I’ve been with OANDA for a few months and it’s been solid, but I’m wondering if I’m leaving money on the table. IC Markets keeps getting mentioned in discussions about lower costs, so I’m trying to figure out if they’re genuinely cheaper or if it’s marketing noise.
My main question is: how do their spreads actually compare on the pairs I trade most (EUR/USD, GBP/USD, some US indices), and once you factor in GlobeGain rebates for both brokers, is there an actual difference in what I’d be paying per month?
I know IC Markets focuses on tight spreads and variable commissions, while OANDA is more of a straight spread model. But I want to see a real cost breakdown rather than just guessing.
Has anyone actually traded both and tracked the real costs? I’m trying to decide if switching makes sense or if I should just stick with what I know.
IC Markets typically 0.5 to 1 pip cheaper on spreads. Commission adds up though.
Test both with small positions. Real costs vary by pair and volume.
Real cost comparison:
OANDA: 1.2 pips on EUR/USD, no commission on standard accounts
IC Markets: 0.8 pips on EUR/USD plus $4 commission per side (roughly 0.4 pips at standard lot sizes)
After rebates (both use GlobeGain), effective costs narrow but IC Markets still comes out ahead on EUR/USD by roughly 0.3 to 0.4 pips per round trip.
On GBP/USD, IC Markets also edges out OANDA. But volumes matter—if you’re trading 5 to 20 lots per trade, the difference is $5 to $20 per round trip. Over a month of trading, that’s probably $100 to $300 difference.
The real question: does IC Markets’ execution match OANDA’s quality? That’s where switching gets risky. If IC Markets slips you 0.5 pips on entry, you’ve lost your cost advantage. Test with real money on small positions before fully migrating.
I’ve traded both for a few months to compare. IC Markets spreads are genuinely tighter, but the commission structure makes them less obvious at first glance.
For my trading style, OANDA was simpler and the costs were similar once everything was factored in. IC Markets might be slightly cheaper if you’re trading high volume, but the difference felt small enough that I just stayed with OANDA for consistency.
Both work fine with GlobeGain rebates. I’d say try IC Markets on a demo first or with micro lots to see if the platform and execution feel right before switching fully.
IC Markets is probably cheaper if you do the math. But execution quality matters more than spreads by a few pips.
Both are good brokers. Actually tested this extensively last year.
IC Markets does have lower overall costs if you’re trading size. The spreads are tighter and the rebates work the same way. However, I found OANDA’s withdrawal process slightly faster, and their support actually responds within 24 hours.
The real difference: at lower volumes (under 100 lots monthly), both feel basically the same cost-wise once rebates are factored in. At higher volumes (200+ lots monthly), IC Markets edges out OANDA by maybe $50 to $100 per month.
My advice: if you’re already profitable with OANDA, the switching cost and learning curve might not be worth $100/month savings. If you’re just starting out, IC Markets is a solid choice. If you’re trading seriously (500+ lots monthly), IC Markets starts to make financial sense.