Oanda vs FXOpen - Fees Review included
Which broker is better Oanda or FXOpen? 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. FXOpen is one of the top brokers in the financial market with the TU Overall Score of 6.33 out of 10. Find out more about TU Overall Score.
| Feature | Oanda | FXOpen |
|---|---|---|
Overall |
4.4 |
4.6 |
5 |
4.5 |
|
4.5 |
4.8 |
|
3.5 |
4.3 |
|
Investment Instruments |
4.1 |
3.9 |
Platforms and Charting Tools |
4.8 |
4.6 |
Deposit and Withdrawal |
4.2 |
4.7 |
Research |
4.7 |
4.2 |
Education |
4.5 |
4.3 |
Support |
4.8 |
4.7 |
Bonuses |
4.6 |
4.7 |
|
|
|
Oanda vs FXOpen: 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.
FXOpen Broker Company was established in Cairo in 2003. In 2005 it commenced dealing services, and thereafter became one of the leaders in the Forex industry. The company has held its high-level service through optimum trading conditions, innovative technologies, and a wide range of financial services.
| Oanda | FXOpen | |
|---|---|---|
| Overall Pros | Regulated by a range of reputable financial bodies | profitable trading conditions for the trader of any experience level from beginner to professional |
| Real-time news and fundamental analysis tools | minimum commissions for withdrawal and Cash-back program, which will reduce your commission fees further | |
| localized and multilingual phone support | PAMM-service for successful traders’ transactions copying | |
| User-friendly platform for new forex traders | auto-trading availability | |
| Outstanding research tools | convenient reports on account status to the end of the day and month. | |
| 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 | insufficient amount of training materials |
| Slow withdrawal of funds | there is no way to order a call back |
Oanda vs FXOpen: Safety and Regulation
| Regulated By: | Oanda | FXOpen |
|---|---|---|
US Regulation |
Yes (CFTC, NFA) |
No |
FCA (Great Britain) |
Yes |
Yes |
CySec (Cyprus, EU) |
No |
No |
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) |
Nevis |
Oanda vs FXOpen: Trading Conditions
| Trading Conditions | Oanda | FXOpen |
|---|---|---|
Minimum Deposit |
No minimum deposit |
$1 |
Trading Platforms |
MT4, OANDA, TradingView |
MT4, MT5, WebTrader, Mobile app |
Max Leverage (Futures) |
1-50 |
1-500 |
Supported Markets |
Forex, CFDs (not for all entetities): Forex, Indexes, Commodities, Metals, Bonds, Cryptocurrencies |
Forex, CFD, indices, gold and silver, Cryptocurrencies |
Trading assets |
120+ |
|
Trading Accounts |
Standard, Core, and Swap-free |
Demo, Micro, ECN, STP, Crypto, Islamic accounts |
Base Account Currencies |
USD, EUR, HKD, SGD |
USD, EUR, GBP, CAD, AUD, CHF, JPY, CNY |
Oanda vs FXOpen: Fees
Forex Trading Fees
| Fee | Oanda | FXOpen |
|---|---|---|
Standard Account EURUSD Average Spread |
1.2 pips |
0.1 pips |
Standard Account Fee |
$0 |
$0 |
ECN/STP Account Fee |
not offered |
$1.5-3.5 per lot |
ECN Account EUR Average Spread |
not offered |
0.1 pips |
CFD Trading Fees
| Fee | Oanda | FXOpen |
|---|---|---|
CFD Trading Fee |
Floating spread |
Floating spread, shares - 0.1% |
Non-Trading Fees
| Fee | Oanda | FXOpen |
|---|---|---|
Account Fee |
No |
No |
Deposit Fee |
No |
No |
Withdrawal Fee |
$20 - just for bank transfer |
Bank Transfer from $45, Bank Cards - 2.5%, China's Union Pay 3.5%, Electronic Wallets 0.5 - 2% |
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 FXOpen: Trading Assets
| Asset Name | Oanda | FXOpen |
|---|---|---|
Overall |
120+trading assets |
200+ |
Forex |
Yes |
Yes |
Stocks |
No |
Yes (CFD) |
Metals |
Yes (CFD) |
Yes (CFD) |
Cryptocurrencies |
Yes (CFD) |
Yes (CFD) |
Energy |
Yes (CFD) |
Yes (CFD) |
Indices |
Yes (CFD) |
Yes (CFD) |
ETFs |
No |
Yes |
Bonds |
No |
No |
Mutual funds |
No |
No |
Stock options |
No |
No |
Futures Trading |
No |
No |
Binary Options |
No |
No |
Oanda or FXOpen: Investment Programs
| Asset Name | Oanda | FXOpen |
|---|---|---|
Copy Trading |
Yes |
Yes |
MAM/PAMM |
No |
No |
Managed Accounts |
No |
No |
Other |
No |
No |
Trading Platforms: FXOpen or Oanda
| Oanda | FXOpen | |
|---|---|---|
MT4 |
Yes |
Yes |
MT5 |
Yes |
Yes |
cTrader |
No |
No |
Appropriate platform |
Oanda |
No |
Others |
No |
No |
|
|
|
Oanda vs FXOpen: Deposit and Withdrawal Methods
| Deposit and Withdrawal Method | Oanda | FXOpen |
|---|---|---|
Bank Transfer |
Yes |
Yes |
Debit Card |
Yes |
Yes |
Electronic Wallets |
Yes (not for all markets) |
Yes |
Crypto |
No |
No |
Oanda vs FXOpen: Research
| Research Type | Oanda | FXOpen |
|---|---|---|
News Feed |
Yes |
Yes |
Fundamental Data |
Yes |
No |
Chart Analysis |
Yes |
Yes |
Trading Ideas |
Yes |
No |
E-Mail Reports |
Yes |
No |
Oanda vs FXOpen: Education
| Education Type | Oanda | FXOpen |
|---|---|---|
Demo-account/Paper Trading |
Yes |
Yes |
Webinars |
Yes |
No |
Articles |
Yes |
Yes |
Videos |
Yes |
No |
Cent account |
Yes |
Yes |
FXOpen vs Oanda: Support
| Support Features | Oanda | FXOpen |
|---|---|---|
Working Days |
24/5 |
24/5 |
Yes |
Yes |
|
Phone |
Yes |
Yes |
Online chat |
Yes |
Yes |
Other |
No |
No |
Oanda vs FXOpen: Forex Bonuses and Promo
| Promo | Oanda | FXOpen |
|---|---|---|
Forex Bonus |
Yes (Not for all countries) |
A $10 bonus is credited after opening a personal account (eWallet) and passing the 2nd level of verification. (for STP-type accounts); A welcome bonus of $1 is credited when opening a Micro account. |
Affiliate Program |
Yes |
There is a flexible system of remunerations and coefficients depending on these indicators. 1st level — 100% of the standard commission, 2nd level — 35% of the standard commission, 3rd level — 10% of the standard commission. |
Other Promos |
Rebates and commission markdowns |
Forex Cup - A bonus in the amount of 1% of the profit is credited for participating in contests for traders on a virtual account, FXOpen Cashback - The broker refunds a part of the funds for the trading operations conducted, including unprofitable ones. The amount depends on the margin involved in all accounts and ranges from $5 to $1,000. |
|
|
|
Top 5 Reviews on FXOpen
-
Comment
Normal broker. However, it is gradually moving away from microtrading. On the plus side, it is really regulated and fulfills the requirements of regulators.
-
Comment
I have been trading with this broker for almost 5 years. I like its favorable trading conditions; what is most important to me is the minimum spreads and commissions. Execution of transactions in the terminal is instantaneous, which is very important for intraday trading and scalping trading. Profits are withdrawn quickly, but during the day, that is, you have to wait.
-
Comment
I started trading at FXOpen a few months ago, trading on the EURUSD pair, the spread is relatively low, I like scalping, and trading with the MT4 platform, and order execution is smooth, both when opening orders and closing orders.
-
Comment
FXOpen complies with conditions of the promotion with the account transfer. I recently finished the process. The promised 30% was credited to the account. The broker’s manager said that the bonus is tradable. I haven’t been able to check it yet, since it requires a decent drawdown. But I think that's true. At least the manager assured me and this is specified in the documents provided on the website. I have been actively trading for several days, so far there are no comments for FXOpen.
-
Comment
I have been working with fxopen for more than a year, and so far my opinion is rather neutral. There were no problems, technically everything was fine too. The service level corresponds to an experienced broker. I don’t yet see any reason for criticism, as well as for admiration. I got what I expected. But I’m trading with TradersWay not for long, so my review is not yet objective.
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.