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 eToro 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's score is 4.00 stars versus eToro'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. eToro alongside FXOpen are regulated in a major hub. Neither eToro and FXOpen are publicly traded companies. As far as how many currency pairs are available for trading, here's the answer. eToro trails FXOpen by 16 total currency pairs (for example, EUR/USD), with FXOpen offering 63 and eToro offering 47.
Next, let's look at the tools and features fx traders desire. With trading platforms, forex traders are all familiar with MetaTrader. FXOpen offers Meta Trader while eToro 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. FXOpen offers its clients access to 31 charting tools while eToro has 14 charting tools, a difference of 17. eToro offers its clients access to 66 different indicators (for example, volume) while FXOpen has 51 available indicators, a difference of 15.
Overall, eToro comes out on top with 4.00 stars over FXOpen's 3.50 stars. And, when it comes to individual category awards, eToro was rated Best in Class - Customer Service in 2018, while FXOpen was rated none of these.