Oanda vs FXChoice - Fees Review included
Which broker is better Oanda or FXChoice? 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. FXChoice is one of the top brokers in the financial market with the TU Overall Score of 5.52 out of 10. Find out more about TU Overall Score.
| Feature | Oanda | FXChoice |
|---|---|---|
Overall |
4.4 |
3.5 |
5 |
2.5 |
|
4.5 |
3.8 |
|
3.5 |
3.9 |
|
Investment Instruments |
4.1 |
4.6 |
Platforms and Charting Tools |
4.8 |
4.1 |
Deposit and Withdrawal |
4.2 |
4.2 |
Research |
4.7 |
3.8 |
Education |
4.5 |
3.5 |
Support |
4.8 |
4.1 |
Bonuses |
4.6 |
4.2 |
|
|
Oanda vs FXChoice: 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.
FXChoice was established in 2010. The broker is licensed by the International Financial Services Commission of Belize (IFSC) and provides quality brokerage services for active and passive trading on the Forex market. FXChoice enjoys popularity among Western traders thanks to the broker’s commitment to business integrity, focus on customers, and to high requirements for its global employees.
| Oanda | FXChoice | |
|---|---|---|
| Overall Pros | Regulated by a range of reputable financial bodies | Tight market spreads (from 0.0 pips) on popular currency pairs |
| Real-time news and fundamental analysis tools | Several passive income options: partnership program, copy trading services, and MAM accounts. | |
| localized and multilingual phone support | Crypto as account currency | |
| User-friendly platform for new forex traders | ||
| Outstanding research tools | ||
| Financial information publicly available | ||
| High educational value through written content and videos | ||
| Orders get executed with no requotes | ||
| Deposit minimum as low as $1 | ||
| Overall Cons | No programs offering bonus | High minimum deposit - $100 |
| Slow withdrawal of funds | No cent accounts | |
| Withdrawals via Visa and Mastercard debit/credit cards are not available; | ||
| Low leverage | ||
| Customer support responds in English only. |
Oanda vs FXChoice: Safety and Regulation
| Regulated By: | Oanda | FXChoice |
|---|---|---|
US Regulation |
Yes (CFTC, NFA) |
No |
FCA (Great Britain) |
Yes |
No |
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) |
IFSC |
Oanda vs FXChoice: Trading Conditions
| Trading Conditions | Oanda | FXChoice |
|---|---|---|
Minimum Deposit |
No minimum deposit |
$100 |
Trading Platforms |
MT4, OANDA, TradingView |
MT4, MT5 |
Max Leverage (Futures) |
1-50 |
1-200 |
Supported Markets |
Forex, CFDs (not for all entetities): Forex, Indexes, Commodities, Metals, Bonds, Cryptocurrencies |
Currency pairs, cryptocurrency, CFDs on stocks, commodities, metals, and energies |
Trading assets |
120+ |
200+ |
Trading Accounts |
Standard, Core, and Swap-free |
Demo, Classic, Pro |
Base Account Currencies |
USD, EUR, HKD, SGD |
USD, EUR, GBP, AUD, CAD, Gold, Bitcoin, BitcoinCash, Litecoin, Ethereum, XRP |
Oanda vs FXChoice: Fees
Forex Trading Fees
| Fee | Oanda | FXChoice |
|---|---|---|
Standard Account EURUSD Average Spread |
1.2 pips |
1.4 pips |
Standard Account Fee |
$0 |
$0 |
ECN/STP Account Fee |
not offered |
$3.5 per lot |
ECN Account EUR Average Spread |
not offered |
0.2 pips |
CFD Trading Fees
| Fee | Oanda | FXChoice |
|---|---|---|
CFD Trading Fee |
Floating spread |
Floating spread |
Non-Trading Fees
| Fee | Oanda | FXChoice |
|---|---|---|
Account Fee |
No |
No |
Deposit Fee |
No |
Bank transfer 0.25% (min EUR 150); Perfect Money and FasaPay — 0.5%; Skrill — 1%; and VLOAD — 3.5% |
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 FXChoice: Trading Assets
| Asset Name | Oanda | FXChoice |
|---|---|---|
Overall |
120+trading assets |
200+ |
Forex |
Yes |
Yes |
Stocks |
No |
Yes (CFD) |
Metals |
Yes (CFD) |
Yes (CFD) |
Cryptocurrencies |
Yes (CFD) |
Yes |
Energy |
Yes (CFD) |
Yes (CFD) |
Indices |
Yes (CFD) |
Yes (CFD) |
ETFs |
No |
Yes (CFD) |
Bonds |
No |
No |
Mutual funds |
No |
No |
Stock options |
No |
No |
Futures Trading |
No |
No |
Binary Options |
No |
No |
Oanda or FXChoice: Investment Programs
| Asset Name | Oanda | FXChoice |
|---|---|---|
Copy Trading |
Yes |
Yes |
MAM/PAMM |
No |
Yes |
Managed Accounts |
No |
No |
Other |
No |
No |
Trading Platforms: FXChoice or Oanda
| Oanda | FXChoice | |
|---|---|---|
MT4 |
Yes |
Yes |
MT5 |
Yes |
Yes |
cTrader |
No |
No |
Appropriate platform |
Oanda |
No |
Others |
No |
No |
|
|
Oanda vs FXChoice: Deposit and Withdrawal Methods
| Deposit and Withdrawal Method | Oanda | FXChoice |
|---|---|---|
Bank Transfer |
Yes |
Yes |
Debit Card |
Yes |
Yes (Only deposit) |
Electronic Wallets |
Yes (not for all markets) |
Yes |
Crypto |
No |
Yes |
Oanda vs FXChoice: Research
| Research Type | Oanda | FXChoice |
|---|---|---|
News Feed |
Yes |
No |
Fundamental Data |
Yes |
No |
Chart Analysis |
Yes |
Yes |
Trading Ideas |
Yes |
Yes |
E-Mail Reports |
Yes |
No |
Oanda vs FXChoice: Education
| Education Type | Oanda | FXChoice |
|---|---|---|
Demo-account/Paper Trading |
Yes |
Yes |
Webinars |
Yes |
No |
Articles |
Yes |
No |
Videos |
Yes |
No |
Cent account |
Yes |
No |
FXChoice vs Oanda: Support
| Support Features | Oanda | FXChoice |
|---|---|---|
Working Days |
24/5 |
24/5 |
Yes |
Yes |
|
Phone |
Yes |
Yes |
Online chat |
Yes |
Yes |
Other |
No |
Callback form |
Oanda vs FXChoice: Forex Bonuses and Promo
| Promo | Oanda | FXChoice |
|---|---|---|
Forex Bonus |
Yes (Not for all countries) |
15% bonus on deposits in BTC, Bonuses from FXChoice are 15% on the deposit amount, Pips+ provides rebates from $5 to $20 (for Classic) and reduction of standard fee from $35 (per $1 million traded) to $30-$15 (for Pro). |
Affiliate Program |
Yes |
Up to 50% of spread amount on all currency pairs per each referred trader |
Other Promos |
Rebates and commission markdowns |
|
|
|
Top 5 Reviews on FXChoice
-
Comment
I traded with this broker FXChoice a couple of years ago and initially everything was relatively good. But then endless withdrawal problems began. Half of my acquaintances parted ways with FXChoice due to increased withdrawal times. The company does withdraw money, but where withdrawal usually takes a couple of days, here the timelines extend to five days.
-
Comment
When I tried to withdraw money for the first time, I encountered a problem and my funds were not withdrawn. I contacted FXChoice via email and they responded that they were unable to complete the withdrawal process and suggested another withdrawal method. I decided to try another method, but I encountered the same result - the money was not withdrawn. I thought the problem was resolved, but now, after a long time, I still have not received my funds.
-
Comment
A terrible platform is the reason I decided to part ways with the FXChoice broker. The charts consistently freeze, news doesn't update, not to mention that the terminal constantly crashes and requires multiple daily restarts. The FXChoice support team is of no help. I lost my entire deposit within a month due to platform issues, and I have no desire to continue collaborating with this broker.
-
Comment
I am disappointed with FXChoice that cancels my profitable trades without providing any justification. I believe the reason is that the company does not want to pay out profits to traders. If I was only losing money and not making a profit, they probably wouldn't interfere. It is noteworthy that loss-making trades remain unchanged. My review of FXChoice is extremely negative.
-
Comment
I'm pleasantly impressed with FXChoice. The platform has some disadvantages, but there are opportunities for fundamental analysis. If you are new to Forex trading, this broker may be a good choice for you. And it's easy to keep track of all the important world economic and political news.
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.
- Webull vs Oanda
- Oanda vs InstaForex
- OspreyFX vs Oanda
- ProsperityFX vs Oanda
- Deriv vs Oanda
- EagleFX vs Oanda
- Capital.com vs Oanda
- Oanda vs AMP Global
- Oanda vs Spreadex
- Oanda vs Moneta Markets
- Oanda vs Vantage
- Oanda vs BlackBull Markets
- Oanda vs London Capital Group (LCG)
- Oanda vs FXCC
- Oanda vs Trading 212
- Oanda vs IFC Markets
- Oanda vs XBTFX
- Oanda vs NAGA
- Oanda vs FXOpen
- Oanda vs City Index
- Oanda vs IG
- Oanda vs Saxo Bank
- Oanda vs Dukascopy
- Oanda vs LiteForex
- Oanda vs CMC Markets
- Oanda vs FP Markets
- Oanda vs OctaFX
- Oanda vs HotForex
- Oanda vs TD Ameritrade
- Oanda vs FBS
- Oanda vs Pepperstone
- Oanda vs Fusion Markets
- Oanda vs XTB
- Oanda vs Plus500
- Oanda vs FXTM
- Oanda vs Interactive Brokers
- Oanda vs AvaTrade
- Oanda vs Forex.com
- Oanda vs Libertex
- Oanda vs XM
- Oanda vs InstaForex
- Oanda vs IC Markets
- Oanda vs Exness
- Tickmill vs Oanda
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.