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OANDA vs FXPrimus 2023

BrokerNotes.co

Written by BrokerNotes.co

March 14, 2023

Trying to decide between OANDA and FXPrimus? 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, OANDA ranks more highly than FXPrimus.

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 OANDA FXPrimus
Overall Rating 8.4 / 10 6.9 / 10
Account Type OANDA FXPrimus
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 OANDA FXPrimus
Social Trading / Copy Trading info Yes Yes
DupliTrade info No No
ZuluTrade info Yes No
Cryptocurrency OANDA FXPrimus
Cryptocurrency (Physical) info Yes No
Cryptocurrency (CFD) Yes Yes
Bitcoin info Yes Yes
ethereum info Yes Yes
Forex Trading (Spot or CFDs) OANDA FXPrimus
Forex Trading (Spot or CFDs) info Yes Yes
Mobile Trading - Forex or CFDs info Yes Yes
Indices (Index CFDs) OANDA FXPrimus
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 OANDA FXPrimus
Forex Trading (Spot or CFDs) info Yes Yes
Spread Betting info Yes No
Social Trading / Copy Trading info Yes Yes
Metals info Yes Yes
Energies info Yes Yes
Agriculturals info Yes No
ETF info No No
U.S. Stocks (CFD) info No No
Trading Platforms OANDA FXPrimus
Apple iOS App info Yes Yes
Android App info Yes Yes
Proprietary Platform info Yes No
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 OANDA FXPrimus
Tier-1 Licenses info 6 0
Australia (ASIC Authorised) info Yes No
Canada (SRO Authorised) info Yes No
United Kingdom (U.K.) (FCA Authorised) info Yes No
Hong Kong (SFC Authorised) info No No
Singapore (MAS Authorised) info Yes No
Switzerland (FINMA Authorised) info No No
USA (CFTC Authorized) info Yes No
Tier-2 Licenses info 0 1
Tier-3 Licenses info 1 1
Research, Education OANDA FXPrimus
Trading Central (Recognia) info No No
Forex News (Top-Tier Sources) info Yes No
Daily Market Commentary info Yes Yes
Autochartist info Yes No
Investor Dictionary (Glossary) info Yes No
Videos - Beginner Trading Videos info Yes No
Client Webinars (Archived) info Yes Yes
Trading Costs OANDA FXPrimus
Minimum Deposit info $0 $100
Average Spread EUR/USD - Standard info 1.26 info N/A info
All-in Cost EUR/USD - Active info 1.26 info N/A info
Active Trader or VIP Discounts info Yes No
Bank Wire (Deposit/Withdraw) info Yes Yes
Visa/Mastercard (Credit/Debit) info Yes Yes
PayPal (Deposit/Withdraw) info Yes No
Trading Tools OANDA FXPrimus
Watchlists - Total Fields info 6 7
Mobile Watchlist info Yes Yes
Charting - Indicators / Studies (Total) info 81 30
Mobile Charting - Indicators / Studies info 30 30
Trust Factors OANDA FXPrimus
Year Founded info 1996 2009
Publicly Traded (Listed) info No No
Bank info No No
European Union Authorised (MiFID) info Yes info Yes info
Trust Score info 92 69
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OANDA vs FXPrimus 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 OANDA vs FXPrimus.

Can I trust OANDA?

OANDA has a trust score of 92, 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 FXPrimus?

FXPrimus has a trust score of 69, giving it a "High Risk" trust label.

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.

Is FXPrimus a good broker?

FXPrimus offers cTrader as well as the full MetaTrader suite, but offers less than 140 symbols that you can trade from its platform. Despite carrying indemnity insurance from its Vanuatu regulated entity and holding a regulatory license in Cyprus, FXPrimus' lack of additional top-tier licenses brings its Trust Score down.

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. OANDA is Australia (ASIC Authorised), Canada (SRO Authorised), Japan (SFC Authorised), Singapore (MAS Authorised), United Kingdom (U.K.) (FCA Authorised) and USA (CFTC Authorized), while FXPrimus is none.. 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, OANDA is none, while FXPrimus is Cyprus (CySEC Authorised).. Neither have China (CBRC Authorised), India (SEBI Authorised), Israel (ISA Authorised), Russia (CBR Authorised), South Africa (FSCA Authorised), Thailand (SEC Authorised) and UAE (DFSA/Central Bank Authorised). When comparing tier-3 licenses OANDA is British Virgin Islands (FSC Authorised), while FXPrimus is Vanuatu (VFSC Authorised).. Neither have Bahamas (SCB Authorised), Belize (FSC Authorised), Bermuda (BMA Authorised), Cayman Islands (CIMA Authorised) and Mauritius (FSC Authorised).

Which broker offers more trading platforms?

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

Does OANDA offer MetaTrader? Does FXPrimus offer MetaTrader?

Both OANDA and FXPrimus 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 OANDA and FXPrimus differ in terms of minimum deposit? What about average spreads and funding options?

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

Which brokers offers more tradeable asset classes, OANDA or FXPrimus?

OANDA offers a more diverse selection of investment options than FXPrimus allowing you to trade Forex Trading (Spot or CFDs), Spread Betting, Social Trading / Copy Trading, Metals, Energies and Agriculturals.. Neither have ETF and U.S. Stocks (CFD) Looking at total tradeable symbols, OANDA has 124, compared to 140 from FXPrimus.

Can I trade cryptocurrency with OANDA or FXPrimus?

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 OANDA nor FXPrimus allow you to trade physical cryptocurrencies.

Who offers more research tools, OANDA or FXPrimus?

In terms of research and research tools OANDA gives traders the following tools: Autochartist, Daily Market Commentary, Forex News (Top-Tier Sources) and Social Trading / Copy Trading. In comparison FXPrimus has the tools listed here: Daily Market Commentary, Stock Charts and Social Trading / Copy Trading.. Neither have Trading Central (Recognia)

Broker Reviews

Still looking for more information, read our broker reviews.

OANDA Review

FXPrimus Review

Overall winner: OANDA

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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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