Oanda or Forex.com – which is better for UK traders 2024? Compare Oanda and Forex.com in this detailed breakdown of their platforms, features and fees.
OANDA is an award-winning global broker, established in 1996. The hugely respected brand offers competitive trading accounts and serves clients from 196 countries. It remains a popular option with both beginners and experienced traders thanks to its user-friendly and sophisticated web platform, no minimum deposit and premium currency products and services. The company is also overseen by reputable regulators, including the FCA, ASIC and CIRO.
Founded in 1999, FOREX.com is now part of StoneX, a financial services organization serving over one million customers worldwide. Regulated in the US, UK, EU, Australia and beyond, the broker offers thousands of markets, not just forex, and provides excellent pricing on cutting-edge platforms.
Pros
The OANDA Trade web platform serves serious traders, with 100+ technical indicators, an economic overlay and a Dow Jones news feed
OANDA recently introduced a prop trading service, OANDA Labs Trader, offering a 75% profit share to skilled traders
The guaranteed stop loss order (GSLO) is a useful risk management tool not available at many alternatives
There are no restrictions on short-term trading strategies with scalping, hedging and netting permitted
OANDA has enhanced its suite of stocks, now providing exposure to over 2,200 US and European shares
With 68 forex pairs and access to a premium MT4 upgrade, the broker will serve active forex traders
Oversight from tier-one regulators like the FCA and ASIC makes the broker reliable and trustworthy
The $0 minimum deposit will appeal to newer traders
Spreads are tight and there are zero hidden fees
With over 20 years of experience, excellent regulatory oversight, and multiple accolades including runner-up in our 'Best Forex Broker' awards, FOREX.com boasts a global reputation as a trusted brokerage.
The in-house Web Trader continues to shine as one of the best-designed platforms for aspiring traders with a slick design and over 80 technical indicators for market analysis.
Alongside a choice of leading platforms, FOREX.com offers a superb suite of supplementary tools including Trading Central research, SMART Signals pattern scanner, trading signals, and strategy builders.
FOREX.com offers industry-leading forex pricing starting from 0.0 pips, alongside competitive cashback rebates of up to 15% for serious traders.
There’s a wealth of educational resources including tutorials, webinars, and a stacked YouTube channel to help you get educated in the financial markets.
Cons
The range of payment methods trail competitors, only offering a handful vs the 10+ available at alternatives like AvaTrade
It's a shame that social and copy trading tools aren't supported for traders who want to explore other ways to trade
High-volume traders get limited fee rebates or perks compared to leading brands
Weekend customer support and extended hours trading aren't available
Despite increasing its range of instruments, FOREX.com's product portfolio is still limited to forex and CFDs, so there are no options to invest in real stocks, real ETFs or real cryptocurrencies.
FOREX.com's MT4 platform offers approximately 600 instruments, significantly fewer than the over 5,500 available on its non-MetaTrader platforms.
Funding options are limited compared to leading alternatives like IC Markets and don’t include many popular e-wallets, notably UnionPay and POLi.
There’s no negative balance protection for US clients, so you may find yourself owing more money than your initial deposit into your account.
Demo accounts are frustratingly time-limited to 90 days, which doesn’t give you enough time to test trading strategies effectively.
Awards
Best Trading Tools winner 2021 - Online Personal Wealth Awards
Running alongside the MT4 and Web Trader platforms, the FOREX.com app offers full trading capabilities on a user-friendly, compact platform. Integrated news and analysis, plus real time trade alerts, are two mobile specific features that set this app above the crowd. Additionally, it beats out MT4 when it comes to mobile charting tools, with over 80 indicators and 11 chart types, not to mention a slicker design that we love.
iOS App Rating
4.7
3.6
Android App Rating
3.7
3.8
Margin Trading
Yes
Yes
Margin Rate
2%
MetaTrader 4
Yes
Yes
MetaTrader 5
No
Yes
cTrader
No
No
AlgoTrader
No
No
OmniTrader
No
No
TradingView
Yes
Yes
Autochartist
Yes
Yes
eSignal
No
Yes
Trading Central
No
Yes
STP Account
No
Yes
ECN Account
No
Yes
DMA Account
No
Yes
MAM Account
No
No
PAMM Account
No
No
LAMM Account
No
No
Demat Account
No
No
AI / Machine Learning
No
Yes
Robo Advisor
No
No
Negative Balance Protection
Yes
Yes
Market Maker
Yes
No
P2P Trading
No
No
Spot Trading
Yes
Yes
Auto Trading
Expert Advisors (EAs) on MetaTrader
Expert Advisors (EAs) on MetaTrader
Copy Trading
No
No
Social Trading
No
No
Trade Signals
SMART Signals
VPS Hosting
No
Yes
Tournaments
No
No
Demo Competitions
No
No
Ethical Investing
No
No
Custodial Account
No
No
Guaranteed Stop Loss
Yes
No
Inactivity Fee
$10
$15
Islamic Account
No
Yes
Account Currencies
USD
EUR
GBP
CAD
AUD
JPY
CHF
HKD
SGD
USD
EUR
GBP
CAD
AUD
JPY
CHF
PLN
Commodities
Corn
Palladium
Platinum
Copper
Wheat
Gold
Silver
Oil
Natural Gas
Soybeans
Sugar
Gold
Oil
Silver
Cotton
Livestock
Soybeans
Coffee
Natural Gas
Sugar
Wheat
Orange Juice
CFD
You can speculate on popular financial assets covering forex, commodities, indices, metals and bonds. You can get started with $0 minimum deposit, making the broker a good pick for beginners. There’s also over 130 technical indicators available collectively in the MT4 and OANDA Trade platforms.
With the ability to take both long and short positions on 5,500+ CFDs across forex, stocks, indices, commodities, and cryptocurrencies, FOREX.com excels. Its exclusive Web Trader platform offers an excellent trading experience, equipped with over 80 technical indicators and average execution speeds of just 20 milliseconds, ensuring an optimal environment for serious traders.
Leverage
1:30
1:30 (Retail), 1:500 (Pro)
FTSE Spread
1.0
1.0
GBPUSD Spread<
1.4
1.3
Oil Spread
3.0
2.5
Stocks Spread
12 (Apple Inc)
0.14
Forex
OANDA offers 68 currency pairs, which is above the industry average. You can speculate on majors, minors and exotics, with spreads from 0.8 pips on popular pairs. There are no commissions and leverage is available up to 1:200. Average execution speeds are fast based on tests, at 12 milliseconds.
FOREX.com continues to uphold its stature as a premier FX broker, offering over 80 currency pairs and boasting some of the most competitive fees in the industry. With EUR/USD spreads dipping as low as 0.0 and $5 commission per $100k, it stands out. Moreover, its SMART Signals help to identify price behaviors across numerous major currency markets.
Assets
68
80+
GBPUSD Spread
1.4
1.3
EURUSD Spread
0.8
1.2
EURGBP Spread
0.9
1.4
Cryptocurrency
OANDA offers trading on leading cryptocurrencies, including Bitcoin. You can place trades in the app hassle-free and practice in the unlimited demo account. The broker offers guaranteed stop-loss orders to help protect you against crypto market volatility.
You can trade a small range of 8+ cryptos against USD, EUR, GBP and AUD with tight spreads and no virtual wallet required. Algo traders can also utilize Expert Advisors (EAs) to automate their crypto trades.