Which is Better Forex.com or Oanda? A Comprehensive Comparison

Forex.com and Oanda are two of the most popular and reputable forex brokers in the industry.

Both brokers offer a wide range of currency pairs, trading platforms, and tools for forex traders of all levels.

But which one is better for your trading needs and goals?

In this article, I will compare Forex.com and Oanda in terms of their fees, features, regulations, and customer service.

We will cover the following topics:

Analyzing the nuances: Key differences between Forex.com and Oanda.
Analyzing the nuances: Key differences between Forex.com and Oanda.

Fees and Spreads

One of the most important factors to consider when choosing a forex broker is the fees and spreads that they charge.

Fees and spreads can affect your trading costs and profits, so you want to find a broker that offers competitive and transparent pricing.

Here is how Forex.com and Oanda compare in terms of their fees and spreads:

  • Forex.com charges a $6.00 commission per lot on its DMA account, which offers raw spreads from 0.1 pips. On its standard account, Forex.com does not charge any commission, but the spreads are higher, starting from 1.2 pips for EUR/USD. Forex.com also charges an inactivity fee of $15 per month after one year of no trading activity.
  • Oanda does not charge any commission on any of its accounts but relies solely on spreads. Oanda offers variable spreads that depend on the market conditions and the currency pair. The average spread for EUR/USD is 0.6 pips, which is lower than Forex.com’s standard account. Oanda also charges an inactivity fee of $10 per month after two years of no trading activity.

Trading Platforms and Tools

Another important factor to consider when choosing a forex broker is the trading platforms and tools that they offer.

Trading platforms and tools can enhance your trading experience and performance, by providing you with a user-friendly interface, advanced features, and reliable execution.

Here is how Forex.com and Oanda compare in terms of their trading platforms and tools:

  • Forex.com offers a range of trading platforms, including its proprietary platform, Advanced Trading, and the popular MetaTrader 4 and 5 platforms. Forex.com’s platforms are compatible with desktop, web, and mobile devices, and support automated trading using expert advisors (EAs) and custom indicators. Forex.com also provides various trading tools, such as economic calendars, news feeds, analysis reports, and trading signals.
  • Oanda offers its proprietary platform, OANDA Trade, and also supports MetaTrader 4. Oanda’s platforms are compatible with desktop, web, and mobile devices, and support automated trading using EAs and custom indicators. Oanda also integrates with TradingView, a web-based charting platform that offers a wide range of chart types, indicators, and tools. Oanda also provides various trading tools, such as economic calendars, news feeds, analysis reports, and social and copy trading.

Markets and Instruments

Another important factor to consider when choosing a forex broker is the markets and instruments that they offer.

Markets and instruments can affect your trading opportunities and diversification, by providing you with access to different asset classes and products.

Here is how Forex.com and Oanda compare in terms of their markets and instruments:

  • Forex.com offers more than 5500 tradeable symbols in total, including 91 forex pairs, 8 cryptocurrency CFDs, 15 index CFDs, 220 share CFDs, and 26 commodity CFDs. Forex.com also offers futures trading for US clients, and stockbroking for UK and EU clients.
  • Oanda offers more than 1744 tradeable symbols in total, including 71 forex pairs, 4 cryptocurrency CFDs, 16 index CFDs, and 34 commodity CFDs. Oanda also offers physical cryptocurrency trading for US clients.

Regulations and Licenses

Another important factor to consider when choosing a forex broker is the regulations and licenses that they have.

Regulations and licenses can affect your trading security and protection, by ensuring that the broker follows the rules and standards of the relevant authorities and agencies.

Here is how Forex.com and Oanda compare in terms of their regulations and licenses:

  • Forex.com is regulated and licensed by 9 authorities in 9 jurisdictions, including the US, the UK, Australia, Canada, Japan, Singapore, the Cayman Islands, the British Virgin Islands, and the UAE. Forex.com has a high trust score of 99 out of 99, according to ForexBrokers.com.
  • Oanda is regulated and licensed by 8 authorities in 8 jurisdictions, including the US, the UK, Australia, Canada, Japan, Singapore, New Zealand, and South Africa. Oanda has a high trust score of 93 out of 99, according to ForexBrokers.com.

Customer Service and Support

Another important factor to consider when choosing a forex broker is the customer service and support that they provide.

Customer service and support can affect your trading satisfaction and convenience, by providing you with assistance and solutions when you need them.

Here is how Forex.com and Oanda compare in terms of their customer service and support:

  • Forex.com offers 24/5 customer service and support via phone, email, and live chat. Forex.com also has a comprehensive FAQ section and a help center on its website, where you can find answers to common questions and issues. Forex.com also offers educational resources, such as webinars, videos, articles, and guides, to help you learn and improve your trading skills.
  • Oanda offers 24/5 customer service and support via phone, email, and live chat. Oanda also has a comprehensive FAQ section and a help center on its website, where you can find answers to common questions and issues. Oanda also offers educational resources, such as webinars, videos, articles, and guides, to help you learn and improve your trading skills.

The Conclusion

Forex.com and Oanda, reputable brokers, cater to all trading levels. Both have transparent fees, advanced platforms, and diverse markets. However, differences exist:

Forex.com charges DMA account commissions; Oanda doesn’t charge commissions.

It supports MetaTrader 4 and 5; Oanda integrates with TradingView.

Forex.com offers more symbols, forex pairs, futures, and stockbroking.

Oanda has lower standard account spreads and US cryptocurrency trading.

It provides social and copy trading, unlike Forex.com.

Ultimately, your choice hinges on personal needs. Compare fees, features, regulations, and test demo accounts to make an informed decision.

Both are excellent options, but choose what suits you best.

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