Our ForexBrokers.com team spent seven months and hundreds of hours assessing 43 different forex broker accounts
for trading FX. In total, over 6,000 data points were collected. For this review, we will compare Coinbase vs OANDA.
To start this comparison, first, we will take a look at the fees charged for trading forex. It's important to note this is no easy task. Not every broker shares their average spreads, spreads can be fixed or variable (floating), execution policies differ, and brokers can act as market makers (dealers) or act as agents for execution. To simplify things, we analyzed everything for you and provide a single star rating for cost. OANDA is a better option with a 3.50 star rating over Coinbase's 2.50 star rating.
Cost aside, we can now turn our focus to regulation alongside currency availability. For regulation, it's very important to select a broker you can trust with your money. OANDA is regulated in a major hub, while Coinbase is not. Neither Coinbase and OANDA are publicly traded companies. How many currency pairs are available to trade? Coinbase trails OANDA by 71 total currency pairs (for example, EUR/USD), with OANDA offering 71 and Coinbase offering .
To round out our comparison, let's look at the popular tools and features forex traders prefer. For platforms, some FX traders prefer MetaTrader. OANDA has Meta Trader, Coinbase doesn't. Within the trading platform, charting should be robust, so we counted the number of drawing tools and total technical indicators made available. OANDA boasts an offering of 31 charting tools compared to Coinbase's available charting tools. OANDA offers its clients access to 51 different indicators (for example, volume) while Coinbase has available indicators, a difference of 51.
Overall, OANDA comes out on top with 4.00 stars over Coinbase's 3.50 stars. And, when it comes to individual category awards, unfortunately, neither Coinbase 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.