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FOREX.com vs OANDA 2023

BrokerNotes.co

Written by BrokerNotes.co

March 14, 2023

Trying to decide between FOREX.com and OANDA? We’ve taken the guesswork out of the equation with our Comparison Tool. Use our tool to compare hundreds of data points, side-by-side, to see how these two brokers stack up against each other.

Based on our extensive research, hands-on testing, and expert analysis of over a hundred data-driven variables, we've determined that, overall, FOREX.com ranks more highly than OANDA.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 65% and 82% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

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Compare

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Overall Rating FOREX.com OANDA
Overall Rating 9.3 / 10 8.4 / 10
Account Type FOREX.com OANDA
Standard Trade Size (100,000 units) info Yes Yes
Mini Trade Size (10,000 units) info Yes Yes
Micro Trade Size (1,000 units) info Yes Yes
Islamic Account info Yes Yes
Copy Trading FOREX.com OANDA
Social Trading / Copy Trading info No Yes
DupliTrade info No No
ZuluTrade info No Yes
Cryptocurrency FOREX.com OANDA
Cryptocurrency (Physical) info No Yes
Cryptocurrency (CFD) Yes Yes
Bitcoin info Yes Yes
ethereum info Yes Yes
Forex Trading (Spot or CFDs) FOREX.com OANDA
Forex Trading (Spot or CFDs) info Yes Yes
Mobile Trading - Forex or CFDs info Yes Yes
Indices (Index CFDs) FOREX.com OANDA
DAX info Yes Yes
Dow Jones info Yes Yes
FTSE info Yes Yes
NASDAQ 100 info Yes Yes
Nikkei info Yes Yes
SP 500 info Yes Yes
Investments FOREX.com OANDA
Forex Trading (Spot or CFDs) info Yes Yes
Spread Betting info No Yes
Social Trading / Copy Trading info No Yes
Metals info Yes Yes
Energies info Yes Yes
Agriculturals info Yes Yes
ETF info Yes No
U.S. Stocks (CFD) info Yes No
Trading Platforms FOREX.com OANDA
Apple iOS App info Yes Yes
Android App info Yes Yes
Proprietary Platform info Yes Yes
Desktop Platform (Windows) info Yes Yes
Web Platform info Yes Yes
MetaTrader 4 (MT4) info Yes Yes
MetaTrader 5 (MT5) info Yes Yes
Regulatory Licenses FOREX.com OANDA
Tier-1 Licenses info 4 6
Australia (ASIC Authorised) info No Yes
Canada (SRO Authorised) info Yes Yes
United Kingdom (U.K.) (FCA Authorised) info Yes Yes
Hong Kong (SFC Authorised) info No No
Singapore (MAS Authorised) info No Yes
Switzerland (FINMA Authorised) info No No
USA (CFTC Authorized) info Yes Yes
Tier-2 Licenses info 2 0
Tier-3 Licenses info 1 1
Research, Education FOREX.com OANDA
Trading Central (Recognia) info Yes No
Forex News (Top-Tier Sources) info Yes Yes
Daily Market Commentary info Yes Yes
Autochartist info No Yes
Investor Dictionary (Glossary) info Yes Yes
Videos - Beginner Trading Videos info Yes Yes
Client Webinars (Archived) info No Yes
Trading Costs FOREX.com OANDA
Minimum Deposit info $100 $0
Average Spread EUR/USD - Standard info 1.0 info 1.26 info
All-in Cost EUR/USD - Active info 1.0 info 1.26 info
Active Trader or VIP Discounts info Yes Yes
Bank Wire (Deposit/Withdraw) info Yes Yes
Visa/Mastercard (Credit/Debit) info Yes Yes
PayPal (Deposit/Withdraw) info Yes Yes
Trading Tools FOREX.com OANDA
Watchlists - Total Fields info 20 6
Mobile Watchlist info Yes Yes
Charting - Indicators / Studies (Total) info 203 81
Mobile Charting - Indicators / Studies info 88 30
Trust Factors FOREX.com OANDA
Year Founded info 1999 1996
Publicly Traded (Listed) info Yes No
Bank info No No
European Union Authorised (MiFID) info Yes info Yes info
Trust Score info 99 92
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FOREX.com vs OANDA Comparison

Comparing forex brokers side by side is no easy task. For our 2023 annual forex broker review, we spent hundreds of hours assessing 39 forex and CFD brokerages to find the best forex broker. Let's compare FOREX.com vs OANDA.

Can I trust FOREX.com?

FOREX.com has a trust score of 99, giving it a "Highly Trusted" trust label. Here's what each trust score label means:

  • "Highly Trusted" (90-99) - These brokers are considered the most trustworthy firms in the industry. Simply put, we would not hesitate to open and fund an account with a Highly Trusted broker.
  • "Trusted" (80-89) - These brokers are reliable and trustworthy. "Trusted" firms are a solid choice, and may simply hold fewer regulatory licences or feature different corporate structures than those brokers that have earned our top Trust Score rating.
  • "Average Risk" (70-79) - Average Risk brokers are firms we generally consider to be safe, but that may warrant a closer inspection before you open and fund a live trading account. At the least, we always encourage traders to check the regulatory licenses for Average Risk firms to verify that they are regulated in their own country of residence.
  • "High Risk" (60-69) - High-risk firms should be scrutinized and carefully reviewed before opening an account. These forex brokers are – in most cases – operating without credible regulatory licensing, and likely have a history of legal or financial issues. Before considering an account with a high-risk firm, we recommend checking our country guides for your country of residence to see if a more trusted broker is available.
  • "Do Not Trust" (<59) - We do not recommend opening an account of any kind with a broker that earns a “Do Not Trust” rating.

Can I trust OANDA?

OANDA has a trust score of 92, giving it a "Highly Trusted" trust label.

Is FOREX.com a good broker?

FOREX.com, part of the StoneX Group, is a trusted brand with a long history of offering forex in the U.S. and internationally. CFD markets are available within its proprietary platform, though fewer are available on MetaTrader. While great for active traders, FOREX.com's pricing is not its best feature. Overall, the broker is a great, well-balanced choice – regardless of your experience level.

Is OANDA a good broker?

OANDA is a long-standing broker that is highly regulated and trusted across the world by forex and CFD traders. OANDA has strong market research, and offers connectivity to numerous platforms and third-party plugins (including integrated charts from TradingView). The only downside with using OANDA is its comparatively small range of markets and industry-average spreads.

What tier-1 jurisdictions is each broker regulated in?

Tier-1 regulators go above and beyond by requiring additional capital requirements, checking in on brokers more frequently, and putting brokers through a tougher screening process. FOREX.com is Canada (SRO Authorised), Japan (SFC Authorised), United Kingdom (U.K.) (FCA Authorised) and USA (CFTC Authorized), while OANDA is Australia (ASIC Authorised), Canada (SRO Authorised), Japan (SFC Authorised), Singapore (MAS Authorised), United Kingdom (U.K.) (FCA Authorised) and USA (CFTC Authorized).. Neither have Hong Kong (SFC Authorised), CBI Authorised (Ireland), New Zealand (FMA Authorised) and Switzerland (FINMA Authorised)

What tier-2 jurisdictions is each broker regulated in? What about tier-3?

Tier-2 and tier-3 licenses are still important in evaluating the overall trustworthiness of forex brokers. As far as tier-2 licenses go, FOREX.com is Cyprus (CySEC Authorised) and UAE (DFSA/Central Bank Authorised), while OANDA is none.. Neither have China (CBRC Authorised), India (SEBI Authorised), Israel (ISA Authorised), Russia (CBR Authorised), South Africa (FSCA Authorised) and Thailand (SEC Authorised). When comparing tier-3 licenses FOREX.com is Cayman Islands (CIMA Authorised), while OANDA is British Virgin Islands (FSC Authorised).. Neither have Bahamas (SCB Authorised), Belize (FSC Authorised), Bermuda (BMA Authorised), Mauritius (FSC Authorised) and Vanuatu (VFSC Authorised).

Which broker offers more trading platforms?

For trading platforms FOREX.com supports a Proprietary Platform and Desktop Platform (Windows), whereas OANDA supports a Proprietary Platform, Desktop Platform (Windows) and ZuluTrade.. Neither have cTrader and DupliTrade

Does FOREX.com offer MetaTrader? Does OANDA offer MetaTrader?

Both FOREX.com and OANDA offer the whole MetaTrader suite, which consists of both MetaTrader 4 and MetaTrader 5. If you’re new to MetaTrader 4 here’s our educational guide on how to use MT4.

How do FOREX.com and OANDA differ in terms of minimum deposit? What about average spreads and funding options?

FOREX.com requires a minimum deposit of $100, while OANDA requires a minimum deposit of $0. From our testing we found FOREX.com offers spreads of 1.0, while OANDA offers spreads of 1.26. FOREX.com supports Bank Wire (Deposit/Withdraw), Visa/Mastercard (Credit/Debit) and PayPal (Deposit/Withdraw) for popular funding options, where OANDA supports Bank Wire (Deposit/Withdraw), Visa/Mastercard (Credit/Debit), PayPal (Deposit/Withdraw) and Skrill (Deposit/Withdraw).

Which brokers offers more tradeable asset classes, FOREX.com or OANDA?

FOREX.com offers a more diverse selection of investment options than OANDA allowing you to trade Forex Trading (Spot or CFDs), Metals, Energies, Agriculturals, ETF and U.S. Stocks (CFD). Looking at total tradeable symbols, FOREX.com has 5500, compared to 124 from OANDA.

Can I trade cryptocurrency with FOREX.com or OANDA?

Crypto trading is popular with forex traders. Most crypto assets are offered either as the underlying physical asset or as a CFD or other derivative — including spot forex contracts. In terms of trading physical cryptocurrency neither FOREX.com nor OANDA allow you to trade physical cryptocurrencies.

Who offers more research tools, FOREX.com or OANDA?

In terms of research and research tools FOREX.com gives traders the following tools: Daily Market Commentary, Stock Charts, Forex News (Top-Tier Sources) and Trading Central (Recognia). In comparison OANDA has the tools listed here: Autochartist, Daily Market Commentary, Forex News (Top-Tier Sources) and Social Trading / Copy Trading.

Broker Reviews

Still looking for more information, read our broker reviews.

FOREX.com Review

OANDA Review

Overall winner: FOREX.com

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announcementPlease note:

We review each broker’s overall global offering – a “Yes” checkmark in our Compare Tool does not guarantee the availability of any specific features in your country of residence. To verify the availability of any features within your country of residence, please contact the broker directly.

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