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 OANDA.
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. OANDA's score is 4 stars versus eToro's 3.5 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 OANDA are regulated in a major hub. eToro nor OANDA are publicly traded companies. As far as how many currency pairs are available for trading, here's the answer. OANDA boasts an offering of 71 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. OANDA 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. OANDA boasts an offering of 31 charting tools compared to eToro's 14 available charting tools. OANDA trails eToro by 16 total different indicators (for example, moving averages), with eToro offering 67 and OANDA offering 51.
Overall, both eToro and OANDA hold a 4 star rating. And, when it comes to individual category awards, unfortunately, neither eToro 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.