Our in-depth comparison of FOREX.com and OANDA analyses important factors such as trading costs, trading platforms, and regulations to help you select the right broker.
Our forex comparisons and broker reviews are reader supported and we may receive payment when you click on a link to a partner site.
Our full comparison covers the most important trading factors, but key differences between OANDA and FOREX.com stand out. FOREX.com is considered a trustworthy broker that’s been around for a long time – since 1999 – with a huge global presence and multiple regulations. OANDA is equally an old broker in the US, with a name established in 1996.
FOREX.com charges a $6.00 commission on its DMA account, whereas OANDA relies solely on spreads. While FOREX.com supports MetaTrader 4 and 5, OANDA offers MetaTrader 4 and integrates with TradingView. Both brokers are top-tier regulated, but OANDA gains more trust with an ASIC regulation.
FOREX.com offers variable spreads with no-commission and commission accounts, while OANDA is a market maker with a spread-only account. Try our OANDA vs FOREX.com fee calculator below based on the most popular forex pairs and base currencies.
Standard Account Spreads
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.
OANDA 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 pairs, with OANDA consistently offering lower spreads. This suggests that OANDA could be a more cost-effective choice for traders.
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 April 2024[1]April 2024 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.
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.
RAW Account Spreads
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.
Commission Rates
FOREX.com charges a commission on its DMA account, while OANDA charges no commission on its standard account, relying instead on spreads.
Other Fees
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
FOREX.com and OANDA are closely matched. However, with lower spreads on the standard account and no inactivity fees, OANDA edges out as the broker with lower trading costs.
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 supports MetaTrader 4. For more on trading platforms, see this best cTrader forex brokers page.
MetaTrader 4 and 5
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.
cTrader and TradingView
FOREX.com does not support cTrader or TradingView. OANDA, on the other hand, does not support cTrader but offers integration with TradingView.
| Trading Platform | 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 |
Social And Copy Trading
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.
VPS and Other Trading Tools
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.
View FOREX.com ReviewVisit FOREX.com
*Your capital is at risk ‘68% 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.
With OANDA, US traders are offered a single account type: the Spread Only account. This account has variable spreads with commissions, which makes trading costs clear and easy to predict.
Verdict
FOREX.com, with its wider range of account types, offers more flexibility for different types of traders compared to OANDA.
View FOREX.com ReviewVisit FOREX.com
*Your capital is at risk ‘68% of retail CFD accounts lose money’
OANDA is a market maker with an intuitive interface and lightning-fast execution speed, while FOREX.com is also a market maker, which executes trades fast as well.
According to our testing, OANDA is particularly user-friendly, making it a top pick for beginners. On the other hand, FOREX.com provides a more comprehensive range of platforms including MetaTrader 4 and 5, which can be a big deal for traders who like options.
Verdict
OANDA might be more your speed for a straightforward and easy-to-use platform. But if you’re looking for a range of platform options and slightly faster execution, FOREX.com could be the better fit.
OANDA has a higher trust score of 100 vs 84 from FOREX.com. We based our scoring on different factors: regulations, reputation, and reviews of each broker.
FOREX.com Trust Score
OANDA Trust Score
Regulation
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.
| FOREX.com | OANDA | |
|---|---|---|
| Tier 1 Regulation | FCA (UK) CIRO (CANADA) NFA/CFTC (USA) CYSEC (Cyprus) |
NFA/CFTC (USA) MAS (Singapore) CIRO (CANADA) FCA (UK) ASIC (Australia) |
| Tier 2 Regulation | JFSA (Japan) | JFSA (Japan) KNF (Poland) MFSA (Europe) |
| Tier 3 Regulation | CIMA (Cayman) | FSC-BVI |
Reputation
FOREX.com has existed since 1999, when it was founded in New Jersey, USA. OANDA, on the other hand, has roots in New York, which started in 1996.
Despite their years in the industry, FOREX.com has a low search volume of only 14,800 hits per month. OANDA seems quite popular among traders with over 550,000 Google hits monthly.
Reviews
FOREX.com has an excellent TrustPilot score of 4.6/5 from 565 reviews. OANDA has an average score compared to its competitors, scoring only 3.6 out of 5 from 497 reviews.
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.
FOREX.com provides wider financial market access with more than 2,500 products than OANDA, which has only 100+.
They offer a more extensive range of CFDs than many other platforms, including commodities, indices, and shares. On the other hand, OANDA focuses more on forex pairs, which is great if you’re a currency trader.
| Feature | FOREX.com | OANDA |
|---|---|---|
| Forex Pairs | 80+ | 68 |
| Indices | 20+ | 15 |
| Commodities | 15+ | (Gold x 10) (Silver x 10) 3 Energies 4 Softs |
| Stocks | 300+ | No |
| ETFs | 10+ | No |
| Cryptocurrencies | 5+ | 4 |
| Bonds | 5+ | 5 |
| Options | Yes | No |
| Futures | Yes | No |
| Metals | 5+ | 3 |
FOREX.com offers a vast selection of 84 forex pairs. OANDA provides 68 currency pairs – 10 majors and 58 minors – which is slightly less than FOREX.com.
If you are in the US, you can also trade gold and silver with FOREX.com but note that these products are not leveraged. It is worth noting that while the overall offering of the broker in the US may appear limited, this is in line with similar brokers in the US market.
Verdict
If you’re looking for a broader range of CFDs and markets, FOREX.com is the clear winner. OANDA is more focused on forex trading, so if that’s your main interest, it’s a solid choice.
OANDA provides a wide range of educational materials that cater to traders with different levels of expertise. FOREX.com isn’t too shabby either, but their focus is more on market analysis than educational content.
Verdict
If you’re looking to improve your trading skills, OANDA is the ideal choice thanks to its extensive educational resources designed for beginners.
Both FOREX.com and OANDA provide customer service via live chat, email, and phone 24/5, but only one has won more than one award.
OANDA has won the 2021 Telephone Customer Service Awards, TradingView Awards Most Popular Broker 2021, and Best Forex and CFD Broker 2021.
| Customer Service Feature | FOREX.com | OANDA |
|---|---|---|
| Live Chat Support | Available 24/5 | Available 24/5 |
| Customer Service Knowledge | Good | Excellent |
| FAQ Knowledge Base | Average | Average |
| Email/Social Media | Messenger, Twitter | Email, Twitter |
| Multilingual Support | Yes | Yes |
Regarding responsiveness, both brokers are fairly prompt. OANDA offers a more comprehensive FAQ section and educational resources as part of their customer service, which can be a big plus if you’re new to trading.
Verdict
If you’re looking for comprehensive customer service that includes resources for learning, OANDA is the best choice.
FOREX.com accepts multiple forms of payment, including credit/debit cards, bank transfers, and even Skrill. OANDA, on the other hand, is a bit more limited but still provides the essentials like credit/debit cards and wire transfers.
| Funding Option | FOREX.com | OANDA |
|---|---|---|
| Credit/Debit Card | ✓ | ✓ |
| Bank Wire Transfer | ✓ | ✓ |
| PayPal | ✗ | ✗ |
| Skrill | ✓ | ✗ |
| Neteller | ✓ | ✗ |
| Rapid Pay EUR/GBP (5) |
✗ | ✗ |
| POLi / bPay AU/NZ (5) |
✗ | ✓ |
| Klarna (2) |
✗ | ✗ |
Verdict
While both brokers don’t have PayPal as a payment method, FOREX.com is the better choice with its inclusion of Skrill and Neteller.
OANDA has a lower minimum deposit of $0 against the $100 minimum set by FOREX.com. Do note that the $0 requirement is only applicable on bank transfers. $25 is the minimum for other payment channels, as seen below.
| GBP | USD | EUR | AUD | |
|---|---|---|---|---|
| Credit Card / Debit Card | £25 Minimum Deposit | $25 Minimum Deposit | €25 Minimum Deposit | $25 |
| Bank Wire | £0 Minimum Deposit | $0 Minimum Deposit | €0 Minimum Deposit | $0 |
| Trustly | £25 Minimum Deposit | $25 Minimum Deposit | €25 Minimum Deposit | $25 |
| Paypal | N/A | N/A | N/A | N/A |
FOREX.com, on the other hand, has a fixed $100 across different currencies and payment methods.
| Minimum Deposit | GBP | USD | EUR | AUD |
|---|---|---|---|---|
| Credit Card / Debit Card | £100 | $100 | €100 | $100 |
| Bank Wire | £100 | $100 | €100 | $100 |
| Skrill | £100 | $100 | €100 | $100 |
| Neteller | £100 | $100 | €100 | $100 |
Verdict
OANDA stands out as the winner in this category due to its minimum deposit requirement of $0.
OANDA is the winner because it offers a more user-friendly experience, lower minimum deposit, and superior educational resources. The table below summarizes the key information leading to this verdict:
| Criteria | OANDA | FOREX.com |
|---|---|---|
| Lowest Spreads And Fees | ✅ | ❌ |
| Better Trading Platforms | ❌ | ✅ |
| Superior Accounts And Features | ❌ | ✅ |
| Best Trading Experience | ✅ | ❌ |
| Stronger Trust And Regulation | ✅ | ❌ |
| CFD Product Range And Financial Markets | ❌ | ✅ |
| Superior Educational Resources | ✅ | ❌ |
| Better Customer Service | ✅ | ❌ |
| More Funding Options | ❌ | ✅ |
| Lower Minimum Deposit | ✅ | ❌ |
If you’re a beginner, OANDA is the better choice due to its lower minimum deposit, user-friendly platform, and extensive educational resources.
For experienced traders, FOREX.com offers a more comprehensive range of trading platforms and CFD markets, making it the better option.
OANDA takes the cake here with lower costs, offering spreads as low as 0.6 pips on major pairs. FOREX.com isn’t far behind, starting at 1 pip. For more on this, check out our lowest spread brokers.
Actually, neither OANDA nor FOREX.com offer social or copy trading. If that’s a deal-breaker for you, have a look at our best social trading platforms.
Only FOREX.com offers spread betting, making it a tax-efficient option for UK traders. For more details, visit our best spread betting brokers.
From my perspective, OANDA is the superior choice for Aussies. They’re ASIC-regulated and offer a user-friendly platform. FOREX.com is also ASIC-regulated but was founded overseas. More details can be found on our Australian forex brokers page.
In my opinion, FOREX.com takes the lead for UK traders. They’re FCA-regulated and offer a wide range of trading platforms. OANDA is also FCA-regulated but was founded overseas. For more, check out our best UK trading platforms.
No commission account spread propiety testing data and published wesbite spread information, centralised on our standard account spread page..
Ask an Expert