IC Markets vs Oanda: Saudi Arabia Broker Comparison 2026

IC Markets offers significantly lower trading costs for Saudi traders, especially on its Raw Spread account where spreads start from 0.0 pips with a $3.50 commission per lot. For high-volume traders trading major pairs like EUR/USD, this can result in savings of 30-50% compared to Oanda. Oanda’s spreads are variable and typically wider, averaging 1.2 pips on EUR/USD. For SAR-based traders trading pairs like USD/SAR or EUR/SAR, IC Markets provides more competitive pricing, making it the preferred choice for cost-conscious traders.

IC Markets supports MetaTrader 4, MetaTrader 5, and cTrader, all of which are popular among Saudi traders for their advanced charting and automated trading capabilities. Oanda offers its proprietary platform, fxTrade, as well as MT4, but lacks cTrader. For Saudi traders who rely on algorithmic trading or custom indicators, IC Markets’ broader platform choice is a clear advantage. Oanda’s fxTrade platform is user-friendly but less flexible for professional-grade trading.

IC Markets provides ultra-fast execution with an average speed of 40ms, using Equinix NY4 servers and no dealing desk intervention. Oanda’s execution is reliable but slightly slower, averaging 100ms, with a market maker model that may result in requotes during high volatility. For Saudi traders trading large volumes, IC Markets’ execution quality is superior.

IC Markets is regulated by ASIC (Australia), CySEC (Cyprus), and FSA (Seychelles), while Oanda is regulated by the FCA (UK), CFTC (USA), and ASIC. Neither broker is directly regulated by the CMA in Saudi Arabia, but both comply with international standards. For Saudi traders, IC Markets’ ASIC regulation provides strong client fund segregation and negative balance protection. Oanda’s FCA regulation is also robust, but its overall score reflects less focus on the Middle Eastern market. Traders should verify the specific entity they open an account with.

Saudi traders can fund their accounts at both brokers using Bank Transfer and Credit Card. IC Markets uniquely supports STC Pay, a widely used mobile wallet in Saudi Arabia, enabling instant deposits and withdrawals with no fees. Oanda does not offer STC Pay, which is a disadvantage for local clients. Minimum deposits: IC Markets requires $200 (≈750 SAR) via bank transfer, while Oanda has no minimum for credit card deposits. Withdrawals at both brokers are processed within 1-3 business days, but IC Markets’ STC Pay option offers near-instant access to funds. For high-net-worth traders, IC Markets also supports wire transfers with no additional charges.

Both IC Markets and Oanda offer Islamic (swap-free) accounts for Muslim traders in Saudi Arabia. IC Markets provides swap-free accounts on all account types (Standard, Raw Spread) with no hidden fees, making it ideal for long-term traders who hold positions overnight. Oanda also offers Islamic accounts but may restrict them to certain account types or charge a small administrative fee. For Saudi traders seeking a fully compliant and cost-free Islamic trading environment, IC Markets is the better choice.

IC Markets offers 24/7 customer support via live chat, email, and phone, with Arabic language support available. Oanda provides 24/5 support with English-only options, which may be a limitation for Arabic-speaking Saudi traders. IC Markets’ faster response times and localised support give it an edge for Saudi clients.