To find the top fx brokers
, the team here at ForexBrokers.com collected over 6,000 data points during a seven month review of the forex industry. In this fx broker comparison, we will compare eToro vs OANDA.
To assess both of these forex brokers, we will begin with cost. Comparing two fx brokers on cost is not easy. First, not every broker publicizes their average spreads. And, for the brokers that do publish their data, the formulas used to calculate average spreads can vary. Furthermore, the currency pair you are trading can impact cost, as well as the execution policies of the broker. Dealing desk or no dealing desk? The list goes on and on. To make comparing cost easy, we have a star rating that takes everything into account. Both eToro and OANDA share a rating of 3.50 stars.
Next to commissions and fees, regulation and currency availability are important to take into consideration. You want to trust and have confidence the forex broker you choose. eToro alongside OANDA are regulated in a major hub. Neither eToro and OANDA are publicly traded companies. And, when it comes to total currency pairs available to trade, a quick comparison is helpful. eToro trails OANDA by 24 total currency pairs (for example, EUR/USD), with OANDA offering 71 and eToro offering 47.
To round out our comparison of eToro vs OANDA, let's look at the tools and features most used by forex traders. For trading platforms, traders are all familiar with MetaTrader. OANDA offers Meta Trader while eToro does not. With a platform picked out, looking at charts is a must so they should be of high-quality. As part of our research, we count the number of drawing tools and total technical indicators available. OANDA boasts an offering of 31 charting tools compared to eToro's 14 available charting tools. OANDA trails eToro by 15 total different indicators (for example, moving averages), with eToro offering 66 and OANDA offering 51.
Overall, both eToro and OANDA hold a 4.00 star rating. And, when it comes to individual category awards, eToro finished with awards Best in Class - Customer Service in 2018, while OANDA came up with none of these.