Oanda vs Forex.com Detailed Comparison

Choosing between Oanda and Forex.com can feel like deciding between two equally tempting dishes on a menu — both bring their flavor to the table. Each platform has its strengths and weaknesses, and picking the right one can significantly impact your trading journey. So, How to Make Money on Forex?

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This guide will help you make the right choice by comparing Oanda and Forex.com on essential factors like fees, features, and user experience. By the end, you'll better understand which platform suits your needs and how to leverage its unique offerings to grow your capital.

To maximize your trading potential, a funded trading program like AquaFunded's solution can provide valuable resources and support.

What is Oanda?

Oanda’s Core Offerings: Forex and Beyond

Oanda primarily serves as a forex broker, catering to US clients with forex and CFD trading. However, for those in the EU, Oanda extends its services to include US stock trading. This adds a layer of diversity to its offerings in a region where such opportunities can be limited. While it might not have the broadest portfolio, it handles its core services precisely.

User-Friendly Trading Platforms and Tools

Oanda shines in its trading platforms, which are both intuitive and robust. Whether you’re a beginner or a seasoned trader, you’ll appreciate the smooth navigation and the wealth of tools. The platforms come packed with technical indicators and a firm API offer, making it easier to integrate your trading strategies. Research is straightforward, allowing you to focus on executing successful trades.

Account Setup and Support

Opening an account with Oanda is a hassle-free experience. The process is designed to be quick to get started without unnecessary delays. However, support is only available 24/5, which might be a downside if you need assistance outside those hours. This is something to consider if you often trade during weekends or require immediate help at odd times.

Limitations and Safety Considerations

Although Oanda offers a streamlined trading experience, it does have its limitations. US clients are restricted to trading forex and CFDs, and there’s no access to a broader range of assets like stocks or commodities. Additionally, Oanda isn’t listed on a stock exchange and lacks a banking background, factors that could otherwise enhance its safety profile. Nonetheless, it remains a trustworthy choice for many traders.

What is Forex.com?

FOREX.com stands out as a reputable broker, supported by the StoneX Group, which is publicly traded. It caters to forex and CFD traders with top-tier trading tools and extensive market access worldwide. If you're a high-volume trader, you'll find its pricing more appealing. The platforms are reliable and packed with features that can benefit traders at any level.

Educational Resources and Research

The educational offerings at FOREX.com are exceptional, especially their award-winning Trading Academy. Research and video content quality have consistently improved, adding value to traders. If you value a solid platform, comprehensive research, and a wide range of assets, FOREX.com is an excellent choice.

Availability of Products and Services

Your location and the specific regulated entity holding your account will determine the products and services accessible to you at FOREX.com. For instance, CFDs aren't available in the U.S. due to regulatory restrictions, but outside the U.S., FOREX.com offers over 4,500 CFDs. While CFDs for commodities and metals are available, spot metals like gold and silver are off-limits for U.S. traders. Knock-out options are now available in Japan, Singapore, and Australia.

Cryptocurrency Trading

At FOREX.com, cryptocurrency trading is possible through CFDs, not by trading the actual asset, like buying Bitcoin. Remember that crypto CFDs are unavailable to retail traders from any broker based in the U.K. and to U.K. residents.

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Oanda vs Forex.com Detailed Comparison

Company Background & Regulatory Standing: Who’s Got the Edge?

FOREX.com, born in 1999, operates as a subsidiary of StoneX Group Inc., a company publicly traded on NASDAQ. It holds a robust regulatory position with eight licenses, including seven Tier-1 and one Tier-2, earning a flawless Trust Score of 99 out of 99. Established in 1996, OANDA is a private entity with seven Tier-1 licenses and a Trust Score of 93. While both have strong regulatory standings, FOREX.com's public status and broader licensing make it slightly more reliable.

Trading Platforms & Tools: Which Broker Has the Better Setup?

FOREX.com delivers a variety of platforms, including its proprietary one, MetaTrader 4 (MT4), MetaTrader 5 (MT5), and TradingView integration. These cater to different trading styles and offer advanced charting tools. OANDA offers its proprietary platform and supports MT4. Although OANDA’s platform is simpler, it’s intuitive and suitable for traders who want a straightforward experience.

Account Types & Minimum Deposits: What Are the Options?

FOREX.com requires a $100 deposit, with Standard and RAW accounts available. The RAW account offers lower spreads with commission fees, appealing to high-volume traders. OANDA, however, has no minimum deposit requirement, making it beginner-friendly. It simplifies costs by providing standard accounts with variable spreads and no commission charges.

Trading Costs & Spreads: How Competitive Are They?

FOREX.com offers competitive spreads, with the Standard account averaging 1.4 pips on EUR/USD, while the RAW account can have spreads as low as 0.13 pips, with commission fees. This setup benefits active traders. OANDA’s spreads average 1.61 pips on EUR/USD and don’t have commission fees. This straightforward model is suitable for those who prefer simplicity.

Market Research & Educational Resources: Who Offers More?

FOREX.com provides extensive market research and educational resources, including daily analysis and webinars for traders at all levels. OANDA also offers valuable educational content like articles and tutorials, but its offerings aren’t as extensive as FOREX.com’s.

Product Offerings: What Can You Trade?

FOREX.com offers over 5,500 tradable assets, including forex, commodities, indices, and cryptocurrencies. This variety allows for portfolio diversification. OANDA offers around 3,928 instruments, focusing on forex and select CFDs. While its range is narrower, it covers essential markets for most traders.

Geographic Availability & Accessibility: Can You Access Them?

FOREX.com has a global presence, serving clients in many countries, including the U.S., U.K., Canada, and Australia. OANDA also operates internationally but has a more limited reach. It’s available in key markets like the U.S., U.K., and Canada.

Customer Support: Who Has Your Back?

FOREX.com provides 24/7 customer support through various channels and is known for being responsive and professional. OANDA offers similar support but potentially varying hours depending on the region.

7 Best Oanda and Forex.com Alternatives

1. AquaFunded: A Unique Trading Opportunity

Consider trading without the fear of losing your own money. AquaFunded offers accounts up to $400,000 with flexible conditions, such as no time limits and easy profit targets. You can even keep up to 100% of what you earn. With over 42,000 traders earning over $2.9 million, AquaFunded promises quick payments within 48 hours. They offer instant funding or customizable challenges to prove your skills. It's an exciting way to turn your trading abilities into substantial profits without the usual risks.

2. Pepperstone: A Platform Powerhouse

Pepperstone offers a range of platforms, such as MetaTrader 4, MetaTrader 5, TradingView, and cTrader, along with mobile apps. Their partnership with Tier 1 banks ensures low spreads starting from 0.0 pips on Razor accounts, though commissions apply. They offer over 1,200 instruments but have limited cryptocurrency options. With regulation by central authorities and no minimum deposit, Pepperstone provides robust protection and flexibility for traders at all levels.

3. TMGM: Flexibility and Choice

TMGM offers over 12,000 instruments, from forex to cryptocurrencies. They provide two account types: a commission-free Classic account and a commission-based Edge account. Their MT4 platform is perfect for forex trading, while IRESS offers DMA access to global shares. Despite its limited technical analysis tools, beginners can use the MT4 mobile app for easy trading. With third-party tools like Trading Central and HUBx, TMGM caters to both newbies and experienced traders.

4. FXPro: Tools and Variety Galore

Founded in 2006, FXPro offers a vast range of 2,100+ instruments, including forex, stocks, and more. Their platforms include MT4, MT5, cTrader, and FXPro Edge. The latter is exceptionally user-friendly with features like one-click trading and customizable charts. FXPro also offers useful third-party tools like AutoChartist and VPS services. However, there's an inactivity fee to be aware of.

5. XM: Bonuses and Leverage

XM stands out with over 1,000 CFDs and leverage options up to 1000:1. They offer a $30 Trading Bonus for new clients and a 50% Deposit Bonus. Their platforms include MetaTrader 4, MetaTrader 5, and the XM App. With strong regulation and client protection, XM ensures a safe trading experience. However, some accounts may incur commissions, and leverage is limited under certain entities.

6. Tickmill: Learning and Trading Made Simple

Tickmill offers over 640 CFDs and multiple platforms like MT4 and MT5. Their educational resources are extensive, with articles, videos, and webinars. They provide a commission-free trading account, though spreads are higher than average. Tickmill is an excellent choice for beginners, with no fees for deposits or withdrawals.

7. IG: Comprehensive and Competitive

Established in 1974, IG offers over 17,000 instruments across various markets. Their platform suite includes the IG Web Trader, MT4, and ProRealTime. With spreads as low as 0.75 pips on EUR/USD, IG is competitive in fees. However, the sheer number of options may overwhelm some traders.

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