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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Our full comparison covers the 10 most important trading factors, but here are five noticeable differences between ThinkMarkets and OANDA:
When it comes to trading costs, both brokers have their advantages. ThinkMarkets offers a Lowest Commission Brokers service, while OANDA is known for its competitive spreads.
1. Standard Account 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 seasoned traders, 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 October 2024[1]October 2024 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.
2. RAW Account Spreads
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 Zero Spread Accounts.
3. Commission Rates
Both ThinkMarkets and OANDA offer commission-free trading on their platforms.
4. Deposit & Withdrawal Fees
ThinkMarkets does not charge any fees for deposits and withdrawals. However, OANDA may apply fees depending on the payment method used.
5. Other Fees
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 ReviewVisit ThinkMarkets
ThinkMarkets offers MetaTrader 4 and 5, while OANDA only offers MetaTrader 4You can check our detailed guide for more information on the best MT4 brokers.
1. MetaTrader 4 and 5
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.
2. cTrader and TradingView
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 |
3. Social And Copy Trading
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 social trading platforms.
4. VPS and Other Trading Tools
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.
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 the Best Brokers for Micro Trading.
Verdict
ThinkMarkets offers better account options with its ThinkZero Account catering to high-volume traders, giving it the edge in terms of superior accounts and features.
When it comes to trading experience and ease, both ThinkMarkets and OANDA have their strengths. Here’s what we found:
In our testing, we found that ThinkMarkets provides a seamless trading experience with its comprehensive trading app and the availability of both MetaTrader 4 and 5. The app is intuitive and easy to navigate, making it a great option for both beginners and experienced traders. On the other hand, OANDA is a fantastic choice for beginners, with its user-friendly platform and helpful educational resources.
Verdict
ThinkMarkets offers the best trading experience with its superior trading app and range of platforms, catering to traders of all levels.
OANDA Trust Score
ThinkMarkets Trust Score
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.
| ThinkMarkets | OANDA | |
|---|---|---|
| Tier 1 Regulation | ASIC (Australia) FCA (UK) CYSEC (Cyprus) |
NFA/CFTC (USA) MAS (Singapore) CIRO (CANADA) FCA (UK) ASIC (Australia) |
| Tier 2 Regulation | JFSA | JFSA (Japan) KNF (Poland) MFSA (Europe) |
| Tier 3 Regulation | FSCA (South Africa) FSA-S (Seychelles) CIMA (Cayman) FSC-M (Mauritius) |
FSC-BVI |
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.
When it comes to product range and CFD markets, both ThinkMarkets and OANDA offer a diverse selection of trading instruments. However, there are some key differences between the two brokers.
| Criteria | ThinkMarkets | OANDA |
|---|---|---|
| Forex CFD | 46 | 68 |
| Shares CFD | 3670 | No |
| Cryptos CFD | 27 | 4 |
| Commodities CFD | 4 Metals | 3 Metals |
| (3 x Golds) | (3 x Silver) | (Gold x 10) |
| 3 Energies | (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 |
ThinkMarkets offers a wider range of CFDs, including a significant number of share CFDs, which are not available with OANDA. Additionally, ThinkMarkets provides more options for crypto CFDs. On the other hand, OANDA offers bonds/treasuries CFDs, which are not available with ThinkMarkets.
Verdict
ThinkMarkets offers a more comprehensive range of CFDs and markets, making it the better choice for traders looking for a diverse selection of trading instruments.
When it comes to educational resources, both ThinkMarkets and OANDA offer a range of materials to help traders improve their skills. Here’s a comparison of what each broker provides:
In our testing, we found that OANDA offers a more comprehensive range of educational resources, with its trading academy and podcasts providing valuable insights for traders. The demo account is also a useful tool for beginners to practice their skills in a risk-free environment.
Verdict
OANDA offers the best educational resources, with a wide range of materials to help traders improve their skills and make informed trading decisions.
Customer service is a crucial aspect of any broker, and both ThinkMarkets and OANDA understand this. They have put in place various measures to ensure that their customers receive the support they need.
| Criteria | ThinkMarkets | OANDA |
|---|---|---|
| Live Chat | Yes | Yes |
| Email Support | Yes | Yes |
| Phone Support | Yes | No |
| FAQ Section | No | Yes |
| Response Time | Fast | Average |
| Knowledgeable Team | Yes | Yes |
Verdict
Based on our testing, ThinkMarkets offers superior customer service with faster response times and a more comprehensive support system.
Funding options are an essential aspect to consider when choosing a broker, as they can affect how easily you can deposit and withdraw funds from your trading account. Both ThinkMarkets and OANDA offer a range of funding options to cater to their clients’ needs.
| Funding Option | ThinkMarkets | OANDA |
|---|---|---|
| Credit/Debit Card | ✓ | ✓ |
| Bank Wire Transfer | ✓ | ✓ |
| PayPal | ✗ | ✓ |
| Skrill | ✓ | ✗ |
| Neteller | ✓ | ✗ |
| Minimum Deposit | Lower | Higher |
| Deposit Fees | No | May Apply |
| Withdrawal Fees | No | May Apply |
Verdict
Based on the available information, ThinkMarkets offers better funding options with a lower minimum deposit requirement and no deposit or withdrawal fees.
Both ThinkMarkets and OANDA have a minimum deposit requirement of $0. There are some exception to this no deposit requirement, ThinkMarkets ThinkZero account has a $500, while OANDA do require a small deposit to fund your account with credit cards or debit cards.
| 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 |
Conversely, whether you use credit cards, debit cards, Paypal, bank wire, or Skrill with ThinkMarkets, the minimum amount stays at $0.
| GBP | USD | EUR | AUD | |
|---|---|---|---|---|
| Credit Card / Debit Card | £0 | $0 | €0 | $0 |
| Paypal | £0 | $0 | €0 | $0 |
| Bank Wire | £0 | $0 | €0 | $0 |
| Skrill | £0 | $0 | €0 | $0 |
Verdict
It’s a tie between OANDA and ThinkMarkets in this round. At any rate, you will still need a relatively small amount to start a trading position.
ThinkMarkets is the winner because it excels in most of the key areas that traders consider when choosing a broker, including trading platforms, accounts and features, product range, and customer service. The table below summarises the key information leading to this verdict.
| Criteria | ThinkMarkets | OANDA |
|---|---|---|
| Lowest Spreads And Fees | ✅ | ❌ |
| Better Trading Platform | ✅ | ❌ |
| Superior Accounts And Features | ✅ | ❌ |
| Best Trading Experience And Ease | ✅ | ❌ |
| Stronger Trust And Regulation | ❌ | ✅ |
| Top Product Range And CFD Markets | ✅ | ❌ |
| Superior Educational Resources | ❌ | ✅ |
| Superior Customer Service | ✅ | ❌ |
| Better Funding Options | ✅ | ❌ |
| Lower Minimum Deposit | ✅ | ✅ |
OANDA is better for beginner traders due to its comprehensive educational resources and user-friendly trading platform.
ThinkMarkets is better for experienced traders because of its advanced trading platforms, wide range of products, and superior customer service.
ThinkMarkets has lower costs compared to OANDA. ThinkMarkets offers competitive spreads starting from 0.4 pips on major forex pairs, while OANDA’s spreads start from 1.0 pips. Additionally, ThinkMarkets does not charge any deposit or withdrawal fees, which can significantly reduce trading costs. For more information, you can refer to our lowest spread forex brokers page.
Both ThinkMarkets and OANDA offer MetaTrader 4, but ThinkMarkets has the edge as it also provides MetaTrader 5. ThinkMarkets’ MetaTrader platforms are packed with features and tools to enhance the trading experience. For a comprehensive list of the best MetaTrader 4 brokers, check out our best MT4 forex brokers page.
ThinkMarkets offers social trading via the Trade Interceptor platform, while OANDA does not provide this option. Social trading allows traders to copy the trades of successful traders, which can be a valuable tool for beginners. For more information on the best social trading platforms, visit our best copy trading platforms page.
ThinkMarkets offers spread betting, while OANDA does not. Spread betting is a tax-efficient way of speculating on the price movement of financial markets. ThinkMarkets provides a range of markets for spread betting, including forex, indices, and commodities. For more information on the best spread betting brokers, check out our best spread betting brokers page.
In my opinion, ThinkMarkets is superior for Australian forex traders. ThinkMarkets is ASIC regulated and was founded in Australia, which adds an extra layer of trust and security for Australian traders. They offer a wide range of forex pairs and have competitive spreads. Additionally, their customer service is top-notch. For more information on Australian forex brokers, visit our Best Forex Brokers In Australia page.
In my opinion, ThinkMarkets is superior for UK forex traders. ThinkMarkets is FCA regulated and offers a wide range of forex pairs with competitive spreads. They also provide excellent customer service and have a user-friendly trading platform. For more information on the best UK forex brokers, check out our best forex brokers in UK page.
No commission account spread propiety testing data and published wesbite spread information, centralised on our Standard Account Spreads page.
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