After spending seven months and hundreds of hours researching 43 different
forex brokers for trading FX, our team at ForexBrokers.com team collected over 6,000 data points. For this review, we will compare AvaTrade vs OANDA.
To compare these two FX brokers, we will first take a look at the fees charged for trading (no easy task). Not every forex broker publicizes their average spreads, spreads data can vary, as can execution policies and how commissions are charged. Specifically, is the broker a dealing desk (market maker), no dealing desk (agency broker) or are both execution methods offered (dealing desk + STP/ECN)? To simplify this research, we assessed everything for you and provide a single star rating for cost. OANDA's score is 4 stars versus AvaTrade's 3.5 stars.
Commissions and fees aside, let's take a look at regulation and currency availability. Trust is critical, and you should highly consider choosing a broker that regulated in a major hub. Both AvaTrade and OANDA are regulated in a major hub. Neither are publicly traded companies. As far as how many currency pairs are available for trading, here's the answer. OANDA boasts an offering of 71 different currency pairs compared to AvaTrade's 60 available pairs.
Next, let's look at the tools and features fx traders desire. With trading platforms, forex traders are all familiar with MetaTrader. Both AvaTrade and OANDA offer Meta Trader. Regardless of the trading platform you use, charting should be feature rich. To help compare these two brokers, we counted the number of drawing tools and total technical indicators made available. AvaTrade and OANDA offer the same number of charting tools, 31. AvaTrade and OANDA offer the same number of indicators (eg, volume), 51.
Overall, OANDA comes out on top with 4 stars over AvaTrade's 3 stars. And, when it comes to individual category awards, unfortunately, neither AvaTrade nor OANDA received awards Best in Class - Platforms & Tools, Best in Class - Research, Best in Class - Customer Service, Best in Class - Active Trading, Best in Class - Mobile Trading and Best in Class - Investor Education.