Dive into our comprehensive comparison of ThinkMarkets vs OANDA. We dissect trading costs, platforms, account types, and more to help you choose the right broker for your trading needs.
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ThinkMarkets and OANDA stand out as two of the most respected brokers in the world of forex trading. In our detailed breakdown of ThinkMarkets vs OANDA, we delve deep into these aspects and more, offering a holistic view to assist you in making an informed decision. Find out which broker aligns best with your trading ambitions by exploring our thorough comparison.
ThinkMarkets and OANDA are both reputable brokers in the forex trading industry, but they cater to different types of traders and offer distinct features. The main differences lie in their trading costs, execution speed, trading platforms, account types, regulations, and other trading factors.
When it comes to trading costs, both brokers have their advantages. ThinkMarkets offers a low commission forex broker service, while OANDA is known for its competitive spreads.
It’s a tight race between ThinkMarkets and OANDA when it comes to standard account spreads. The data shows ThinkMarkets has slightly higher spreads across most forex pairs. For instance, the EUR/USD pair has a spread of 1.1 for ThinkMarkets, compared to 0.6 for OANDA. This pattern is consistent across other pairs, such as USD/JPY, GBP/USD, and AUD/USD.
However, it’s not just about the numbers. As a seasoned trader, we know that lower spreads aren’t the only factor to consider. The overall trading experience, including platform usability, customer service, and additional features, can make a significant difference.
Comparing these brokers to the industry average, both ThinkMarkets and OANDA perform quite well. In fact, OANDA consistently beats the industry average, making it a cost-effective choice for traders focused on spread size. However, ThinkMarkets, despite its slightly higher spreads, offers a robust trading platform and excellent customer service, which can be a deciding factor for many traders.
| Forex Pair | ThinkMarkets | OANDA | Industry Average |
|---|---|---|---|
| EUR/USD | 1.1 | 0.6 | 1.18 |
| USD/JPY | 1.4 | 0.6 | 1.37 |
| GBP/USD | 1.3 | 0.9 | 1.51 |
| AUD/USD | 1.1 | 0.7 | 1.41 |
| USD/CAD | 1.2 | 0.7 | 1.70 |
| EUR/GBP | 1.1 | 0.8 | 1.56 |
| EUR/JPY | 1.2 | 0.9 | 1.85 |
| AUD/JPY | 1.2 | N/A | 2.09 |
Standard Account Analysis Updated September 2023[1]September 2023 Published And Tested Data
In conclusion, OANDA is cheaper if you’re looking for the lowest spreads. However, if you value a comprehensive trading experience, ThinkMarkets could be worth the slightly higher spreads. As always, it’s crucial to consider your individual trading needs and strategies when choosing a forex broker.
ThinkMarkets does not offer a RAW account, while OANDA does not publish its spreads for this type of account. You can read our comprehensive review for more details on forex brokers with zero pip accounts.
Both ThinkMarkets and OANDA offer commission-free trading on their platforms.
ThinkMarkets does not charge any fees for deposits and withdrawals. However, OANDA may apply fees depending on the payment method used.
Both brokers may apply other fees, which are detailed in their respective terms and conditions.
Verdict: ThinkMarkets has the edge regarding trading costs due to its lack of deposit and withdrawal fees. However, making a direct comparison without published spread information is challenging.
| Criteria | ThinkMarkets | OANDA |
|---|---|---|
| Standard Account Spreads | Not Published | 1.1 (Published), 1.54 (Tested) |
| RAW Account Spreads | N/A | N/A |
| Commission Rates | Commission-free | Commission-free |
| Deposit & Withdrawal Fees | No Fees | Fees may apply |
| Other Fees | May apply | May apply |
ThinkMarkets is regulated by ASIC, FCA, FSCA, and FSA, while CFTC, NFA, IIROC, FCA, ASIC, MAS, and FSA regulate OANDA. You can check our detailed guide for more information on ASIC regulated brokers.
Verdict: While both brokers are well-regulated, OANDA has a slight edge due to its regulation by a larger number of authorities, including those in the U.S. and Canada.
| Broker | Regulators |
|---|---|
| ThinkMarkets | ASIC, FCA, FSCA, MAS, KNF, JFSA, FSCM, CySEC |
| OANDA | CFTC/NFA, CIRO, FCA, ASIC, MAS, FSA, KNF |
ThinkMarkets offers MetaTrader 4 and 5, while OANDA only offers MetaTrader 4You can check our detailed guide for more information on the best MetaTrader 4 forex brokers.
Both ThinkMarkets and OANDA offer MetaTrader 4 (MT4), the world’s most popular forex trading platform. ThinkMarkets also offers MetaTrader 5 (MT5), the newer and more advanced platform version. You can check our detailed guide for more information on MetaTrader 4 vs MetaTrader 5.
Neither ThinkMarkets nor OANDA offers cTrader or TradingView.
| Criteria | ThinkMarkets | OANDA |
|---|---|---|
| MetaTrader 4 | Yes | Yes |
| MetaTrader 5 | Yes | No |
| cTrader | No | No |
| TradingView | No | Yes |
| Other Platforms | ThinkTrader | Oanda Web (fxTrade) Oanda Mobile |
| VPS Services | Yes | Yes |
ThinkMarkets offers social and copy trading via the Trade Interceptor platform, allowing traders to follow and copy the trades of experienced traders. OANDA does not provide social or copy trading. You can check our detailed guide for more information on the best forex social trading platforms.
Both brokers offer Virtual Private Server (VPS) services for automated trading and a range of other trading tools.
Verdict: ThinkMarkets has the edge in terms of trading platforms, offering both MT4 and MT5 and social and copy trading.
Execution speed is crucial for traders, especially those using high-frequency trading strategies. With specific data, it’s easier to compare the execution speeds of ThinkMarkets and OANDA directly. Both brokers claim to offer fast and reliable execution, but we need independent testing to declare a clear winner in this category.
| Criteria | Execution Speed | Limit Order | Market Order |
|---|---|---|---|
| ThinkMarkets | N/A | 19 ms | 19 ms |
| OANDA | N/A | N/A | N/A |
ThinkMarkets offers a Standard Account and a ThinkZero Account, while OANDA provides a single account with flexible trading options. You can check our detailed guide for more information on forex brokers with micro accounts.
Both ThinkMarkets and OANDA offer 24/5 customer service via phone, email, and live chat. They also provide extensive educational resources and trading tools. Without specific customer service ratings, it’s difficult to declare a clear winner in this category.
ThinkMarkets and OANDA both offer forex and CFD trading. They also provide access to trade precious metals and offer demo accounts for practice. For more information on Micro Accounts, you can check our detailed guide.
ThinkMarkets requires no minimum deposit for its Standard Account and $500 for its ThinkZero Account. OANDA stands out with its no-minimum deposit requirement overall.
Both brokers offer multiple payment methods, including credit/debit cards, bank transfers, and e-wallets.
| Criteria | ThinkMarkets | OANDA |
|---|---|---|
| Trading Instruments | ||
| Forex CFD | 46 | 68 |
| Shares CFD | 3670 | No |
| Cryptos CFD | 27 | 4 |
| Commodities CFD | 4 Metals (3 x Golds) (3 x Silver) 3 Energies |
3 Metals (Gold x 10) (Silver x 10) 3 Energies 4 Softs |
| Indices CFD | 16 | 15 |
| Bonds/Treasuries CFD | No | 5 |
| Spread Betting (UK only) | Yes | Yes |
| Other Products | No | No |
| Shares (underlying) | Yes | No |
Best For Beginner Traders: OANDA is our pick for beginner traders. With no minimum deposit requirement and a user-friendly platform, it’s a great place to start your trading journey. OANDA’s regulation by multiple authorities also provides an added level of trust and security.
Best For Experienced Traders: For experienced traders, we recommend ThinkMarkets. Its ThinkZero Account offers competitive spreads for high-volume traders, and the availability of MT5 and social trading is a plus. However, keep in mind that the ThinkZero Account requires a minimum deposit of $500.
OANDA is better for beginner traders due to its no minimum deposit requirement and user-friendly platform.
ThinkMarkets is better for experienced traders due to its competitive spreads for high-volume traders and the availability of MT5 and social trading.
No commission account spread propiety testing data and published wesbite spread information, centralised on our standard account spread page..
