Written by ForexBrokers.com
In this head to head comparison of OANDA vs FP Markets, 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.
OANDA, established in 1996, and FP Markets, founded in 2005, are both well-regarded online brokers, though neither is publicly traded nor operates as a bank. In terms of regulatory credentials, OANDA stands out with seven Tier-1 licenses, reflecting a high level of trust according to ForexBrokers.com, which gives it a Trust Score of 93 out of 99. Meanwhile, FP Markets holds two Tier-1 licenses and one Tier-2 license, earning a solid Trust Score of 89, placing it in the trusted category.
Despite both companies having reputable standings in the trading world, OANDA's higher number of Tier-1 licenses gives it the edge in terms of regulatory trust. However, FP Markets remains a trusted option with its blend of Tier-1 and Tier-2 licenses, offering a slightly different profile for traders considering their options. Each broker provides a secure trading environment per their regulatory status, but OANDA's larger portfolio of high-trust licenses may offer additional peace of mind.
| Feature |
OANDA
|
FP Markets
|
|---|---|---|
| Year Founded | 1996 | 2005 |
| Publicly Traded (Listed) | No | No |
| Bank | No | No |
| Tier-1 Licenses | 7 | 2 |
| Tier-2 Licenses | 0 | 1 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 1 | 1 |
When comparing OANDA and FP Markets, it's clear that both brokers offer unique advantages and challenges in terms of commissions and fees. OANDA generally has higher forex trading costs with notable spreads. Its core pricing provides reduced spreads but introduces a commission of $10 per round-turn standard lot, leading to a slightly lower overall cost than its commission-free option. One of OANDA's strengths is its micro-lot trading, starting from as low as one unit. Transparency is a focus, with OANDA regularly updating its trailing average spread data. However, the broker's pricing lacks fixed-period comparisons. OANDA is rated 4 stars for commissions and fees and holds the #34 rank among 63 brokers reviewed by ForexBrokers.com.
Conversely, FP Markets offers highly competitive pricing, especially through its Raw ECN account, which reports spreads averaging 0.1 pips and an all-in cost of 0.8 pips after commissions. The Standard account option comes with higher spreads, averaging 1.1 pips for the EUR/USD. FP Markets stands out for its cost-effective offerings, earning a Best in Class recognition for Commissions and Fees in 2024. Their Iress platform options provide flexibility with account types catering primarily to high-balance, active traders. FP Markets prides itself on low-cost structures but requires spending a minimum in commissions to avoid platform fees. Rated 5 stars for commissions and fees, FP Markets ranks #6 out of 63 brokers on ForexBrokers.com.
In summary, OANDA appeals to those looking for micro-trading options and automated execution, yet faces challenges with higher costs. Meanwhile, FP Markets excels with its competitive pricing on the Raw ECN account, making it attractive for serious traders focused on cost efficiencies. Both brokers offer distinct features and cater to different trading preferences, making the choice largely dependent on a trader's specific needs regarding costs and account features.
| Feature |
OANDA
|
FP Markets
|
|---|---|---|
| Minimum Deposit | $0 | $100 AUD |
| Average Spread EUR/USD - Standard | 1.61 | 1.2 |
| All-in Cost EUR/USD - Active | 1.61 | 0.7 |
| Active Trader or VIP Discounts | Yes | Yes |
| ACH or SEPA Transfers | Yes | No |
| 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 OANDA and FP Markets, both offer forex trading as either a CFD or spot contract. OANDA provides a wide array of 3,928 tradeable symbols including 68 forex pairs, while FP Markets stands out with an impressive offering of 10,000 tradeable symbols and 71 forex pairs. Unfortunately, neither of the brokers allows trading in exchange-traded securities on U.S. or international exchanges, meaning clients cannot purchase shares directly, such as Apple or Vodafone. Both platforms support copy trading, allowing traders to replicate the actions of experienced investors.
In the realm of cryptocurrencies, OANDA provides the option to buy both actual cryptocurrencies and their derivatives, offering more flexibility. FP Markets, on the other hand, only allows trading in cryptocurrency derivatives, not the actual coins. In terms of ratings, OANDA earns 4 stars for its range of investments, and ranks 27th out of 63 brokers according to ForexBrokers.com. FP Markets slightly excels with a 4.5-star rating, securing the 18th spot in the same category, showcasing a broader range of investment opportunities overall.
| Feature |
OANDA
|
FP Markets
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 3928 | 10000 |
| Forex Pairs (Total) | 68 | 71 |
| U.S. Stock Trading (Non CFD) | No | No |
| Int'l Stock Trading (Non CFD) | No | No |
| Social Trading / Copy Trading | Yes | Yes |
| Cryptocurrency (Physical) | Yes | No |
| 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 online brokers OANDA and FP Markets, both offer a range of trading platforms and tools that cater to various trader preferences. Each broker provides simulated trading with a free virtual demo account, allowing users to practice their skills without financial risk. Both OANDA and FP Markets have developed their own in-house trading platforms as well as offering popular platforms like MetaTrader 4 (MT4) and MetaTrader 5 (MT5). For those who prefer desktop trading, both brokers supply Windows-based platforms, and they also offer web-based trading options, making it easy to trade from any browser. OANDA and FP Markets support copy trading, enhancing opportunities for new traders to learn from seasoned experts. However, neither broker provides DupliTrade or ZuluTrade as part of their offerings. In platform rankings, OANDA holds a 4-star rating and a #15 rank out of 63 brokers, slightly ahead of FP Markets, which also has a 4-star rating but stands at #23.
Charting capabilities reveal some differences, with OANDA offering an impressive array of 431 drawing tools compared to 17 provided by FP Markets. Both platforms support trading directly from stock charts, enhancing ease of use and efficiency for traders. In terms of watch list customization, FP Markets edges out slightly with seven columns fields compared to OANDA's six. These features present OANDA as a versatile option with extensive charting tools, while FP Markets offers a slightly more customizable watch list experience. Whether you prioritize a specific feature or seek a balanced trading experience, both OANDA and FP Markets deliver capable platforms to meet a variety of trading needs.
| Feature |
OANDA
|
FP Markets
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Platform | Yes | Yes |
| Desktop Platform (Windows) | Yes | Yes |
| Web Platform | Yes | Yes |
| Social Trading / Copy Trading | Yes | Yes |
| MetaTrader 4 (MT4) | Yes | Yes |
| MetaTrader 5 (MT5) | Yes | Yes |
| DupliTrade | No | No |
| ZuluTrade | No | No |
| Charting - Indicators / Studies (Total) | 81 | 30 |
| Charting - Drawing Tools (Total) | 431 | 17 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 6 | 7 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
When comparing the mobile trading apps of OANDA and FP Markets, both offer support for iPhone and Android devices, along with essential features like forex and stock price alerts and the ability to create watchlists with real-time quotes. However, while both platforms do not sync watchlist symbols between mobile apps and online accounts, OANDA distinguishes itself with its availability of 30 technical studies within its charting tools. FP Markets, on the other hand, defaults to the standard MetaTrader offerings in this regard. Both apps allow users to draw trendlines, view multiple time frames, and auto-save chart drawings, providing a comprehensive charting experience.
OANDA receives high praise for its mobile app, earning a perfect rating of 5 stars, while FP Markets follows closely with a commendable 4-star rating. Among 63 brokers, OANDA is ranked impressively at 7th place for mobile trading apps according to ForexBrokers.com, whereas FP Markets holds the 18th spot. Though both apps provide solid options for mobile trading, OANDA's additional features and higher ratings make it a standout choice for those prioritizing advanced charting capabilities on mobile devices.
| Feature |
OANDA
|
FP Markets
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | No | No |
| Mobile Charting - Indicators / Studies | 30 | MetaTrader (Default) |
| Mobile Charting - Draw Trendlines | Yes | Yes |
| Mobile Charting - Multiple Time Frames | Yes | Yes |
| Mobile Charting - Drawings Autosave | Yes | Yes |
| Mobile Watchlist | Yes | Yes |
Dive deeper: Best Forex Trading Apps.
When comparing the market research capabilities of OANDA and FP Markets, both brokers deliver solid information thanks to daily market commentary and forex news from top-tier sources like Bloomberg and Reuters. They offer useful analysis tools from Autochartist and provide sentiment-based trading tools that reveal the positioning of traders across various currency pairs. Additionally, each broker supports its clients with an economic calendar that outlines current and upcoming global news events.
However, differences emerge in their offerings. While FP Markets boasts advanced technical analysis tools from Trading Central, OANDA does not. As for the overall quality of research tools, OANDA shines with a 5-star rating, ranked 5th out of 63 brokers by ForexBrokers.com, indicating stronger market research capabilities compared to FP Markets, which holds a 4-star rating and is ranked 25th. Neither broker currently utilizes tools from companies like TipRanks or Acuity Trading, which might factor into their offerings and user decisions.
| Feature |
OANDA
|
FP Markets
|
|---|---|---|
| Daily Market Commentary | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | Yes | Yes |
| Trading Central (Recognia) | No | Yes |
| Social Sentiment - Currency Pairs | Yes | Yes |
| TipRanks | No | No |
| Signal Centre (Acuity Trading) | No | No |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
When it comes to education for beginners in forex and CFDs trading, both OANDA and FP Markets go the extra mile to ensure new traders have access to the resources they need. OANDA provides a solid array of educational materials with more than 10 articles, videos, and archived webinars focusing primarily on forex or CFDs. Similarly, FP Markets matches this offering by providing the same depth and number of educational pieces tailored to beginners. Both brokers host monthly educational webinars, and they maintain searchable archives of past webinars for users to revisit key lessons. Moreover, each broker has developed over 10 beginner-focused videos that simplify trading concepts, making complex information more accessible.
In addition to beginner resources, OANDA and FP Markets cater to more experienced traders with over 10 advanced videos each, ensuring a comprehensive learning journey. Each broker also features an investor dictionary that defines more than 50 essential investing terms, a handy tool for anyone looking to expand their trading vocabulary. OANDA stands out with a 5-star rating for education, surpassing FP Markets' 4-star rating, and ranks slightly higher in ForexBrokers.com's Education category, at 22nd compared to FP Markets' 23rd place out of 63 brokers. Overall, both platforms offer rich educational environments, although OANDA holds a slight edge in recognition and rating in educational offerings.
| Feature |
OANDA
|
FP Markets
|
|---|---|---|
| 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 OANDA is better than FP Markets. OANDA finished with an overall rank of #12, while FP Markets finished with an overall rank of #19.
A trusted global brand, OANDA stands out for its reputation and quality market research. Its regulatory track record is strong, and its support for third-party features bolsters its overall offering.
| Feature |
OANDA
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FP Markets
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|---|---|---|
| Overall Rating |
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| Trust Score | 93 | 89 |
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In comparing OANDA and FP Markets, OANDA offers both the ability to buy actual delivered cryptocurrency and cryptocurrency derivatives, while FP Markets only provides the option to trade cryptocurrency derivatives.
In comparing the deposit and withdrawal options between online brokers OANDA and FP Markets, OANDA provides more flexibility with the inclusion of ACH and SEPA transfers, which FP Markets does not offer, while both brokers equally support PayPal, Skrill, Visa, Mastercard, and bank wire transactions.
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 | OANDA | FP Markets | |
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| Trust Score | 93 | 89 | |
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| Review | OANDA Review | FP Markets Review |
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| Regulation | OANDA | FP Markets | |
|---|---|---|---|
| Trust Score | 93 | 89 | |
| Year Founded | 1996 | 2005 | |
| Publicly Traded (Listed) | No | No | |
| Bank | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes | |
| Tier-1 Licenses | 7 | 2 | |
| Tier-2 Licenses | 0 | 1 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 1 | 1 |
| Tier-1 Licenses (Highly Trusted) | OANDA | FP Markets | |
|---|---|---|---|
| Australia (ASIC Authorised) | Yes | Yes | |
| Canada (CIRO Authorised) | Yes | No | |
| Hong Kong (SFC Authorised) | No | No | |
| Japan (SFC Authorised) | Yes | No | |
| Singapore (MAS Authorised) | Yes | No | |
| Switzerland (FINMA Authorised) | No | No | |
| United Kingdom (U.K.) (FCA Authorised) | Yes | No | |
| USA (CFTC Authorized) | Yes | No | |
| New Zealand (FMA Authorised) | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes |
| Tier-2 Licenses (Trusted) | OANDA | FP Markets | |
|---|---|---|---|
| Kenya (CMA Authorised) | No | No | |
| Israel (ISA Authorised) | No | No | |
| South Africa (FSCA Authorised) | No | Yes | |
| UAE (DFSA/Central Bank Authorised) | No | No | |
| India (SEBI Authorised) | No | No | |
| Jordan (JSC Authorised) | No | No |
| Investments | OANDA | FP Markets | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 3928 | 10000 | |
| Forex Pairs (Total) | 68 | 71 | |
| U.S. Stock Trading (Non CFD) | No | No | |
| Int'l Stock Trading (Non CFD) | No | No | |
| Social Trading / Copy Trading | Yes | Yes | |
| Cryptocurrency (Physical) | Yes | No | |
| 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 | OANDA | FP Markets | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 1.61 | 1.2 | |
| All-in Cost EUR/USD - Active | 1.61 | 0.7 | |
| Active Trader or VIP Discounts | Yes | Yes | |
| Inactivity Fee | Yes | No | |
| Execution: Agency Broker | No | No | |
| Execution: Market Maker | Yes | Yes |
| Funding | OANDA | FP Markets | |
|---|---|---|---|
| Minimum Deposit | $0 | $100 AUD | |
| 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 | No |
| Trading Platforms | OANDA | FP Markets | |
|---|---|---|---|
| Proprietary Platform | Yes | Yes | |
| Desktop Platform (Windows) | Yes | Yes | |
| Web Platform | Yes | Yes | |
| Social Trading / Copy Trading | Yes | Yes | |
| MetaTrader 4 (MT4) | Yes | Yes | |
| MetaTrader 5 (MT5) | Yes | Yes | |
| cTrader | No | Yes | |
| DupliTrade | No | No | |
| ZuluTrade | No | No |
| Trading Tools | OANDA | FP Markets | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Alerts - Basic Fields | Yes | Yes | |
| Watchlists - Total Fields | 6 | 7 | |
| Charting - Indicators / Studies (Total) | 81 | 30 | |
| Charting - Drawing Tools (Total) | 431 | 17 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | OANDA | FP Markets | |
|---|---|---|---|
| Android App | Yes | Yes | |
| Apple iOS App | Yes | Yes | |
| Mobile Alerts - Basic Fields | Yes | Yes | |
| Mobile Watchlist | Yes | Yes | |
| Watchlist Syncing | No | No | |
| Mobile Charting - Indicators / Studies | 30 | MetaTrader (Default) | |
| Mobile Charting - Draw Trendlines | Yes | Yes | |
| Mobile Charting - Multiple Time Frames | Yes | Yes | |
| Mobile Charting - Drawings Autosave | Yes | Yes | |
| Mobile Economic Calendar | Yes | Yes |
| Research | OANDA | FP Markets | |
|---|---|---|---|
| Daily Market Commentary | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | Yes | Yes | |
| Trading Central (Recognia) | No | Yes | |
| TipRanks | No | No | |
| Social Sentiment - Currency Pairs | Yes | Yes | |
| Economic Calendar | Yes | Yes |
| Education | OANDA | FP Markets | |
|---|---|---|---|
| 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 | OANDA | FP Markets | |
|---|---|---|---|
| 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 | OANDA Review | FP Markets Review |
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| Trust Score | 93 | 89 | |
| Winner | check_circle | ||
| Review | OANDA Review | FP Markets Review |
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