IC Markets vs Oanda: Indonesia Broker Comparison 2026
Which broker is better for Indonesia traders in 2026? Expert analysis across 12 categories.
Quick Verdict — Indonesia Traders
For Indonesia traders navigating the forex market in 2025, choosing between IC Markets and Oanda is a key decision. IC Markets, with a 4.8/5 rating, is a top choice for the growing middle class, especially mobile-first traders who value low costs and local payment methods like GoPay, OVO, and Bank Transfer. Oanda, rated 3.6/5, is a well-known global broker but lacks the local payment integrations that Indonesia traders need. While both brokers accept Indonesian clients, neither is directly regulated by OJK, so traders must rely on international oversight (ASIC for IC Markets, CFTC for Oanda). This comparison focuses on what matters most to Indonesian traders: spreads, deposit methods, platform usability, and support for Islamic accounts. Whether you're a beginner in Jakarta or an experienced trader in Surabaya, understanding these differences will help you choose the right broker for your trading style and local needs.
Overall Scores Comparison
Trading Costs - Spreads & Commissions
| Instrument | IC Markets | Oanda | Winner |
|---|---|---|---|
| EUR/USD avg spread | 0.09 pips + $3.5/lot | 0.0 pips + $3.5/lot | Oanda |
| XAU/USD (Gold) | $0.14 typical | $0.12 typical | Oanda |
| GBP/USD avg spread | 0.29 pips | 0.23 pips | Oanda |
| Standard acc spread | from 1.0 pips | from 0.8 pips | Oanda |
| ECN commission | $3.5/lot/side | $3.5/lot/side | Tie |
| Min deposit | $200 | $0 | Oanda |
When comparing trading costs for Indonesia traders, IC Markets clearly offers lower spreads. On the Raw Spread account, spreads start from 0.0 pips on major pairs like EUR/USD, with a $3.50 commission per lot. Oanda's spreads are variable and often higher, averaging 1.2 pips on EUR/USD with no commission. For high-volume traders using IDR-denominated accounts, IC Markets saves significant costs per trade. Oanda's pricing is simpler but less competitive. If you trade frequently, IC Markets is the better choice for cost efficiency.
Account Types Comparison
| Account Type | IC Markets | Oanda |
|---|---|---|
| Standard account | ✓ | ✓ |
| ECN / Raw spread | ✓ | ✓ |
| Islamic (swap-free) | ✓ | ✗ |
| Demo account | ✓ | ✓ |
| PAMM / MAM account | ✓ | ✗ |
| Zero spread account | ✓ | ✗ |
| Copy trading | ✗ | ✗ |
| Min deposit | $200 | $0 |
Leverage Comparison - Indonesia Traders
| Entity / Asset | IC Markets | Oanda |
|---|---|---|
| Indonesia (offshore) | Up to 1:5000 | Up to 1:100 |
| Forex major pairs | 1:5000 | 1:100 |
| Gold (XAU/USD) | 1:200 | 1:200 |
| Indices | 1:100 | 1:100 |
| Cryptocurrencies | 1:2 to 1:10 | 1:2 to 1:10 |
Trading Instruments - Assets Available
| Asset Class | IC Markets | Oanda | Winner |
|---|---|---|---|
| Forex pairs | 90+ | 65+ | IC Markets |
| Gold (XAU/USD) | ✓ | ✓ | Tie |
| Oil (WTI/Brent) | ✓ | ✓ | Tie |
| Stock indices | 25+ indices | 20+ indices | IC Markets |
| Crypto CFDs | 30+ | ✗ | IC Markets |
| Stocks / Share CFDs | ✗ | ✗ | Oanda |
| ETFs | ✗ | ✗ | Tie |
Platforms Comparison
| Platform | IC Markets | Oanda |
|---|---|---|
| MetaTrader 4 (MT4) | ✓ | ✓ |
| MetaTrader 5 (MT5) | ✓ | ✗ |
| cTrader | ✓ | ✗ |
| TradingView | ✗ | ✓ |
| Expert Advisors (EAs) | ✓ | ✗ |
| Scalping allowed | ✓ | ✓ |
| Hedging allowed | ✓ | ✓ |
Both brokers offer platforms suited for mobile-first Indonesia traders. IC Markets provides MetaTrader 4, MetaTrader 5, and cTrader, all with full mobile apps. Oanda offers its proprietary platform and MetaTrader 4. IC Markets' cTrader is particularly strong for mobile trading, with fast order execution and advanced charting. Oanda's platform is user-friendly but less feature-rich. For Indonesia traders who rely on smartphones, IC Markets offers a superior mobile experience.
Execution Quality - Speed & Slippage
| Factor | IC Markets | Oanda | Winner |
|---|---|---|---|
| Execution model | ECN/STP | True ECN | Oanda |
| Avg execution speed | ~30ms | ~40ms | IC Markets |
| Slippage | Very low | Very low | Tie |
| Requotes | Very rare | Very rare | Tie |
| Scalping allowed | ✓ | ✓ | Tie |
| EA / Bot trading | ✓ | ✗ | Tie |
IC Markets offers ultra-fast execution with low latency, ideal for scalping and high-frequency trading. Oanda's execution is reliable but slower, with occasional requotes during volatile markets. For Indonesia traders who trade during Asian sessions, IC Markets' execution speed and minimal slippage provide a clear advantage, especially when trading major pairs like USD/IDR or EUR/USD.
Regulation & Safety for Indonesia Traders
| Safety Factor | IC Markets | Oanda |
|---|---|---|
| Primary regulator | ASIC | FCA |
| Top-tier regulated | ✓ | ✓ |
| Investor protection | ✓ | ✓ |
| Segregated funds | ✓ | ✓ |
| Neg. balance protection | ✓ | ✓ |
IC Markets is regulated by ASIC (Australia) and FCA (UK), while Oanda is regulated by CFTC (US) and FCA (UK). Neither broker is regulated by OJK in Indonesia. This means Indonesia traders must rely on the broker's international regulatory standing. IC Markets' ASIC regulation provides strong client protection, including segregated accounts. Oanda's CFTC regulation is also robust. However, without OJK oversight, traders should choose a broker with a proven track record and transparent operations.
Deposits & Withdrawals for Indonesia
| Payment Method | IC Markets | Oanda |
|---|---|---|
| Bank Wire Transfer | ✓ | ✓ |
| Visa / Mastercard | ✓ | ✓ |
| Skrill | ✓ | ✗ |
| Neteller | ✓ | ✗ |
| USDT / Crypto | ✓ | ✗ |
| Withdrawal time | E-wallets instant-24hrs; Cards 3-5 business days (up to 10); Int'l bank wire up to 14 days | 1 to 5 business days |
IC Markets excels in local payment support for Indonesia traders. You can deposit via GoPay, OVO, Bank Transfer (BCA, Mandiri, BNI, BRI), and USDT. Minimum deposits are low, starting from $200. Oanda does not support GoPay or OVO; it only accepts international bank transfers, credit cards, and PayPal, which can be slower and more expensive for Indonesian users. Withdrawals at IC Markets are processed within 24 hours using the same methods. For convenience, IC Markets is the clear winner.
Islamic Accounts - Swap-Free for Indonesia Muslims
| Islamic Account Feature | IC Markets | Oanda |
|---|---|---|
| Swap-free available | ✓ | ✗ |
| Admin fee instead of swap | On some instruments | On some instruments |
| MT4 / MT5 supported | ✓ | ✓ |
| How to apply | Contact support | Contact support |
Both IC Markets and Oanda offer Islamic (swap-free) accounts for Muslim traders in Indonesia. IC Markets provides them on request for all account types, including Raw Spread and Standard. Oanda also offers swap-free accounts but requires a formal application and may have restrictions on certain instruments. No swap fees are charged on overnight positions, making both suitable for Sharia-compliant trading. IC Markets' process is simpler and faster.
Customer Support Comparison
| Support Feature | IC Markets | Oanda | Winner |
|---|---|---|---|
| Live chat | ✓ | ✓ | Tie |
| Phone support | ✓ | ✓ | Tie |
| Email support | ✓ | ✓ | Tie |
| 24/7 support | ✗ | ✗ | Tie |
| Response time (chat) | <2 minutes | <3 minutes | IC Markets |
IC Markets offers 24/7 customer support in English, with multilingual options including Bahasa Indonesia via live chat and email. Oanda provides 24/5 support with limited Indonesian language assistance. For Indonesia traders, IC Markets' round-the-clock support and local language availability are more practical, especially for mobile-first users who trade outside traditional hours.
Mobile App Comparison
| Mobile Feature | IC Markets | Oanda | Winner |
|---|---|---|---|
| iOS App Store rating | 4.5 stars | 4.3 stars | IC Markets |
| Google Play rating | 4.3 stars | 4.2 stars | IC Markets |
| Biometric login | ✓ | ✓ | Tie |
| Push notifications | ✓ | ✓ | Tie |
| Full charting on mobile | ✓ | ✓ | Tie |
| TradingView mobile | ✗ | ✓ | Oanda |
Education & Research Tools
| Resource | IC Markets | Oanda | Winner |
|---|---|---|---|
| Video tutorials | 100+ videos | 50+ videos | Tie |
| Webinars (live) | ✗ | Monthly | Tie |
| Economic calendar | ✓ | ✓ | Tie |
| Market analysis | Daily | Basic | IC Markets |
Real User Reviews - Trustpilot
Pros & Cons of Each Broker
IC Markets
Oanda
Who Should Use Which Broker? - Indonesia Guide
Choose IC Markets if you...
- Want low spreads starting from 0.0 pips with a small commission
- Prefer local deposits via GoPay, OVO, Bank Transfer, or USDT
- Are a mobile-first trader needing fast execution on MT4/MT5/cTrader
- Need a swap-free Islamic account with easy setup
Choose Oanda if you...
- Prefer a simple, commission-free pricing model
- Want a broker with strong US regulation (CFTC)
- Don't mind using international bank transfers or credit cards for deposits
- Are a beginner who values a user-friendly proprietary platform
FAQ - IC Markets vs Oanda in Indonesia
Final Verdict - Indonesia 2026
For Indonesia traders in 2025, IC Markets is the superior choice. Its low spreads, local payment support via GoPay, OVO, Bank Transfer, and USDT, and excellent mobile platforms align perfectly with the needs of the growing middle class. Oanda is a reliable global broker but lacks the local payment integrations and cost advantages that matter most to Indonesian traders. While neither broker is OJK-regulated, IC Markets' strong ASIC oversight and transparent operations provide peace of mind. If you prioritize low costs, convenience, and mobile trading, IC Markets is the clear winner for Indonesia.