Written by ForexBrokers.com
In this head to head comparison of eToro vs OANDA, we will compare the trading platforms, mobile apps, range of investments, costs, market research, and more. Let's dive in.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 51% and 89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
When comparing eToro and OANDA, understanding each platform's history and regulatory standing can offer valuable insights. Founded in 2007, eToro is a publicly traded online broker, while OANDA, established in 1996, remains privately owned. Neither firm operates as a bank. In terms of regulatory credentials, eToro holds three Tier-1 licenses and one Tier-2 license, reflecting high trust levels. OANDA surpasses eToro in this aspect with seven Tier-1 licenses, solidifying its position as a highly trusted broker.
eToro boasts a ForexBrokers.com Trust Score of 96 out of 99, indicating it is a highly trusted broker. Close behind, OANDA has a Trust Score of 93, also placing it in the highly trusted category. These ratings suggest both platforms maintain strong regulatory oversight, offering users confidence in their trustworthy operations.
| Feature |
eToro
|
OANDA
|
|---|---|---|
| Year Founded | 2007 | 1996 |
| Publicly Traded (Listed) | Yes | No |
| Bank | No | No |
| Tier-1 Licenses | 3 | 7 |
| Tier-2 Licenses | 1 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 1 | 1 |
When comparing the commissions and fees of eToro and OANDA, it is clear that each broker has its own unique offerings. eToro operates as a market-maker broker and typically lists a variable spread of 1 pip on the EUR/USD pair, which is slightly above the industry norm. However, the main attraction for eToro's clients is not its trading fees, but its advanced social copy trading platform. For those interested in premium services, eToro's VIP club provides various perks, such as access to Trading Central and a dedicated account manager, with entry dependent on the balance maintained, ranging from $5,000 to $250,000. eToro is rated 4.5 out of five stars for commissions and fees and holds the 22nd position out of 63 brokers in this category according to ForexBrokers.com.
On the other hand, OANDA tends to have steeper forex trading costs with higher spreads in both its default and core pricing structures. While not the cheapest choice, OANDA's strength lies in its automated execution. The core pricing option offers lower spreads but includes a per-side commission of $5 per $100,000, resulting in a slightly lower all-in cost compared to the commission-free option. OANDA's non-core pricing spread averaged 1.61 pips on the EUR/USD pair during July 2024. The broker also allows exceptionally small trade sizes, down to 1 unit or 0.001 micro lot, benefiting those looking for greater trade-size flexibility. OANDA is rated four stars for commissions and fees and is positioned at number 34 out of 63 brokers by ForexBrokers.com.
Overall, both eToro and OANDA present distinct advantages depending on the trader's priorities. eToro may appeal to those drawn to social trading features and a structured VIP program, while OANDA might attract traders who prioritize trade execution and flexibility in trade sizes, despite higher average spreads. As always, potential clients should carefully consider which factors are most vital to their trading strategy when selecting a broker.
| Feature |
eToro
|
OANDA
|
|---|---|---|
| Minimum Deposit | $50-$10,000 | $0 |
| Average Spread EUR/USD - Standard | 1 | 1.61 |
| All-in Cost EUR/USD - Active | N/A | 1.61 |
| Active Trader or VIP Discounts | Yes | Yes |
| ACH or SEPA Transfers | Yes | Yes |
| PayPal (Deposit/Withdraw) | Yes | Yes |
| Skrill (Deposit/Withdraw) | Yes | Yes |
| Visa/Mastercard (Credit/Debit) | Yes | Yes |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
When comparing eToro and OANDA in terms of their available range of investments, several key differences emerge. Both platforms offer forex trading as CFDs or spot contracts, with eToro providing access to 5,461 tradeable symbols compared to OANDA's 3,928. However, when it comes to forex pairs specifically, OANDA takes a slight lead by offering 68 pairs against eToro's 55. A significant advantage for eToro is its ability to offer exchange-traded securities not only on U.S. exchanges, allowing clients to directly purchase shares like Apple, but also on international exchanges, such as Vodafone on the London Stock Exchange. This is an area where OANDA does not match up, as it does not offer exchange-traded securities from either U.S. or international markets.
Both eToro and OANDA support copy trading and provide options for buying actual cryptocurrencies and cryptocurrency derivatives. Nevertheless, eToro receives a higher rating of five stars for its range of investments, compared to OANDA's four-star rating. This distinction aligns with their respective rankings on ForexBrokers.com, where eToro is placed at #10, offering a broader investment portfolio, while OANDA holds the #27 position. These factors showcase eToro's comprehensive approach to trading, making it a more versatile option for investors seeking a wide range of assets.
| Feature |
eToro
|
OANDA
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 5461 | 3928 |
| Forex Pairs (Total) | 55 | 68 |
| U.S. Stock Trading (Non CFD) | Yes | No |
| Int'l Stock Trading (Non CFD) | Yes | No |
| Social Trading / Copy Trading | Yes | Yes |
| Cryptocurrency (Physical) | Yes | Yes |
| Cryptocurrency (Derivative) | Yes | Yes |
| Disclaimers | Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients). | Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients). |
Dive deeper: Best Copy Trading Platforms.
When comparing eToro and OANDA, both online brokers provide simulated trading with free virtual demo accounts, allowing users to practice without financial risk. Each platform has developed its own proprietary trading platform, offering unique features to their users. eToro shines with its web-based platform, but unlike OANDA, it does not provide a Windows-based desktop download. Both brokers offer browser-based trading and support for copy trading, although OANDA extends its functionality to include MetaTrader 4 and 5, which eToro does not. Neither broker supports third-party platforms like DupliTrade or ZuluTrade, keeping the focus on their own tools.
In terms of charting, eToro provides a solid selection of drawing tools with 161 options, while OANDA stands out with a staggering 431 tools. However, trading directly from stock charts is only possible on OANDA, offering a more integrated trading experience. Watch list customization is on par between the two, each offering six columns for fields. When it comes to user satisfaction, eToro earns a slightly higher rating of 4.5 stars for its trading platforms and tools, ranking 8th out of 63 brokers according to ForexBrokers.com, compared to OANDA's 4-star rating and 15th position. Overall, trader preferences will vary based on the platform features and tools essential to their strategies.
| Feature |
eToro
|
OANDA
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Platform | Yes | Yes |
| Desktop Platform (Windows) | No | Yes |
| Web Platform | Yes | Yes |
| Social Trading / Copy Trading | Yes | Yes |
| MetaTrader 4 (MT4) | No | Yes |
| MetaTrader 5 (MT5) | No | Yes |
| DupliTrade | No | No |
| ZuluTrade | No | No |
| Charting - Indicators / Studies (Total) | 104 | 81 |
| Charting - Drawing Tools (Total) | 161 | 431 |
| Charting - Trade From Chart | No | Yes |
| Watchlists - Total Fields | 6 | 6 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
Both eToro and OANDA offer iPhone and Android apps with features that cater to different trading preferences. eToro stands out with its ability to sync watchlists between the mobile app and the online account, ensuring seamless updates. It also impresses with a hefty selection of 104 technical studies available for charting, though it lacks trendline drawing capabilities. OANDA, on the other hand, provides chart trendline drawing and auto-saving of drawings, which are beneficial for traders looking for these specific functionalities. Both brokers offer stock and forex price alerts, as well as the ability to view multiple time frames on charts and create watchlists with real-time quotes.
In terms of user ratings, eToro's app garners 4.5 stars, while OANDA's app slightly edges it out with a 5-star rating. According to ForexBrokers.com, OANDA holds a higher rank at #7 out of 63 brokers for mobile trading apps, compared to eToro's #10 rank. Both platforms have their strengths, with eToro excelling in analytical tools, while OANDA offers better charting capabilities. These differences make each app suitable for different types of traders looking for features aligning more closely with their trading style.
| Feature |
eToro
|
OANDA
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | Yes | No |
| Mobile Charting - Indicators / Studies | 104 | 30 |
| Mobile Charting - Draw Trendlines | No | Yes |
| Mobile Charting - Multiple Time Frames | Yes | Yes |
| Mobile Charting - Drawings Autosave | No | Yes |
| Mobile Watchlist | Yes | Yes |
Dive deeper: Best Forex Trading Apps.
When comparing eToro and OANDA for online trading market research, both brokers provide daily market commentary and maintain an economic calendar highlighting global news events affecting various economies. However, OANDA takes the lead in offering forex news from top-tier sources, which can be crucial for traders looking for the latest information from Bloomberg, Reuters, and other reputable news outlets. Additionally, OANDA provides technical and fundamental analysis tools from Autochartist, enhancing its suite of market insights.
On the flip side, eToro shines with its access to Trading Central's technical analytics, offering traders alternative perspectives for analysis. It also provides market research from TipRanks, which is not available with OANDA. Both platforms offer sentiment-based trading tools that display the ratio of long and short positions across currency pairs, giving insight into market trends. Despite eToro's unique offerings, OANDA's comprehensive research capabilities earn it a higher research rating of 5 stars compared to eToro's 4.5 stars, and it is ranked #5 out of 63 brokers by ForexBrokers.com, whereas eToro ranks #13.
| Feature |
eToro
|
OANDA
|
|---|---|---|
| Daily Market Commentary | Yes | Yes |
| Forex News (Top-Tier Sources) | No | Yes |
| Autochartist | No | Yes |
| Trading Central (Recognia) | Yes | No |
| Social Sentiment - Currency Pairs | Yes | Yes |
| TipRanks | Yes | No |
| Signal Centre (Acuity Trading) | No | No |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
When it comes to educational resources for beginner traders, both eToro and OANDA offer a rich variety of learning tools. They each provide a minimum of 10 educational pieces focusing on forex or CFDs, such as articles, videos, and archived webinars. For those who enjoy live learning, both platforms also conduct regular online webinars, happening at least once a month, and maintain searchable archives of these sessions. Additionally, beginner traders can benefit from over 10 videos designed specifically to ease their entry into trading.
For those looking to deepen their knowledge, both eToro and OANDA also offer over 10 advanced-level videos, ensuring a comprehensive learning experience. Each platform features an investor dictionary with definitions of more than 50 investing terms, making it easier for traders to grasp complex concepts. Despite these similarities, their educational offerings have garnered different accolades. OANDA is rated 5 stars for education and ranks 22nd among 63 brokers, while eToro holds a 4.5-star rating but is ranked higher, in 5th place. Whether a novice or seasoned trader, both platforms offer valuable educational content, though their rankings might influence which is deemed more appealing.
| Feature |
eToro
|
OANDA
|
|---|---|---|
| Education (Forex or CFDs) | Yes | Yes |
| Client Webinars | Yes | Yes |
| Client Webinars (Archived) | Yes | Yes |
| Videos - Beginner Trading Videos | Yes | Yes |
| Videos - Advanced Trading Videos | Yes | Yes |
| Investor Dictionary (Glossary) | Yes | Yes |
Dive deeper: Best Forex Brokers for Beginners.
After testing 63 of the best forex brokers, our research and account testing finds that eToro is better than OANDA. eToro finished with an overall rank of #9, while OANDA finished with an overall rank of #12.
eToro is a winner for its easy-to-use copy-trading platform, where traders can copy the trades of experienced investors – or receive exclusive perks for sharing their own trading strategies.
| Feature |
eToro
|
OANDA
|
|---|---|---|
| Overall Rating |
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| Trust Score | 96 | 93 |
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Both eToro and OANDA allow investors to purchase actual, delivered cryptocurrencies as well as cryptocurrency derivatives, offering versatile options for online trading enthusiasts.
Both eToro and OANDA offer ACH or SEPA transfers, PayPal, Skrill, Visa or Mastercard, and bank wires as options to deposit or withdraw account funds, providing users with a versatile array of payment methods.
Please note:
We review each broker’s overall global offering – a “Yes” checkmark in our Compare Tool does not guarantee the availability of any specific features in your country of residence. To verify the availability of any features within your country of residence, please contact the broker directly.
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0 of 5| Overall Rating | eToro | OANDA | |
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| Trust Score | 96 | 93 | |
| Winner | check_circle | ||
| Review | eToro Review | OANDA Review |
| Broker Screenshots | eToro | OANDA | |
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| Regulation | eToro | OANDA | |
|---|---|---|---|
| Trust Score | 96 | 93 | |
| Year Founded | 2007 | 1996 | |
| Publicly Traded (Listed) | Yes | No | |
| Bank | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes | |
| Tier-1 Licenses | 3 | 7 | |
| Tier-2 Licenses | 1 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 1 | 1 |
| Tier-1 Licenses (Highly Trusted) | eToro | OANDA | |
|---|---|---|---|
| Australia (ASIC Authorised) | Yes | Yes | |
| Canada (CIRO Authorised) | No | Yes | |
| Hong Kong (SFC Authorised) | No | No | |
| Japan (SFC Authorised) | No | Yes | |
| Singapore (MAS Authorised) | No | Yes | |
| Switzerland (FINMA Authorised) | No | No | |
| United Kingdom (U.K.) (FCA Authorised) | Yes | Yes | |
| USA (CFTC Authorized) | No | Yes | |
| New Zealand (FMA Authorised) | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes |
| Tier-2 Licenses (Trusted) | eToro | OANDA | |
|---|---|---|---|
| Kenya (CMA Authorised) | No | No | |
| Israel (ISA Authorised) | No | No | |
| South Africa (FSCA Authorised) | No | No | |
| UAE (DFSA/Central Bank Authorised) | No | No | |
| India (SEBI Authorised) | No | No | |
| Jordan (JSC Authorised) | No | No |
| Investments | eToro | OANDA | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 5461 | 3928 | |
| Forex Pairs (Total) | 55 | 68 | |
| U.S. Stock Trading (Non CFD) | Yes | No | |
| Int'l Stock Trading (Non CFD) | Yes | No | |
| Social Trading / Copy Trading | Yes | Yes | |
| Cryptocurrency (Physical) | Yes | Yes | |
| Cryptocurrency (Derivative) | Yes | Yes | |
| Disclaimers | Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients). | Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients). |
| Cost | eToro | OANDA | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 1 | 1.61 | |
| All-in Cost EUR/USD - Active | N/A | 1.61 | |
| Active Trader or VIP Discounts | Yes | Yes | |
| Inactivity Fee | Yes | Yes | |
| Execution: Agency Broker | Yes | No | |
| Execution: Market Maker | Yes | Yes |
| Funding | eToro | OANDA | |
|---|---|---|---|
| Minimum Deposit | $50-$10,000 | $0 | |
| PayPal (Deposit/Withdraw) | Yes | Yes | |
| Skrill (Deposit/Withdraw) | Yes | Yes | |
| Visa/Mastercard (Credit/Debit) | Yes | Yes | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| ACH or SEPA Transfers | Yes | Yes |
| Trading Platforms | eToro | OANDA | |
|---|---|---|---|
| Proprietary Platform | Yes | Yes | |
| Desktop Platform (Windows) | No | Yes | |
| Web Platform | Yes | Yes | |
| Social Trading / Copy Trading | Yes | Yes | |
| MetaTrader 4 (MT4) | No | Yes | |
| MetaTrader 5 (MT5) | No | Yes | |
| cTrader | No | No | |
| DupliTrade | No | No | |
| ZuluTrade | No | No |
| Trading Tools | eToro | OANDA | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Alerts - Basic Fields | Yes | Yes | |
| Watchlists - Total Fields | 6 | 6 | |
| Charting - Indicators / Studies (Total) | 104 | 81 | |
| Charting - Drawing Tools (Total) | 161 | 431 | |
| Charting - Trade From Chart | No | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | eToro | OANDA | |
|---|---|---|---|
| Android App | Yes | Yes | |
| Apple iOS App | Yes | Yes | |
| Mobile Alerts - Basic Fields | Yes | Yes | |
| Mobile Watchlist | Yes | Yes | |
| Watchlist Syncing | Yes | No | |
| Mobile Charting - Indicators / Studies | 104 | 30 | |
| Mobile Charting - Draw Trendlines | No | Yes | |
| Mobile Charting - Multiple Time Frames | Yes | Yes | |
| Mobile Charting - Drawings Autosave | No | Yes | |
| Mobile Economic Calendar | No | Yes |
| Research | eToro | OANDA | |
|---|---|---|---|
| Daily Market Commentary | Yes | Yes | |
| Forex News (Top-Tier Sources) | No | Yes | |
| Autochartist | No | Yes | |
| Trading Central (Recognia) | Yes | No | |
| TipRanks | Yes | No | |
| Social Sentiment - Currency Pairs | Yes | Yes | |
| Economic Calendar | Yes | Yes |
| Education | eToro | OANDA | |
|---|---|---|---|
| Education (Forex or CFDs) | Yes | Yes | |
| Client Webinars | Yes | Yes | |
| Client Webinars (Archived) | Yes | Yes | |
| Videos - Beginner Trading Videos | Yes | Yes | |
| Videos - Advanced Trading Videos | Yes | Yes | |
| Investor Dictionary (Glossary) | Yes | Yes |
| Major Forex Pairs | eToro | OANDA | |
|---|---|---|---|
| GBP/USD | Yes | Yes | |
| USD/JPY | Yes | Yes | |
| EUR/USD | Yes | Yes | |
| USD/CHF | Yes | Yes | |
| USD/CAD | Yes | Yes | |
| NZD/USD | Yes | Yes | |
| AUD/USD | Yes | Yes | |
| Review | eToro Review | OANDA Review |
| Overall | eToro | OANDA | |
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| Trust Score | 96 | 93 | |
| Winner | check_circle | ||
| Review | eToro Review | OANDA Review |
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