Oanda vs FP Markets - Fees Review included
Which broker is better Oanda or FP Markets? 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. FP Markets is one of the top brokers in the financial market with the TU Overall Score of 6.43 out of 10. Find out more about TU Overall Score.
| Feature | Oanda | FP Markets |
|---|---|---|
Overall |
4.4 |
4.6 |
5 |
4.7 |
|
4.5 |
4.7 |
|
3.5 |
4.6 |
|
Investment Instruments |
4.1 |
4.9 |
Platforms and Charting Tools |
4.8 |
4.7 |
Deposit and Withdrawal |
4.2 |
4.4 |
Research |
4.7 |
3.9 |
Education |
4.5 |
3.8 |
Support |
4.8 |
4.2 |
Bonuses |
4.6 |
2.1 |
|
|
|
Oanda vs FP Markets: 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.
FP Markets has provided clients with access to trading on the Forex market since 2005. More than 10,000 trading instruments are available to traders. The broker is attractive due to its favorable trading conditions, super-fast order execution, popular trading terminals, and low spreads. FP Markets is monitored by respected regulators that inspire customer confidence. The transparency and reliability of the company is guaranteed by the supervision of the Australian Securities and Investments Commission - ASIC (license number 286354) and the Cyprus Securities and Exchange Commission - CySEC (license number 371/18). The company also has a registration and an office in the state of Saint Vincent and the Grenadines (SVG FSA). The FP Markets official website contains a lot of useful information about the company, Forex trading, training, analytics, answers to frequently asked questions, a trader's blog, and much more. This training treasure trove will help you improve your level of expertise.
| Oanda | FP Markets | |
|---|---|---|
| Overall Pros | Regulated by a range of reputable financial bodies | favorable trading conditions |
| Real-time news and fundamental analysis tools | more than 10,000 trading instruments | |
| localized and multilingual phone support | investment opportunities: copy trading, MAM and PAMM | |
| User-friendly platform for new forex traders | order execution speed is 40 ms | |
| Outstanding research tools | ||
| Financial information publicly available | well-regulated broker | |
| High educational value through written content and videos | EAs and VPS | |
| Orders get executed with no requotes | ||
| Deposit minimum as low as $1 | ||
| Overall Cons | No programs offering bonus | complex verification process |
| Slow withdrawal of funds |
Oanda vs FP Markets: Safety and Regulation
| Regulated By: | Oanda | FP Markets |
|---|---|---|
US Regulation |
Yes (CFTC, NFA) |
No |
FCA (Great Britain) |
Yes |
No |
CySec (Cyprus, EU) |
No |
Yes |
ASIC (Australia) |
Yes |
Yes |
Other Regulators |
European Union (regulated by the MFSA), Singapore (regulated by the MAS), Canada (regulated by IIROC), Japan (regulated by FSA) |
Saint Vincent and the Grenadines (SVG FSA) |
Oanda vs FP Markets: Trading Conditions
| Trading Conditions | Oanda | FP Markets |
|---|---|---|
Minimum Deposit |
No minimum deposit |
$100 |
Trading Platforms |
MT4, OANDA, TradingView |
MT4, МТ5, Webtrader, Mobile, Iress |
Max Leverage (Futures) |
1-50 |
1-500, for EU and AU clients - 1-30 |
Supported Markets |
Forex, CFDs (not for all entetities): Forex, Indexes, Commodities, Metals, Bonds, Cryptocurrencies |
Forex, indices, metals, oil, gas, raw materials, securities, cryptocurrency |
Trading assets |
120+ |
10000+ |
Trading Accounts |
Standard, Core, and Swap-free |
Demo, Raw, Standard for MT4 and MT5, and Standard, Platinum, and Premier for Iress |
Base Account Currencies |
USD, EUR, HKD, SGD |
AUD |
Oanda vs FP Markets: Fees
Forex Trading Fees
| Fee | Oanda | FP Markets |
|---|---|---|
Standard Account EURUSD Average Spread |
1.2 pips |
1.3 pips |
Standard Account Fee |
$0 |
$0 |
ECN/STP Account Fee |
not offered |
$3 per lot |
ECN Account EUR Average Spread |
not offered |
0.2 pips |
CFD Trading Fees
| Fee | Oanda | FP Markets |
|---|---|---|
CFD Trading Fee |
Floating spread |
Floating spread, Share CFDs - from 0.08% to 0.1% |
Non-Trading Fees
| Fee | Oanda | FP Markets |
|---|---|---|
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 |
No |
A conversion fee may be applied as withdrawals and deposits are conducted in USD. Any other currency will have to be converted.
Oanda vs FP Markets: Trading Assets
| Asset Name | Oanda | FP Markets |
|---|---|---|
Overall |
120+trading assets |
10000+ |
Forex |
Yes |
Yes |
Stocks |
No |
Yes |
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 FP Markets: Investment Programs
| Asset Name | Oanda | FP Markets |
|---|---|---|
Copy Trading |
Yes |
Yes |
MAM/PAMM |
No |
Yes |
Managed Accounts |
No |
No |
Other |
No |
Bond CFDs |
Trading Platforms: FP Markets or Oanda
| Oanda | FP Markets | |
|---|---|---|
MT4 |
Yes |
Yes |
MT5 |
Yes |
Yes |
cTrader |
No |
No |
Appropriate platform |
Oanda |
No |
Others |
No |
Iress |
|
|
|
Oanda vs FP Markets: Deposit and Withdrawal Methods
| Deposit and Withdrawal Method | Oanda | FP Markets |
|---|---|---|
Bank Transfer |
Yes |
Yes |
Debit Card |
Yes |
Yes |
Electronic Wallets |
Yes (not for all markets) |
Yes |
Crypto |
No |
No |
Oanda vs FP Markets: Research
| Research Type | Oanda | FP Markets |
|---|---|---|
News Feed |
Yes |
Yes |
Fundamental Data |
Yes |
Yes |
Chart Analysis |
Yes |
Yes |
Trading Ideas |
Yes |
No |
E-Mail Reports |
Yes |
Yes |
Oanda vs FP Markets: Education
| Education Type | Oanda | FP Markets |
|---|---|---|
Demo-account/Paper Trading |
Yes |
Yes |
Webinars |
Yes |
Yes |
Articles |
Yes |
Yes |
Videos |
Yes |
Yes |
Cent account |
Yes |
Yes |
FP Markets vs Oanda: Support
| Support Features | Oanda | FP Markets |
|---|---|---|
Working Days |
24/5 |
24/5 |
Yes |
Yes |
|
Phone |
Yes |
yes |
Online chat |
Yes |
Yes |
Other |
No |
No |
Oanda vs FP Markets: Forex Bonuses and Promo
| Promo | Oanda | FP Markets |
|---|---|---|
Forex Bonus |
Yes (Not for all countries) |
No |
Affiliate Program |
Yes |
CPA. It is a program that allows you to receive remuneration for attracted clients. An excellent option for owners of popular Internet resources, like SEO specialists, bloggers, etc. The partner receives a fixed commission for each attracted client once they become active traders. |
Other Promos |
Rebates and commission markdowns |
|
|
|
|
Top 5 Reviews on FP Markets
-
Comment
I trade with FP Markets and I can say that, for the most part, trading here is feasible. Spreads are not extremely narrow, but when they widen, it's not by much. Swaps can be positive, which is a plus. The trading terminal itself at FP Markets works fine; orders are processed quickly. Withdrawals occur in accordance with regulations. However, the withdrawal timeframes are above average compared to other companies.
-
Comment
I trust fp markets. I really like how it has changed lately, the company has begun to provide better service. So far I like everything, its client-oriented approach is at a high level. I can recommend it.
-
Comment
I want to say that FP Markets is a normal broker. There have almost never been any problems with either withdrawals or quotes. It’s a completely reliable and solvent broker.
-
Comment
Since the beginning of this year, something strange has been going on with FP Markets. The platform constantly freezes when opening and closing trades. And recently, they opened as many as five trades to buy EUR against USD. I demand that support cancels these trades because I did not open them. But it looks like I need to stop trading with this broker.
-
Comment
FP markets brings only losses. And this does not depend on how the trader trades. Even with an excellent trading strategy, trades on this platform cause losses. Because it is beneficial to the company and because FP markets itself trades against traders and takes their 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.