OANDA vs DooPrime Comparison
Comparing forex brokers side by side is no easy task. For our 2022 annual forex broker review, we spent hundreds of hours assessing 39 forex and CFD brokerages to find the best forex broker. Let's compare OANDA vs DooPrime.
Can I trust OANDA?
OANDA has a trust score of 92, giving it a "Highly Trusted" trust label. Here's what each trust score label means:
- "Highly Trusted" (90-99) - These brokers are considered the most trustworthy firms in the industry. Simply put, we would not hesitate to open and fund an account with a Highly Trusted broker.
- "Trusted" (80-89) - These brokers are reliable and trustworthy. "Trusted" firms are a solid choice, and may simply hold fewer regulatory licences or feature different corporate structures than those brokers that have earned our top Trust Score rating.
- "Average Risk" (70-79) - Average Risk brokers are firms we generally consider to be safe, but that may warrant a closer inspection before you open and fund a live trading account. At the least, we always encourage traders to check the regulatory licenses for Average Risk firms to verify that they are regulated in their own country of residence.
- "High Risk" (60-69) - High-risk firms should be scrutinized and carefully reviewed before opening an account. These forex brokers are – in most cases – operating without credible regulatory licensing, and likely have a history of legal or financial issues. Before considering an account with a high-risk firm, we recommend checking our country guides for your country of residence to see if a more trusted broker is available.
- "Do Not Trust" (<59) - We do not recommend opening an account of any kind with a broker that earns a “Do Not Trust” rating.
Can I trust DooPrime?
DooPrime has a trust score of 84, giving it a "Average Risk" trust label.
Is OANDA a good broker?
OANDA is a long-standing broker that is highly regulated and trusted across the world by forex and CFD traders. OANDA has strong market research, and offers connectivity to numerous platforms and third-party plugins (including integrated charts from TradingView). The only downside with using OANDA is its comparatively small range of markets and industry-average spreads.
Is DooPrime a good broker?
What tier-1 jurisdictions is each broker regulated in?
Tier-1 regulators go above and beyond by requiring additional capital requirements, checking in on brokers more frequently, and putting brokers through a tougher screening process. OANDA is ASIC Authorised (Australia), IIROC Authorised (Canada), FSA Authorised (Japan), MAS Authorised (Singapore), FCA Authorised (U.K.) and CFTC Registered (USA), while DooPrime is SFC Authorised (Hong Kong) and FCA Authorised (U.K.)., neither have CBI Authorised (Ireland), FMA Authorised (New Zealand) and FINMA Authorised (Switzerland)
What tier-2 jurisdictions is each broker regulated in? What about tier-3?
Tier-2 and tier-3 licenses are still important in evaluating the overall trustworthiness of forex brokers. As far as tier-2 licenses go, unfortunately, neither OANDA nor DooPrime are CBRC Authorised (China), CySEC Authorised (Cyprus), NSE Authorised (India), ISA Authorised (Israel), CBR Authorised (Russia), FSCA Authorised (South Africa), SEC Authorised (Thailand) and DFSA / Central Bank Authorised (UAE)., neither have DFSA / Central Bank Authorised (UAE). When comparing tier-3 licenses OANDA is FSC Authorised (British Virgin Islands), while DooPrime is FSC Authorised (Mauritius) and VFSC Authorised (Vanuatu)., neither have SCB Authorised (Bahamas), IFSC Authorised (Belize), BMA Authorised (Bermuda) and CIMA Authorised (Cayman Islands).
Which broker offers more trading platforms?
For trading platforms OANDA supports a Proprietary Platform, Desktop Platform (Windows) and ZuluTrade, whereas DooPrime supports a Proprietary Platform and Desktop Platform (Windows)., neither have cTrader and DupliTrade
Does OANDA offer MetaTrader? Does DooPrime offer MetaTrader?
Both OANDA and DooPrime offer the whole MetaTrader suite, which consists of both MetaTrader 4 and MetaTrader 5. If you’re new to MetaTrader 4 here’s our educational guide on how to use MT4.
How do OANDA and DooPrime differ in terms of minimum deposit? What about average spreads and funding options?
OANDA requires a minimum deposit of $0, while DooPrime requires a minimum deposit of $100. From our testing we found OANDA offers spreads of 1.26 (5/22-5/27/22), while DooPrime offers spreads of -1. Both OANDA and DooPrime offer Bank Wire (Deposit/Withdraw), Visa/Mastercard (Credit/Debit), PayPal (Deposit/Withdraw) and Skrill (Deposit/Withdraw) for deposits.
Which brokers offers more tradeable asset classes, OANDA or DooPrime?
OANDA offers a more diverse selection of investment options than DooPrime allowing you to trade Forex Trading, Trading - Forex or CFDs, Spread Betting, Social Trading / Copy Trading, Metals, Energies and Agriculturals. Looking at total tradeable symbols, OANDA has 124, compared to 10000 from DooPrime.
Can I trade cryptocurrency with OANDA or DooPrime?
Crypto trading is popular with forex traders. Most crypto assets are offered either as the underlying physical asset or as a CFD or other derivative — including spot forex contracts. In terms of trading physical cryptocurrency neither OANDA nor DooPrime allow you to trade physical cryptocurrencies.
Who offers more research tools, OANDA or DooPrime?
In terms of research and research tools OANDA gives traders the following tools: Autochartist, Daily Market Commentary, Forex News (Top-Tier Sources) and Social Trading / Copy Trading. In comparison DooPrime has the tools listed here: Daily Market Commentary, Stock Charts, Forex News (Top-Tier Sources), Trading Central (Recognia) and Social Trading / Copy Trading.