October 22, 2023

OANDA vs FOREX.com

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OANDA and FOREX.com are both highly regulated and trusted forex brokers. But one of them is a better option. Which one?

OANDA and FOREX.com are strong options for a forex broker. OANDA makes it easy to start with no deposit requirement, while FOREX.com's edge is in the number of currency pairs and CFDs you can trade.

To help you take your pick, here's a deep dive into both platforms. We'll dissect the costs that could sway your gains and explore the nuances that set these brokers apart. Let's start.

Is OANDA or FOREX.com Better?

Your choice would depend on your preferred assets, trading experience, and budget.

  • Choose FOREX.com for more tradeable assets.
    FOREX.com has 84 available currency pairs and 4,500 available CFDS. This is a lot more than OANDA's over 70 currency pairs and 53 CFD options. Also, FOREX.com offers stock trading, while OANDA does not.

  • Choose OANDA if you're a beginner and to avoid minimum deposits.
    FOREX.com has a $100 minimum deposit requirement,[1] which makes OANDA an easier platform to start with. And although both platforms are technically for experienced traders, OANDA is the more beginner-friendly option.

FOREX.com's platform can get overwhelming to use with its many offerings. But the platform does offer a lot of educational resources.

Here's an overview of the two brokers:

OANDAFOREX.com
HeadquartersUSUK
Minimum DepositNone$100
Available Currency Pairs70+84
Available CFDs534,500
Demo Account
Stock Tradingx
Email Support
Chat Support
Mobile Alerts
Mobile Trading

What is a forex broker?
A forex broker allows users to buy and sell currency pairs based on the current foreign exchange price. A broker makes money from the commission charged on the spread, which is the difference between the buy and sell price. Aside from forex, brokers may also let you trade other assets (like stocks, bonds, CFDs, and ETFs).

If the no minimum deposit requirement caught your eye, here's more info on OANDA.

What Is OANDA?

OANDA is a well-established broker and a trusted global brand known for its quality market research. It primarily caters to forex and CFD traders.

The platform has a strong regulatory track record and is one of the oldest brokerages available. It's even the very first to deliver free, real-time foreign exchange rate information online.

Assets you can trade include major forex pairs (like EUR/USD) and cross-currency pairs (pairs not involving USD).[2]

Pros + Cons:

  • No minimum deposits
  • Easy-to-understand platform
  • Supports third-party integrations
  • Withdrawal fees
  • Fewer currencies and CFDs
  • Cannot trade stocks

Did you know?
OANDA is the brokerage that released The Forex Trader's Bill of Rights. This Bill of Rights document tells forex traders what they deserve and what they should expect regarding their trading platform partner. It's also a document that sets the standard for brokerages' operations for pricing and protocols.

If the number of assets is your main priority, then you may be better off with FOREX.com.

What Is FOREX.com?

FOREX.com is a trusted global brand that caters to forex and CFD traders. As one of the largest online brokers, it's known for its wide range of market offerings.

It's a good platform if you want to trade more assets. You can choose from over 80 currencies and 4,500 CFDs.

And if you're just starting to learn about trading, FOREX.com offers more comprehensive research and education tools than OANDA. This would be another reason to go with the platform.

FOREX.com is regulated in the U.S., Canada, EU, and UK.

Pros + Cons:

  • Easy-to-navigate platform
  • Offers stock trading
  • No withdrawal fee
  • Supports third-party integrations
  • Higher inactivity fee
  • Minimum deposit requirement

OANDA vs. FOREX.com

OANDA and FOREX.com both offer trading platforms, research tools, and educational tools. But there is a better platform, starting with how much they can cost you.

Spreads and Fees — Winner: OANDA

OANDA has lower spreads than FOREX.com. That means it's cheaper to trade in OANDA.

Here's the average spread comparison of the major currency pairs:

Currency PairOANDA[3]FOREX.com[4]
EUR/USD1.41.4
USD/JPY1.41.7
GBP/USD2
1.5
USD/CHF1.82.1
AUD/USD1.41.8
NZD/USD1.73.1

FOREX.com has a slightly higher spread than OANDA. The good news is, it doesn't charge any withdrawal fee. But it does charge a $15 inactivity fee after 12 months of not using your account.[5]

Unfortunately, aside from inactivity fees (which are also charged after 12 months), OANDA charges withdrawal fees for bank transfers. These withdrawal fees can pile up over time, so just keep that in mind.

Here's a comparison of the fees of the two platforms:

OANDAFOREX.com
Account Opening FeeNoneNone
Deposit FeeNoneNone
Credit Card Withdrawal FeeNone
None
Bank Transfer Withdrawal Fee$20 (first withdrawal within calendar month); $35 (additional withdrawals)[6]
None
Inactivity Fee$10[7]$15[5]
Minimum DepositNone$100[1]

Trading Assets — Winner: FOREX.com

FOREX.com offers 84 currency pairs but OANDA only offers 70+ pairs. You clearly have more currency pairs to choose from with FOREX.com. This gives you more options when trading.

Aside from currency pairs, FOREX.com also offers other trading assets such as CFDs, commodities, metals, stocks, and cryptocurrencies.

OANDA, on the other hand, doesn't offer stocks and cryptocurrencies. But it also offers CFDs, commodities, and metals.

OANDAFOREX.com
Currencies
CFDs
Commodities
Metals
Stocksx
Cryptocurrenciesx

FOREX.com offers a total of 4,500 CFDs, while OANDA only has 53 available CFDs.

Is CFD trading allowed in US?
CFD trading is not allowed in the US due to SEC regulations.

Trading Platforms — Winner: FOREX.com

FOREX.com offers more trading platforms than OANDA. Both offer the MetaTrader 4 & 5 (MT4 and MT5) trading platform.

In addition, OANDA offers its own trading platform, FxTrade, while FOREX.com offers Advanced Trading Platform and WebTrader.

OANDAFOREX.com
Trading PlatformsMT4, MT5, FxTradeMT4, MT5, Advanced Trading Platform, WebTrader
Desktop Trading
Web-Based Trading
Mobile Trading

MT4 is the most commonly used forex trading platform. It offers an efficient mobile trading experience and ample technical analysis tools and trading signals. These can help you analyze the market.

The MetaTrader 5 (MT5) is the advanced version of MT4. MT4 only allows you to trade forex and CFDs. MT5 supports the trading of stocks and futures in addition to forex and CFDs.

Also, MT5 offers an economic calendar, more technical indicators, and analysis tools, which are ideal for experienced traders.

MetaTrader 5 (MT5) is not available in the U.S. for OANDA clients.

Research Tools — Winner: FOREX.com

FOREX.com offers more comprehensive research tools than OANDA. But both platforms offer many similar features.

Here's a summary of what you'll get from both:

OANDAFOREX.com
News and Analysis
Trading Signals and Indicators
Trade Ideas
Expert Analysis
Auto-chartist Tools
Sentiment Charts
Economic Calendar with Forecasting
Volatility and Pattern-Matching Analytical Toolsx
Delkos Researchx
Trading Centralx

FOREX.com offers Trading Central, which is a research portal that provides market news and investment insights. You can use it to analyze the markets to find general trade ideas.

You can also use Delkos Research to view analytics and economic forecasts. You can uncover previously overlooked trade setups based on economic events. With this, you'll have a pretty clear idea of whether it's good to buy or sell a particular currency.

On the other hand, OANDA offers volatility and pattern-matching analytical tools that are not offered by FOREX.com. These tools help you choose which currencies to trade at a specific timeframe and how to trade them.

What are auto-chartist tools and sentiment charts?
The auto-chartist tools help traders analyze the market to discover good trade opportunities. Sentiment charts tell you whether a group of forex traders are leaning more toward selling or buying a particular currency pair.

Mobile App — Winner: OANDA

OANDA and FOREX.com are both available on Android, iOS, and tablet devices.

OANDAFOREX.com
Google Play Store3.7/5 stars from over 5,000 reviews3.7/5 stars from over 1,000 reviews
App Store4.7/5 stars from over 17,000 reviews3.8/5 stars from over 700 reviews

OANDA's mobile app features its FxTrade trading platform and the MetaTrader 4 & 5 (MT4 & MT5) platform. FOREX.com's mobile app only features the MT4 and MT5 trading platforms.

Both mobile apps showcase:

  • A news feed
  • Technical analysis tools
  • Advanced charting tools
  • Watchlists and alerts

In addition, OANDA's mobile app offers a trading performance tool. It lets you manage your trading positions and examine your trading history.

You'll get to see your trading performance in terms of profit or loss, risk-to-reward ratio, and win rate.

On the other hand, FOREX.com's mobile app lets you personalize the dashboard and navigation bar. You can also access economic calendars, Reuters news feed, and risk management options.

Security and Regulation — Winner: TIE

Both FOREX.com and OANDA are regulated by multiple top-tier regulatory bodies such as US Commodity Futures Trading Commission (CFTC) and the Financial Conduct Authority (FCA) in the UK.

Here are the Tier-1 Regulators for each platform:

OANDAFOREX.com
Investment Industry Regulatory Organization of Canada (IIROC)
Japanese Financial Services Authority (JFSA)
Financial Conduct Authority (FCA)
Commodity Futures Trading Commission (CFTC)
Australian Securities & Investment Commission (ASIC)
Monetary Authority of Singapore (MAS)

OANDA and FOREX.com are both regulated. Forex.com is primarily regulated by the Financial Conduct Authority (FCA) in the UK. And Client funds are fully segregated.

OANDA's principal regulator is the U.S. Commodity Futures Trading Commission (CFTC) and the National Futures Association (NFA).

Note that FOREX.com is publicly traded while OANDA is not.

Educational Tools —Winner: FOREX.com

Like with research tools, FOREX.com offers more trading educational resources than OANDA.

FOREX.com has a trading academy. This can help you learn about technical analysis and ways of understanding chart patterns. OANDA doesn't have this trading academy.

On the plus side, both brokers offer a demo account. You can use it to practice your trading skills before trading with actual money.

Here's a summary of the educational tools you'll get from both:

OANDAFOREX.com
Demo Account
Platform Tutorial Videos
Free Webinars
Glossary of Terms
Trading Academyx
Educational PDFs

Customer Service — Winner: FOREX.com

Note that OANDA isn't BBB accredited. And unfortunately, there have been a lot of customer complaints. These complaints aren't only due to the customer service, but also due to fees, profits, and platform use.[8]

OANDA's average Trustpilot rating is 3.5 out of 5 stars, based on 400+ reviews.[9]

As for FOREX.com, it is also not BBB-accredited.[10] It has even more customer complaints but has a higher average rating of 4.5 out of 5 stars from Trustpilot (over 400 reviews).[11]

FOREX.com does provide good customer service. But watch out for withdrawal problems.

Contact:
OANDA and FOREX.com both offer email, phone, and chat support. But they don't offer SMS support.

Here's how you can reach OANDA:

  • During forex trading hours; from Sunday (4pm) to Friday (6pm) ET
  • Email: frontdesk@oanda.com

Here's how to reach FOREX.com:

  • From Sunday (10am) to Friday (5pm) EST
  • support@forex.com

OANDA and FOREX.com also have their frequently asked questions (FAQ) page that answers common trader concerns.

Bottom Line

OANDA and FOREX.com both offer an excellent trading environment for asset traders. Both brokers are well-regulated and come with a set of trading platforms.

If you prefer a broker with no minimum deposit requirement, go with OANDA. But if you prefer a broker with more assets, then FOREX.com is a better fit.

Regardless of any broker you choose, it is important to keep in mind that trading comes with risks. It is essential to study and do your own research first before buying or selling any asset.

References

  1. ^ FOREX.com. What is the minimum/maximum amount I can deposit?, Retrieved 10/14/2023
  2. ^ OANDA. Instruments, Retrieved 09/12/23
  3. ^ OANDA. Our spreads, Retrieved 10/13/2023
  4. ^ FOREX.com. Trading prices and execution, Retrieved 10/14/2023
  5. ^ FOREX.com. Does FOREX.com charge inactivity fees?, Retrieved 10/14/2023
  6. ^ OANDA. Withdrawal fees and costs: Trading, Retrieved 10/14/2023
  7. ^ OANDA. Our charges and fees, Retrieved 10/14/2023
  8. ^ BBB. Oanda Corporation, Retrieved 09/13/23
  9. ^ Trustpilot. OANDA, Retrieved 09/13/23
  10. ^ BBB. FOREX.com, Retrieved 09/13/23
  11. ^ Trustpilot. FOREX.com, Retrieved 09/13/23
OANDA

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OANDA Corporation is regulated by the CFTC/NFA. OANDA is a member Firm of the NFA (Member ID: 0325821). CFDs are not available to residents in the United States. OANDA CORPORATION IS A MEMBER OF NFA AND IS SUBJECT TO NFA'S REGULATORY OVERSIGHT AND EXAMINATIONS. HOWEVER, YOU SHOULD BE AWARE THAT NFA DOES NOT HAVE REGULATORY OVERSIGHT AUTHORITY OVER UNDERLYING OR SPOT VIRTUAL CURRENCY PRODUCTS OR TRANSACTIONS OR VIRTUAL CURRENCY EXCHANGES, CUSTODIANS OR MARKETS Trading in digital assets, including cryptocurrencies, is especially risky and is only for individuals with a high risk tolerance and the financial ability to sustain losses. OANDA Corporation is not party to any transactions in digital assets and does not custody digital assets on your behalf. All digital asset transactions occur on the Paxos Trust Company exchange. Any positions in digital assets are custodied solely with Paxos and held in an account in your name outside of OANDA Corporation. Digital assets held with Paxos are not protected by SIPC. Paxos is not an NFA member and is not subject to the NFA's regulatory oversight and examinations. Leveraged trading in foreign currency contracts or other off-exchange products on margin carries a high level of risk and may not be suitable for everyone. We advise you to carefully consider whether trading is appropriate for you in light of your personal circumstances. You may lose more than you invest. Information on this website is general in nature. We recommend that you seek independent financial advice and ensure you fully understand the risks involved before trading. Trading through an online platform carries additional risks.

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