OANDA vs Forex.com: Which Broker Is Best?

Are you trying to decide between OANDA and Forex.com for your online forex trading needs? Both are well-established brokers with solid reputations, but they have some key differences that may sway you one way or the other.

Choosing the right broker is essential for success in forex trading. You want a low-cost platform, helpful tools, and a user-friendly interface.

In this comparison, we'll cover details of what OANDA and Forex.com each offer so you can determine which is the best fit. Let's start by looking at each broker side-by-side to see how they stack up in the areas that matter most.

Contents

• Key Takeaways
• OANDA vs. Forex.com at a Glance
• OANDA Overview
• Forex.com Overview
• OANDA vs. Forex.com Comparison
• OANDA vs. Forex.com: Which Should You Choose?
• OANDA vs. Forex.com: Final Thoughts
• Frequently Asked Questions

Key Takeaways

• OANDA and Forex.com both offer reliable trading platforms with unique features tailored to different trader needs.
• OANDA provides access to over 100 trading instruments, including a wide selection of forex pairs, exotic currencies, and precious metals.
• Forex.com offers additional asset classes like stock CFDs and ETFs, catering to traders seeking diverse market exposure.
• OANDA’s transparent pricing and tools like Autochartist focus on cost efficiency and technical analysis for traders.
• Forex.com excels in providing advanced research tools, including Performance Analytics and sentiment indicators, for market analysis.
• Both brokers support MetaTrader platforms, but Forex.com offers MetaTrader 5 for enhanced functionality.

OANDA vs. Forex.com at a Glance

Feature	OANDA	Forex.com
Tradable Instruments	100+ including forex, indices, commodities, bonds	80+ including forex, indices, commodities, crypto
Trading Platforms	Web, desktop, mobile, MT4	Web, mobile, MT4, TradingView
Research & Analysis	News, economic calendar, OANDA Labs	News, economic calendar, trading signals, Forex.com Labs
Educational Resources	Courses, webinars, tutorials	Courses, webinars, ebooks, videos
Customer Support	24/5 phone, email, live chat	24/5 phone, email, live chat
Regulation	7 global regulators including FCA, IIROC, MAS	5 regulators including FCA, CFTC, NFA

 

Let’s get started and take an in-depth look at OANDA. 

OANDA Overview

OANDA has earned a strong reputation over its 25 years of operation, becoming a trusted name among traders worldwide. Its award-winning platforms, including the OANDA Trade platform, MetaTrader 4 (MT4), and integration with TradingView, provide flexibility and functionality for traders of all levels. 

These platforms feature advanced charting, over 100 technical indicators, and fantastic usability across desktop, mobile, and tablet devices.

The broker offers access to over 68 forex pairs and spot trading for popular cryptocurrencies such as Bitcoin and Ethereum through its partnership with Paxos. 

OANDA’s transparent pricing and competitive spreads make it an attractive option for cost-conscious traders. Furthermore, its Elite Trader program offers benefits like volume-based rebates, exclusive tools, and personalized support for high-volume clients.

OANDA emphasizes education and trader support through webinars, tutorials, and its Trade Tap blog. The availability of 24/5 customer support ensures help is on hand when needed, while its demo accounts allow new traders to practice risk-free. 

Recognized with multiple industry awards for ease of use and research tools, OANDA stands out as a reliable and comprehensive choice for anyone entering or advancing in the world of forex and crypto trading.

Let’s now look at the core features the OANDA broker brings to the table. 

OANDA Core Features

With advanced tools, user-friendly platforms, and a wide array of resources, OANDA offers a comprehensive solution for traders at all levels. 

Let’s discuss OANDA’s standout features:

1. Extensive Range of Currencies and Metals

OANDA supports more than 200 currencies alongside several precious metals, providing a versatile range of trading and conversion options. 

This selection includes:

• Major currencies such as USD, EUR, GBP, JPY, and CAD
• Emerging market currencies like CNY, INR, BRL, and ZAR
• Exotic currencies from smaller economies worldwide
• Precious metals, including gold, silver, platinum, and palladium

Join Photon Trading to learn how to trade these currencies and much more. 

2. Accurate and Reliable Exchange Rates

OANDA is renowned for delivering precise exchange rates trusted by global corporations, tax authorities, and individual traders. 

These rates are sourced from multiple providers, including OANDA’s trading platform, and are updated daily to reflect accurate bid and ask averages. This stability is essential for users navigating the dynamic forex market.

3. Advanced Technical Analysis Tools

OANDA offers cutting-edge technical analysis powered by Autochartist. This tool enables traders to monitor markets and make data-driven decisions effectively. 

Key features include:

• Automated alerts for chart patterns, Fibonacci levels, and key market trends
• Volatility analysis and performance statistics
• Customizable daily market reports for strategic planning

These tools are available directly within the OANDA Trade platform, providing easy access to technical insights.

4. Award-Winning Trading Platforms

OANDA’s trading platforms, including OANDA Trade, MetaTrader 4 (MT4), and TradingView, have received numerous performance awards. 

Highlights of these platforms include:

• Access to 68+ forex pairs and cryptocurrencies
• Over 100 technical indicators and customizable charts powered by TradingView
• Support for multiple devices, including web, mobile, and tablets

The combination of intuitive design and powerful features makes these platforms suitable for both beginners and experienced traders.

5. Historical Forex Spreads and Cost Transparency

OANDA ensures transparency by offering tools that let users view historical forex spreads. This feature allows traders to analyze spread stability over time, ensuring they understand trading costs clearly. 

Additional tools include a spread cost calculator to estimate entry costs for trades based on selected instruments and trade volume.

6. Comprehensive Cryptocurrency Trading

Through a partnership with Paxos, OANDA provides competitive cryptocurrency trading options. Users can trade eight popular cryptocurrencies with low commissions and tight spreads, including Bitcoin, Ethereum, and Litecoin. All transactions occur on Paxos's secure exchange, ensuring a reliable trading experience.

7. Innovative Educational Resources

To support traders in making informed decisions, OANDA offers a variety of educational resources, including:

• Webinars and training sessions
• Detailed market insights and daily analysis reports
• Blog content tailored for traders of all experience levels

These resources empower users to stay updated on market trends and develop effective strategies.

8. Customizable Watchlists and Market Monitoring

Traders can personalize their experience with OANDA by creating watchlists to monitor preferred currency pairs or instruments. 

This feature, combined with the ability to analyze markets across multiple charts and intervals, ensures that traders never miss key opportunities.

Let’s now look at the account types, fees, and other costs associated with OANDA. 

OANDA Account Types, Fees, and Pricing

OANDA offers two account types tailored to different trading requirements: the Standard Account and the Elite Trader Program. Both options provide access to 68 forex pairs, a range of trading platforms, and advanced analytical tools, with competitive spreads and transparent pricing.

Here’s what you need to know about OANDA account types, fees, and pricing: 

Standard Account

The Standard Account is suitable for most traders, offering:

• Spread-Only Pricing: Trading costs are built into the spread. Popular spreads include:
• EUR/USD: 1.4 pips
• GBP/USD: 2.0 pips
• USD/JPY: 1.4 pips
• Core Pricing with Commissions: Available for balances of $10,000 or more, this option offers tighter spreads (as low as 0.1 pips for EUR/USD) plus a commission of $5 per 100,000 units traded ($10 round trip).

Additional features include:

• 24/5 support
• Variable contract sizes starting at one unit
• Access to platforms like OANDA Trade, TradingView, and MT4

Elite Trader Program

Designed for high-volume traders, the Elite Trader Program includes:

• Rebates: Earn between $5 and $17 per million traded based on volume tiers:
• $10M–$49M: $5 rebate
• $50M–$249M: $7 rebate
• $250M–$499M: $10 rebate
• $500M–$1B: $15 rebate
• $1B+: $17 rebate
• Unlimited free wire transfers
• Dedicated relationship manager
• Monthly reimbursement for TradingView subscriptions

To qualify, traders need a minimum monthly volume of $10 million.

Fees and Costs

OANDA ensures full transparency with its fees, including:

• Inactivity Fee: $10 per month after 12 months of inactivity in the U.S. (24 months elsewhere). This fee applies until trading resumes, the account balance reaches zero, or the account is closed.
• Deposits and Withdrawals: No fees for deposits via ACH or debit card. For withdrawals:
• The first debit card or ACH withdrawal per month is free.
• Subsequent withdrawals incur fees, depending on the method and region.
• Financing Fees: Applied to positions held overnight. These are based on market rates and vary by instrument.

OANDA’s pricing ensures traders can clearly calculate their costs, with no hidden charges or "dark pool" pricing manipulation. This structure supports traders in managing their investments confidently.

With the basics covered, let’s now discuss the pros and cons of OANDA. 

Pros and Cons of OANDA

OANDA is well-known for its numerous benefits, as can be seen below, but it also has a few drawbacks that need to be covered, so let’s do that now. 

Positives of OANDA

• Trusted and Reliable: OANDA has a strong reputation, backed by over 25 years of experience, for delivering accurate and trustworthy trading tools and data to individuals and businesses worldwide.
• Comprehensive Market Coverage: OANDA supports trading in over 68 forex pairs, major cryptocurrencies, and precious metals, providing options for traders with diverse needs.
• User-Friendly Platforms: OANDA’s platforms, including OANDA Trade, TradingView, and MetaTrader 4, offer clean, intuitive interfaces, making trading accessible to beginners and seasoned traders alike.
• Advanced Tools and Resources: Features like advanced charting tools, Autochartist-powered technical analysis, and a spread cost calculator give users valuable insights to support informed decision-making.
• Elite Trader Program: High-volume traders benefit from rebates, dedicated relationship managers, and exclusive access to premium tools, further enhancing the trading experience.
• Transparent Pricing: OANDA provides clear pricing models, including spread-only and core pricing options, ensuring traders can easily understand their costs.

What Could Be Better?

• Limited Platform Customization: Some advanced users may find the customization options on OANDA's trading platforms less extensive compared to competitors.
• Inactivity Fee: OANDA charges a $10 monthly inactivity fee after 12 months (U.S.) or 24 months (global) of no trading activity, which could impact occasional traders.
• Elite Trader Requirements: The Elite Trader Program offers significant benefits, but the minimum monthly trading volume of $10 million may not be accessible to all traders.

Seeing as OANDA is not the number one choice in terms of trading education, a more comprehensive resource such as Photon Trading is what you need to teach you the fundamentals of forex trading. 

Now that we know what OANDA offers as a broker, let’s take an in-depth look at Forex.com. 

Forex.com Overview

Forex.com is a globally recognized forex and CFD broker active since 2001. As a subsidiary of StoneX Group Inc., a Fortune 100 company, it stands out for its financial stability, transparency, and commitment to client success. 

The platform offers access to a wide range of markets, including forex pairs, commodities, indices, stocks, and ETFs, making it a versatile choice for traders of all levels.

One of the key advantages of Forex.com is its competitive pricing. Traders can choose between ultra-tight RAW spreads starting at 0.0 pips with a $7 commission per $100,000 traded or opt for zero-commission trading on CFD stocks. 

This flexibility allows clients to tailor their trading costs to suit their strategies. The platform also supports advanced trading tools and platforms, including MetaTrader 5, TradingView, and its proprietary mobile and web trading applications. 

Features such as Reuters news feeds, Performance Analytics, and intuitive charting tools further enhance the trading experience.

Forex.com’s VIP program provides additional perks for high-volume traders, such as rebates, up to 5% interest on daily margin balances, waived fees, and priority support. The broker also prioritizes education, offering a wealth of resources like market analysis, virtual events, and guides to help traders refine their skills. 

Fully regulated in multiple jurisdictions, Forex.com combines reliability, innovation, and value, making it a strong contender for traders seeking a trusted and feature-rich broker.

Let’s move on and discuss the main features that Forex.com offers to traders. 

Forex.com Core Features

Forex.com is a trusted broker offering a comprehensive trading experience for both novice and experienced traders. With a focus on reliability, competitive pricing, and a rich array of tools, Forex.com has consistently earned its reputation as a leading name in the trading world. 

Below, we discuss the features that make Forex.com a popular choice.

1. Wide Selection of Tradable Instruments

Forex.com provides an extensive array of markets, catering to traders with diverse strategies and preferences. With access to over 80 forex pairs, traders can engage with major, minor, and exotic currency markets. 

Furthermore, Forex.com supports:

• Indices: Trade on popular indices like the S&P 500, FTSE 100, and DAX 40 for exposure to global equity markets.
• Commodities: Speculate on energy products like crude oil, precious metals like gold and silver, and agricultural markets.
• Stock CFDs: Access CFDs on leading global companies such as Tesla, Apple, and Amazon.
• ETFs: Trade ETFs across various sectors, including technology, finance, and commodities.
• Cryptocurrencies: Explore the growing digital asset market with CFDs on Bitcoin, Ethereum, Litecoin, and more.

2. Competitive Pricing and Trading Conditions

Forex.com is dedicated to providing cost-effective trading through competitive pricing models. 

Traders can choose between:

• RAW Pricing: Benefit from spreads as low as 0.0 pips on major forex pairs like EUR/USD, with a $7 commission per $100,000 traded.
• Spread-Only Pricing: A commission-free option with competitive spreads.

In addition to pricing, traders enjoy fast trade execution, with most orders filled in under 0.1 seconds, and negative balance protection, ensuring account balances do not drop below zero. This combination of transparent pricing and favorable trading conditions makes Forex.com a strong contender for cost-conscious traders.

3. Advanced Trading Platforms

Forex.com offers a suite of trading platforms designed to meet the needs of various trading styles. These platforms are user-friendly yet powerful, ensuring traders have the tools necessary to succeed. Here’s what you need to know about Forex.com trading platforms:

• MetaTrader 5 (MT5): An industry favorite offering advanced charting, automated trading through Expert Advisors (EAs), and integrated Reuters news.
• Proprietary Forex.com Platform: A customizable platform with one-click trading, advanced research tools, and an intuitive layout suitable for traders of all levels.
• TradingView Integration: Access advanced charts, trade ideas, and a global community of traders directly through the TradingView platform.
• Mobile Trading Apps: Designed for on-the-go trading, the mobile apps offer charting tools, notifications, and intelligent buy/sell signals.

4. Powerful Tools for Enhanced Decision-Making

Forex.com equips traders with cutting-edge tools to analyze markets, manage risks, and refine strategies. 

Some of the best tools include:

• Performance Analytics: A proprietary tool that helps traders analyze their trading behavior, improve decision-making, and develop better trading discipline.
• Economic Calendar: Stay updated with important market-moving events, including central bank decisions and key economic releases.
• Client Sentiment Indicator: View real-time data on the percentage of long and short positions across various instruments, providing valuable market insights.
• Risk Management Features: Access advanced order types, such as trailing stops and guaranteed stop-loss orders, to control exposure effectively.
• Trading Education Resources: From webinars to video tutorials and trading guides, Forex.com supports traders in expanding their knowledge and improving their skills.

With that being said, the educational resources offered by Forex.com are not nearly as comprehensive as those from Photon Trading. 

5. VIP Program and Exclusive Perks

Forex.com’s VIP program offers high-volume traders additional benefits to maximize their trading experience. 

VIP clients enjoy cash rebates of up to $14 per million traded, interest rates of up to 5% on available margin balances, complimentary TradingView subscriptions, and dedicated account managers. Invitations to exclusive events further enhance the value of this program, making it ideal for experienced traders seeking premium services.

6. Financial Security and Regulatory Compliance

Forex.com prioritizes financial stability and regulatory compliance. As a subsidiary of StoneX Group Inc., a publicly traded Fortune 100 company, Forex.com operates with robust financial backing. It is fully regulated across multiple jurisdictions, including Canada, ensuring a secure and transparent trading environment.

Let’s now find out what kinds of accounts Forex.com offers, along with its fee and pricing structure.

Forex.com Account Types, Fees, and Pricing

Forex.com offers flexible account options tailored to suit different trading needs, backed by transparent pricing and competitive fees.

Here’s what you need to know about Forex.com account types: 

Standard Account

This account provides a commission-free trading experience with spreads starting at 1.0 pips. It includes advanced charting tools, fast trade execution, and access to multiple platforms.

RAW Pricing Account

Designed for cost-conscious traders, this account features spreads as low as 0.0 pips on forex majors, with a $7 commission per $100,000 traded.

MetaTrader Accounts

Available on MT4 and MT5, these accounts include integrated tools like Reuters news, technical analysis, and advanced charting to support informed trading decisions.

Corporate Accounts

Suitable for businesses, these accounts allow multiple authorized traders under a single account structure, offering streamlined access to global markets.

Fees and Pricing

OANDA operates with competitive and clear pricing. The Standard Account has no commissions, while the RAW Pricing Account charges a fixed $7 commission per $100,000 traded. 

Spreads are dynamic, with a minimum of 0.0 pips on forex majors for RAW accounts. Rollover fees apply for positions held overnight, but intraday trades incur no additional financing costs.

Let’s move on and discuss the pros and cons of Forex.com.

Pros and Cons of Forex.com

Forex.com, just like any other broker, has a variety of advantages and drawbacks that must be considered, including the following:

Positives of Forex.com

• Regulation: Forex.com is regulated by top-tier authorities, including the FCA, CFTC, and NFA, providing a secure and trustworthy trading environment.
• Research: Forex.com provides comprehensive market analysis, news, and actionable insights to keep traders informed about global financial developments.
• Customer Support: Available 24/5 via phone, email, and live chat, Forex.com's customer support ensures traders receive prompt assistance when needed.
• Platform Features: The proprietary trading platform is equipped with advanced charting tools, over 80 technical indicators, and customizable layouts to suit various trading styles, making it an ideal OANDA alternative.

What Could Be Better?

• Instrument Range: Although Forex.com offers a good selection of forex pairs, CFDs, and commodities, some competitors provide a broader array of tradable assets, including more exotic options.
• Pricing: While spreads and commissions are competitive, certain brokers offer tighter spreads or lower fees for high-volume traders, which may appeal to professionals.
• Platform Variety: Forex.com’s platform options, though functional, are more limited compared to brokers that integrate a wider selection of third-party platforms, such as cTrader.

Let’s now compare the two on a side-by-side basis to see which one is best for you.

OANDA vs. Forex.com: A Comparison of Features

Choosing between OANDA and Forex.com requires understanding their strengths across key trading features. Both brokers are well-established, offer robust platforms, and cater to diverse trader preferences. 

Below is a detailed comparison to help you decide which broker aligns with your trading needs.

Trading Instruments

OANDA provides access to over 100 trading instruments, including a wide selection of forex pairs, indices, commodities, and bonds. It also offers emerging market currencies and precious metals, making it a versatile choice for traders seeking a broad range of assets.

Forex.com offers a slightly smaller selection, with 80+ instruments that include forex, indices, commodities, and CFDs on cryptocurrencies. However, its inclusion of stock and ETF CFDs makes it particularly appealing to traders looking for equity and sector exposure. 

While both brokers provide diverse offerings, OANDA’s focus on exotic currencies and precious metals may attract those seeking niche markets, whereas Forex.com is better suited for traders interested in stocks and ETFs.

Trading Platforms

OANDA supports multiple platforms, including OANDA Trade, MetaTrader 4 (MT4), and TradingView. These platforms are known for advanced charting capabilities, over 100 technical indicators, and smooth integration across desktop and mobile devices.

Forex.com also delivers powerful platform options, including its proprietary web and mobile platform, MetaTrader 4 and 5, and TradingView. The proprietary platform offers intuitive navigation, customizable layouts, and advanced research tools, while MetaTrader 5 stands out for its enhanced features like depth of market and automated trading options. 

Overall, both brokers excel in platform offerings, but Forex.com’s proprietary platform and MetaTrader 5 integration make it an excellent choice for advanced traders seeking more functionality.

Trading Tools And Resources

OANDA provides robust tools like Autochartist for technical analysis, a spread cost calculator, and OANDA Labs for market research and insights. The broker also emphasizes trader education through webinars, tutorials, and a dedicated blog for strategy development.

Forex.com offers an impressive suite of trading tools, including Performance Analytics to evaluate trading behavior, sentiment indicators for market positioning, and an economic calendar for key events. 

Furthermore, its Reuters news integration delivers timely updates, while educational resources like webinars and eBooks cater to both beginners and experienced traders. 

While OANDA’s tools are excellent for technical analysis, Forex.com’s broader range of analytics and research resources offers more value for traders seeking in-depth market insights.

Account Types

OANDA offers two account types: Standard and Elite Trader. The Standard Account provides spread-only pricing, while the Elite Trader Program is designed for high-volume traders, offering rebates, personalized support, and additional tools.

Forex.com provides more options, including Standard, RAW Pricing, and MetaTrader accounts. 

The Standard Account is commission-free, the RAW Pricing Account features spreads starting at 0.0 pips with a $7 commission per $100,000 traded, and MetaTrader accounts integrate seamlessly with MT4 and MT5. High-volume traders can benefit from the VIP program, which includes cash rebates, fee waivers, and dedicated account management. 

Both brokers cater well to different trading levels, but Forex.com’s wider variety of account types and pricing models makes it more adaptable to diverse trading needs.

Fees, Commissions, And Costs

OANDA operates with a transparent pricing structure. Standard Accounts have spreads starting at 1.4 pips for EUR/USD, while the Core Pricing model offers tighter spreads at the cost of a $5 commission per 100,000 units traded. 

OANDA also charges an inactivity fee after 12 months of no trading in the U.S. (24 months globally) and offers free ACH withdrawals but charges for other methods after the first transaction.

Forex.com features competitive pricing, with RAW spreads starting at 0.0 pips and a $7 commission per $100,000 traded. The Standard Account includes commission-free trading with spreads as low as 1.0 pips. 

While Forex.com’s spreads are generally tighter, its minimum deposit requirement of $50 to $25,000, depending on the account type, may deter some traders. OANDA’s fee structure is simpler, but Forex.com’s pricing provides better value for high-volume traders.

Customer Support

Both brokers offer strong customer support available 24/5 through phone, email, and live chat. OANDA is noted for its prompt assistance and comprehensive support options, including resources for onboarding new traders.

Forex.com also delivers reliable support, with additional services for VIP clients, such as dedicated account managers and access to exclusive events. 

While both brokers provide dependable customer service, Forex.com’s VIP support features offer added benefits for experienced traders requiring personalized assistance.

OANDA vs. Forex.com Which Should You Choose?

The following table compares the key features of OANDA and Forex.com based on the above comparison points:

Feature	OANDA	Forex.com
Trading Instruments	4.2	4.1
Trading Platforms	4.0	4.3
Trading Tools and Resources	4.5	4.6
Account Types	4.3	4.2
Fees, Commissions, and Costs	4.1	4.0
Customer Support	4.4	4.5
Overall Rating	4.2	4.3

OANDA vs. Forex.com: Final Thoughts

When deciding between OANDA and Forex.com, your choice ultimately depends on your trading needs and preferences. 

OANDA excels in offering a broader range of forex pairs, exotic currencies, and transparent pricing, making it a solid choice for traders looking for simplicity and versatility. Its strong emphasis on education and reliable customer support further enhances its appeal for beginners and intermediate traders.

On the other hand, Forex.com provides a more extensive suite of trading tools, tighter spreads, and additional asset classes like stock CFDs and ETFs. 

Its comprehensive platform options, including MetaTrader 5 and Performance Analytics, cater to experienced traders seeking advanced functionality. Furthermore, the VIP program offers unique benefits for high-volume traders.

Both brokers are well-regulated, reliable, and competitive in the forex market. Your decision should align with your trading goals, such as asset preferences, desired platform features, and fee structures. 

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Frequently Asked Questions

What Is the Main Difference Between OANDA and Forex.com?

The main difference lies in asset offerings and tools. OANDA specializes in forex and metals trading with transparent pricing, while Forex.com provides broader market exposure, including stock CFDs and ETFs, along with advanced analytics tools like Performance Analytics.

Can I Use Both OANDA and Forex.com Simultaneously?

Yes, using both brokers can diversify your trading strategies. For example, you can use OANDA for forex and metals trading with transparent spreads and Forex.com for trading stocks, ETFs, or cryptocurrency CFDs.

Which Broker Is Better for Beginners?

OANDA may be better for beginners due to its user-friendly platforms, educational resources, and straightforward fee structure. Its demo accounts and webinars provide a solid foundation for new traders.

How Do the Fees and Commissions Compare?

OANDA offers spread-only pricing or tighter spreads with a $5 commission per 100,000 units. Forex.com provides RAW pricing with spreads starting at 0.0 pips and a $7 commission or spread-only pricing for commission-free trading. Forex.com generally offers better value for high-volume traders.

Do Both Brokers Offer Cryptocurrency Trading?

Yes, both brokers provide cryptocurrency trading options. OANDA partners with Paxos for crypto trading with competitive spreads, while Forex.com offers CFDs on popular cryptocurrencies like Bitcoin, Ethereum, and Litecoin.