IC Markets vs Oanda for New Zealand Traders (2026)

Spread costs are a critical factor for New Zealand traders, especially those trading high volumes. IC Markets offers raw spreads from 0.0 pips on major forex pairs with a low commission of $3.50 per lot round-turn. Oanda’s spreads typically start at 0.8 pips without commission but widen during volatile sessions. For a New Zealand trader executing 10 lots per week, IC Markets could save hundreds of dollars annually compared to Oanda. Additionally, IC Markets’ low-latency infrastructure benefits NZ traders by minimising slippage during news events, which is particularly important when trading during Asian or US sessions that overlap with New Zealand business hours.

Both brokers support MetaTrader 4 and 5, which are the most popular platforms among New Zealand traders. IC Markets also provides cTrader, a powerful ECN platform preferred by scalpers. Oanda offers its proprietary web and mobile platforms, which are intuitive and great for beginners. For NZ traders who value customisation and advanced charting tools, IC Markets’ cTrader is a standout. Oanda’s platform includes integrated news and economic calendars tailored to Pacific time zones, making it easier to plan trades around New Zealand economic releases. Overall, IC Markets gives more platform choice for experienced traders, while Oanda simplifies the experience for those who prefer a clean interface.

Execution quality is a key differentiator for New Zealand traders, especially those using scalping or EAs. IC Markets offers low-latency execution through Equinix NY4 data centres and a true ECN model, with average execution speeds under 40ms. Oanda uses a market maker model, which can result in requotes during volatile markets. For NZ traders who need instant fills and minimal slippage, IC Markets’ execution infrastructure is superior. Oanda’s execution is still reliable for longer-term swing traders but may frustrate high-frequency traders.

Regulation by New Zealand’s financial regulator, the Financial Markets Authority (FMA), ensures both IC Markets and Oanda meet high standards of client fund security and operational transparency. IC Markets holds an FMA licence and segregates client funds in major Australian and New Zealand banks. Oanda is also licensed by the FMA and has a long history of regulatory compliance. For New Zealand traders, this means both brokers adhere to strict capital adequacy and reporting requirements, reducing the risk of insolvency. While Oanda’s regulatory footprint is more extensive globally (including the UK and US), IC Markets’ FMA authorisation is equally valid for NZ residents, offering a comparable level of safety.

New Zealand traders have several deposit and withdrawal options with both brokers, but IC Markets stands out for its variety. IC Markets accepts Bank Transfer (wire), Skrill, Neteller, and USDT TRC20, with the latter offering near-instant deposits and low fees—ideal for active traders who want to avoid bank delays. Withdrawals are processed within 1–2 business days for e-wallets and crypto, while bank transfers may take 3–5 days. Oanda supports Bank Transfer, Skrill, and Neteller, but does not accept USDT TRC20. Oanda’s withdrawal speeds are similar, although bank transfers can be slower for NZ-based accounts. For traders wanting the fastest and cheapest funding method, IC Markets’ inclusion of USDT TRC20 is a clear advantage.

Both IC Markets and Oanda offer Islamic (swap-free) accounts to New Zealand Muslim traders who require compliance with Sharia law. IC Markets provides swap-free accounts on request, with no interest charges on overnight positions, and supports most account types. Oanda offers Islamic accounts through its Oanda Global Markets entity, but these are limited to certain account types and may have a holding period after which swap fees are applied. New Zealand traders should confirm the specific terms with each broker to ensure the account meets their religious requirements. Overall, IC Markets offers more flexibility with fewer restrictions on swap-free accounts.

Customer support for New Zealand traders is available in English from both brokers. IC Markets provides 24/7 live chat and phone support, with a dedicated team that can assist during NZ business hours (UTC+12). Oanda offers email and phone support from 9am–6pm NZ time, plus a comprehensive help centre. Response times are generally faster at IC Markets due to round-the-clock live chat. For New Zealand traders needing urgent assistance during off-hours, IC Markets’ 24/7 support is more reliable.