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FX Choice (MyChoiceFX) vs OANDA 2019

Is FX Choice (MyChoiceFX) better than OANDA? After scoring the best forex brokers on nearly 100 different variables, OANDA is better than FX Choice (MyChoiceFX). As a trusted global brand, OANDA provides forex and CFD traders a limited offering of FX pairs and CFDs but stands out for its reputation and quality market research.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Overall Rating

Feature FX Choice (MyChoiceFX) OANDA
Overall 2.5 4
FX Choice (MyChoiceFX) Review OANDA Review
74-89% of retail CFD accounts lose money 77% of retail CFD accounts lose money

Regulation

Feature FX Choice (MyChoiceFX) OANDA
Trust Score 54 84
Year Founded
2010 1996
Publicly Traded (Listed)
No No
Bank
No No
Tier-1 Licenses
0 6
Tier-2 Licenses
0 0
Tier-3 Licenses
1 0
Authorised in the European Union
No Yes

Tier-1 Licenses

Feature FX Choice (MyChoiceFX) OANDA
ASIC Authorised (Australia)
No Yes
IIROC Authorised (Canada)
No Yes
SFC Authorised (Hong Kong)
No No
FSA Authorised (Japan)
No Yes
MAS Authorised (Singapore)
No Yes
FINMA Authorised (Switzerland)
No No
FCA Authorised (UK)
No Yes
CFTC Registered (USA)
No Yes

Investments

Feature FX Choice (MyChoiceFX) OANDA
Forex: Spot Trading
Yes Yes
Social Trading / Copy-Trading
Yes Yes
Currency Pairs (Total Forex pairs)
38 71
CFDs - Total Offered
12 53
Cryptocurrency traded as actual
No No
Cryptocurrency traded as CFD
Yes Yes
Offering of Investments 2 3.5
Winner check_circle

Cost

Feature FX Choice (MyChoiceFX) OANDA
Average Spread EUR/USD - Standard
N/A 1.4 (as of Q3 2018)
All-in Cost EUR/USD - Active
N/A 1.4 (as of Oct 19)
Active Trader or VIP Discounts
Yes Yes
Commissions & Fees 2.5 4
Winner check_circle

Funding

Feature FX Choice (MyChoiceFX) OANDA
Minimum Initial Deposit
$100 $0.00
Bank Wire (Deposit/Withdraw)
Yes Yes
Visa/Mastercard (Credit/Debit)
Yes Yes
PayPal (Deposit/Withdraw)
No No
Skrill (Deposit/Withdraw)
Yes No

Trading Platforms

Feature FX Choice (MyChoiceFX) OANDA
Proprietary Platform
No 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 No
cTrader
No No

Trading Tools

Feature FX Choice (MyChoiceFX) OANDA
Virtual Trading (Demo)
Yes Yes
Alerts - Basic Fields
Yes Yes
Watchlists - Total Fields
7 7
Charting - Indicators / Studies (Total)
51 51
Charting - Drawing Tools (Total)
31 31
Charting - Trade From Chart
Yes Yes
Charting - Drawings Autosave
Yes Yes
Order Type - Trailing Stop
Yes Yes
Platform & Tools 3 4
Winner check_circle

Mobile Trading

Feature FX Choice (MyChoiceFX) OANDA
Android App
Yes Yes
Apple iOS App
Yes Yes
Trading - Forex
Yes Yes
Trading - CFDs
Yes Yes
Alerts - Basic Fields
Yes Yes
Watch List
Yes Yes
Watch List Syncing
No No
Charting - Indicators / Studies
30 30
Charting - Draw Trend Lines
Yes Yes
Charting - Trend Lines Moveable
No Yes
Charting - Multiple Time Frames
Yes Yes
Charting - Drawings Autosave
Yes Yes
Forex Calendar
No Yes
Mobile Trading 2.5 3.5
Winner check_circle

Research

Feature FX Choice (MyChoiceFX) OANDA
Daily Market Commentary
No Yes
Forex News (Top-Tier Sources)
Yes Yes
Weekly Webinars
No Yes
AutoChartist
No Yes
Trading Central (Recognia)
No No
Delkos Research
No No
Social Sentiment - Currency Pairs
No Yes
Economic Calendar
Yes Yes
Research 2.5 4.5
Winner check_circle

Education

Feature FX Choice (MyChoiceFX) OANDA
Has Education - Forex
No Yes
Has Education - CFDs
No No
Client Webinars
No Yes
Client Webinars (Archived)
No Yes
Videos - Beginner Trading Videos
No Yes
Videos - Advanced Trading Videos
No Yes
Investor Dictionary (Glossary)
No Yes
Education 2 3.5
Winner check_circle

Major Forex Pairs

Feature FX Choice (MyChoiceFX) 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

Overall

Feature FX Choice (MyChoiceFX) OANDA
FX Choice (MyChoiceFX) Review OANDA Review
Overall 2.5 4
Winner check_circle
To find the top fx brokers, the team here at ForexBrokers.com collected over 2,200 data points during a several month review of the forex industry. In this fx broker comparison, we will compare FX Choice (MyChoiceFX) 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. OANDA is a better option with a 4.00 star rating over FX Choice (MyChoiceFX)'s 2.50 star rating.

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. OANDA is regulated in a major hub, while FX Choice (MyChoiceFX) is not. Neither are publicly traded companies. And, when it comes to total currency pairs available to trade, a quick comparison is helpful. OANDA boasts an offering of 71 different currency pairs compared to FX Choice (MyChoiceFX)'s 38 available pairs.

To round out our comparison of FX Choice (MyChoiceFX) vs OANDA, let's look at the tools and features most used by forex traders. For trading platforms, traders are all familiar with MetaTrader. FX Choice (MyChoiceFX) alongside OANDA offer Meta Trader. 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. FX Choice (MyChoiceFX) and OANDA offer the same number of charting tools, 31. FX Choice (MyChoiceFX) and OANDA offer the same number of indicators (eg, volume), 51.

FX Choice (MyChoiceFX) Review
OANDA Review


Trading CFDs, FX, and cryptocurrencies involves a high degree of risk. All providers have a percentage of retail investor accounts that lose money when trading CFDs with their company. You should consider whether you can afford to take the high risk of losing your money and whether you understand how CFDs, FX, and cryptocurrencies work. All data was obtained from a published web site as of 02/18/2019 and is believed to be accurate, but is not guaranteed. The ForexBrokers.com staff is constantly working with its online broker representatives to obtain the latest data. If you believe any data listed above is inaccurate, please contact us using the link at the bottom of this page.

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OANDA - CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

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