Introduction
In the world of online forex trading, two names that often come up are Oanda and IG. Both forex brokers have been around for decades and have built a reputation for themselves. But which one is the best in 2023? In this article, we will compare Oanda and IG based on various parameters to help you make an informed decision.
Regulation
Regulation is an important factor to consider when choosing a forex broker. Oanda is regulated by multiple authorities, including the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC), and the Investment Industry Regulatory Organization of Canada (IIROC). IG is also regulated by the FCA and ASIC.
Winner: Oanda
Trading Platforms
Both Oanda and IG offer multiple trading platforms, including their proprietary platforms and popular third-party platforms like MT4 and MT5. Oanda’s proprietary platform, Oanda Trade, is user-friendly and offers advanced charting tools. IG’s platform, IG Trading, is also user-friendly and provides access to a wide range of markets.
Winner: Tie
Account Types
Oanda offers two account types – Standard and Premium. The Standard account has no minimum deposit requirement, while the Premium account requires a minimum deposit of $20,000. IG also offers two account types – Standard and Professional. The Standard account has no minimum deposit requirement, while the Professional account is for experienced traders and requires meeting certain criteria.
Winner: Tie
Spreads and Fees
Both Oanda and IG offer competitive spreads and fees. Oanda’s spreads are variable and start from 0.1 pips, while IG’s spreads are also variable and start from 0.6 pips. Oanda charges a commission of $5 per 100,000 units traded, while IG charges a commission of $7 per 100,000 units traded.
Winner: Oanda
Customer Support
Both Oanda and IG offer 24/7 customer support through multiple channels, including phone, email, and live chat. Oanda’s customer support is known for being prompt and helpful, while IG’s customer support is also efficient.
Winner: Tie
Education and Research
Oanda offers a wide range of educational resources, including webinars, tutorials, and a trading academy. IG also provides educational resources, including webinars and a trading academy. Both brokers offer research tools, including market news and analysis.
Winner: Tie
Deposit and Withdrawal Options
Oanda offers multiple deposit and withdrawal options, including bank transfer, credit/debit cards, and e-wallets. IG also offers multiple deposit and withdrawal options, including bank transfer, credit/debit cards, and PayPal.
Winner: Tie
Conclusion
After comparing Oanda and IG based on various parameters, it is clear that both forex brokers have their strengths and weaknesses. Oanda is the winner in terms of regulation and spreads/fees, while IG is the winner in terms of trading platforms and account types. Ultimately, the choice between Oanda and IG depends on your personal preferences and trading needs.
