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 received a rating of 4.00 stars over 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. Both eToro and 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. FXOpen boasts an offering of 63 different currency pairs compared to eToro's 47 available pairs.
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 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. FXOpen trails eToro by 15 total different indicators (for example, moving averages), with eToro offering 66 and FXOpen offering 51.
Overall, eToro boasts 4.00 stars versus FXOpen's 3.50 stars. And, when it comes to individual category awards, eToro posted awards Best in Class - Customer Service in 2018, while FXOpen found itself with none of these.