IC Markets vs Oanda Malaysia 2026: Which Broker Wins for Local Traders?

For Malaysia traders, trading costs are a critical factor. IC Markets offers spreads from 0.0 pips on its Raw Spread account with a $3.50 commission per lot, making it ideal for scalpers and high-volume traders. Oanda’s spreads are variable and typically wider, around 1.0–1.5 pips on EUR/USD, with no commission but higher overall costs. Over 100 trades per month, the difference can amount to hundreds of MYR in savings with IC Markets. If you trade frequently, IC Markets is clearly the more cost-effective option.

Both brokers offer MetaTrader 4 and MetaTrader 5, which are popular among Malaysia traders for their advanced charting and automation. IC Markets also provides cTrader, a platform known for its depth of market and fast execution, which is favoured by scalpers. Oanda offers its proprietary platform, which is user-friendly but less feature-rich than cTrader. For traders who rely on Expert Advisors (EAs) or require low-latency execution, IC Markets’ platform selection is superior.

IC Markets is known for its ultra-fast execution speeds, averaging under 40 milliseconds, thanks to its Equinix NY4 data centre and direct market access (DMA). Oanda’s execution is reliable but slower, typically around 100–150 milliseconds, which can be a disadvantage for scalpers and high-frequency traders in Malaysia. If execution speed is a priority, IC Markets is the better choice.

Neither IC Markets nor Oanda is regulated by the Securities Commission Malaysia (SC Malaysia). IC Markets is regulated by the Australian Securities and Investments Commission (ASIC) and the Cyprus Securities and Exchange Commission (CySEC), while Oanda is regulated by the Financial Conduct Authority (FCA) in the UK and ASIC. For Malaysia traders, this means they are trading with offshore brokers, which may lack local investor protection. However, both brokers have strong global reputations and segregate client funds, providing a reasonable level of security.

Deposits and withdrawals are a key differentiator for Malaysia traders. IC Markets supports FPX, Bank Transfer, Skrill, and USDT, making it easy to fund accounts in MYR without high conversion fees. Deposits via FPX are instant and free, while Skrill and USDT offer fast processing. Oanda does not support FPX, Skrill, or USDT; its main funding options are international bank transfers (which can take 2–5 days and incur fees) and credit/debit cards. For Malaysia traders who want quick and low-cost deposits, IC Markets is the clear winner. Withdrawals at IC Markets are also efficient, with most methods processed within 24 hours.

Both IC Markets and Oanda offer Islamic (swap-free) accounts for Muslim traders in Malaysia. IC Markets provides swap-free accounts on all account types with no additional charges, making it suitable for long-term positions. Oanda also offers Islamic accounts, but it charges a small administrative fee after a holding period (usually 10–30 days), which can add up over time. For Malaysia traders who require swap-free trading, IC Markets is more accommodating and cost-effective.

IC Markets offers 24/7 customer support via live chat, email, and phone, with a dedicated team that can assist Malaysia traders in English and Mandarin. Oanda provides support 24/5 via phone and email, with live chat available during business hours. For Malaysia traders who trade across different time zones, IC Markets’ round-the-clock support is more convenient.