Our comprehensive comparison of FOREX.com vs OANDA dissects key areas like trading costs, Forex trading platforms, and regulation to help you choose the right Forex broker.
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FOREX.com and OANDA are two of the most renowned forex brokers in the industry. FOREX.com, known for its diverse market offerings and trading platforms, contrasts with OANDA’s reputation for its transparent pricing and advanced technological tools. Both brokers have their unique strengths, making the choice between them dependent on individual trader needs and preferences.
When it comes to trading costs, both FOREX.com and OANDA have their advantages. Let’s delve deeper into the specifics.
FOREX.com offers competitive spreads on its standard account, often lower than the industry average. On the other hand, OANDA’s spreads tend to be variable, with the potential to be lower during peak trading times. For more details on standard account spreads, you can check out this Standard Account Testing.
When it comes to forex trading, the spread is a crucial factor to consider. It’s the difference between the buy and sell price of a currency pair, and it directly impacts the cost of a trade. Looking at the data, it’s clear that there are some differences between the brokers.
OANDA, for instance, has impressively low spreads across the board. For the EUR/USD pair, they offer a spread of 0.6, which is significantly lower than FOREX.com’s, 1.2. This trend continues across most of the pairs, with OANDA consistently offering lower spreads. This suggests that OANDA could be a more cost-effective choice for traders who prioritise low spreads.
FOREX.com, on the other hand, has higher spreads, but this doesn’t necessarily mean it’s a worse choice. Brokers often balance out their offerings, so while FOREX.com’s spreads are higher, they might offer other benefits such as superior trading platforms or customer service.
| Forex Pair | OANDA | FOREX.com | Industry Average |
|---|---|---|---|
| EUR/USD | 0.6 | 1.2 | 1.35 |
| USD/JPY | 0.6 | 1.5 | 1.54 |
| GBP/USD | 0.9 | 1.6 | 1.68 |
| AUD/USD | 0.7 | 1.4 | 1.63 |
| USD/CAD | 0.7 | 2.6 | 1.93 |
| EUR/GBP | 0.8 | 1.5 | 1.69 |
| EUR/JPY | 0.9 | 2.8 | 2.04 |
| AUD/JPY | N/A | 2.3 | 2.31 |
Standard Account Analysis Updated September 2023[1]September 2023 Published And Tested Data
Comparing these brokers to the industry average, it’s clear that both are competitive. OANDA’s spreads are consistently below the average, while FOREX.com’s are slightly above in some cases but still in line with what’s typical in the industry.
In conclusion, if low spreads are your primary concern, OANDA seems to be the cheaper option. However, it’s essential to consider other factors such as the trading environment, platforms offered, and the broker’s trustworthiness before making a decision.
FOREX.com’s RAW account, known as the DMA account, offers spreads as low as 0.1 pips. OANDA doesn’t offer a RAW account, but its spreads on the standard account can be competitive. For more information on RAW account spreads, refer to this RAW Account Testing.
FOREX.com charges a commission on its DMA account, while OANDA charges no commission on its standard account, relying instead on spreads.
Neither FOREX.com nor OANDA charges deposit or withdrawal fees, which is a significant advantage for traders.
FOREX.com charges an inactivity fee, while OANDA does not. However, OANDA charges a monthly inactivity fee after one year of no trading activity.
Verdict: When it comes to trading costs, FOREX.com and OANDA are closely matched. However, with its lower spreads on the standard account and no inactivity fees, OANDA edges out as the broker with lower trading costs.
| Broker | Inactivity Fee |
|---|---|
| FOREX.com | Yes |
| OANDA | No |
FOREX.com is regulated by several financial authorities globally, including the Financial Conduct Authority (FCA) in the UK and the Commodity Futures Trading Commission (CFTC) in the US. OANDA is also regulated by top-tier authorities, including the FCA and the Australian Securities and Investments Commission (ASIC). Both brokers are considered safe for forex trading, with excellent trust scores. For more on trust and regulation, see this ASIC page.
Verdict: Both FOREX.com and OANDA have strong regulatory oversight, but OANDA with its ASIC regulation, offers an additional layer of trust and security for traders.
| Broker | Regulated By |
|---|---|
| FOREX.com | FCA, NFA/CFTC, MAS, JFSA, CIMA, CIRO |
| OANDA | FCA, CIRO, MAS, KNF, ASIC, NFA/CFTC, JFSA, FSCM |
FOREX.com offers a range of trading platforms, including its proprietary platform, Advanced Trading, and the popular MetaTrader 4 and 5 platforms. OANDA offers its proprietary platform, OANDA Trade, and also supports MetaTrader 4. For more on trading platforms, see this best cTrader forex brokers page.
Both FOREX.com and OANDA support MetaTrader 4, the most popular forex trading platform. FOREX.com also offers MetaTrader 5, the newer and more advanced version of the platform.
FOREX.com does not support cTrader or TradingView. OANDA, on the other hand, does not support cTrader but does offer integration with TradingView.
| Criteria | FOREX.com | OANDA |
|---|---|---|
| MetaTrader 4 | Yes | Yes |
| MetaTrader 5 | Yes | No |
| cTrader | No | No |
| TradingView | No | Yes |
| Other Platforms | No | OANDA Web OANDA Mobile |
| VPS Services | Yes | Yes |
Neither FOREX.com nor OANDA offers 3rd party social or copy trading on their platforms however, it is possible with MetaTrader Signals if using MetaTrader 4 or 5.
FOREX.com offers free VPS hosting for qualified clients and a range of other trading tools, including advanced charting and analysis tools. OANDA also offers advanced charting on its platform, as well as a range of tools for market analysis.
Verdict: When it comes to trading platforms, FOREX.com’s support for MetaTrader 5 and free VPS hosting gives it an edge over OANDA.
FOREX.com ReviewVisit FOREX.com
*Your capital is at risk ‘71% of retail CFD accounts lose money’
FOREX.com offers several account types, including a Standard Account, a Commission Account, and a Direct Market Access account. OANDA offers a standard account and a premium account for high-volume traders. For more on account types, see this Best spread betting brokers page.
Verdict: FOREX.com, with its wider range of account types, offers more flexibility for different types of traders compared to OANDA.
| Broker | Account Types |
|---|---|
| FOREX.com | Standard, Commission (RAW), Direct Market Access |
| OANDA | Standard, Core |
FOREX.com ReviewVisit FOREX.com
*Your capital is at risk ‘71% of retail CFD accounts lose money’
Both FOREX.com and OANDA offer comprehensive customer service. FOREX.com provides 24/5 customer support via live chat, phone, and email. OANDA also offers 24/5 customer support and includes a comprehensive FAQ section on its website to help answer common queries.
Verdict: Both FOREX.com and OANDA offer excellent customer service, but OANDA’s comprehensive FAQ section gives it a slight edge.
| Broker | Customer Service |
|---|---|
| FOREX.com | 24/5 support, live chat, email, phone |
| OANDA | 24/5 support, live chat, email, phone, comprehensive FAQ section |
There are other factors to consider when choosing a forex broker.
FOREX.com requires a minimum deposit of $100, while OANDA has no minimum deposit requirement, making it more accessible for beginner traders.
Both FOREX.com and OANDA offer multiple deposit and withdrawal options, including bank transfer, credit/debit card, and online payment systems.
FOREX.com offers a wider range of trading instruments, including forex, indices, shares, commodities, and cryptocurrencies. OANDA offers a similar range but does not offer share trading.
Verdict: OANDA’s no minimum deposit requirement and FOREX.com’s wider range of trading instruments make them both attractive options depending on the trader’s needs. For more on trading factors, see this Copy Trading page.
| Criteria | FOREX.com | OANDA |
|---|---|---|
| Minimum Deposit | $100 | No minimum |
| Payment Methods | Bank transfer, credit/debit card, e-wallets | Bank transfer, credit/debit card, e-wallets |
| Trading Instruments | Forex, indices, commodities, cryptocurrencies | Forex, indices, commodities |
| Forex CFD | 91 | 68 |
| Shares CFD | 220 | No |
| Cryptos CFD | 8 | 4 |
| Commodities CFD | 2 Metals (6 Gold crosses (2 Silver crosses) 2 Energies 2 Softs |
3 Metals (Gold x 10) (Silver x 10) 3 Energies 4 Softs |
| Indices CFD | 17 | 15 |
| Bonds/Treasuries CFD | No | 5 |
| Spread Betting (UK only) | No | Yes |
| Other Products | No | No |
| Shares (underlying) | No | No |
Best For Beginner Traders
OANDA, with its user-friendly platform, comprehensive educational resources, and no minimum deposit requirement, is our top choice for beginner traders.
Best For Experienced Traders.
FOREX.com, with its advanced trading platforms, wide range of trading instruments, and flexible account types, is our top choice for experienced traders.
OANDA is better for beginner traders due to its user-friendly platform, comprehensive educational resources, and no minimum deposit requireme
FOREX.com is better for experienced traders due to its advanced trading platforms, wide range of trading instruments, and flexible account types.
No commission account spread propiety testing data and published wesbite spread information, centralised on our standard account spread page..
