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 Coinbase vs FXOpen.
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. FXOpen is a better option with a 4.00 star rating over Coinbase's 2.50 star rating.
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. FXOpen is regulated in a major hub, Coinbase isn't. Neither Coinbase and FXOpen are publicly traded companies. As far as how many currency pairs are available for trading, here's the answer. FXOpen offers its clients access to 63 different currency pairs while Coinbase has available pairs, a difference of 63.
Next, let's look at the tools and features fx traders desire. With trading platforms, forex traders are all familiar with MetaTrader. FXOpen makes Meta Trader available to clients, while Coinbase 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. Coinbase trails FXOpen by 31 total charting tools, with FXOpen offering 31 and Coinbase offering . Coinbase trails FXOpen by 51 total different indicators (for example, moving averages), with FXOpen offering 51 and Coinbase offering .
Overall, both Coinbase and FXOpen are rated 3.50 stars. And, when it comes to individual category awards, neither Coinbase nor FXOpen were rated 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.