IC Markets vs Oanda 2026: In-Depth Comparison for Singapore Traders
Which broker is better for Singapore traders in 2026? Expert analysis across 12 categories.
Quick Verdict — Singapore Traders
For Singapore traders navigating the dynamic forex market, choosing the right broker is critical. IC Markets, rated 4.8/5, and Oanda, rated 3.6/5, represent two distinct options for traders in Singapore's financial hub. IC Markets is renowned for its ultra-low spreads, deep liquidity, and advanced trading tools, making it a top choice for sophisticated investors and high-volume traders. Oanda, on the other hand, is a well-established broker with a strong reputation for transparency and user-friendly platforms. Both brokers are regulated by the Monetary Authority of Singapore (MAS), ensuring a secure trading environment. However, they cater to different trader profiles: IC Markets excels in execution speed and cost efficiency, while Oanda focuses on accessibility and educational resources. This comparison will help you decide which broker aligns with your trading style and goals in Singapore's competitive landscape.
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 trading in SGD, costs matter. IC Markets offers spreads as low as 0.0 pips on its Raw Spread account (with a $3.50 commission per lot), while Oanda's spreads are typically 1.0-1.5 pips on EUR/USD. For a Singapore trader executing 10 lots per day, IC Markets could save over $100 SGD weekly compared to Oanda. IC Markets' commission-based model is ideal for scalpers and day traders, while Oanda's no-commission, wider spreads suit lower-frequency traders. Both brokers have transparent fee structures, but IC Markets clearly wins on cost efficiency for active traders.
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 - Singapore Traders
| Entity / Asset | IC Markets | Oanda |
|---|---|---|
| Singapore (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 | ✓ | ✓ |
IC Markets offers MetaTrader 4, MetaTrader 5, and cTrader—platforms favored by professional traders for their advanced charting, automated trading, and fast execution. Oanda provides its proprietary web platform and mobile app, which are intuitive and beginner-friendly but lack the depth of MT4/5. For Singapore traders who rely on Expert Advisors (EAs) or custom indicators, IC Markets is the superior choice. Oanda's platform is better for those who prefer simplicity and ease of use.
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 boasts ultra-fast execution speeds of under 40 milliseconds on average, with no requotes or dealing desk intervention. Oanda's execution is reliable but slower, typically around 100-200 milliseconds. For Singapore scalpers and algorithmic traders, IC Markets' execution quality is superior, ensuring minimal slippage and better trade outcomes.
Regulation & Safety for Singapore Traders
| Safety Factor | IC Markets | Oanda |
|---|---|---|
| Primary regulator | ASIC | FCA |
| Top-tier regulated | ✓ | ✓ |
| Investor protection | ✓ | ✓ |
| Segregated funds | ✓ | ✓ |
| Neg. balance protection | ✓ | ✓ |
Both IC Markets and Oanda are regulated by the Monetary Authority of Singapore (MAS), providing a high level of client protection. IC Markets holds an International Business License, allowing it to serve non-retail clients, while Oanda holds a Capital Markets Services License, enabling it to offer retail trading services. For Singapore traders, MAS regulation means segregated client funds, regular audits, and adherence to strict financial standards. Oanda's license is more comprehensive for retail traders, but IC Markets' license still ensures robust oversight.
Deposits & Withdrawals for Singapore
| 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 |
Depositing and withdrawing funds is seamless for Singapore traders. Both brokers support PayNow, bank transfer, and credit card deposits. IC Markets processes PayNow deposits instantly with no fees, while Oanda's PayNow deposits may take a few hours. Bank transfers are free at both, but credit card deposits at IC Markets incur a 2-3% fee. Withdrawals are processed within 24 hours at IC Markets and 1-2 business days at Oanda. IC Markets has a minimum deposit of $200 SGD, while Oanda has no minimum. For fast, fee-free deposits, IC Markets' PayNow option is ideal.
Islamic Accounts - Swap-Free for Singapore 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 |
Singapore Muslim traders can access Islamic (swap-free) accounts at both brokers. IC Markets offers Islamic accounts on all account types with no swap charges on overnight positions, making it suitable for long-term traders. Oanda provides swap-free accounts upon request, but may apply a small administrative fee after a holding period (e.g., 10 days). IC Markets' policy is more straightforward and cost-effective for Muslim traders in Singapore.
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 multilingual customer support via live chat, email, and phone, with a dedicated team for Singapore traders. Oanda provides support during business hours (Monday to Friday) via phone and email. IC Markets' round-the-clock support is advantageous for traders who operate during non-standard hours, such as those trading Asian sessions.
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? - Singapore Guide
Choose IC Markets if you...
- Are a sophisticated trader seeking ultra-low spreads and fast execution.
- Use MetaTrader 4/5 or cTrader for automated trading with Expert Advisors.
- Trade high volumes and need cost efficiency to maximize profits.
- Prefer instant PayNow deposits and quick withdrawals.
Choose Oanda if you...
- Are a beginner or casual trader who values simplicity and education.
- Want a platform with no minimum deposit and easy-to-use tools.
- Prefer a broker with a strong retail focus and comprehensive MAS license.
- Trade infrequently and are less concerned about tight spreads.
FAQ - IC Markets vs Oanda in Singapore
Final Verdict - Singapore 2026
For Singapore traders, IC Markets is the clear winner for sophisticated investors and active traders, offering lower spreads, faster execution, and advanced platforms. Its PayNow integration and MAS regulation make it a reliable choice for local traders. Oanda remains a solid option for beginners or those who prioritize simplicity and educational resources. However, for cost-conscious, high-volume traders in Singapore's financial hub, IC Markets' superior trading conditions and local payment support give it a decisive edge. We recommend IC Markets for most Singapore traders, especially those focused on scalping or algorithmic trading.