FOREX.com offers more than 10,000+ tools and resources for traders.
FOREX.com is regulated by the UK’s FCA while OANDA is registered and regulated by the US CFTC and ICE.
FOREX.com offers commissions starting from 0.5 pips while OANDA has a commission-free policy.
FOREX.com provides access to over 70 currency pairs while OANDA offers access to over 160 currency pairs.
FOREX.com is generally considered to be more popular among retail traders.
OANDA is known for its robust economic calendar and news feeds.
FOREX.com was founded in 2003 while OANDA was founded in 1996.
FOREX.com has a minimum deposit requirement of $100 while OANDA’s minimum deposit varies between $0 (Micro) and $100 (Standard).
FOREX.com uses MT4, MT5, and cTrader platforms while OANDA uses proprietary platforms.
FOREX.com offers mobile trading through its mobile app while OANDA also offers mobile trading through its web-based platform.
OANDA has a more positive reputation online due to its transparent marketing and trading practices.
Forex.com vs Oanda: A Personal Experience
After trading with both Forex.com and Oanda for several months, I’ve gained valuable insights into the strengths and weaknesses of each platform. As a trader, it’s essential to choose a reliable broker that meets your specific needs. In this article, I’ll share my personal experience with Forex.com and Oanda, highlighting their features, fees, and performance.
Getting Started
I began my journey with Forex.com, attracted by their user-friendly interface and comprehensive educational resources. The sign-up process was seamless, and I was able to fund my account quickly and easily. Forex.com offers a variety of account types, including a commission-based account and a spread-only account. I opted for the latter, which offers competitive spreads and no commissions on trades.
On the other hand, Oanda’s sign-up process was slightly more complicated, requiring additional verification steps to comply with regulatory requirements. However, their customer support team was responsive and helpful, guiding me through the process.
Fees and Commissions
Broker
Spread
Commission
Forex.com
1.3 pips (EUR/USD)
$0
Oanda
1.1 pips (EUR/USD)
$5 per 100k
Trading Platform
Forex.com’s trading platform, ForexTrader, is highly customizable and user-friendly. The platform offers advanced charting tools, technical indicators, and automated trading strategies. I was impressed by the platform’s speed and reliability, with minimal lag or downtime.
Oanda’s fxTrade platform is also user-friendly, but less customizable than Forex.com’s platform. However, Oanda’s platform offers more advanced risk management tools, such as risk management orders.
Performance and Execution
Broker
Average Execution Speed
Forex.com
0.05 seconds
Oanda
0.1 seconds
Customer Support
Both brokers offer responsive customer support, but I found Forex.com’s support to be more comprehensive and easily accessible. Forex.com’s support team is available 24/5, and they offer a variety of support channels, including phone, email, and live chat.
Education and Resources
Forex.com offers an extensive range of educational resources, including video tutorials, webinars, and market analysis. I found their resources to be highly informative and helpful in improving my trading skills.
Oanda also offers a range of educational resources, including market analysis and trading guides. However, I found their resources to be less comprehensive than Forex.com’s.
Frequently Asked Questions:
Choosing between Forex.com and Oanda can be a daunting task, especially for new traders. To help you make an informed decision, we’ve compiled a list of frequently asked questions and answers about these two popular online brokers.
Q: What are the main differences between Forex.com and Oanda?
A: Forex.com and Oanda are both online forex brokers, but they differ in their business models, fees, and features. Forex.com is a market maker, while Oanda is a Straight Through Processing (STP) broker. This means Forex.com acts as a counterparty to its clients’ trades, whereas Oanda sends trades directly to the market.
Q: Which broker offers more trading instruments?
A: Forex.com offers a wider range of tradable instruments, including forex, indices, commodities, and cryptocurrencies. Oanda, on the other hand, focuses primarily on forex and CFDs. If you’re looking to trade a variety of assets, Forex.com might be the better choice.
Q: What are the typical spreads for EUR/USD on Forex.com and Oanda?
A: The typical spread for EUR/USD on Forex.com is around 1.3 pips, while Oanda’s spread can be as low as 0.8 pips. However, Oanda’s spreads can vary depending on market conditions and the type of account you hold.
Q: Do both brokers offer mobile trading apps?
A: Yes, both Forex.com and Oanda offer mobile trading apps for iOS and Android devices. These apps allow you to trade, monitor your accounts, and access market analysis on-the-go.
Q: What is the minimum deposit requirement for Forex.com and Oanda?
A: Forex.com has a minimum deposit requirement of $250, while Oanda has no minimum deposit requirement. However, Oanda recommends depositing at least $1,000 to take full advantage of its services.
Q: Are both brokers regulated and secure?
A: Yes, both Forex.com and Oanda are regulated by top-tier authorities. Forex.com is regulated by the Commodity Futures Trading Commission (CFTC) in the US, while Oanda is regulated by the Investment Industry Regulatory Organization of Canada (IIROC) and the UK’s Financial Conduct Authority (FCA). Both brokers also maintain robust security measures to protect clients’ accounts and personal data.
Q: Which broker offers more advanced trading tools and features?
A: Forex.com offers a wider range of advanced trading tools and features, including proprietary platforms, technical indicators, and automated trading strategies. Oanda, on the other hand, focuses on providing a user-friendly interface and intuitive trading experience.
Q: What kind of customer support do Forex.com and Oanda offer?
A: Both Forex.com and Oanda offer 24/5 customer support via phone, email, and live chat. Forex.com also provides extensive educational resources, including webinars, video tutorials, and market analysis.
