Oanda vs Forex.com - Fees Review included
Which broker is better Oanda or Forex.com? Our expert assessment conducted according to TU’s own methodology showed that Oanda is one of the top brokers in the financial market with the TU Overall Score of 5.28 out of 10. Forex.com is one of the top brokers in the financial market with the TU Overall Score of 5.24 out of 10. Find out more about TU Overall Score.
| Feature | Oanda | Forex.com |
|---|---|---|
Overall |
4.4 |
4.3 |
5 |
5 |
|
4.5 |
4.3 |
|
3.5 |
4.4 |
|
Investment Instruments |
4.1 |
3.5 |
Platforms and Charting Tools |
4.8 |
4.5 |
Deposit and Withdrawal |
4.2 |
4.2 |
Research |
4.7 |
4.7 |
Education |
4.5 |
4.3 |
Support |
4.8 |
4.8 |
Bonuses |
4.6 |
4.2 |
|
|
Oanda vs Forex.com: Pros and Cons
Olsen & Associates, also known as OANDA, is a US-registered company set up to offer a plethora of financial services to clients around the world. Its history goes as far back as 1996, and it is now under regulation in four jurisdictions. The broker has licenses from different regulators, of which the United Kingdom Financial Conduct Authority (FCA) is the major one.
Speaking of recognitions and awards, Oanda doesn’t lag behind as it has several awards to its name. The US Foreign Exchange Report awarded it the Best Customer Service, while FX Week crowned it the Best Trading Platform. There’s also an award from the UK Forex Awards where Oanda bagged top honors in the Best Forex Trading Technologies category.
| Oanda | Forex.com | |
|---|---|---|
| Overall Pros | Regulated by a range of reputable financial bodies | Orders executed at high speeds |
| Real-time news and fundamental analysis tools | 4500+ instruments across various markets | |
| localized and multilingual phone support | Tight spreads on over 90 assets | |
| User-friendly platform for new forex traders | Rebate and discount programs are available | |
| Outstanding research tools | High-level investor protection | |
| Financial information publicly available | Diverse technical research tools | |
| High educational value through written content and videos | Caters to a wider audience of users | |
| Orders get executed with no requotes | Creates a variety of quality, written content daily | |
| Deposit minimum as low as $1 | Low fees and relatively cheap commission costs | |
| Overall Cons | No programs offering bonus | Fewer deposit and withdrawal options |
| Slow withdrawal of funds | Lacks a multi-language version |
Oanda vs Forex.com: Safety and Regulation
| Regulated By: | Oanda | Forex.com |
|---|---|---|
US Regulation |
Yes (CFTC, NFA) |
Yes (CFTC) |
FCA (Great Britain) |
Yes |
Yes |
CySec (Cyprus, EU) |
No |
No |
ASIC (Australia) |
Yes |
No |
Other Regulators |
European Union (regulated by the MFSA), Singapore (regulated by the MAS), Canada (regulated by IIROC), Japan (regulated by FSA) |
Japanese Financial Services Authority (JFSA), nvestment Industry Regulatory Organization of Canada (IIROC), Cayman Islands Monetary Authority (CIMA), The Securities and Futures Commission (SFC), The Monetary Authority of Singapore (MAS) |
Oanda vs Forex.com: Trading Conditions
| Trading Conditions | Oanda | Forex.com |
|---|---|---|
Minimum Deposit |
No minimum deposit |
$100 |
Trading Platforms |
MT4, OANDA, TradingView |
МТ4 |
Max Leverage (Futures) |
1-50 |
1-500 |
Supported Markets |
Forex, CFDs (not for all entetities): Forex, Indexes, Commodities, Metals, Bonds, Cryptocurrencies |
Forex, CFDs (not for all entetities): Forex, Indexes, Stocks, Commodities, Metals, Cryptocurrencies |
Trading assets |
120+ |
4500+ |
Trading Accounts |
Standard, Core, and Swap-free |
Standard, Commission, and Direct Market Access |
Base Account Currencies |
USD, EUR, HKD, SGD |
USD, EUR, GBP |
Oanda vs Forex.com: Fees
Forex Trading Fees
| Fee | Oanda | Forex.com |
|---|---|---|
Standard Account EURUSD Average Spread |
1.2 pips |
1.1 pips |
Standard Account Fee |
$0 |
$0 |
ECN/STP Account Fee |
not offered |
$8-$3 per lot (volume based fees) |
ECN Account EUR Average Spread |
not offered |
0.2 pips |
CFD Trading Fees
| Fee | Oanda | Forex.com |
|---|---|---|
CFD Trading Fee |
Floating spread |
Floating spread |
Non-Trading Fees
| Fee | Oanda | Forex.com |
|---|---|---|
Account Fee |
No |
No |
Deposit Fee |
No |
No |
Withdrawal Fee |
$20 - just for bank transfer |
No |
Inactivity Fee |
After 12 months of inactivity, 10 units of your account’s currency denomination |
$15 monthly after 12 months of inactivity |
A conversion fee may be applied as withdrawals and deposits are conducted in USD. Any other currency will have to be converted.
Oanda vs Forex.com: Trading Assets
| Asset Name | Oanda | Forex.com |
|---|---|---|
Overall |
120+trading assets |
4500+ |
Forex |
Yes |
Yes |
Stocks |
No |
No |
Metals |
Yes (CFD) |
Yes (CFD) |
Cryptocurrencies |
Yes (CFD) |
Yes (CFD) |
Energy |
Yes (CFD) |
Yes (CFD) |
Indices |
Yes (CFD) |
Yes (CFD) |
ETFs |
No |
No |
Bonds |
No |
Yes (CFD) |
Mutual funds |
No |
No |
Stock options |
No |
No |
Futures Trading |
No |
No |
Binary Options |
No |
No |
Oanda or Forex.com: Investment Programs
| Asset Name | Oanda | Forex.com |
|---|---|---|
Copy Trading |
Yes |
No |
MAM/PAMM |
No |
No |
Managed Accounts |
No |
No |
Other |
No |
No |
Trading Platforms: Forex.com or Oanda
| Oanda | Forex.com | |
|---|---|---|
MT4 |
Yes |
Yes |
MT5 |
Yes |
Yes |
cTrader |
No |
No |
Appropriate platform |
Oanda |
Forex.com |
Others |
No |
No |
|
|
Oanda vs Forex.com: Deposit and Withdrawal Methods
| Deposit and Withdrawal Method | Oanda | Forex.com |
|---|---|---|
Bank Transfer |
Yes |
Yes |
Debit Card |
Yes |
Yes |
Electronic Wallets |
Yes (not for all markets) |
Yes (not for all markets) |
Crypto |
No |
No |
Oanda vs Forex.com: Research
| Research Type | Oanda | Forex.com |
|---|---|---|
News Feed |
Yes |
Yes |
Fundamental Data |
Yes |
Yes |
Chart Analysis |
Yes |
Yes |
Trading Ideas |
Yes |
Yes |
E-Mail Reports |
Yes |
Yes |
Oanda vs Forex.com: Education
| Education Type | Oanda | Forex.com |
|---|---|---|
Demo-account/Paper Trading |
Yes |
Yes |
Webinars |
Yes |
Yes |
Articles |
Yes |
Yes |
Videos |
Yes |
Yes |
Cent account |
Yes |
Yes |
Forex.com vs Oanda: Support
| Support Features | Oanda | Forex.com |
|---|---|---|
Working Days |
24/5 |
24/5 |
Yes |
Yes |
|
Phone |
Yes |
Yes |
Online chat |
Yes |
Yes |
Other |
No |
Complaint form, FAQ support |
Oanda vs Forex.com: Forex Bonuses and Promo
| Promo | Oanda | Forex.com |
|---|---|---|
Forex Bonus |
Yes (Not for all countries) |
Yes (Not for all countries) |
Affiliate Program |
Yes |
Yes |
Other Promos |
Rebates and commission markdowns |
|
|
|
Top 5 Reviews on Forex.com
-
Comment
Yes, Forex.com has good conditions for trading various assets. I myself started trading here and was worried that I would face some kind of manipulation. At first, of course, there were losses, but now I was able to recover the losses and start making a profit. I can recommend Forex.com for making profits on Forex.
-
Comment
This company has been operating in the Forex market for a long time. And it seems that traders don't have any serious complaints about Forex.com. So I decided to try trading here and see how my trading strategies would work. After five months of cooperation, I can say the following. Spreads at Forex.com are not the smallest. Therefore, it's better not to rely on fast trades. The platform works well, there are no restrictions on trading time and trading strategies. Forex.com has a withdrawal to a bank card within 7 days, and they stick to this timeframe.
-
Comment
I am completely satisfied with Forex.com as a broker. I like their convenient platform, developed by the company’s specialists. You can use mobile and other versions of the platform. I won't call myself an expert, but my little experience tells me that this is the right broker for me.
-
Comment
Forex.com offers good conditions. It's essential to understand that the broker operates based on European legislation and complies with regulatory requirements. Commissions at Forex.com are not particularly low. Additionally, the spread in the terminal is slightly above average. However, for me, it's one of the oldest and most reliable brokers. Therefore, I have been trading here for three years.
-
Comment
I finally decided to try my hand at trading in the Forex market. Choosing a broker was not easy, given my relatively low level of knowledge about this exchange. I was primarily interested in the opportunity to receive quality education and master all the intricacies of trading. As a result, I chose Forex.com and immediately enrolled in their online training course. However, it's unfortunate that they don't offer micro accounts here for practicing trading without risking significant amounts of money.
Top 5 Reviews on Oanda
-
Comment
I can describe OANDA as one of the most proper brokers on the currency market. It works quickly, there are no failures, and no market movements have a significant impact on it. I'm safe here.
-
Comment
OANDA is a good company and I plan to continue trading with them. I started with a demo account and then switched to a live one with a small deposit. OANDA successfully passed my tests in trading and withdrawals. I easily withdraw profits to my bank card.
-
Comment
I got acquainted with the OANDA broker online. Initially, I read reviews about it and decided to give this platform a try. If you do everything correctly, you can pass the verification process, although it does take some time. Then, the actual trading process began. The conditions at OANDA are average, so I can give this broker a decent rating.
-
Comment
The broker OANDA is licensed by reliable regulators, offers a wide range of financial services, boasts years of experience, multiple regulators, and significant awards. There is a vast selection of popular trading instruments, a very low minimum deposit, and qualified technical support. However, the OANDA website occasionally functions poorly. Overall, I currently have no major complaints about trading with this broker.
-
Comment
OANDA offers tight spreads, is licensed, and has a low entry threshold and fast withdrawals. The overall impression of working with this company is positive. I would recommend this broker. Another advantage is that OANDA's client support is excellent.
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FAQs
What should I start Forex trading with?
It is desirable for novice traders to explore trading using a demo account to learn the market and how to work on the trading platform without the risk of suffering losses. At the same time, it is advisable to review the educational materials of the broker, learn trading basics. Then you can deposit the minimum required amount to perform a small number of transactions. If you manage to close several months in a row in the black, without substantial drawdowns on the account, then you can try increasing your deposit. Also trying to copy trades automatically is a good option for a start.
What amount should I start trading with?
The minimum deposit of $10 may be enough to trade on the cent account. However, for trading on Standard/ECT accounts, experts recommend starting with at least $200-500. With this amount, you can use not a very big leverage. Remember, getting carried away with the margin is the main cause of losses among beginners.
What should I take into consideration when choosing a broker?
Experts recommend looking at the broker’s reliability first and foremost. The other important features include basic trading conditions, commissions and fees, customer reviews. If brokers are approximately the same in terms of basic criteria, you need to choose based on your experience and tasks. One broker may be good for professionals and another – for novice traders.
Is it possible to be scammed by a broker with a license from a reputable regulator?
In theory, yes. But in practice, it takes so much time and money to comply with the requirements of reputable regulators that it is not worth it for scammers to bother obtaining a legitimate license.
Team that worked on the article
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!