Interactive Brokers and Oanda are top online brokers. Interactive Brokers is a good choice for advanced traders outside the United States. It has a professional trading platform, learning tools, and a digital library.
Oanda is a leading U.S. forex broker with beginner-friendly tools and platforms. It has top-tier licenses from the FCA and CFTC. We recommend it for new investors as its trading platforms are easy to learn.
This article discusses the advantages and disadvantages of Interactive Brokers and Oanda.
| Broker Name | Interactive Brokers | Oanda |
| Year Founded | 1978 | 1996 |
| Regulation | SEC (USA), FCA (UK) | FCA, NFA |
| Tradable Assets | Stock, ETF, Forex, Fund, Bond, Options, Futures, CFD, Crypto, Warrants, Structured Products | Forex, Bonds, Precious Metals, Indices, Commodities |
| Min Deposit | $0 | $0 (Standard); $20,000 (Premium) |
| Min Trade | $0 | $0 |
| Platforms | Traders Workstation (TWS) | FxTrade, Desktop, Web, MT4 |
| Deposit | You can open account without deposit | $0 (Standard); $20,000 (Premium) |
| Withdrawals | Free of charge for the first withdrawal in calendar month | $0 (Standard); $20,000 (Premium) |
Top findings from the Interactive Brokers vs. Oanda review:
- Interactive Brokers is a safe online broker for professional traders based outside the United States.
- Oanda is a leading U.S. forex broker with useful research tools and a learning center.
- Both brokers have a minimum initial deposit of $0 and offer a demo account.
Interactive Brokers is an excellent choice for non-US-based professional traders. It offers premium tools and platforms to improve your trading knowledge. We recommend Oanda for new traders as it has powerful educational and research tools.
Overall Rating
| Feature | Interactive Brokers | OANDA |
| Overall | 4.5 | 4 |
| Commissions & Fees | 4.5 | 3.5 |
| Offering of Investments | 5 | 3 |
| Platforms & Tools | 4.5 | 4 |
| Mobile Trading | 4 | 4 |
| Research | 4.5 | 4.5 |
| Education | 4 | 3.5 |
| Trust Score | 94 | 89 |
| Winner | YES | |
| 66% of retail CFD accounts lose money | 73.5% of retail CFD accounts lose money |
Level of experience
Interactive Brokers has learning tools and materials. It provides access to webinars, videos, and platform tutorials. This broker is a good choice for professionals as it has premium platforms.
Oanda has a straightforward trading platform with excellent research tools. It is a good fit for new investors because of its smooth trading experience. Oanda offers a dedicated learning center with many useful tools.
Fees
Both brokers have a minimum initial deposit of $0 and offer an active trader discount. The average EUR/USD spread at Oanda is 1.4.
Assets
Interactive Brokers offers 105 forex currency pairs, while Oanda has 70 available pairs. Interactive Brokers has 7400 CFDs, while Oanda offers 55 CFDs.
Trading platform
Interactive Brokers has leading trading tools, a massive asset offering, and research tools. Its web, desktop, and mobile app provide access to professional charting tools. Interactive Brokers is a good choice for professional investors.
Oanda has beginner-friendly platforms and tools. It offers useful technical indicators and a flexible API. This broker is an excellent choice for new investors, as it has a dedicated learning center.
Banking services
Banking services represent important benefits for an impressive trading experience. Oanda has many funding options, including bank transfers, credit/debit cards, and PayPal. Interactive Brokers only offers bank transfers.
Final verdict
Interactive Brokers and Oanda are top online brokers. Both have strengths and weaknesses depending on your experience, skills, and location. We recommend Interactive Brokers to professional traders outside the United States. Oanda is a better fit for U.S. traders of all levels of experience.
Interactive Brokers compared to other brokers:
Methodology
The mission of Business24-7 is to provide comprehensive, unbiased ratings and reviews of online providers. User experience, the mobile experience, customer service, costs and fees, security, the quality of trade executions, the products available on their platforms are all part of our six-month evaluation of a providers’s platform. The rating scale was based on thousands of data points that have been weighted into the scoring system.
Providers were also required to fill out a multi-point survey regarding every aspect of their platform. In-person demonstrations and evaluations were provided by the majority of the online providers we reviewed.
Stefan Grasic, along with our team of industry experts, conducted our reviews and developed this methodology for ranking what form is used in online investing.
Business24-7 maintains high editorial standards and provides the best advice and recommendations. The products and companies that we review may compensate us when you click on the links on this website. Click below to find out more about our review process and methodology.
Disclosure
All trading involves risk. More than 80% of investors lose in spread bet and CFD trading. As these complex instruments allow for the use of leverage, there is a high risk of losing more money than you have deposited. Before attempting to participate in spread bets and CFDs, consider how well you understand them and if you can afford to lose your money.
