traders will love IG’s intuitive mobile and desktop platforms, while advanced traders will revel in the platform’s selection of indicators and charting tools. Though IG could work on its customer service and fees, the broker is an asset to new forex traders and those who prefer a more streamlined interface.  

Best For
  • New forex traders who are still learning the ropes
  • Traders who prefer a simple, clean interface
  • Forex traders who trade primarily on a tablet
  • Easy-to-navigate platform is easy for beginners to master
  • Mobile and tablet platforms offer full functionality of the desktop version
  • Margin rates are easy to understand and affordable
  • Access to over 80 currency pairs
  • U.S. traders can currently only trade forex
  • Customer service options are lacking
  • No 2-factor authentication on mobile


$5 per 100,000 base currency traded

Account Min



$5 per 100,000 base currency traded

Account Min


1 Minute Review

OANDA offers commercial and standard access to the forex market, with over 70 currency pairs to trade. OANDA’s platform is comprehensive, offering a wide range of indicators and charting tools for experts as well as a simple and intuitive layout that’s perfect for beginners. 

You won’t find retirement savings or stock trading on OANDA — the platform doesn’t offer any type of trading beyond the forex market. However, the broker does forex trading especially well — though it could stand to offer more in the way of customer service and lower fees.

Best For
  • New forex traders looking for an easy-to-use platform
  • Mobile traders who need a comprehensive on-the-go offering
  • Experienced forex traders who seek a wide selection of charting tools, indicators and currency pairs
  • Over 70 unique currency pairs to trade
  • Comprehensive and easy-to-understand platform
  • Mobile platform improves upon the desktop version
  • Only forex trading available
  • No retirement accounts available

Which is a better choice if you’re a forex trader? IG or Oanda? A closer look at this matchup should reveal which one is the right fit for you. 

Who is IG for?

IG (LON: IGG) is a long-standing, well-regulated forex broker that attracts forex traders who want the utmost in safety, product selection, trading tools and research. Whether you trade forex or contracts for difference (CFDs), IG has the resources to offer you the best trading environment at an affordable rate. IG’s headquarters are in London but it has a U.S. division. 

A broker’s longevity in this volatile industry is a credible statement. IG has been around for 46 years. Many countries have forex regulators that operate on a tier system. Forex brokers earn the privilege of tier-1 regulation by successfully obeying the rigid guidelines and regulations of each country it does business in. IG operates under the authority of  tier-1 regulators in Australia, Japan, Singapore, Switzerland, the U.K. and the U.S. IG adds to its credibility by being a regulated bank. 

IG offers over 17,000 tradable instruments and the largest amount of CFDs. IG attracts investors who intend to increase their success odds in forex and CFD trading and it serves global client centers in 16 countries. IG leads the world in providing contracts for difference and financial spread betting to traders all over the world.

You’ll find IG’s web-based platform easy to navigate if you’re a beginner. Many features make your trading go smoother, including:

  • Charts: Speedy, flexible, web technology supports trading charts that have multiple timeframes. You can make trades right from the charts.
  • News: News sources include IG Live, Reuters and Twitter feed. IG Live broadcasts market updates, trading analysis and expert opinions. Reuters supplies live stream news. 
  • Trading alerts: Timely alerts come right from your platform.
  • Trade executions and pricing: This platform makes fast, accurate trade executions.

Advanced traders may prefer the MetaTrader 4 on IG’s dealer platform for share trading. This system features automatic trading. All platforms have real-time charting with advanced capabilities. 

Who is Oanda for?

Oanda attracts tech-savvy traders and beginners alike. This London-based forex trader ranks high among its rivals in safety trading platforms, tradable instruments and research but trails IG in every category.

Traders who value safety will like Oanda. The private forex broker has been in business for 24 years and must abide by the Financial Conduct Authority (FCA), one of the strictest worldwide financial regulators. Traders can consider Oanda a low-risk broker.

Oanda calls its trading system fx Trade. The platforms provide great selections for algorithmic trading, though it lags behind IG. Oanda offers 4 ways to trade:

  • Web: This is its browser-based platform with technical analysis tools and performance analytics. AutoCharts is one of its key analysis tools.
  • Desktop: This platform includes 1-click trading, technical drawing tools and unbiased technical analysis. It provides exceptional marketing analysis, news and some of the best stock charts
  • Mobile and tablet app: This app features a customized interface, charting, market news and data analysis. 
  • Meta Trader 4 (MT4): Oanda has developed a bridge to the most groundbreaking trade technology. MT4 gives you the ability to use automated trading tools. You can also backtest your trading strategies.

Oanda doesn’t offer stocks and options. Its major offerings are CFDs, forex currency pairs and commodities. Globally, it has operations in 12 countries.

IG’s Fees and Commissions

IG manages to provide superior products and services within a low price range. 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. You can learn more about trading terms by reading how to trade in forex.

This table lays out IG’s rates for currency spreads. It compares IG’s rates to the market average. The unit of measure is a pip, or point per percentage. A pip represents 1/100th of 1 cent for U.S.-based currency pairs. 

Currency/CurrencyIG’s PIP Rates Market Average Pip Rates
U.S. Dollar /Japanese yen0.6 1.1
U.S. Dollar/Great Britain pound0.91.1
U.S. dollar/Australian dollar0.60.8
U.S. dollar/Euro0.60.7
Euro/Great Britain pound0.92.4
U.S. Dollar/Swiss franc1.52.3

With a $250 minimum initial deposit, IG makes it easy to start trading on the forex market. Its rates are generally below the industry average. IG uses the economy of scale to keep prices low for traders. This means this broker uses its massive asset pool to buy huge blocks of shares at a discount price. IG passes on the savings to its traders. Learn more about how to trade forex and how to trade options.

IG offers even bigger savings for professional volume traders on its L2 Dealer platform. It provides a tier-based pricing scale adjusted by the customer’s trade volume from the preceding month. The commission-based offering, Forex Direct, is available on this platform. The minimum deposit for the L2 Dealer platform is $1,230. 

Oanda’s Fees and Commissions

Oanda doesn’t require a minimum initial deposit, but it makes up for it with its spread fees. Its rates are slightly below the industry average. Oanda’s fees are more in line with or FxPro

This chart gives a breakdown of Oanda’s currency spread rate compared to the industry average. Oanda offers the smallest micro lot. The minimum forex trading size is 1 micro lot, and Oanda reduced the minimum trade size to 0.001. 

Currency/CurrencyOanda’s PIP RateMarket Average PIP Rate
US Dollar /Japanese yen1.21.1
U.S. Dollar/Great Britain pound1.71.1
U.S. Dollar/Australian dollar1.20.8
U.S. Dollar/Euro1.10.7
Euro/Great Britain pound1.42.4
U.S. dollar/Swiss franc1.62.3

IG’s Research Offerings

IG attempts to offer its clients premier market research so that only 68% of IG’s traders lose money. This failure rate is excellent compared to the Financial Conduct Authority’s (FCA’s) estimate of 82%. IG offers its clients premier market research. It uses in-house and outside sources to deliver the most up-to-date market information available. The standard research features are:

  • Customers can use IG’s trading platform to access Reuters, an economic calendar and streaming video content.
  • IG offers an adjustable screener for CFDs on global stocks, cryptocurrencies and forex.
  • Daily FX is a daily dedicated blog. It supplies news, research information and educational material.
  • Its trading platform, MetaTrader4, features AutoChartist and PIA First, which gives traders the ability to see trade patterns with automated pattern recognition. 

Oanda’s Research Offerings

Oanda provides easy access to research tools and materials on its website and mobile apps — 73.5% of Oanda’s 23,000 customers lose money. Oanda isn’t far behind IG in the research department. It offers the following features:

  • Oanda labs: Oanda engineers developed these tools based on popular technical analysis methods.
  • Algorithm lab: This is a valuable tool for application programming interface (API) trading research. It comes in different language versions and you can code and launch your trading strategies.
  • Market Pulse: Provides in-depth market analysis from IG’s in-house researchers. It offers an economic calendar with forecasts from 4CAST. It covers micro and macroeconomic topics, forex news and technical analysis developments. 
  • News: Besides Market Pulse articles, it supplies Dow Jones news feeds and other reports from other financial media.
  • Economic analysis: In-house economists analyze current economic conditions and events.

Oanda’s charting tools use more than 70 technical indicators to provide responsive guidance. Current news is available from the trading platforms. 

Choose the Right Broker for You

You want to choose one of the best brokers for futures traders. IG outperforms Oanda in a matchup when you compare trustworthiness, trading platforms, low pricing, tradable instruments, research and mobile apps. 

Oanda is a safe and popular forex broker that attracts a fair amount of traders. There may be intangibles that could influence you to consider this broker but this comparison is strong evidence that IG is the better choice. 

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