Forex.com vs OANDA: In-Depth Comparison for Traders in 2024

The tug of war ‘Forex.com vs OANDA’ has been on long before it became a common discuss amongst forex traders.

Choosing a reliable forex broker can be overwhelming with countless options vying for your business, especially between two strong options.

This article is a comparison of FOREX.com and OANDA, outlining the features that make each stand out.

FOREX.com is a popular forex broker that has existed since 1999, when it was founded in New Jersey, USA. While OANDA is a registered Futures Commission Merchant and Retail Foreign Exchange Dealer with the Commodity Futures Trading Commission. It was founded in New York in 1996, by Dr. Richard Olsen and Dr. Michael Stumm, and their current CEO is Gavin Bambury.

Forex.com vs OANDA Comparison

We compared the two brokers based on several criteria and their features as of 2024. They include:

Trust Score and Review

• FOREX.com has an excellent Trustpilot rating of 4.6/5 from about 565 reviews.
• OANDA has an average rating, scoring only 3.6/5 on Trustpilot from 497 reviews.

Trading Platform and Tools

Both platforms cater to diverse needs with the user-friendly Meta Trader 4 as a common ground.

FOREX.com, however, goes further by offering Meta Trader 5, providing access to a wider range of technical indicators and charting tools. FOREX.com also offers free VPS hosting for qualified clients.

OANDA counters with TradingView integration, another layer of analytical resources, but lacks support for MetaTrader 5.

FOREX.com offers a wide collection of 84 forex pairs, while OANDA provides only 68 currency pairs – 10 majors and 58 minors. Forex.com also gives the opportunity to trade CFDs, including commodities, indices, stocks, and cryptocurrency.

Balancing Costs and Fees

Cost-conscious traders who prefer a spread-only account might favor OANDA. Their EUR/USD spread sits at a competitive 0.6 pips compared to FOREX.com’s 1.2 pips.

However, FOREX.com offers a Direct Market Access (DMA) account with potential spreads as low as 0.1 pips, ideal for high-volume traders willing to pay a $6.00 commission.

Both platforms charge additional fees based on account types, with OANDA relying solely on spreads.

Trading on Mobile

Modern traders demand top-notch mobile functionality.

OANDA provides a strong offering with both its proprietary platform and the highly rated MetaTrader 4 & 5 available through their mobile app.

FOREX.com keeps pace with a robust mobile app offering access to both MetaTrader platforms, integrated fund management tools, and advanced risk management features.

Level of Customer Support

Unforeseen issues can arise, and having a very responsive customer support is crucial.

OANDA excels here, offering multi-lingual support via phone, email, and live chat.

While FOREX.com offers live chat and email support, phone access might be limited compared to OANDA.

Trading Knowledge and Educational Resources

Both platforms prioritize the education of their traders and research.

FOREX.com goes the extra mile with Trading Central, providing in-depth daily market analysis and potential trading ideas.

OANDA users have access to unique tools like volatility and pattern-matching analytics not found on the FOREX.com platform.

OANDA’s educational content is more geared for beginners and those who are new to trading. OANDA also provides a comprehensive set of webinars, articles, and tutorials.

FOREX.com also makes available video tutorials, but they are more geared towards intermediate traders.

Security and Regulation

Both FOREX.com and OANDA prioritize trader security by adhering to stringent regulations imposed by top-tier financial authorities.

This means your funds and personal information are protected by robust security measures, giving you peace of mind as you trade.

Both brokers hold licenses from authorities in different regions. They include:

• FCA (UK)
• NFA or CFTC (USA)
• CIRO / IIROC (Canada)

Forex.com have additional regulations from:

• CYSEC (Cyprus)
• CIMA (Cayman Islands)

OANDA also have regulations from:

• FSC BVI (British Virgin Islands)
• MAS (Singapore)
• ASIC (Australia)

Conclusion

The optimal forex broker depends on your unique trading style, experience, trading needs and priorities. Consider the platforms’ strengths and weaknesses to find the ideal partner in your forex trading journey.

If cost-efficiency and mobile trading are paramount, OANDA might be your preferred choice. However, if you value a wider range of trading platforms and comprehensive research tools, FOREX.com could be a better fit.

OANDA is a more ideal broker if you’re just embarking on your forex trading journey. Their lower minimum deposit makes getting started easier on your wallet and comes with a demo account with a virtual balance of $100,000 for practice.

Additionally, OANDA’s user-friendly interface and wealth of educational resources can equip you with the knowledge and confidence to navigate the forex market.

However, seasoned traders may find FOREX.com a more compelling choice, since they offer a wider array of trading platforms, catering to diverse trading preferences. Forex.com provides a demo account with a balance of $50,000.

Additionally, FOREX.com boasts a more comprehensive selection of CFD markets, allowing experienced traders to explore a broader range of financial instruments.