IC Markets vs Oanda: Comprehensive Comparison for China Traders (2026)

For China traders, trading costs are a decisive factor. IC Markets offers raw spreads from 0.0 pips on its True ECN account with a commission of $3.50 per lot per side, making it highly cost-effective for high-volume traders. Oanda's spreads are variable and typically wider, averaging 1.0–1.2 pips on EUR/USD, with no commission but a spread markup. Over 100 trades per month, IC Markets can save you hundreds of CNY compared to Oanda, especially when trading major pairs like USD/CNH or EUR/USD. For scalpers and day traders, IC Markets' low-cost structure is a clear winner.

Both brokers offer powerful platforms, but IC Markets provides MT4, MT5, and cTrader, which are popular among Chinese traders for their advanced charting and algorithmic trading capabilities. Oanda offers its proprietary platform along with MT4, but lacks cTrader. For China traders who use Expert Advisors (EAs) or automated strategies, IC Markets' MT5 support is a major advantage. Oanda's platform is user-friendly but less customizable, making IC Markets more suitable for technical traders.

IC Markets uses low-latency data centers in New York and London, offering average execution speeds of under 40ms on its True ECN accounts. Oanda's execution is reliable but slower, with average speeds of 100-150ms. For China traders who trade news events or scalp, IC Markets' faster execution reduces slippage and improves trade accuracy.

IC Markets is regulated by ASIC (Australia), CySEC (Cyprus), and the FSA (Seychelles), while Oanda is regulated by the FCA (UK), CFTC (US), and ASIC. For China traders, neither broker is regulated by the CSRC, so offshore trading carries inherent risks. However, IC Markets' ASIC regulation offers strong client fund protection, while Oanda's FCA oversight is also robust. Both brokers segregate client funds, but IC Markets' lower leverage limits under ASIC (1:30) may be a constraint for some traders. Oanda's US regulation restricts leverage to 1:50, which is more flexible.

Deposits and withdrawals are a key differentiator for China traders. IC Markets supports USDT (Tether) deposits, which are fast, low-cost, and bypass traditional banking restrictions—ideal for Chinese investors facing capital controls. International bank transfers are also accepted but can take 2-5 business days. Oanda does not accept USDT; it relies on international bank transfers and credit/debit cards, which may incur higher fees and longer processing times. For withdrawals, IC Markets processes USDT withdrawals within 24 hours, while Oanda's bank transfers can take up to 5 days. IC Markets is clearly more convenient for China traders.

Both IC Markets and Oanda offer Islamic (swap-free) accounts for Muslim traders in China. IC Markets provides swap-free accounts on all account types without additional fees, and the process is automated upon request. Oanda also offers Islamic accounts, but traders must contact customer support to activate them, and there may be restrictions on certain instruments. For Chinese Muslim traders, IC Markets' seamless setup and no-questions-asked policy make it the better choice.

IC Markets offers 24/7 multilingual support via live chat, email, and phone, with Chinese-speaking agents available during Asian trading hours. Oanda also provides 24/5 support with English and limited Chinese language options. For China traders, IC Markets' round-the-clock support and dedicated Chinese team are more responsive, especially during volatile market hours.