Forex.com vs Oanda: In-Depth Comparison for Traders (2024)

2. FOREX.com: Better Trading Platforms

FOREX.com offers a range of trading platforms, including its proprietary platform, Advanced Trading, and the popular MetaTrader 4 and 5 platforms. OANDA offers its proprietary platform, OANDA Trade, and supports MetaTrader 4. For more on trading platforms, see this Best cTrader Brokers page.

MetaTrader 4 and 5

FOREX.com and OANDA support MetaTrader 4, the most popular forex trading platform. FOREX.com also offers MetaTrader 5, the newer and more advanced version.

cTrader and TradingView

FOREX.com does not support cTrader or TradingView. OANDA, on the other hand, does not support cTrader but offers integration with TradingView.

Social And Copy Trading

Neither FOREX.com nor OANDA offers 3rd party social or copy trading on their platforms however, it is possible with MetaTrader Signals if using MetaTrader 4 or 5.

VPS and Other Trading Tools

FOREX.com offers free VPS hosting for qualified clients and a range of other trading tools, including advanced charting and analysis tools. OANDA also offers advanced charting on its platform, as well as a range of tools for market analysis.

Verdict

When it comes to trading platforms, FOREX.com’s support for MetaTrader 5 and free VPS hosting gives it an edge over OANDA.

FOREX.com ReviewVisit FOREX.com

Your capital is at risk up to ‘77.7% of retail CFD accounts lose money with FOREX.com’

3. FOREX.com: Superior Accounts And Features

FOREX.com offers several account types, including a Standard Account, a Commission Account, and a Direct Market Access account. OANDA offers a standard account and a premium account for high-volume traders.

With OANDA, US traders are offered a single account type: the Spread Only account. This account has variable spreads with commissions, which makes trading costs clear and easy to predict.

Verdict

FOREX.com, with its wider range of account types, offers more flexibility for different types of traders compared to OANDA.

FOREX.com ReviewVisit FOREX.com

Your capital is at risk up to ‘77.7% of retail CFD accounts lose money with FOREX.com’

4. OANDA: Best Trading Experience

OANDA is a market maker with an intuitive interface and lightning-fast execution speed, while FOREX.com is also a market maker, which executes trades fast as well.

According to our testing, OANDA is particularly user-friendly, making it a top pick for beginners. On the other hand, FOREX.com provides a more comprehensive range of platforms including MetaTrader 4 and 5, which can be a big deal for traders who like options.

• OANDA’s user interface is intuitive and easy to navigate.
• FOREX.com offers a wider range of trading platforms, giving you more choices.
• Our tests show that FOREX.com has a slight edge in execution speed.

Verdict

OANDA might be more your speed for a straightforward and easy-to-use platform. But if you’re looking for a range of platform options and slightly faster execution, FOREX.com could be the better fit.

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5. OANDA: Stronger Trust And Regulation

OANDA has a higher trust score of 100 vs 84 from FOREX.com. We based our scoring on different factors: regulations, reputation, and reviews of each broker.

FOREX.com Trust Score

OANDA Trust Score

Regulation

FOREX.com is regulated by several financial authorities globally, including the Financial Conduct Authority (FCA) in the UK, and the Commodity Futures Trading Commission (CFTC) in the US. OANDA is also regulated by top-tier authorities, including the FCA and the Australian Securities and Investments Commission (ASIC). Both brokers are considered safe for forex trading, with excellent trust scores. For more on trust and regulation, see this ASIC Regulated Brokers page.

Reputation

FOREX.com has existed since 1999, when it was founded in New Jersey, USA. OANDA, on the other hand, has roots in New York, which started in 1996.

Despite their years in the industry, FOREX.com has a low search volume of only 14,800 hits per month. OANDA seems quite popular among traders with over 550,000 Google hits monthly.

Reviews

FOREX.com has an excellent TrustPilot score of 4.6/5 from 565 reviews. OANDA has an average score compared to its competitors, scoring only 3.6 out of 5 from 497 reviews.

Verdict

Both FOREX.com and OANDA have strong regulatory oversight, but OANDA with its ASIC regulation, offers an additional layer of trust and security for traders.

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6. FOREX.com: CFD Product Range And Financial Markets

FOREX.com provides wider financial market access with more than 2,500 products than OANDA, which has only 100+.

They offer a more extensive range of CFDs than many other platforms, including commodities, indices, and shares. On the other hand, OANDA focuses more on forex pairs, which is great if you’re a currency trader.

FOREX.com offers a vast selection of 84 forex pairs. OANDA provides 68 currency pairs – 10 majors and 58 minors – which is slightly less than FOREX.com.

If you are in the US, you can also trade gold and silver with FOREX.com but note that these products are not leveraged. It is worth noting that while the overall offering of the broker in the US may appear limited, this is in line with similar brokers in the US market.

Verdict

If you’re looking for a broader range of CFDs and markets, FOREX.com is the clear winner. OANDA is more focused on forex trading, so if that’s your main interest, it’s a solid choice.

FOREX.com ReviewVisit FOREX.com

Your capital is at risk up to ‘77.7% of retail CFD accounts lose money with FOREX.com’

7. OANDA: Superior Educational Resources

OANDA provides a wide range of educational materials that cater to traders with different levels of expertise. FOREX.com isn’t too shabby either, but their focus is more on market analysis than educational content.

• OANDA provides a comprehensive set of webinars, articles, and tutorials.
• FOREX.com offers daily market analysis and reports.
• OANDA’s educational content is more beginner-friendly, making it ideal for those new to trading.
• FOREX.com has a decent range of video tutorials, but they are more geared towards intermediate traders.
• OANDA offers a demo account with a virtual balance of $100,000 for practice.
• FOREX.com’s demo account is also rich but comes with a virtual balance of $50,000.

Verdict

If you’re looking to improve your trading skills, OANDA is the ideal choice thanks to its extensive educational resources designed for beginners.

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8. OANDA: Better Customer Service

Both FOREX.com and OANDA provide customer service via live chat, email, and phone 24/5, but only one has won more than one award.

OANDA has won the 2021 Telephone Customer Service Awards, TradingView Awards Most Popular Broker 2021, and Best Forex and CFD Broker 2021.

Regarding responsiveness, both brokers are fairly prompt. OANDA offers a more comprehensive FAQ section and educational resources as part of their customer service, which can be a big plus if you’re new to trading.

Verdict

If you’re looking for comprehensive customer service that includes resources for learning, OANDA is the best choice.

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9. FOREX.com: More Funding Options

FOREX.com accepts multiple forms of payment, including credit/debit cards, bank transfers, and even Skrill. OANDA, on the other hand, is a bit more limited but still provides the essentials like credit/debit cards and wire transfers.

Verdict

While both brokers don’t have PayPal as a payment method, FOREX.com is the better choice with its inclusion of Skrill and Neteller.

FOREX.com ReviewVisit FOREX.com

Your capital is at risk up to ‘77.7% of retail CFD accounts lose money with FOREX.com’

10. OANDA: Lower Minimum Deposit

OANDA has a lower minimum deposit of $0 against the $100 minimum set by FOREX.com. Do note that the $0 requirement is only applicable on bank transfers. $25 is the minimum for other payment channels, as seen below.

FOREX.com, on the other hand, has a fixed $100 across different currencies and payment methods.

Verdict

OANDA stands out as the winner in this category due to its minimum deposit requirement of $0.

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So is OANDA or FOREX.com the Best Broker?

OANDA is the winner because it offers a more user-friendly experience, lower minimum deposit, and superior educational resources. The table below summarizes the key information leading to this verdict:

OANDA: Best For Beginner Traders

If you’re a beginner, OANDA is the better choice due to its lower minimum deposit, user-friendly platform, and extensive educational resources.

FOREX.com: Best For Experienced Traders

For experienced traders, FOREX.com offers a more comprehensive range of trading platforms and CFD markets, making it the better option.

OANDA ReviewVisit OANDA

Does FOREX.com or OANDA Have Lower Costs?

Which Broker Is Better For MetaTrader 4?

Does Either Broker Offer Spread Betting?

What Broker is Superior For Australian Forex Traders?

What Broker is Superior For UK Forex Traders?

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No commission account spread propiety testing data and published wesbite spread information, centralised on our Standard Account Spreads page.

Noam Korbl is the co-founder and has been a trader since 2014. He has Finance degree at Monash University and is an investor in shares and equities and successfully started and sold the online business Hearing Choices.