IG vs OANDA: the short answer
Both IG and OANDA accept US clients and are regulated by the CFTC and NFA in the US, so either is a legitimate choice for American forex traders. Choose IG if you want the broader regulatory footprint and the widest platform choice. Choose OANDA if you want to start with no minimum deposit, or if you have $10,000 or more and want commission-based core pricing on a US account.
Quick verdict: IG scores 91/100 and ranks 2nd in our broker ranking. OANDA scores 86/100 and ranks 5th. IG leads on regulation (35/35 vs 34/35), costs (18/25 vs 17/25), platforms (15/15 vs 13/15) and track record (14/15 vs 12/15). OANDA scores higher on access (10/10 vs 9/10). See our methodology for how scores are built. All figures were verified November 2026.
Side-by-side comparison
| IG | OANDA | |
|---|---|---|
| WizardTrader score | 91/100 (rank 2) | 86/100 (rank 5) |
| Regulators | FCA (195355, 114059, 944492), BaFin, ASIC, FINMA, MAS, DFSA, JFSA, FSCA, CFTC/NFA (IG US) | CFTC/NFA (0325821), FCA (542574), ASIC (AFSL 412981), MAS, CIRO, FSA Japan, KNF |
| EUR/USD cost | Spread-only from 0.6 pips (no current published average) | US spread-only avg 1.4 pips; core pricing + $14 RT (needs $10k) |
| Minimum deposit | $50 by card; $250 for IG US | No minimum on standard; $10,000 for US core pricing |
| Platforms | IG web and mobile, TradingView, MT4, MT5, ProRealTime, L2 Dealer | OANDA web and mobile, TradingView, MetaTrader (varies by region) |
| Max leverage | 30:1 retail (UK/EU/AU); 50:1 US | 50:1 majors (US) |
| US clients | Yes, through IG US (CFTC/NFA) | Yes (CFTC/NFA) |
| Founded and HQ | 1974, London, UK | 1996; owned by the FTMO group since Dec 2025 |
Trading costs
IG prices forex through the spread only, from 0.6 pips on EUR/USD. That is a minimum, not an average, and the most recent average EUR/USD spread IG publishes dates from early 2021, so we score its costs conservatively. Our data does not give a separate spread figure for IG US.
OANDA's US standard account is also spread-only, with an average EUR/USD spread of 1.4 pips. Its core pricing account charges $14 per round turn plus the raw spread, but it needs a $10,000 balance. Our OANDA review notes that this US commission account costs about double what raw-account peers charge.
Worked example: one standard lot of EUR/USD
One standard lot is 100,000 euros, and on EUR/USD one pip is worth $10 per lot. Check other pairs with the pip value calculator.
- IG: 0.6 pips x $10 = $6 per round turn at the minimum spread. Real costs will be higher whenever the spread is wider than 0.6 pips.
- OANDA standard (US): 1.4 pips x $10 = $14 per round turn at the average spread.
- OANDA core pricing (US): $14 commission plus the raw spread, so at least $14 per round turn. Our data does not include OANDA's average raw spread.
Trading 10 lots a month, that is at least $60 at IG against about $140 on OANDA's standard account. Because IG's number is a floor and OANDA's is an average, the real gap is likely smaller than this, but OANDA does not look cheaper on the figures we have.
Regulation and safety
IG has been operating since 1974, is part of a FTSE 100-listed group and is regulated by the FCA, BaFin, ASIC, FINMA, MAS, DFSA, JFSA and FSCA, with IG US regulated by the CFTC and NFA. That earns it a full 35/35 for regulation.
OANDA, founded in 1996, is regulated by the CFTC and NFA, the FCA, ASIC, MAS, CIRO, FSA Japan and KNF, and scores 34/35. It is one of few NFA-regulated forex brokers for US residents. In December 2025 OANDA was acquired by the FTMO group, the prop trading firm. Neither broker carries a regulation note in our database.
For US traders
US clients face the same leverage cap at both: 50:1 on major pairs. At 50:1 the margin is 2% of the position's value. For one lot of EUR/USD at an illustrative rate of 1.1000, that is $110,000 of exposure and $2,200 of margin. The margin calculator and our guide to leverage and margin cover this in more detail.
The entry points differ. IG US needs $250 to start. OANDA has no minimum on its standard account, but its cheaper core pricing needs $10,000. Our data lists IG's platforms for the group as a whole and does not say which of them IG US offers, and OANDA's MetaTrader availability varies by region, so confirm platform access for a US account before you open one. For more options, see the best forex brokers for US traders and OANDA vs Interactive Brokers.
Platforms
IG offers its own web and mobile platforms, TradingView, MT4, MT5, ProRealTime and L2 Dealer, which earns a full 15/15. OANDA offers its own web and mobile platforms, TradingView and MetaTrader, though MetaTrader varies by region. Both support TradingView.
Who should choose each
- Choose IG if you want the broadest regulation, a long track record, ProRealTime or L2 Dealer, or the lowest quoted starting spread.
- Choose OANDA if you want to start with no minimum deposit, prefer a well-known US forex specialist, or have $10,000 or more for core pricing.
Concerns to weigh
IG: there is no raw-spread forex account for retail clients, and its latest published EUR/USD average is from 2021, so you cannot easily compare its typical costs.
OANDA: the US commission account costs about double raw-account peers, core pricing needs $10,000, and its ownership changed in December 2025. Compare it with IG vs Pepperstone or the full broker list if cost is your priority.
Sources
Provider facts on this page come from our review database, verified November 2026, which draws on these sources:
- IG: about us
- IG: worldwide offering
- IG Group: our history
- IG: minimum deposit
- OANDA: regulatory disclosures
- OANDA: pricing
- OANDA: spreads and commission
- Finance Magnates: FTMO closes OANDA deal
Trading involves substantial risk of loss and is not suitable for everyone. Leveraged forex and CFD trading can lose you money quickly, and past costs do not guarantee future pricing. This page is general information, not financial advice. Rankings are editorial and not paid. Read our risk disclaimer and advertiser disclosure.