IC Markets vs Oanda: A Comprehensive Comparison for United Kingdom Traders (2026)
Which broker is better for United Kingdom traders in 2026? Expert analysis across 12 categories.
Quick Verdict — United Kingdom Traders
For United Kingdom traders seeking a reliable forex broker, the choice between IC Markets and Oanda is a critical one. Both are regulated by the Financial Conduct Authority (FCA), ensuring a high level of security and compliance with UK financial laws. IC Markets, with an impressive 4.8/5 score, is known for its ultra-low spreads, deep liquidity, and advanced trading platforms like MetaTrader 4 and 5. In contrast, Oanda, scoring 3.6/5, offers a more beginner-friendly experience with its proprietary platform and extensive educational tools. UK traders benefit from local payment options such as Bank Transfer, PayPal, Skrill, and Faster Payments, making deposits and withdrawals seamless. Whether you are a retail trader or a professional, this comparison will help you decide which broker aligns with your trading goals in the United Kingdom market.
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 comparing trading costs for United Kingdom traders, IC Markets clearly outperforms Oanda. IC Markets offers Raw Spread accounts with spreads from 0.0 pips on major pairs like GBP/USD, plus a commission of $3.50 per lot per side. This structure is ideal for high-volume UK traders who want to minimise costs. Oanda, on the other hand, uses a variable spread model with no commission, but spreads average 0.9-1.2 pips on the same pair. Over 100 trades per month, IC Markets can save UK traders hundreds of pounds in spread costs. Oanda's pricing is more transparent for beginners but less competitive 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 - United Kingdom Traders
| Entity / Asset | IC Markets | Oanda |
|---|---|---|
| United Kingdom (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 and Oanda offer distinct platform experiences for United Kingdom traders. IC Markets supports MetaTrader 4, MetaTrader 5, cTrader, and its own WebTrader, providing advanced charting, automated trading via Expert Advisors (EAs), and custom indicators. This makes it a top choice for algorithmic and professional traders. Oanda offers its proprietary platform known for its intuitive design, along with MetaTrader 4. Oanda's platform includes advanced charting tools and one-click trading, but lacks support for EAs on its proprietary version. For UK traders who value flexibility and automation, IC Markets is the stronger option.
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 |
Execution quality is a key differentiator for United Kingdom traders. IC Markets uses Equinix NY4 data centres for ultra-low latency execution, with average speeds under 40ms on MetaTrader platforms. It offers no requotes and deep liquidity from top-tier banks. Oanda provides reliable execution with No Dealing Desk (NDD) model, but average speeds are slightly higher at 50-60ms. For scalpers and high-frequency traders, IC Markets' faster execution provides a clear advantage.
Regulation & Safety for United Kingdom 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 Financial Conduct Authority (FCA) in the United Kingdom, offering UK traders a secure trading environment. FCA regulation ensures client money is held in segregated accounts, participation in the Financial Services Compensation Scheme (FSCS) up to £85,000, and negative balance protection. IC Markets also holds licenses from CySEC and ASIC, while Oanda is regulated in multiple jurisdictions including the US and Canada. For United Kingdom traders, FCA oversight provides peace of mind, and both brokers comply with strict UK financial conduct rules.
Deposits & Withdrawals for United Kingdom
| 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 |
United Kingdom traders have access to convenient deposit and withdrawal methods at both IC Markets and Oanda. IC Markets supports Bank Transfer, PayPal, Skrill, and Faster Payments, with deposits processed instantly via PayPal and Skrill. Withdrawals are typically processed within 1 business day, with no fees for most methods. Oanda also accepts Bank Transfer, PayPal, Skrill, and Faster Payments, along with credit/debit cards and Apple Pay. Oanda's withdrawal times are similar, but some methods may incur small fees. For UK traders, Faster Payments enable instant GBP deposits, while Bank Transfers take 1-2 days. Both brokers offer efficient local payment solutions tailored to UK residents.
Islamic Accounts - Swap-Free for United Kingdom 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 |
Both IC Markets and Oanda provide Islamic (swap-free) accounts for United Kingdom Muslim traders who require Sharia-compliant trading. IC Markets offers Islamic accounts on request, with no swap fees on overnight positions across all account types. Oanda also offers swap-free accounts but may limit this to certain instruments and charge administrative fees after a holding period. UK traders should note that Islamic accounts are available for all retail clients, but professional traders may face restrictions. It is advisable to contact each broker's support team to confirm eligibility and terms before opening an account.
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 |
Customer support for United Kingdom traders is robust at both brokers. IC Markets offers 24/7 live chat, email, and phone support with a dedicated UK phone line. Oanda provides similar support with 24/5 live chat and email, plus a UK-based support team. IC Markets edges ahead with faster response times and multilingual support, while Oanda's support is more educational-focused. Both brokers have extensive FAQ sections and help centres on their websites.
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? - United Kingdom Guide
Choose IC Markets if you...
- Are an active or high-volume trader seeking ultra-low spreads and commissions
- Use automated trading strategies with Expert Advisors (EAs) on MetaTrader 4/5
- Prefer advanced platforms like cTrader for scalping and algorithmic trading
- Want faster execution speeds under 40ms for competitive advantage
Choose Oanda if you...
- Are a beginner or casual trader looking for an intuitive, user-friendly platform
- Value extensive educational resources and market analysis
- Prefer a broker with a strong brand reputation and long history in forex
- Want transparent pricing with no commission on standard accounts
FAQ - IC Markets vs Oanda in United Kingdom
Final Verdict - United Kingdom 2026
For United Kingdom traders, IC Markets is the clear winner with a 4.8/5 score, offering superior spreads, faster execution, and advanced platforms that cater to both retail and professional traders. Its support for local payment methods like Bank Transfer, PayPal, Skrill, and Faster Payments makes it convenient for UK residents. Oanda, scoring 3.6/5, remains a viable option for beginners due to its educational resources and user-friendly interface, but its higher spreads and slower execution limit its appeal for active traders. Both brokers are FCA-regulated, ensuring a safe trading environment. If you prioritise cost efficiency and performance, IC Markets is the recommended choice for United Kingdom traders in 2025.