FOREX.com vs OANDA 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 FOREX.com vs OANDA.
Can I trust FOREX.com?
FOREX.com has a trust score of 99, giving it a "Highly Trusted" trust label.
- "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 OANDA?
OANDA has a trust score of 92, giving it a "Highly Trusted" trust label. Here's what each trust score label means:
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 FOREX.com is IIROC Authorised (Canada), FSA Authorised (Japan), FCA Authorised (U.K.) and CFTC Registered (USA). Both do not have SFC Authorised (Hong Kong), 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, FOREX.com is CySEC Authorised (Cyprus) and DFSA / Central Bank Authorised (UAE), while OANDA is none of these. Both do not have CBRC Authorised (China), NSE Authorised (India), ISA Authorised (Israel), CBR Authorised (Russia), FSCA Authorised (South Africa) and SEC Authorised (Thailand). When comparing tier-3 licenses OANDA is FSC Authorised (British Virgin Islands), while FOREX.com is CIMA Authorised (Cayman Islands). Both do not have SCB Authorised (Bahamas), IFSC Authorised (Belize), BMA Authorised (Bermuda), FSC Authorised (Mauritius) and VFSC Authorised (Vanuatu).
Which broker offers more trading platforms?
For trading platforms FOREX.com supports a Proprietary Platform and Desktop Platform (Windows), whereas OANDA supports a Proprietary Platform, Desktop Platform (Windows) and ZuluTrade. Both do not have cTrader and DupliTrade
Does FOREX.com offer MetaTrader? Does OANDA offer MetaTrader?
Both FOREX.com and OANDA 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 FOREX.com and OANDA differ in terms of minimum deposit? What about average spreads and funding options?
FOREX.com requires a minimum deposit of $100, while OANDA requires a minimum deposit of $0. From our testing we found FOREX.com offers spreads of 1.1 (US August 2021), while OANDA offers spreads of 1.26 (5/22-5/27/22). OANDA supports Bank Wire (Deposit/Withdraw), Visa/Mastercard (Credit/Debit), PayPal (Deposit/Withdraw) and Skrill (Deposit/Withdraw) for popular funding options, where FOREX.com supports Bank Wire (Deposit/Withdraw), Visa/Mastercard (Credit/Debit) and PayPal (Deposit/Withdraw).
Which brokers offers more tradeable asset classes, FOREX.com or OANDA?
OANDA offers a more diverse selection of investment options than FOREX.com 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, FOREX.com has 5500, compared to 124 from OANDA.
Can I trade cryptocurrency with FOREX.com or OANDA?
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 FOREX.com nor OANDA allow you to trade physical cryptocurrencies.
Who offers more research tools, FOREX.com or OANDA?
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 FOREX.com has the tools listed here: Daily Market Commentary, Stock Charts, Forex News (Top-Tier Sources) and Trading Central (Recognia).