Between 54-87% of retail CFD accounts lose money. Based on 69 brokers who display this data.
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BrokerDNA™
The BROKERDNA™ score tells you, overall, how reputable, suitable, and affordable a broker is compared to other brokers. This score is algorithmically-generated based on 31 factors. Neither our team, nor the brokers featured on our site, are able to change this without changing their service offering. Learn more here. |
Oanda
9.3
/10
VISIT OANDA
The BROKERDNA™ score tells you, overall, how reputable, suitable, and affordable a broker is compared to other brokers. This score is algorithmically-generated based on 31 factors. Neither our team, nor the brokers featured on our site, are able to change this without changing their service offering. Learn more here. |
HY Markets
9.2
/10
VISIT HY MARKETS
The BROKERDNA™ score tells you, overall, how reputable, suitable, and affordable a broker is compared to other brokers. This score is algorithmically-generated based on 31 factors. Neither our team, nor the brokers featured on our site, are able to change this without changing their service offering. Learn more here. |
XTB
10
/10
VISIT XTB
The BROKERDNA™ score tells you, overall, how reputable, suitable, and affordable a broker is compared to other brokers. This score is algorithmically-generated based on 31 factors. Neither our team, nor the brokers featured on our site, are able to change this without changing their service offering. Learn more here. |
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About |
Oanda is regulated by the Financial Conduct Authority, ASIC, NFA, IIROC and MAS. Oanda have provided Forex trading services since 2011. |
HY Markets is regulated by the Financial Conduct Authority. HY Markets have provided Forex trading services since 1977. |
XTB is regulated by the Financial Conduct Authority. XTB have provided Forex, CFD, and social trading services since 2002. |
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Why choose them? |
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Headquarters | London, UK | London, UK / Dubai, United Arab Emirates / Hong Kong | Level 34, One Canada Square, Canary Wharf, E14 5AA, London, UK | |
TRADING SERVICES OFFERED |
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Spot Forex | ||||
Forex (CFD) | ||||
CFD | ||||
Spread Betting | ||||
Social Trading | ||||
MARKETS & INSTRUMENTS | ||||
Forex (currency pairs) | 71 | 39 | 48 | |
Commodities Offered | 12 | 10 | 21 | |
Stocks Offered | 0 | 10 | 1606 | |
Bitcoin | ||||
Majors | ||||
Indices | ||||
US Stocks | ||||
Penny stocks | ||||
Energies | ||||
Metals | ||||
Agriculturals | ||||
FTSE | ||||
Dow Jones | ||||
Dax | ||||
Nikkei | ||||
ETFs | ||||
IPO | ||||
See all instruments
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 73.5% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. |
See all instruments
Losses can exceed deposits |
See all instruments
82% of retail investor accounts lose money when trading CFDs with this provider. |
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PLATFORM & FEATURES |
See the platforms and features offered by each broker |
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Screenshot |
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MT4 | ||||
MT5 | ||||
MT4 Mac | ||||
WebTrader | ||||
Mirror Trader | ||||
ZuluTrade | ||||
Sirix | ||||
cTrader | ||||
PAMM | ||||
Custom Platforms | OANDA APINo | HYCM | Xstation5 | |
APPS |
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iOS |
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Android |
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Windows |
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Available Languages |
English, Chinese, French, German, Japanese, Korean, Russian, and Spanish |
English, Chinese, Arabic, and Russian |
English, Spanish, Czech, Chinese, German, French, Italian, Polish, Portuguese, Romanian, Slovenian, Turkish, Arabic, and Russian. |
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See platform & features
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 73.5% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. |
See platform & features
Losses can exceed deposits |
See platform & features
82% of retail investor accounts lose money when trading CFDs with this provider. |
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ACCOUNT INFORMATION |
From micro accounts to ECN accounts, compare the accounts offered by Oanda and HY Markets |
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Demo account | ||||
Mini account | ||||
Micro account | ||||
Standard account | ||||
ECN Account | ||||
Islamic account | ||||
Zero spread account | ||||
VIP account | ||||
Fixed spreads | ||||
Variable spreads | ||||
See account options
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 73.5% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. |
See account options
Losses can exceed deposits |
See account options
82% of retail investor accounts lose money when trading CFDs with this provider. |
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TRADING CONDITIONS |
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Scalping | ||||
Hedging | ||||
Expert advisors (EAs) | ||||
Virtual private server | ||||
Direct market access | ||||
STP broker | ||||
Market maker | ||||
Min trade | Varies | Varies | 0.01 Lot | |
Max trade | Varies | Varies | 100 Lot | |
Min deposit | $1 | $1 | $1 | |
RISK MANAGEMENT |
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Stop losses | ||||
Limit orders | ||||
One-click trading | ||||
Trailing stops | ||||
Price alerts | ||||
Signal trading | ||||
FUNDING METHODS |
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Credit card | ||||
Bank transfer | ||||
Standard account | ||||
Paypal | ||||
Neteller | ||||
Skrill | ||||
Payment processing time | 1-2 business days | 1-2 business days | Same day if requested before 1PM | |
Withdrawal processing time | 1-2 business days | 1-7 business days | Same day if requested before 1PM | |
See all funding options
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 73.5% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. |
See all funding options
Losses can exceed deposits |
See all funding options
82% of retail investor accounts lose money when trading CFDs with this provider. |
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DETAILED INFO |
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Excluded countries | US | US | US,IN,PK,BD,IQ,IR,IL,AF,AU,CA | |
Contact email | Send Email | Send Email | Send Email | |
Phone number | 44 20 3151 2050 | 44-208-816-7812 | 44 2036953085 | |
Live Chat | ||||
Website | www.oanda.co.uk | http://www.hymarkets.com/ | www.xtb.com | |
Spreads: | ||||
EUR/USD (Average: 0.7 pips) | 1.1 pips + $0.00 | 2.0 pips | 0.1 pips | |
GBP/USD (Average: 1.1 pips) | 1.7 pips + $0.00 | 2.7 pips | 0.1 pips | |
USD/JPY (Average: 1.1 pips) | 1.2 pips + $0.00 | 2.5 pips | 0.1 pips | |
AUD/USD (Average: 0.8 pips) | 1.2 pips + $0.00 | 2.7 pips | 0.2 pips | |
USD/CHF (Average: 2.3 pips) | 1.6 pips + $0.00 | 3.0 pips | 0.2 pips | |
USD/CAD (Average: 2.9 pips) | 1.6 pips + $0.00 | 3.0 pips | 0.3 pips | |
NZD/USD (Average: 3.6 pips) | 1.6 pips + $0.00 | 3.9 pips | 0.3 pips | |
EUR/GBP (Average: 2.4 pips) | 1.4 pips + $0.00 | 4.2 pips | 0.1 pips | |
View all spreads
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 73.5% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. |
View all spreads
Losses can exceed deposits |
View all spreads
82% of retail investor accounts lose money when trading CFDs with this provider. |
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FEES |
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Inactivity Fee | No | Yes | No | |
Commission | No | No | Yes | |
Deposit Fee | No | No | No | |
Withdrawal Fee | Varies | Varies | No | |
View All Fees
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 73.5% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. |
View All Fees
Losses can exceed deposits |
View All Fees
82% of retail investor accounts lose money when trading CFDs with this provider. |
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Last update |
All information collected from www.oanda.co.uk. Last updated on 01/01/2021. |
All information collected from http://www.hymarkets.com/. Last updated on 01/01/2021. |
All information collected from www.xtb.com. Last updated on 01/01/2021. |
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Company |
Oanda services over 75,000 clients clients around the world. The most notable aspect about Oanda is their fxTrade platform, which is regarded as one of the fastest platforms in the industry. Oanda is regulated in five different regional areas, making them a great choice for those looking to access global markets. |
For over 30 years HY Markets has been the trusted platform of choice to access all the major markets across the world and with their low spreads and no commission policy they gained have over 50,000 active users. |
XTB provides hyper fast execution and facilitates seminars with external professional traders, providing personalised education depending on your individual circumstances. |
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Popular comparisons |
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If you’re a trader looking for a broker that offers a wide variety of instruments to trade, Oanda is likely the better option out of these brokers. However, if you want a broker that offers Islamic accounts, HY Markets may be more suitable.
You can determine a broker’s reliability & trustworthiness by looking at eight factors:
Based on these eight factors, we consider HY Markets to be the more reliable broker. We’ve broken down why below:
Oanda is regulated by Financial Conduct Authority and ASIC, while HY Markets is regulated by Financial Conduct Authority.
XTB are also regulated by the Financial Conduct Authority.
If a broker has been around for a long period of time, they’re likely to be more reliable (in comparison, most scam brokers only exist for several years before they disappear).
This also suggests that a broker has good risk management processes that have prevented them being caught out by major financial events, as was the case with Alpari UK going bust when they were there was a policy reversal of capping the Swiss Franc against the Euro.
Oanda has been around for 25 years, while HY Markets have been around for 44 years. Our third alternative broker, XTB, have been around for 19 years.
You wouldn’t want your broker paying their staff out of the same bank account account that you’re depositing your trading funds into, would you?
Fortunately, all regulated brokers must use segregated bank accounts to hold client money. This is one of the reasons why we only feature regulated brokers here on BrokerNotes.
All three brokers above will hold your money in a separate bank account.
Most tier-1 banks like Barclays and HSBC have been around for over 100 years and manage trillions of dollars of assets, proving that they have stood the test of time.
Both Oanda and HY Markets use tier one banks, but we are not sure of which bank specifically.
If a broker has been penalised by a regulator in the past five years, it may mean that they were caught doing something they shouldn’t be doing - which may be of concern to you as an end client.
While not always the case, the number of traders a broker has can be a good metric for understanding how reputable a brokers is.
Oanda is more popular with over 23,000 traders.
Companies that are publicly listed on a stock exchange tend to be considered more reputable as they will be required to disclose their financials, and aspects of their operations, to the public.
Both Oanda and HY Markets are privately owned companies.
Most reputable brokers tend to be headquartered in a major capital city or a financial hub such as Cyprus.
Oanda are based in London, UK, while HY Markets are based in London, UK / Dubai, United Arab Emirates / Hong Kong .
Assuming the brokers you’re choosing between are reputable, the next point to consider is whether they offer all of the features you require to trade.
This can be broken down into three categories:
If you’re looking to trade currency pairs, both Oanda and HY Markets offer forex trading. Oanda have a slightly larger variety of currency pairs with 71 pairs, compared to 39 offered by HY Markets. Also, if you’re looking to trade cryptocurrencies, HY Markets offers a handful of cryptocurrency CFDs to trade, including Bitcoin, Ethereum and Ripple.
Both Oanda and HY Markets allow you to trade commodities like gold, silver and crude oil.
If you trade forex, there’s a good chance you might want a broker that offers the popular MT4 trading platform. If that’s the case, both Oanda and HY Markets offer this. Our alternative broker, XTB, also offers MT4 and MT5.
In addition to the platform, you’ll also want to ensure that the broker you choose offers the account type best suited to your needs. Oanda, for example, offer a mini account, standard account and VIP account.
If you have a certain trading style (e.g. scalping, hedging, or using EAs), you’ll want to double check that the broker you choose allows this, as not all of them do.
Oanda does allow scalping and hedging. While HY Markets also allows scalping and hedging. You can trade with EAs (expert advisors) on both Oanda and HY Markets.
In terms of risk management tools, neither Oanda or HY Markets offers negative balance protection. Negative balance protection prevents you owing your broker more than you’ve deposited.
Oanda also offer stop losses, limit orders, and price alerts to help you automate aspects of your trading strategy.
Both Oanda and HY Markets accept Paypal as a funding method.
Comparing the fee structures of different brokers can be a minefield at times. The important thing to consider is what the spreads & fees are on the specific instruments and account type that you will be using.
For trading EUR/USD, Oanda charges 1.20 points, while HY Markets charges 1.80 points. Therefore, Oanda is the more affordable for this instrument. If you want to compare their spreads across more instruments, You can jump back up to our comparison of their currency pair & indice spreads above.
Another consideration is whether or not your broker charges inactivity, deposit/withdrawal fees, or commissions on trades. If you’re a frequent trader, inactivity fees are unlikely to be an issue.
There’s no such thing as a perfect broker, but some are going to be a better fit for you than others.
Objectively, HY Markets is more reliable based on our criteria above. Oanda has a wider range of instruments to trade. Oanda offer lower spreads on popular forex instruments like EUR/USD and are used by more traders.
Both brokers offer demo accounts, allowing you to test their platforms to see which is suitable for you. You can test drive their demos using the links below:
Finally, if you’re really not sure you can always use our free tool (takes 15 seconds) that will help you find a suitable broker based on your precise requirements here.