Top Oanda Competitors to Consider

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You might have a lot of questions about Oanda. These might include:

What is Oanda?

Can you trade stocks with Oanda?

Is Oanda a good broker for stock trading?

Learn more about Oanda from this comprehensive review of the services, including its pros and cons along with alternatives, before you start the process of opening up an Oanda trading account.

Oanda Pros and Cons

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Your capital is at risk.

Oanda is a live Forex trading platform. It utilizes the award-winning OANDA Trade platform alongside MetaTrader 4 – which is also a globally renowned trading platform. Oanda offers competitive CFD spreads across 70 Forex pairs, including majors and minors.

Oanda Pros

Pricing

At Oanda, our pricing engine aggregates live prices, in real time, from liquidity providers, while also calculating a mid-point. Then, a custom-built pricing algorithm automatically calculates the spread symmetrically around the calculated mid-point for every tradable instruments. The mid-point can and does fluctuate through the day as the market prices change and evolve. Read more in the article: OANDA Currency Conversion.

Execution

It is important to remember that Forex prices change quickly, especially when the market’s conditions are volatile. The award-winning platform utilized by Oanda is engineered to provide you with the reliability and speed you need for your trades.

Costs of Trading

At the heart of Oanda’s business practices are fairness and transparency. Oanda is upfront about the charges and fees of using its services, so you always know how much you pay when you trade with Oanda. You can learn more at their website about the costs of making deposits, withdrawing funds, bank wire transfers, spread, inactivity fees, etc.

Funding and Withdrawals

With Oanda, it is a simple and straightforward process to deposit and withdraw funds from your Oanda trading account. There are a variety of payment methods that you can utilize, including PayPal, credit, debit, online banking, and wire transfers.

Oanda Cons

Even though Oanda has a lot of pros, there are a couple of cons that you need to consider when making a decision about which online broker to go with for your trading account. The major cons for using Oanda are that:

Only FX and CFD are available

There is no stock exchange listing and banking background

Customer support is not offered or available 24/7

Best Oanda Alternatives

Tickmill

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Your capital is at risk.

Tickmill is a global Forex and CFD broker that was established in 2014. Now, the company is regulated by several different financial authorities, including the top-tier Financial Conduct Authority (FCA) in the United Kingdom. Tickmill is considered a safe broker.

Now, Tickmill is considered to be an average-risk broker, with a trust score of 82 out of 99. It is not a publicly traded company and does not operate a bank. It is authorized by a single tier-1 regulator (high-trust), two tier-2 regulators (average trust), and no tier-3 regulators (low trust). It is a viable alternative for those looking to get involved in trading.

eToro

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eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk. Don’t invest unless you’re prepared to lose all the money you invest.

eToro is another alternative to both Tickmill and Oanda. Unlike Tickmill, however, eToro is considered low-risk, with an overall Trust Score of 93 out of 99. It is a safe, reliable, and secure option for those looking to get involved in trading. Now, trading on eToro can be profitable if you play the market correctly but, as with any other market trader, there is the risk of losing money.

On the downside of eToro, its non-trading fees are high as are the fees for withdrawal and inactivity. It is also important to be aware that any withdrawals from eToro are slow. Additionally, USD is the only currency that you can use to hold your cash. Their customer support can also be difficult to contact when you need it.

Oanda vs eToro vs Tickmill: Total Score

Overall, each scores high – with their scores ranking at 4.4, 4.3, and 4.6, respectively. Although, Oanda scores higher on regulation, support, and its platforms and charting tools. Now, when it comes to trading assets, both eToro and Tickmill score higher than Oanda, which only has a 3.5 ranking.

With regard to platforms and charting tools, eToro comes out on the bottom with a rank of 3 – but also scores the highest in the research category with a 5. It is important that when you are evaluating these different broker services, that you ultimately select one that works best for you; the scores are provided to give you a general idea of where each broker stands on a variety of different evaluation criteria.

Feature Oanda eToro Tickmill

Overall

4.4

4.3

4.6

Regulation

5

4.6

4.9

Fees

4.5

4.5

4.9

Trading Assets

3.5

4.7

4.1

Investment Instruments

4.1

4.8

3.9

Platforms and Charting Tools

4.8

3.7

4.2

Deposit and Withdrawal

4.2

4.5

4.5

Research

4.7

5

4.2

Education

4.5

3.9

4.0

Support

4.8

4.1

4.5

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Oanda vs eToro vs Tickmill: Regulation

Only Oanda and eToro are regulated by US regulators: Oanda by the CFTC and the NFA, while eToro is regulated by the FINRA. All three are regulated by the FCA in Great Britain. When it comes to additional regulators, Oanda is not regulated by CySec (Cypres, EU), while both eToro and Tickmill are. ASIC, in Australia, only regulates Oanda and eToro. There are other regulators as well who individually regulate each broker, although Oanda is regulated by more than Tickmill and eToro combined.

Regulated By: Oanda eToro Tickmill

US Regulation

Yes (CFTC, NFA)

Yes ( FINRA)

No

FCA (Great Britain)

Yes

Yes

Yes

CySec (Cyprus, EU)

No

Yes

Yes

ASIC (Australia)

Yes

Yes

No

Other Regulators

European Union (regulated by the MFSA), Singapore (regulated by the MAS), Canada (regulated by IIROC), Japan (regulated by FSA)

Seychelles FSA

FSCA (Seychelles), Malaysia

Best Oanda Alternatives: Conclusion

What it comes down to is that each broker offers its own series of pros and cons, with each offering positives and negatives. Ultimately, you will need to decide about which one is the right choice and best fit for you, your goals, and your trading style. You should take the time to look at and thoroughly read through comparisons and detailed reviews that outline the strengths and weaknesses of each of these different brokers. Take the time to do thorough, detailed research before you make a final decision on which broker you plan to open a trading account with.

FAQ

Which ways can you trade on Oanda?

If you are interested in trading on Oanda, you can use a desktop, their mobile trading platform, or rest API.

What educational tools does Oanda offer?

If you want to learn more about trading on the Oanda platform, one of the best things you can do is set up a demo account. This will allow you to try out the features of the platform without risking your own money. On the other hand, the platform also has several educational resources. For instance, users can learn all the tips and tricks needed to begin using the platform. On the other hand, if you want to learn more about risk management tools to help preserve your capital, you will want to check out the capital management category. If you need help developing your trading strategy, they have tools and resources to help you do that as well. The platform also holds frequent webinars, forex and CFD instruments tools, and much more.

Are Oanda rates accurate?

Oanda rates are considered to be highly accurate and trustworthy. In fact, these rates are used by tax authorities, auditing firms, major corporations, and more. When it comes to major currency pairs, their rates are taken from tens of thousands of various price points. These price points are collected every second, 24 hours a day, seven days a week. In addition, they are collected from live data suppliers and filtered to remove false data.

What’s the difference between subscription and online registration?

On the one hand, registration is easy and can be completed by virtually anyone. To register online, you simply need to create an Oanda account, which requires you to provide them with specific details, create a username, etc. Nevertheless, you may not trade or use any of the services until you are subscribed to the platform.

Team that worked on the article

Mikhail Vnuchkov
Author at Traders Union

Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.

The area of responsibility of Mikhail includes covering the news of currency and stock markets, fact checking, updating and editing the content published on the Traders Union website. He successfully analyzes complex financial issues and explains their meaning in simple and understandable language for ordinary people. Mikhail generates content that provides full contact with the readers.

Mikhail’s motto: Learn something new and share your experience – never stop!

Olga Shendetskaya
Author and editor at Traders Union

Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.

Olga has extensive experience in writing and editing articles about the specifics of working in the Forex market, cryptocurrency market, stock exchanges and also in the segment of financial investment in general. This level of expertise allows Olga to create unique and comprehensive articles, describing complex investment mechanisms in a simple and accessible way for traders of any level.

Olga’s motto: Do well and you’ll be well!

Mirjan Hipolito
Cryptocurrency and stock expert

Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO). Mirjan is a cryptocurrency and stock trader. This deep understanding of the finance sector allows her to create informative and engaging content that helps readers easily navigate the complexities of the crypto world.