To find the top fx brokers
, the team here at ForexBrokers.com collected over 6,000 data points during a seven month review of the forex industry. In this fx broker comparison, we will compare CMC Markets vs OANDA.
To assess both of these forex brokers, we will begin with cost. Comparing two fx brokers on cost is not easy. First, not every broker publicizes their average spreads. And, for the brokers that do publish their data, the formulas used to calculate average spreads can vary. Furthermore, the currency pair you are trading can impact cost, as well as the execution policies of the broker. Dealing desk or no dealing desk? The list goes on and on. To make comparing cost easy, we have a star rating that takes everything into account. CMC Markets is a better option with a 5 star rating over OANDA's 4 star rating.
Next to commissions and fees, regulation and currency availability are important to take into consideration. You want to trust and have confidence the forex broker you choose. CMC Markets and OANDA both are regulated in a major hub. CMC Markets is a publicly traded company while OANDA is not. And, when it comes to total currency pairs available to trade, a quick comparison is helpful. CMC Markets offers its clients access to 183 different currency pairs while OANDA has 71 available pairs, a difference of 112.
To round out our comparison of CMC Markets vs OANDA, let's look at the tools and features most used by forex traders. For trading platforms, traders are all familiar with MetaTrader. OANDA has Meta Trader, CMC Markets doesn't. With a platform picked out, looking at charts is a must so they should be of high-quality. As part of our research, we count the number of drawing tools and total technical indicators available. CMC Markets trails OANDA by 7 total charting tools, with OANDA offering 31 and CMC Markets offering 24. CMC Markets boasts an offering of 81 different indicators (for example, moving averages) compared to OANDA's 51 available indicators.
Overall, CMC Markets takes the upper hand with 4.5 stars over OANDA's 4 stars. And, when it comes to individual category awards, both CMC Markets and OANDA found themselves without awards for 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 in 2018.