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Compare Interactive Brokers Vs OANDA: Which is the Better Forex Broker in 2024?

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Interactive Brokers Vs OANDA, which one is better? Both brokers are often compared to each other to find which one comes out to be the better one. What many traders may not comprehend is that the best choice may differ for every one of them, and there's nothing wrong with it. To make it easier for you to decide which one is the best between Interactive Brokers Vs OANDA, here is the direct comparison:

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Compare Interactive Brokers OANDA
General Rating 2.42/5
3.11/5
Score
Trustpilot 3.5/5

2653 users
3.6/5

544 users
πŸ’Ό Regulation
❗ Info
βŒ› Established 1977 1996
πŸ’² Min Deposit $10000 $0
βš– Max Leverage 1:100 1:20
πŸ”’ Spread Fixed Fixed
πŸ’Έ Commissions -$50/Mil commission for Core pricing
πŸ’‘ Min Position 0.25 lot 0.00001 lot
πŸ’³ Payment Wire transfer, Check and BPAY Visa, Mastercard, ACH deposits, Bank transfer, Credit/debit cards, Wire transfer, Skrill and Neteller
🏒 Office(s) United StatesUnited KingdomUnited StatesAustraliaSingaporeIrelandHungary United StatesUnited KingdomJapanBritish Virgin IslandsJapanMaltaSingaporeAustraliaCanada
🧩 Demo Account
πŸ“ Segregated Account
πŸ•‹ Islamic Account
πŸ‘¨β€πŸ’» PAMM Account
πŸ“ˆ Managed Account
πŸ’± Hedging
πŸ‡ΊπŸ‡Έ US traders
πŸ•› Swaps
πŸ† Trading contests
⚑ Automated trading
πŸ’° Bonus offers
πŸ“– Free education
1️⃣ One-click trading
⏱ Trailing stop
⏳ Pending orders
ForexForex
cfdCFD
IndexesIndexes
Spread BettingSpread Betting
Gold & SilverGold & Silver
CryptoCrypto
stocksStocks
oilOil
MetalsMetals
EnergiesEnergies
FuturesFutures
etfETF
OptionsOptions
AgricultureAgriculture
CommoditiesCommodities
StockStock
IndicesIndices
EtfEtf
BondsBonds
Binary OptionsBinary Options
ETFsETFs
Corporate StocksCorporate Stocks
SharesShares
SilverSilver
IndexIndex
Physical StockPhysical Stock
πŸ—£ Website Languages German, Spanish, French, Italian, Japanese, Russian, Chinese English
πŸšͺ Trade Now Open Interactive Brokers Open OANDA


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Which one has the better spread?

Considering that spread is a trading cost, the lower the spread, the better it is for traders. However, spread information among brokers is not easy to get, as not every broker transparently publishes their spreads data.

However, traders can still choose their ideal brokers by the type of their spreads. The most two popular types of spread are fixed and variable. The pros and cons between the two spreads can vary for every trader. In this case, Interactive Brokers provides their pricing with Fixed spread while OANDA offers Fixed spread.



Interactive Brokers vs OANDA: Who hosts the best trading platform?

The trading platform is essential as you can't execute a trade without it. Additionally, trading platforms provide price charts and an assortment of analytical tools to help traders with their strategies.

To support their clients, Interactive Brokers enables trading with Web Trader (SerSart), FX-Trader, Trader Workstation. The offer is supported with One-click trading, Trailing stop, Pending orders. In comparison, OANDA provides trading with FxTrade App, MetaTrader 5, Oanda Platform, MetaTrader 4 with the support of .



Is Interactive Brokers or OANDA better in providing the trading instruments?

It is widely known that forex brokers offer other trading instruments other than currency pairs. The offer gives interesting choices for traders to explore other markets that may be proven beneficial for them and to diversify their trading portfolios.

In this case, Interactive Brokers supports trading with Forex, Gold & silver, CFD, Stocks, Options, Futures, Bonds, ETF, Crypto, while OANDA presents the ability of trading with Forex, Gold & silver, CFD, Crypto, Stock, Indices, Commodities, etf.

In conclusion, deciding the better broker eventually comes down to your consideration. If you are an active trader, it is better to choose a broker with a variable spread that is generally lower than the fixed one. For the trading platform, MetaTrader 4 is the standard choice for every trader. But if you want to have a different experience with a more advanced platform, choose the broker that provides alternative platforms. The same goes for trading instruments; if you want to try delving into different markets, seek for a broker with more options on trading instruments.

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