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 CMC Markets 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. CMC Markets received a rating of 5.00 stars over OANDA's 3.50 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. CMC Markets alongside OANDA are regulated in a major hub. CMC Markets is a publicly traded company, OANDA isn't. As far as how many currency pairs are available for trading, here's the answer. CMC Markets offers its clients access to 183 different currency pairs while OANDA has 71 available pairs, a difference of 112.
Next, let's look at the tools and features fx traders desire. With trading platforms, forex traders are all familiar with MetaTrader. OANDA makes Meta Trader available to clients, while CMC Markets does not. 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. CMC Markets trails OANDA by 7 total charting tools, with OANDA offering 31 and CMC Markets offering 24. CMC Markets offers its clients access to 74 different indicators (for example, volume) while OANDA has 51 available indicators, a difference of 23.
Overall, CMC Markets comes out on top with 4.50 stars over OANDA's 4.00 stars. And, when it comes to individual category awards, CMC Markets was rated Best in Class - Platforms & Tools, Best in Class - Research, Best in Class - Active Trading and Best in Class - Mobile Trading in 2018, while OANDA was rated none of these.