IC Markets vs Oanda: Philippines Broker Comparison 2026
Which broker is better for Philippines traders in 2026? Expert analysis across 12 categories.
Quick Verdict — Philippines Traders
When comparing IC Markets vs Oanda for Philippines traders in 2025, the choice often comes down to cost, convenience, and local support. IC Markets, with a 4.8/5 rating, is a top-tier broker known for its ultra-low spreads, fast execution, and wide range of local payment methods including GCash, PayMaya, and USDT. Oanda, rated 3.6/5, is a well-established broker with strong regulatory history but higher trading costs and limited local payment options. For mobile-first traders in the Philippines, especially OFWs sending remittances or investing in forex, the ability to deposit instantly via GCash or PayMaya is a major advantage. IC Markets also offers the cTrader and MetaTrader platforms, which are optimized for mobile trading. While Oanda has its own platform and strong educational resources, the overall value for Philippines traders leans heavily toward IC Markets, particularly for those who trade actively or need flexible deposit methods.
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 |
For Philippines traders, trading costs are a critical factor. IC Markets offers spreads as low as 0.0 pips on its Raw Spread account with a commission of $3.50 per lot round turn. On a standard account, spreads average 0.6 pips with no commission. Oanda's spreads are higher, typically 1.0-1.5 pips on EUR/USD, and it does not offer a raw spread option. Over a month of active trading, these differences can cost Philippines traders hundreds or even thousands of pesos. For example, trading 10 lots per month on EUR/USD with IC Markets (0.1 pip spread + commission) costs about $35, while Oanda (1.2 pip spread) costs about $120. IC Markets is clearly more cost-effective for volume traders in the Philippines.
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 - Philippines Traders
| Entity / Asset | IC Markets | Oanda |
|---|---|---|
| Philippines (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 strong platforms, but IC Markets has an edge for Philippines traders. IC Markets provides MetaTrader 4, MetaTrader 5, and cTrader, all fully optimized for mobile devices. cTrader is particularly popular among mobile-first traders for its intuitive interface and advanced charting. Oanda offers its own web-based platform and MetaTrader 4, but lacks cTrader. For Philippines traders who often trade on smartphones via GCash-funded accounts, IC Markets' mobile apps are faster and more feature-rich. Oanda's platform is simpler and good for beginners, but IC Markets' platform suite is more powerful and flexible for active trading.
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 is known for its lightning-fast execution, with average speeds under 40 milliseconds on its Raw Spread account. This is ideal for scalpers and high-frequency traders in the Philippines who need minimal slippage. Oanda's execution is reliable but slower, averaging around 100 milliseconds. For active traders, IC Markets' superior execution can make a significant difference in trade outcomes, especially during volatile market conditions.
Regulation & Safety for Philippines Traders
| Safety Factor | IC Markets | Oanda |
|---|---|---|
| Primary regulator | ASIC | FCA |
| Top-tier regulated | ✓ | ✓ |
| Investor protection | ✓ | ✓ |
| Segregated funds | ✓ | ✓ |
| Neg. balance protection | ✓ | ✓ |
Regulation is a key consideration for Philippines traders. IC Markets is regulated by the Australian Securities and Investments Commission (ASIC) and the Cyprus Securities and Exchange Commission (CySEC), offering strong client fund protection. Oanda is regulated by the US Commodity Futures Trading Commission (CFTC) and the UK Financial Conduct Authority (FCA), which are among the strictest globally. However, neither broker is directly regulated by the SEC Philippines. This is common for offshore brokers used in the Philippines, and both are considered reputable. The SEC Philippines does not prohibit residents from using these brokers, so traders can proceed with confidence. IC Markets' ASIC regulation is particularly well-regarded for retail forex trading.
Deposits & Withdrawals for Philippines
| 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 |
Deposit and withdrawal options are a major differentiator for Philippines traders. IC Markets supports GCash, PayMaya, local bank transfers, and USDT (Tether) deposits. Deposits via GCash and PayMaya are instant and free, while USDT deposits are processed within minutes. Withdrawals are also fast, typically within 24 hours for digital wallets. Oanda only accepts international bank transfers and credit/debit cards, which can take 1-3 business days and incur higher fees. For OFWs who send money home via GCash or PayMaya, IC Markets is far more convenient. USDT deposits are also popular among crypto-savvy traders in the Philippines. Overall, IC Markets offers superior local payment integration for Philippines traders.
Islamic Accounts - Swap-Free for Philippines 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 |
For Muslim traders in the Philippines, IC Markets offers Islamic (swap-free) accounts upon request, which comply with Sharia law by not charging or paying overnight swap fees. Oanda does not offer Islamic accounts, making it unsuitable for traders who require swap-free trading. Given the significant Muslim population in the Philippines, especially in Mindanao, IC Markets is the clear choice for this segment. The process to request an Islamic account at IC Markets is straightforward, and it applies to both standard and raw spread accounts.
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 provides 24/7 customer support via live chat, email, and phone, with agents who can assist in English and other languages. Oanda also offers 24/5 support with live chat and phone, but its weekend support is limited. For Philippines traders who trade during weekends or late hours, IC Markets' round-the-clock support is more convenient. Both brokers have responsive teams, but IC Markets' extended hours and faster response times give it an edge.
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? - Philippines Guide
Choose IC Markets if you...
- Are an active trader looking for the lowest spreads and fastest execution to maximize profits.
- Prefer to deposit via GCash, PayMaya, or USDT for instant and low-cost funding.
- Need an Islamic (swap-free) account for Sharia-compliant trading.
- Want access to cTrader or MetaTrader platforms for advanced mobile trading.
Choose Oanda if you...
- Are a beginner who values a simple, user-friendly platform and strong educational resources.
- Prefer a broker with a long history and strict US/UK regulatory oversight.
- Do not need local payment methods like GCash or PayMaya and can use bank transfers.
- Trade infrequently and are less sensitive to spread costs.
FAQ - IC Markets vs Oanda in Philippines
Final Verdict - Philippines 2026
After a thorough comparison, IC Markets is the superior choice for most Philippines traders in 2025. Its ultra-low spreads, fast execution, and comprehensive local payment support (GCash, PayMaya, bank transfer, USDT) make it ideal for mobile-first traders and OFWs. Oanda is a reliable alternative for beginners who prioritize simplicity and regulatory history, but its higher costs and limited local payment methods hold it back. For traders who want to minimize costs and maximize convenience, IC Markets is the clear winner. Always remember to trade responsibly and consider your risk tolerance, as forex trading carries significant risk.