Our ForexBrokers.com team spent several months and hundreds of hours assessing 28 different forex broker accounts for trading FX. In total, over 2,200 data points were collected. For this review, we will compare eToro vs FXOpen.
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. Both eToro and FXOpen hold a 3.50 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. eToro and FXOpen both are regulated in a major hub. Neither eToro and FXOpen are publicly traded companies. How many currency pairs are available to trade? eToro trails FXOpen by 48 total currency pairs (for example, EUR/USD), with FXOpen offering 95 and eToro offering 47.
To round out our comparison, let's look at the popular tools and features forex traders prefer. For platforms, some FX traders prefer MetaTrader. FXOpen makes Meta Trader available to clients, while eToro does not. Within the trading platform, charting should be robust, so we counted the number of drawing tools and total technical indicators made available. FXOpen boasts an offering of 31 charting tools compared to eToro's 14 available charting tools. FXOpen trails eToro by 16 total different indicators (for example, moving averages), with eToro offering 67 and FXOpen offering 51.