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OANDA vs TopFX 2022

BrokerNotes.co

Written by BrokerNotes.co

November 08, 2022

Trying to decide between OANDA and TopFX? Weโ€™ve taken the guesswork out of the equation with our Comparison Tool. Use our tool to compare hundreds of data points, side-by-side, to see how these two brokers stack up against each other.

Based on our extensive research, hands-on testing, and expert analysis of over a hundred data-driven variables, we've determined that, overall, OANDA ranks more highly than TopFX.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 65% and 82% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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Overall RatingOANDATopFXFOREX.com
Overall Rating8 / 106.5 / 108.7 / 10
Account TypeOANDATopFXFOREX.com
Standard Trade Size (100,000 units)YesYesYes
Mini Trade Size (10,000 units)YesYesYes
Micro Trade Size (1,000 units)YesYesYes
Islamic AccountYesYesYes
Copy TradingOANDATopFXFOREX.com
Social Trading / Copy TradingYesYesNo
DupliTradeNoNoNo
ZuluTradeYesNoNo
CryptocurrencyOANDATopFXFOREX.com
Cryptocurrency (Physical)YesNoNo
Cryptocurrency (CFD)YesYesYes
BitcoinYesYesYes
ethereumYesYesYes
Forex Trading (Spot or CFDs)OANDATopFXFOREX.com
Forex Trading (Spot or CFDs)YesYesYes
Mobile Trading - Forex or CFDsYesYesYes
Indices (Index CFDs)OANDATopFXFOREX.com
DAXYesYesYes
Dow JonesYesYesYes
FTSEYesYesYes
NASDAQ 100YesYesYes
NikkeiYesYesYes
SP 500YesYesYes
InvestmentsOANDATopFXFOREX.com
Forex Trading (Spot or CFDs)YesYesYes
Spread BettingYesNoNo
Social Trading / Copy TradingYesYesNo
MetalsYesYesYes
EnergiesYesYesYes
AgriculturalsYesNoYes
ETFNoYesYes
U.S. Stocks (CFD)NoYesYes
Trading PlatformsOANDATopFXFOREX.com
Apple iOS AppYesYesYes
Android AppYesYesYes
Proprietary PlatformYesNoYes
Desktop Platform (Windows)YesYesYes
Web PlatformYesYesYes
MetaTrader 4 (MT4)YesYesYes
MetaTrader 5 (MT5)YesNoYes
Regulatory LicensesOANDATopFXFOREX.com
Tier-1 Licenses604
ASIC Authorised (Australia)YesNoNo
IIROC Authorised (Canada)YesNoYes
FCA Authorised (U.K.)YesNoYes
SFC Authorised (Hong Kong)NoNoNo
MAS Authorised (Singapore)YesNoNo
FINMA Authorised (Switzerland)NoNoNo
CFTC Registered (USA)YesNoYes
Tier-2 Licenses012
Tier-3 Licenses101
Research, EducationOANDATopFXFOREX.com
Trading Central (Recognia)NoYesYes
Forex News (Top-Tier Sources)YesYesYes
Daily Market CommentaryYesNoYes
AutochartistYesYesNo
Investor Dictionary (Glossary)YesNoYes
Videos - Beginner Trading VideosYesNoYes
Client Webinars (Archived)YesNoNo
Trading CostsOANDATopFXFOREX.com
Minimum Initial Deposit$0Depends on payment method$100
Average Spread EUR/USD - Standard1.26 (5/22-5/27/22)N/A1.0 (July 2022)
All-in Cost EUR/USD - Active1.26 (5/22-5/27/22)N/A1.0 (July 2022)
Active Trader or VIP DiscountsYesNoYes
Bank Wire (Deposit/Withdraw)YesYesYes
Visa/Mastercard (Credit/Debit)YesYesYes
PayPal (Deposit/Withdraw)YesYesYes
Trading ToolsOANDATopFXFOREX.com
Watchlists - Total Fields6720
Mobile WatchlistYesYesYes
Charting - Indicators / Studies (Total)8130203
Mobile Charting - Indicators / Studies333088
Trust FactorsOANDATopFXFOREX.com
Year Founded199620101999
Publicly Traded (Listed)NoNoYes
BankNoNoNo
Authorised in European UnionYesNoYes
Trust Score926799
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OANDA vs TopFX 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 TopFX.

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 โ€“ in most cases โ€“ 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 โ€œDo Not Trustโ€ rating.

Can I trust TopFX?

TopFX has a trust score of 67, giving it a "High 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 TopFX a good broker?

TopFX lags behind the industry average when it comes to market research and education, yet offers a growing selection of markets that you can trade on the MetaTrader and cTrader platforms.

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 TopFX is none., neither 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, OANDA is none, while TopFX is CySEC Authorised (Cyprus)., neither have CBRC Authorised (China), SEBI Authorised (India), ISA Authorised (Israel), CBR Authorised (Russia), FSCA Authorised (South Africa), SEC Authorised (Thailand) and DFSA / Central Bank Authorised (UAE). When comparing tier-3 licenses OANDA is FSC Authorised (British Virgin Islands), while TopFX is none., neither have SCB Authorised (Bahamas), IFSC Authorised (Belize), BMA Authorised (Bermuda), CIMA Authorised (Cayman Islands), FSC Authorised (Mauritius) and VFSC Authorised (Vanuatu).

Which broker offers more trading platforms?

For trading platforms OANDA supports a Proprietary Platform, Desktop Platform (Windows) and ZuluTrade, whereas TopFX supports a Desktop Platform (Windows) and cTrader., neither have DupliTrade

Does OANDA offer MetaTrader? Does TopFX offer MetaTrader?

For MetaTrader OANDA provides MetaTrader 4 (MT4) and MetaTrader 5 (MT5), while TopFX provides MetaTrader 4 (MT4). If MetaTrader is a must for you, read our guides on the best MT4 brokers or best MT5 brokers.

How do OANDA and TopFX differ in terms of minimum deposit? What about average spreads and funding options?

OANDA requires a minimum deposit of $0, while TopFX requires a minimum deposit of Depends on payment method. From our testing we found OANDA offers spreads of 1.26 (5/22-5/27/22), while TopFX offers spreads of N/A. Both OANDA and TopFX 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 TopFX?

OANDA offers a more diverse selection of investment options than TopFX allowing you to trade Forex Trading (Spot or CFDs), Spread Betting, Social Trading / Copy Trading, Metals, Energies and Agriculturals. Looking at total tradeable symbols, OANDA has 124, compared to 655 from TopFX.

Can I trade cryptocurrency with OANDA or TopFX?

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 โ€” including spot forex contracts. In terms of trading physical cryptocurrency neither OANDA nor TopFX allow you to trade physical cryptocurrencies.

Who offers more research tools, OANDA or TopFX?

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 TopFX has the tools listed here: Autochartist, Forex News (Top-Tier Sources), Trading Central (Recognia) and Social Trading / Copy Trading., neither have Stock Charts

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