9 Best OANDA Alternatives

Some forex traders want alternatives to the OANDA broker, even with its strong reputation and quality market research.

High spreads frustrate many users despite OANDA's many features. The minimum spread on popular pairs like EUR/USD often climbs higher than competitors', reducing potential profits.

Moreover, complex fee structures and withdrawal charges add to the dissatisfaction.

These issues prompt traders to explore other options, searching for cheaper or more flexible brokers with advanced features allowing easier, faster, and more profitable trading.

Keep reading to find the nine best alternatives to OANDA. 

Contents

• Key Takeaways
• 9 Best Alternatives to OANDA
• Alternative #1: IG
• Alternative #2: Interactive Brokers
• Alternative #3: Saxo Bank
• Alternative #4: CMC Markets
• Alternative #5: FOREX.com
• Alternative #6: City Index
• Alternative #7: XTB
• Alternative #8: eToro
• Alternative #9: RoboForex
• What to Look for in an OANDA Alternative
• What Is the Best OANDA Alternative?
• Final Thoughts on the Best OANDA Alternatives
• Frequently Asked Questions

Key Takeaways

• High spreads and complex fees prompt many traders to seek alternatives to OANDA.
• IG offers access to 17,000+ markets, advanced platforms, and extensive educational resources.
• Interactive Brokers provides global market access, low costs, and sophisticated portfolio tools.
• Saxo Bank is ideal for professional traders with robust platforms and comprehensive research.
• CMC Markets combines client sentiment tools, pattern recognition scanners, and award-winning support.
• XTB and eToro emphasize intuitive trading experiences, while RoboForex offers flexibility and high leverage.

9 Best Alternatives to OANDA

The best alternatives to OANDA include:

• IG
• Interactive Brokers
• Saxo Bank
• CMC Markets
• FOREX.com
• City Index
• XTB
• eToro
• RoboForex

Alternative #1: IG

IG is a globally recognized broker offering access to over 17,000 financial instruments, including forex, indices, commodities, shares, and cryptocurrencies. 

As a trusted broker with over 50 years of experience, IG provides seamless trading services tailored to both new and experienced traders. Its reputation is built on fast execution, competitive pricing, and robust risk management tools.

With IG, traders benefit from tight spreads and a comprehensive suite of trading platforms, including its intuitive web-based interface, advanced MetaTrader 4, and award-winning mobile apps. These platforms support professional-grade features like advanced charting, automated trading, and real-time alerts, ensuring an efficient trading experience.

As a broker, IG emphasizes education and client support. The IG Academy offers free courses, webinars, and tutorials to enhance trading knowledge. 

Round-the-clock support ensures that traders can resolve issues promptly, and its secure infrastructure provides peace of mind. Whether you are a beginner exploring CFDs or an experienced trader diversifying your portfolio, IG stands out as a trusted and innovative broker.

Let’s discuss the features that IG brings to the table. 

IG Features and Benefits

IG provides a versatile suite of tools and features designed to enhance trading efficiency and improve decision-making processes. Committed to delivering a seamless and secure trading experience, IG caters to traders of all levels across a wide array of financial markets.

Below are the most prominent features, refined and expanded for better understanding.

Advanced Trading Platforms

IG offers multiple cutting-edge trading platforms, including the widely popular MetaTrader 4 and the sophisticated ProRealTime, both tailored to meet diverse trading needs. 

These platforms provide advanced charting tools that allow users to visualize market trends, execute in-depth technical analysis, and easily deploy automated trading strategies.

IG supports mobile trading via award-winning apps for traders who prefer flexibility, ensuring seamless account access and trade management. The platforms also feature customizable interfaces, enabling users to personalize layouts, integrate their preferred tools, and optimize their trading workflows.

Trading signals and alerts are readily available, giving users actionable insights to refine their strategies. Whether trading forex, commodities, or indices, these platforms deliver the precision and functionality required for success.

Robust Risk Management Tools

To help traders safeguard their investments, IG offers a comprehensive suite of risk management tools. Features like guaranteed stops ensure that trades close at pre-set levels, even in volatile markets, minimizing unexpected losses.

Price alerts notify traders of significant market movements, allowing them to stay ahead of trends and adjust strategies proactively. 

Trailing stops further enhance risk management by locking in profits as prices move in a favorable direction, providing a dynamic layer of protection.

Start learning from Photon Trading to manage risk effectively. 

Extensive Market Access

With IG, traders gain access to over 17,000 global markets, spanning forex, shares, indices, commodities, and cryptocurrencies. This unmatched breadth of market coverage supports portfolio diversification and allows traders to explore new opportunities across various sectors.

The platform leverages connections with top global exchanges to source competitive pricing and deliver fast execution speeds. These advantages are crucial in volatile markets where timing can significantly impact profitability.

Real-Time Data and Market Analysis

IG empowers traders with real-time data feeds and up-to-the-minute market analysis. Integrated tools like Reuters news streams and in-platform Twitter feeds keep users informed about the latest market developments.

A dedicated team of global analysts provides actionable insights and commentary, helping traders make informed decisions. These resources are complemented by customizable charting tools and analytics, which allow for tailored views of market trends and opportunities.

Comprehensive Educational Resources

IG offers a robust educational suite through the IG Academy for those looking to expand their trading knowledge. Free trading courses, webinars, and tutorials cover everything from basic concepts to advanced strategies, catering to traders of all experience levels.

Also, the platform fosters community engagement through the IG Community, where traders can exchange ideas, share strategies, and receive peer and staff support. This collaborative environment enhances learning and skill development.

Specialized Tools for Professionals

IG stands out by offering advanced tools tailored for experienced traders. Features like L2 Dealer and Premium Services provide deeper market insights and enhanced order execution capabilities. Professional users can also benefit from algorithmic trading and seamless integration with platforms like TradingView, offering unparalleled customization and control.

Let’s find out what fees are associated with IG. 

IG Pricing

Here’s what to expect from IG in terms of costs. 

Spreads and Commissions

IG’s fee structure includes spreads for most CFD trades and commissions for share CFDs. Spreads represent the difference between the bid and ask prices and are the primary cost for trading forex, indices, and commodities. 

Forex spreads for key pairs start as low as 0.6 points, while indices like the FTSE 100 and Germany 40 begin at 0.8 points. Commodities, such as gold, feature spreads starting at 0.1 points. For share CFDs, a commission fee replaces the spread, with varying rates depending on the region and market.

Overnight Funding Charges

For positions held past the daily cut-off time (typically 10 PM UK time for most markets), IG applies an overnight funding charge. This fee reflects the cost of maintaining open positions and includes the market’s tom-next rate plus an annual admin fee of 0.8%. 

For forex, the overnight charge is calculated using the formula: nights held × (tom-next rate + admin fee) × trade size. The specific timing for U.S. shares is 8 PM New York time from Monday to Thursday and 10 PM UK time on Fridays.

Guaranteed Stop Premiums

IG allows traders to protect their positions from slippage using guaranteed stops. These stops ensure trades are closed at the predefined level, regardless of market volatility. A small premium applies only if the guaranteed stop is triggered. For forex, the premium starts at 1.2 points for pairs like EUR/USD and varies across other markets.

ProRealTime Charting Fees

Access to IG’s advanced charting package, ProRealTime, costs $40 per month. This package includes enhanced analytical tools and customizable charts, making it ideal for active traders. The monthly fee is waived if a trader places four or more trades during the billing period, although IG reserves the right to charge for low-value trades.

Live Data Fees

Traders using IG’s share CFDs and seeking real-time market data will incur live data fees. These monthly fees depend on the selected exchange and are visible in the data feed options under the platform’s settings. This ensures traders receive up-to-the-minute information for accurate decision-making.

Currency Conversion Charges

For trades executed in a currency other than the account’s base currency, IG charges a currency conversion fee of 0.8%. This fee accounts for all related costs, including funding and commission, before converting the transaction back to the base currency. Users can choose between daily or instant conversion settings for added flexibility.

Direct Market Access (DMA)

IG’s Direct Market Access feature allows for reduced spreads on Forex Direct but applies variable commissions. For share CFDs, DMA access may require a monthly exchange fee. This service provides professional-level trading with greater market transparency and precision.

Additional Fees

Additional charges include a $50 account documentation fee for U.S. share trading if mandatory forms (e.g., W-8 or W-9) are not submitted before the dividend ex-date. Third-party fees may also apply, such as a 2.3% card transaction charge passed on by payment processors. Traders are encouraged to consult with their card issuer or merchant bank for additional details.

Alternative #2: Interactive Brokers

Interactive Brokers offers a powerful and versatile trading platform designed to meet the needs of both individual and institutional investors. 

With access to over 150 markets in 34 countries and trading support for 28 currencies, users can invest globally in asset classes such as stocks, options, futures, forex, bonds, and funds, all from a unified platform. The platform boasts low costs, with commissions starting as low as $0.07 and margin rates up to 51% lower than the industry average. 

Advanced features include sophisticated portfolio analysis tools, 90+ order types (from limit orders to algorithmic trading), and award-winning technology that ensures fast, efficient execution. Security and stability are paramount, with $16.1 billion in equity capital and robust automated risk controls in place.

Let’s see what features Interactive Brokers provides traders with. 

Interactive Brokers Features and Benefits

Interactive Brokers delivers a comprehensive suite of features designed to accommodate diverse trading strategies and enhance the user experience for both individual and institutional investors. These tools provide flexibility, precision, and insight to traders at every level of expertise.

Here’s what Interactive Brokers brings to the table: 

Trader Workstation (TWS)

The Trader Workstation (TWS) platform is a powerhouse for advanced traders, offering sophisticated tools and analytics to optimize trading strategies. Its real-time monitoring capabilities and customizable interface allow users to tailor the platform to their specific needs.

TWS supports a wide range of complex order types, from bracket orders to conditional and algorithmic trades, enabling traders to execute intricate strategies with ease. Additionally, automated trading features streamline processes, making it ideal for traders managing high-volume or multi-asset portfolios.

Access to global markets through TWS ensures diverse investment opportunities, catering to traders looking for exposure across different asset classes, regions, and industries. Its advanced data visualization and risk analysis tools further enhance its appeal to detail-oriented traders.

IBKR Mobile

The IBKR Mobile app brings the power of Interactive Brokers' trading tools to your fingertips, ensuring that traders stay connected to the markets wherever they are. Designed with a user-friendly interface, the app offers seamless synchronization with desktop platforms.

The app offers real-time market data, live quotes, and interactive charts, allowing traders to analyze trends and execute trades confidently. Moreover, push notifications keep users informed of significant price movements and news events.

The app's intuitive order management system lets traders monitor and adjust their positions on the go, providing flexibility that supports both active day trading and long-term portfolio management. Its compatibility across devices ensures continuity and reliability for traders with dynamic schedules.

PortfolioAnalyst

PortfolioAnalyst is a cutting-edge tool for managing and analyzing financial portfolios. It provides users with a holistic view of their investments. This feature aggregates data from multiple financial accounts, allowing seamless integration and monitoring.

Users benefit from detailed performance metrics, which include rate-of-return analyses, allocation breakdowns, and benchmarking against global indices. PortfolioAnalyst also delivers personalized, data-driven insights, enabling traders to evaluate their strategies and adjust as needed to meet their financial goals.

With customizable reporting and the ability to track progress toward milestones, this tool is invaluable for investors prioritizing informed decision-making and long-term planning.

IBKR ForecastTrader

A unique feature of Interactive Brokers is the IBKR ForecastTrader, which allows users to engage with exchange-listed Forecast Contracts. These contracts let traders speculate on the outcomes of political, economic, and climate events through yes-or-no questions.

This innovative tool combines predictive trading with market insights, appealing to traders interested in leveraging their knowledge of current events. 

ForecastTrader provides an additional avenue for portfolio diversification and risk management, particularly for traders with an analytical approach to global developments.

Global Market Access

Interactive Brokers provides access to more than 150 markets across 34 countries and supports trading in 28 currencies. This global reach empowers traders to diversify their portfolios and capitalize on opportunities in both established and emerging markets.

The platform supports a wide variety of asset classes, from equities and options to forex and fixed income, ensuring versatility for traders with different strategies and objectives. Market data is accessible 24 hours a day, six days a week, allowing for a continuous flow of information and trading opportunities.

Premier Technology and Security

Interactive Brokers is renowned for its robust and secure trading platforms. With $16.1 billion in equity capital and cutting-edge automated risk controls, the company ensures client funds are well-protected. 

Real-time trade confirmations, transparent margin details, and advanced transaction cost analysis are just a few of the features that enhance trust and reliability.

The platform’s award-winning technology also delivers lightning-fast execution speeds, sophisticated portfolio analysis tools, and 90+ order types, all of which help traders achieve their financial objectives efficiently.

Let’s now find out how much Interactive Brokers will cost you. 

Interactive Brokers Pricing

Here’s an overview of the fees associated with Interactive Brokers:

Commissions and Fees

Interactive Brokers offers some of the most competitive pricing in the industry. For U.S. residents, IBKR Lite provides commission-free trading on U.S. exchange-listed stocks and ETFs, while IBKR Pro clients benefit from tiered and fixed pricing models. 

Stock and ETF trades under IBKR Pro range from $0.0005 to $0.0035 per share, with no platform fees or account minimums. Options contracts cost between $0.15 and $0.65 per contract under tiered pricing.

Margin Rates

Interactive Brokers charges blended margin rates based on loan tiers. Rates begin at the benchmark rate (BM) plus 1.5% for smaller balances and reduce to as low as BM + 0.5% for balances exceeding $200 million. 

Margin interest accrues daily and is posted monthly. IBKR Pro clients enjoy significantly lower rates than IBKR Lite, making it ideal for active traders using leverage.

Overnight Funding Costs

Overnight funding fees apply to CFD positions held past the daily cut-off time (10 PM UK time). This cost includes an interest adjustment based on market rates, with an additional administrative fee. Forex overnight charges are calculated using the "tom-next" rate, which reflects market borrowing costs.

Market Data Fees

Clients receive free real-time data for U.S.-listed stocks and ETFs via Cboe One and IEX, with delayed data available for other markets. Additional market data subscriptions, including Level 1 and Level 2 data, are available for purchase. Non-professional subscribers typically pay lower fees compared to professional accounts.

Currency Conversion Fees

For trades executed in a currency different from your account’s base currency, Interactive Brokers charges a currency conversion fee of 0.8%. The platform automatically converts funds as required, ensuring smooth transaction processing across global markets.

Other Fees

Interactive Brokers imposes fees for certain additional services, such as ProRealTime advanced charting ($40/month, waived with four trades), live market data feeds, and document processing for U.S. stocks ($50 if W-8/W-9 forms are not provided). IBKR clients may also incur third-party fees for card processing or wire transfers.

Interest on Cash Balances

Clients with positive cash balances can earn up to 4.08% annually for balances exceeding $10,000 USD, provided the account's net asset value (NAV) exceeds $100,000. Rates vary based on NAV and currency; no interest is paid on the first $10,000 cash.

Alternative #3: Saxo Bank

Saxo Bank is a globally recognized broker that offers a sophisticated multi-asset investment platform to both retail and institutional traders. 

Renowned for its extensive market access, Saxo Bank enables clients to trade across various financial instruments, including stocks, forex, commodities, indices, bonds, and ETFs. 

With advanced trading platforms like SaxoTraderGO and SaxoTraderPRO, the broker delivers cutting-edge tools, real-time market data, and customizable interfaces, empowering traders to execute informed strategies. 

Saxo Bank stands out for its robust research offerings, detailed market analysis, and integrated risk management tools. 

Combining innovative technology with comprehensive market coverage ensures a seamless trading experience for investors seeking diversification and precision in global markets.

Let’s examine the features and benefits of Saxo Bank. 

Saxo Bank Features and Benefits

Saxo Bank provides features and advanced tools designed to enhance trading precision and efficiency. 

By catering to diverse trading strategies, Saxo Bank ensures a seamless experience for beginner and professional traders. 

Below is an in-depth look at its key offerings.

SaxoTraderGO Platform

SaxoTraderGO serves as Saxo Bank’s versatile trading platform, offering seamless accessibility through both web and mobile devices. 

Designed with an intuitive interface, it allows traders to efficiently manage investments and execute trades across various asset classes.

The platform provides advanced charting tools, real-time data, and detailed analytics to support informed decision-making. Users can switch effortlessly between asset types, including stocks, forex, and commodities, ensuring smooth portfolio management.

Engineered for speed and reliability, SaxoTraderGO meets the needs of novice traders seeking simplicity and experienced investors requiring flexibility.

SaxoTraderPRO Platform

For advanced traders, SaxoTraderPRO delivers a desktop-only experience tailored to meet high-performance trading demands. The platform supports multi-screen setups, offering an expansive view for comprehensive market analysis and decision-making.

It boasts a range of sophisticated tools, including algorithmic trading capabilities, advanced order types, and high-speed execution for complex strategies. 

Users can customize their trading environment with modular workspaces, making it ideal for traders who demand precision and detailed control. SaxoTraderPRO is particularly suited for high-frequency and professional traders.

Comprehensive Account Management

Saxo Bank provides an in-depth account management system, enabling users to monitor and analyze their investments with ease. The platform offers real-time and historical performance reports, helping traders evaluate profit/loss and returns across various timeframes.

Dedicated dashboards display a breakdown of portfolio performance, offering actionable insights into trade outcomes and market developments. This feature is instrumental in making informed investment decisions, aligning with both short-term trading goals and long-term financial strategies.

Global Market Access

Saxo Bank distinguishes itself as a broker by offering access to an extensive range of global markets. Traders can engage with over 40,000 instruments, including stocks, forex, bonds, ETFs, and more, across 60 global exchanges.

The platform ensures competitive pricing through tight spreads and fast execution, allowing traders to capitalize on opportunities in real time. This broad market coverage makes Saxo Bank a preferred choice for investors seeking diversification and exposure to international markets.

Comprehensive trading education from Photon Trading can help you trade the global markets with ease. 

Integrated Research and Insights

Saxo Bank enriches the trading experience with its comprehensive research and insights. Through Saxo’s platforms, traders can access expert analysis, in-depth market reports, and actionable trading ideas.

The integration of these resources enables users to stay informed about market trends and potential opportunities. Coupled with real-time news feeds and updates, this feature empowers traders to refine their strategies with confidence.

Below we detail how much Saxo Bank charges for its services. 

Saxo Bank Pricing

Saxo Bank has varying prices depending on what you’re aiming to trade. Below is a breakdown.

Competitive Pricing Across Asset Classes

Saxo Bank offers ultra-competitive pricing tailored to meet the needs of traders and investors. For stocks and ETFs, commissions start at just $1 for U.S.-listed instruments, while futures and listed options begin at $1 and $0.75 per contract, respectively. 

Bonds are accessible with commissions starting at 0.05%, and mutual funds carry no commission, custody, or platform fees, making them an affordable investment option.

Volume-Based Discounts

Traders benefit from reduced rates as trading volumes increase. This tiered pricing structure ensures that active traders can maximize their cost efficiency, offering compelling value for frequent market participants across Saxo's broad range of asset classes.

General Charges and Interest

Saxo Bank applies standard charges for account services, including commissions and interest on deposits. Transparent pricing ensures that traders can easily calculate and manage their overall costs without unexpected fees, with detailed breakdowns available for review.

Alternative #4: CMC Markets

CMC Markets, a leading broker, delivers a versatile trading platform designed to cater to retail and professional clients. Specializing in contracts for difference (CFDs) and spread betting, CMC Markets provides access to various asset classes, including forex, indices, commodities, shares, and treasuries.

The platform has advanced tools like real-time analytics, customizable charting options, and fast execution speeds, enabling traders to make informed decisions. Forex traders benefit from spreads starting at 0.0 pips on major currency pairs, while equities and ETFs are available with commissions as low as $1.

CMC Markets also supports seamless trading across devices, from desktop to mobile, ensuring flexibility for active traders. With over 30 years of experience and award-winning customer support, it remains a trusted name in the trading industry.

Let’s talk about CMC Markets’ main features. 

CMC Markets Features and Benefits

CMC Markets provides a range of features designed to enhance trading performance and deliver a seamless user experience. The platform caters to traders of all levels, making it a versatile choice for various trading strategies.

Here are the main features of CMC Markets: 

Advanced Charting Tools

CMC Markets offers various charting options, including line, bar, and candlestick charts, allowing traders to analyze market trends and pinpoint trading opportunities precisely. The platform provides over 115 technical indicators and drawing tools for in-depth market analysis.

Customization is a core feature, enabling users to tailor chart layouts, time intervals, and technical studies to align with their unique trading strategies. 

The ability to save chart configurations ensures consistency and efficiency, while extensive price history allows for short- and long-term market analysis.

Client Sentiment Analysis

The client sentiment feature provides insights into the market by displaying the percentage of clients who have bought versus sold a particular product. Updated every minute, this near real-time data helps traders gauge market trends and identify potential movements.

Sentiment data derived from top-performing clients adds an added layer of value, offering a more refined view of market expectations. By observing sentiment shifts, traders can adjust their strategies to stay ahead of market changes.

Pattern Recognition Scanner

CMC Markets’ pattern recognition scanner automatically detects common chart patterns, such as head and shoulders or double tops, on open charts. 

This tool supports technical analysis by offering price projections and alerts for identified patterns, helping traders capitalize on emerging opportunities.

Alerts are delivered in real time, ensuring traders can act promptly on potential setups. This feature simplifies identifying trends and refining strategies, making it an essential tool for active traders.

Intuitive Mobile and Web Platforms

CMC Markets’ Next Generation platform ensures seamless trading across desktop and mobile devices. 

The mobile platform is optimized for performance, allowing traders to execute trades, manage positions, and analyze markets on the go.

Integrated tools such as one-click trading, real-time price updates, and advanced charting ensure a consistent experience across all devices, meeting the needs of both retail and professional clients.

Award-Winning Support

CMC Markets provides 24/5 dedicated customer support, ensuring traders receive prompt assistance with technical issues or account inquiries.

Active traders also gain access to relationship managers and trading experts for tailored guidance.

With over 30 years of experience and a reputation for innovation, CMC Markets continues to be a trusted broker, offering powerful tools, competitive pricing, and exceptional customer service.

CMC Markets Pricing

CMC Markets features a variety of costs and fees that users must be aware of, including the following:

Spreads and Commissions

CMC Markets offers competitive spreads and commissions across various asset classes. Forex spreads start as low as 0.0 pips for major pairs with an FX Active account, while indices and commodities feature tight spreads for cost-effective trading. 

Share CFDs incur a commission on each trade, varying by the country of origin, with rates starting at $0.01 per share and minimum thresholds applied.

Holding Costs

For open CFD positions held past 5 PM (New York time), holding costs may apply. These are based on the underlying interbank rate, with additional adjustments of ±2.5% depending on whether the position is long or short. Forward contracts for indices, forex, and commodities are exempt from holding costs.

Market Data Fees

Real-time market data requires an active subscription, especially for share CFDs, with fees varying by region. For example, Australian market data costs CAD 22.60 monthly but is refundable with two trades during the subscription period. Taxes, such as HST, may also apply.

Guaranteed Stop-Loss Order Premiums

GSLOs provide risk management by guaranteeing trade closure at specified levels, regardless of market volatility. A premium applies, calculated as a fixed rate per unit traded. If unused, the premium is fully refunded.

Inactivity Fees

Dormant accounts, defined as those with no activity for 12 months, incur a monthly fee of $15, charged only if funds are available in the account.

Margin Rates

Margin rates vary by asset class and instrument, with forex starting at 1.7% and indices at 5.75%. Share CFDs have tiered margin rates based on position size and asset type.

Alternative #5: FOREX.com

FOREX.com, a leading global broker, offers a comprehensive trading platform designed to cater to both forex and CFD traders. 

With access to a diverse range of markets, including forex, indices, commodities, and cryptocurrencies, the platform enables traders to explore multiple asset classes within a single interface. 

Tailored for traders of all experience levels, FOREX.com provides an array of advanced tools, educational resources, and analytics to enhance trading strategies and decision-making. 

The platform supports seamless trading across multiple devices, including desktop, mobile, and tablet, ensuring flexibility and convenience for traders on the go. 

Backed by competitive pricing and a commitment to transparency, FOREX.com delivers a user-friendly experience while maintaining robust features for seasoned market participants.

Let’s find out why FOREX.com might appeal to you. 

FOREX.com Features and Benefits

FOREX.com combines robust technology with cutting-edge tools to help traders achieve their goals efficiently and effectively. Below are the enhanced features and benefits that set the broker apart.

Customizable Trading Platforms

FOREX.com provides a diverse range of trading platforms, including Web, Mobile, and Desktop versions, as well as integration with MetaTrader 4 and MetaTrader 5. 

These platforms cater to traders of all styles and experience levels, offering unmatched flexibility and convenience.

Each platform is equipped with advanced charting tools, technical indicators, and automated trading options, enabling users to build and refine their trading strategies. 

The seamless integration with TradingView adds social trading capabilities and powerful charting functionalities, allowing traders to collaborate, analyze, and act on market trends effectively.

With features like customizable layouts and cross-device synchronization, FOREX.com ensures a smooth trading experience whether you’re at home or on the go.

Performance Analytics

FOREX.com's Performance Analytics tool empowers traders with deep insights into their trading behaviors and outcomes. By analyzing past performance, traders can identify patterns, strengths, and areas for improvement, making this tool an essential component for growth.

Integrated directly into the trading platform, Performance Analytics offers detailed reports, metrics, and visual representations of trading activity. 

This real-time access enables traders to make informed adjustments to their strategies without needing additional software.

Market Analysis and Research

FOREX.com supports traders with an array of comprehensive and easily accessible market analysis and research tools. Technical insights, analyst views, and market buzz provide actionable information, ensuring traders stay ahead of market trends.

A fully integrated economic calendar and live Reuters news keep users informed about key developments and their potential impact on markets. These resources help traders spot opportunities and mitigate risks through informed decision-making.

In addition to its research tools, FOREX.com offers educational content, webinars, and tutorials, helping traders of all levels to enhance their market knowledge and trading expertise.

Risk Management Tools

FOREX.com prioritizes the safety and security of its traders by offering robust risk management features. 

These include guaranteed stop-loss orders, margin alerts, and negative balance protection, ensuring that traders maintain control even in volatile market conditions.

These tools are seamlessly integrated into the trading platforms, providing real-time risk assessment and adjustment capabilities.

Let’s discuss FOREX.com pricing. 

FOREX.com Pricing

Here’s what you need to know about FOREX.com fees and pricing. 

Spreads and Commissions

FOREX.com offers competitive spreads, with standard accounts providing variable spreads as low as 1.0 pip on major forex pairs. 

RAW Pricing accounts reduce spreads to as low as 0.0 pips for forex majors, with a $7 commission per $100,000 traded. These pricing structures cater to both cost-conscious traders and those seeking precision in execution.

Rollover Rates

Rollover rates apply only to positions held past 5 PM ET and are sourced competitively from institutional rates. 

Intraday trades incur no rollover charges, ensuring cost efficiency for short-term traders. Daily rollover rates are transparently posted on the platform, offering traders full clarity on potential financing costs.

Account Types and Flexibility

FOREX.com provides various account types to suit trading styles. Standard accounts include zero commissions, while RAW Pricing accounts feature ultra-tight spreads with fixed commissions. 

MetaTrader accounts offer specialized pricing for MT4 and MT5 users, with spreads and rollover rates tailored to this platform.

Inactivity Fees

Accounts with no trading activity for 12 months incur a $15 monthly inactivity fee. This ensures active account management but does not apply if the account balance is zero.

Price Improvement and Execution

FOREX.com leverages advanced price improvement technology to provide better execution prices when markets move in the trader’s favor. Over 100% of trades are executed in under one second, delivering fast and reliable performance with minimal slippage.

Alternative #6: City Index

City Index, a trusted broker and part of the globally recognized StoneX Group, provides access to over 13,500 markets, including forex, indices, commodities, and shares. 

Catering to retail and professional traders, City Index offers a choice between CFD trading and spread betting, enabling users to capitalize on rising and falling markets. 

The platform supports informed trading through advanced tools like TradingView integration, personalized Performance Analytics, and an extensive library of market research and real-time news powered by Reuters.

City Index’s multi-award-winning platforms, including WebTrader, MetaTrader 4, and its mobile trading app, deliver fast execution speeds, with over 99% of trades completed in under a second. 

With 24/5 dedicated customer support and robust risk management features, City Index is a reliable partner for navigating today’s dynamic financial markets.

Below are its main features and benefits. 

City Index Features and Benefits

City Index offers powerful tools and features designed to elevate trading efficiency, support informed decision-making, and enhance the overall trading experience. These features cater to novice and experienced traders, making City Index a comprehensive platform for navigating the financial markets.

Here’s what to expect from City Index:

Web Trader Platform

City Index’s Web Trader platform combines flexibility with advanced functionality to provide a seamless trading experience. Users can create fully customizable workspaces, tailoring their trading environment to match their strategies and preferences.

The platform is powered by TradingView, offering advanced charting tools with multiple chart types, over 100 technical indicators, and drawing tools. This feature-rich interface enhances technical analysis and market visualization, empowering traders to identify trends and opportunities with precision.

Additionally, the 360° market view provides traders with a complete perspective on market conditions, integrating live data and insights to support well-informed trading decisions. The platform’s intuitive navigation makes even complex tools easily accessible, streamlining the trading process.

Performance Analytics

The Performance Analytics tool is a standout feature that helps traders refine their strategies by analyzing their past behavior. It provides a detailed breakdown of key metrics, enabling users to identify strengths and improvement areas.

With insights into trade execution, risk management, and profitability, traders can continuously evolve their approach to achieve better outcomes. 

Seamlessly integrated into the platform, this tool offers on-demand access to performance data, ensuring that traders can regularly assess and adjust their strategies for sustained success.

Risk Management Tools

City Index places a strong emphasis on risk management, equipping traders with robust tools to protect their capital. Features like stop-loss orders and margin monitoring allow users to limit potential losses and maintain control over their positions, even in volatile markets.

Customizable alerts and notifications keep traders informed about critical market movements, ensuring they can respond promptly to changes. 

The platform’s risk management suite also includes guaranteed stop-loss orders (GSLOs), which provide added security by ensuring trades close at a specified price regardless of market volatility.

Learn how to manage risk with Photon Trading. 

Advanced Market Analysis

City Index supports informed decision-making with an array of market analysis tools. Real-time newsfeeds from Reuters and expert market insights provide traders with up-to-date information on economic events and market trends.

Technical insights and commentary from industry experts offer valuable perspectives, helping traders anticipate movements and align their strategies with market conditions. 

The platform also integrates an economic calendar, highlighting key events that could impact the markets, ensuring traders stay ahead of potential opportunities.

Award-Winning Trading Technology

City Index’s trading platforms have earned accolades for their speed, reliability, and innovation. Over 99% of trades are executed in less than a second, ensuring that traders can act quickly and capitalize on market opportunities. 

The mobile trading app offers full functionality on the go, while MetaTrader 4 and TradingView provide additional options for those seeking specialized features and asset classes.

So, what is City Index going to cost you?

City Index Pricing

Here’s what you can expect from the City Index broker:

Spreads

City Index offers competitive spreads that vary depending on the market and trading platform. Fixed spreads remain constant during specific periods or trading hours, while variable spreads fluctuate based on market conditions such as volatility or liquidity. For example, forex spreads start from as low as 0.7 points, and indices like the UK 100 offer spreads from 0.4 points.

Commissions

For share trading, commissions start at 0.08% for CFDs. This provides cost-effective access to a wide range of global equities. Spreads and commissions are transparently outlined, allowing traders to estimate costs accurately.

Margin Requirements

Margin requirements depend on trade size and risk exposure. Smaller trades may require margins as low as 5%, while larger positions can have margins up to 20%. These requirements ensure traders maintain sufficient account balances to support open positions.

Overnight Financing Costs

Holding positions overnight may incur financing costs, calculated based on the market and position size. These charges reflect the cost of maintaining leverage and are transparently outlined within the platform.

Price Improvement

City Index employs advanced execution technology to secure price improvements. If the market moves in a trader’s favor during order processing, the trade will execute at the better price, reducing costs and enhancing profitability.

Platform-Specific Pricing

Different platforms, such as TradingView and MetaTrader 4, may have unique spreads and pricing structures. Traders should refer to the Market Information Sheet within their chosen platform for precise details.

Inactivity Fees

Accounts without trading activity for an extended period may incur an inactivity fee. This fee encourages active engagement and ensures account maintenance.

Alternative #7: XTB

XTB stands out as a comprehensive broker, offering a trading platform that seamlessly integrates investment, trading, and educational tools. Catering to both novice and seasoned traders, XTB provides access to an impressive range of markets, including forex, indices, commodities, and stocks, with over 6,900 instruments available. 

The platform delivers an intuitive interface, enhanced by tools such as advanced charting, real-time market news, and push notifications to ensure informed decision-making.

XTB’s trading environment is bolstered by competitive pricing, including zero commission on stocks and ETFs up to a monthly turnover of €100,000, along with low spreads for CFDs. The broker also emphasizes trust, being regulated by multiple authorities worldwide, and offers free deposits, withdrawals, and account maintenance.

Educational resources further set XTB apart, featuring courses, a demo account for strategy testing, and market insights tailored to different experience levels. With over 1 million clients and 20+ years in the market, XTB is a broker designed to deliver robust support, security, and performance for its global user base.

Let’s find out what XTB brings to the table. 

XTB Features and Benefits

XTB delivers an array of features tailored to enhance trading efficiency, support decision-making, and cater to traders of all levels of experience. From its intuitive trading platform to its robust educational resources, XTB ensures a well-rounded trading experience.

Here are XTB’s main features. 

xStation 5 Platform

xStation 5, XTB's flagship multi-asset trading platform, provides access to an extensive range of over 6,000 financial instruments, including forex, stocks, indices, and commodities. 

The platform features advanced charting tools, real-time market data, and customizable layouts, enabling precise technical analysis and seamless trading. 

Accessible on both desktop and mobile, xStation 5 ensures that users can trade with flexibility and stay connected to the markets at all times. With its user-friendly interface, it is ideal for both novice and experienced traders.

Educational Resources

XTB goes beyond trading by offering a comprehensive suite of educational tools designed to empower its users. 

The platform features an extensive knowledge base with articles, video tutorials, and structured online courses that cover everything from trading basics to advanced strategies. 

Live webinars and expert-led market analysis sessions further equip traders with actionable insights and the latest market trends. By fostering continuous learning, XTB helps traders refine their skills and improve their decision-making capabilities.

Investment Plans

XTB simplifies long-term wealth building through its investment plans, allowing users to invest in ETFs with low fees. These plans offer automated contributions, enabling users to maintain consistency in their investment strategy without manual effort. 

The platform also provides tools for creating personalized portfolios tailored to individual financial goals, making it an excellent choice for those looking to diversify their investments while minimizing costs.

Dedicated Support and Trust

XTB is backed by 20+ years of market experience and is regulated by multiple authorities worldwide, ensuring a secure trading environment. 

With 24/5 multilingual support available via phone, email, and chat, users can quickly resolve concerns and focus on their trading. The platform's emphasis on transparency and user trust makes it a reliable partner for traders across the globe.

Let’s move on and discuss XTB pricing. 

XTB Pricing

XTB has very reasonable pricing, as you can see below. 

Account Opening and Maintenance

XTB offers free account opening and maintenance for all active clients, with no minimum deposit required. This ensures accessibility for both new and experienced traders without hidden administrative costs.

Deposits and Withdrawals

Deposits are generally free, although some payment methods may incur fees charged by the provider. Withdrawals above $50 are free of charge and are processed quickly, with funds typically transferred on the same or the next business day. Withdrawals can only be made to a bank account registered in the client’s name, ensuring secure transactions.

Trading Commissions and Spreads

For CFDs, XTB charges 0% commission, and the minimum spread starts as low as 0.5 pips. These competitive rates make it an attractive choice for cost-conscious traders. For stock and ETF trades, commission-free trading applies up to a monthly turnover of $100,000, after which a commission of 0.2% (minimum $10) is charged.

Currency Conversion Fees

A currency conversion fee of 0.5% applies to trades involving multiple currencies. This fee ensures seamless transactions across different markets while remaining competitive.

Swap-Free Accounts

XTB provides swap-free accounts for eligible traders, eliminating overnight fees on specific trades. This option is available for select products and durations, detailed in the instrument specification table.

Leverage and Margin Requirements

XTB offers leverage up to 1:500 for CFD trading, providing significant buying power. A tiered margin system is in place, with requirements increasing for larger trades to help manage risk effectively.

Alternative #8: eToro

eToro is a leading social investment and multi-asset brokerage platform designed to cater to both manual and social investors. 

As a broker, it provides access to a wide range of financial instruments, including stocks, forex, commodities, indices, and cryptocurrencies, making it a versatile choice for diversified trading strategies. 

What sets eToro apart is its emphasis on collaboration through its innovative CopyTrader technology, which enables users to replicate the trades of experienced investors in real-time. This feature not only simplifies trading for beginners but also allows seasoned traders to monetize their expertise. 

Also, the platform fosters an interactive trading community where users can share insights, discuss strategies, and stay informed about market trends. eToro combines advanced technology with a user-friendly interface, ensuring a seamless trading experience for all.

eToro Features and Benefits

eToro offers a comprehensive suite of features designed to enhance trading efficiency, accessibility, and community engagement. These tools cater to both novice and experienced investors, making it one of the most versatile platforms available.

Here’s what eToro brings to your trading game: 

Multi-Asset Platform

eToro’s multi-asset platform provides access to a diverse range of financial instruments, including stocks, ETFs, cryptocurrencies, commodities, and options. This variety empowers traders to construct a balanced and tailored portfolio.

For cryptocurrency enthusiasts, eToro allows direct ownership of assets, securely held in the client’s name. This transparency and security make it a trusted option for crypto trading.

The intuitive Discover Page streamlines the exploration of investment opportunities by guiding users through available assets, helping traders make well-informed decisions.

Social Trading

eToro redefines the trading experience with its social trading ecosystem. Users can follow, interact with, and learn from other traders through the platform's interactive News Feed, fostering collaboration and shared knowledge.

The revolutionary CopyTrader feature allows users to replicate the trades of experienced investors in real-time. This democratizes advanced trading strategies, enabling even beginners to benefit from expert insights.

Smart Portfolios

For those seeking managed investment options, eToro’s Smart Portfolios offer ready-made, professionally managed portfolios. These portfolios include themes such as top-performing investors or diversified digital assets.

Each Smart Portfolio follows a specific investment strategy, ensuring alignment with market trends and investor goals. Portfolios are regularly rebalanced to adapt to changing market conditions, maintaining optimal performance and mitigating risk.

Advanced Charting and Research Tools

eToro equips users with advanced charting tools and real-time market data, allowing for in-depth technical analysis. 

Traders can customize charts, apply technical indicators, and access detailed market insights directly through the platform.

Additionally, eToro offers market research and analytical content, keeping users informed about economic trends, industry developments, and trading opportunities.

Accessibility and User-Friendly Interface

eToro’s platform is accessible via desktop, mobile, and tablet, ensuring flexibility and convenience for traders on the go. The intuitive interface simplifies navigation, making it easy for users to execute trades, monitor their portfolios, and engage with the community.

Let’s discuss eToro pricing. 

eToro Pricing

eToro offers a transparent and easy-to-understand pricing model, making it an attractive option for traders across multiple asset classes. 

There are no costs associated with opening or maintaining an account, ensuring a fee-free start with no unexpected charges. For stock, ETF, and cryptocurrency trades, eToro provides highly competitive rates, including zero commission on stock and ETF transactions.

Cryptocurrency trades incur a flat 1% fee, offering simplicity and transparency in pricing. CFD trades are subject to variable spreads based on the asset, with additional overnight fees applicable for positions held outside market hours.

Withdrawals are free for accounts in GBP and EUR, while USD accounts are charged a small $5 withdrawal fee. An inactivity fee of $10 per month applies to accounts inactive for over 12 months.

Currency conversion fees may apply depending on the account currency and transaction type. Overall, eToro’s pricing structure is designed to keep costs low and ensure traders have a clear understanding of any applicable fees.

Alternative #9: RoboForex

RoboForex is a comprehensive broker offering a versatile trading platform designed to meet the needs of both individual and institutional investors. 

It provides access to eight diverse asset classes, including forex, indices, commodities, stocks, ETFs, metals, energies, and futures. With this broad market access, RoboForex allows traders to build diverse portfolios and explore global financial opportunities.

The platform is equipped with cutting-edge tools and resources, such as MetaTrader 4, MetaTrader 5, and the proprietary R StocksTrader platform. These platforms feature advanced charting tools, algorithmic trading capabilities, and institutional-grade spreads starting from 0 pips, ensuring a seamless and efficient trading experience.

RoboForex also supports copy trading through its CopyFX system, enabling users to replicate the strategies of successful traders. This feature, combined with robust security measures like segregated accounts and civil liability insurance up to €2.5 million, ensures a secure and transparent trading environment.

With competitive pricing, zero commissions on deposits, and dedicated account types tailored to various trading needs, RoboForex offers a comprehensive solution for traders seeking reliability, diversity, and innovation in their financial ventures.

RoboForex Features and Benefits

RoboForex offers an array of features tailored to enhance the trading experience for both novice and experienced users. With cutting-edge technology and a client-focused approach, this broker provides tools and resources designed to optimize trading efficiency and success.

Here’s what sets RoboForex apart:

Diverse Trading Platforms

RoboForex supports a wide selection of platforms, including MetaTrader 4, MetaTrader 5, and its proprietary R StocksTrader. These platforms cater to various trading styles, from manual to automated strategies, ensuring that users can find a solution aligned with their needs.

Each platform is equipped with advanced charting tools, technical indicators, and algorithmic trading capabilities. These features empower traders to perform detailed technical analysis and execute strategies with precision. 

Moreover, the platforms offer seamless multi-device integration, allowing users to trade effortlessly on desktop, web, and mobile applications. This flexibility ensures that trading remains convenient and accessible.

High Leverage Options

RoboForex offers leverage up to 1:2000, enabling traders to control significantly larger positions with a smaller capital outlay. This feature is especially advantageous for seasoned traders aiming to maximize their profit potential.

The high leverage options are complemented by robust risk management tools, such as stop-loss orders and negative balance protection, ensuring traders can mitigate potential downsides effectively. 

Comprehensive Copy Trading System

RoboForex features an advanced copy trading system that allows users to replicate the trades of experienced investors. Ideal for beginners and those seeking to diversify their strategies, the system offers an intuitive way to participate in financial markets.

Users can access detailed performance statistics on top traders, enabling them to make informed decisions about whom to follow. 

The system simplifies the trading process, making it accessible even to those with limited knowledge or time to actively manage their investments. This collaborative approach helps bridge the gap between novice and expert traders, fostering a supportive trading environment.

Competitive Account Options

In addition to its platforms, RoboForex offers a variety of account types tailored to meet diverse trading needs. 

From demo accounts for strategy testing to specialized ECN and Pro accounts, users can choose the structure that aligns with their objectives. Each account provides competitive spreads, starting from 0 pips, ensuring cost efficiency in trading.

Let’s find out how much RoboForex charges for its services.

RoboForex Pricing

RoboForex employs a transparent fee structure designed to accommodate a variety of traders. Account opening and maintenance are free for all users, with no hidden charges. The platform also offers 0% commission on deposits through its "Deposit Without Commission" program, ensuring cost-effective account funding. 

Withdrawal fees vary depending on the chosen payment method but are often minimal, with free withdrawal promotions available twice a month.

For trading, spreads start as low as 0 pips for Prime and ECN accounts, while Pro and ProCent accounts offer spreads from 1.3 pips. RoboForex provides high leverage options, up to 1:2000, enhancing potential returns for experienced traders. However, traders should be aware of overnight swap fees for leveraged positions.

Currency conversion fees may apply depending on account and transaction type. RoboForex’s pricing is structured to support diverse trading strategies while maintaining cost efficiency.

Now that we’ve covered the nine best OANDA alternatives, let’s quickly discuss the main factors to consider when choosing an alternative. 

What to Look for in an OANDA Alternative?

When exploring alternatives to OANDA, it’s crucial to evaluate platforms based on specific criteria that align with your trading needs and goals. Below are key factors to consider, refined and expanded for a comprehensive understanding:

Trading Costs

Assess the fee structure of potential alternatives, including spreads, commissions, and withdrawal charges. Platforms with competitive spreads and low or no commission can help you optimize your profits. Don’t overlook hidden costs, such as currency conversion fees or inactivity charges, as these can significantly impact your overall trading expenses.

Platform Usability

A user-friendly interface is essential for an efficient trading experience. Look for platforms that offer seamless navigation, customizable layouts, and compatibility across devices, including desktop, mobile, and web-based applications. Features such as advanced charting tools and integrated trading calculators can enhance usability for both novice and experienced traders.

Educational Resources

Continuous learning is a cornerstone of successful trading. Choose platforms that provide a robust library of educational materials, including video tutorials, webinars, market analysis, and step-by-step trading guides. Comprehensive resources tailored to various experience levels can help you sharpen your skills and stay informed about market trends.

Visit Photon Trading for the best educational resources for aspiring forex traders. 

Customer Support

Responsive and reliable customer support is vital for addressing issues quickly and maintaining uninterrupted trading. Evaluate whether the platform offers 24/7 support through multiple channels, such as live chat, email, and phone. A platform with multilingual support and a well-documented FAQ section can be particularly advantageous for traders worldwide.

Range of Instruments

Diversification is a key strategy in managing trading risks and maximizing opportunities. Look for platforms offering a wide range of trading instruments, including forex, indices, commodities, cryptocurrencies, and stocks. A diverse selection allows you to tailor your portfolio to market conditions and your investment preferences.

What Is the Best OANDA Alternative?

Here’s a quick overview of how all the OANDA alternatives stack up. 

Alternative	Trading Costs	Platform Usability	Educational Resources	Customer Support	Overall Score
IG	4.5	4.6	4.3	4.5	4.5
Interactive Brokers	4.2	4.5	4.0	4.6	4.3
Saxo Bank	4.0	4.7	4.2	4.4	4.3
CMC Markets	4.3	4.4	4.1	4.3	4.3
FOREX.com	4.1	4.2	4.3	4.4	4.2
City Index	4.0	4.3	4.2	4.2	4.2
XTB	4.2	4.5	4.4	4.1	4.3
eToro	4.0	4.3	4.5	4.1	4.2
RoboForex	4.1	4.4	4.0	4.0	4.1

 

Final Thoughts on the Best OANDA Alternatives

Choosing the best OANDA alternative depends on your unique trading style, priorities, and goals. 

Each platform outlined above brings distinct strengths to the table. For instance, IG stands out for its expansive market access and robust risk management tools, while Interactive Brokers offers unmatched global reach and advanced technology. 

Saxo Bank caters to professional traders with its powerful platforms and in-depth research capabilities, and CMC Markets excels with its customizable tools and rapid execution. 

FOREX.com provides a well-rounded experience with educational resources, and City Index offers versatility for traders across asset classes. Meanwhile, XTB and eToro emphasize user-friendly interfaces and innovative features like Copy Trading. Finally, RoboForex appeals to traders seeking flexibility, high leverage, and diverse account options.

Ultimately, the best OANDA alternative for you will align with your preferred fee structure, platform usability, range of trading instruments, and level of support. 

By evaluating the key features and benefits of each broker, you can find one that not only meets but exceeds your trading expectations.

Get your free Photon Trading course + cheatsheets

Frequently Asked Questions

How Do I Choose the Best OANDA Alternative?

Consider your trading needs, including fees, platform features, and the range of instruments offered. Look for brokers that align with your goals, whether you prioritize low costs, advanced tools, or educational resources.

Are These OANDA Alternatives Regulated?

Yes, all listed alternatives are regulated by reputable financial authorities in their respective regions, ensuring compliance with industry standards and secure trading environments.

Which Broker Offers the Lowest Trading Costs?

FOREX.com and Interactive Brokers are known for competitive spreads and low commission rates, making them cost-effective choices for active traders.

Can I Use These Brokers for Cryptocurrency Trading?

Yes, brokers like eToro, RoboForex, and IG offer cryptocurrency trading. Some platforms, such as eToro, also provide direct ownership of crypto assets for added flexibility.

Do These Platforms Support Algorithmic Trading?

Platforms like Interactive Brokers and Saxo Bank offer advanced features for algorithmic trading, enabling users to deploy automated strategies tailored to market conditions.

Is Copy Trading Available on These Platforms?

Yes, eToro and RoboForex both feature copy trading systems, allowing users to replicate the strategies of experienced traders and simplify their investment processes.