Written by ForexBrokers.com
In this head to head comparison of OANDA vs FXOpen, 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 and FXOpen are both established online brokers serving global clients, with OANDA being founded in 1996 and FXOpen in 2003. Neither company is publicly traded or operates as a bank. However, they differ significantly in terms of regulatory compliance and trust ratings. OANDA boasts seven Tier-1 licenses, which signify a high level of safety and reliability according to ForexBrokers.com standards, whereas FXOpen holds two Tier-1 licenses. Additionally, OANDA's impressive Trust Score of 93 out of 99 indicates a high level of trust, contrasting with FXOpen's score of 76, which is categorized as posing average risk.
| Feature |
OANDA
|
FXOpen
|
|---|---|---|
| Year Founded | 1996 | 2003 |
| Publicly Traded (Listed) | No | No |
| Bank | No | No |
| Tier-1 Licenses | 7 | 2 |
| Tier-2 Licenses | 0 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 1 | 0 |
When it comes to evaluating OANDA and FXOpen based on their commissions and fees, OANDA stands out with a 4-star rating for its automated execution, yet it is slightly higher in costs compared to top brokers. OANDA's spreads are comparable to competitors like FOREX.com and FxPro, but the minimum spread can sometimes be higher. OANDA offers core pricing with reduced spreads, though it introduces a commission of $5 per $100,000 traded, which ends up being slightly more economical than its commission-free option. Notably, OANDA allows trading in micro units down to a single unit, offering flexibility for traders. Furthermore, OANDA's Elite Trader program offers rebates and other perks for high-volume traders, although transparency in average spread comparisons could be improved. OANDA ranks at #34 out of 62 brokers in the Commissions and Fees category according to ForexBrokers.com.
FXOpen, while also rated 4 stars for commissions and fees, does not provide as much detailed information regarding average spread data, which might make it challenging for potential clients to gauge exact trading costs. This lack of data transparency could pose a challenge for traders looking to assess FXOpen's competitiveness on pricing. However, its consistent star rating indicates a level of satisfaction among users that keeps it on the same rating level as OANDA. Despite this, FXOpen is ranked lower at #45 in the Commissions and Fees category by ForexBrokers.com.
In summary, both brokers have strengths, but OANDA edges ahead thanks to more comprehensive details on pricing options and additional benefits like rebate programs and reduced trading sizes. With OANDA's slight advantage in the rankings, traders might find its offerings more appealing, especially those looking for flexible trading unit sizes and potential rebates for high-volume trading.
| Feature |
OANDA
|
FXOpen
|
|---|---|---|
| Minimum Deposit | $0 | $100 |
| Average Spread EUR/USD - Standard | 1.61 | N/A |
| All-in Cost EUR/USD - Active | 1.61 | N/A |
| Active Trader or VIP Discounts | Yes | Yes |
| ACH or SEPA Transfers | Yes | No |
| PayPal (Deposit/Withdraw) | Yes | No |
| Skrill (Deposit/Withdraw) | Yes | Yes |
| Visa/Mastercard (Credit/Debit) | Yes | Yes |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
OANDA and FXOpen both facilitate forex trading through Contracts for Difference (CFDs) or spot contracts, catering to forex traders with varied needs. When it comes to tradeable symbols, OANDA offers a substantial selection with 3,928 options, significantly outpacing FXOpen's 87. For those specifically interested in forex pairs, OANDA provides access to 68 pairs compared to FXOpen's 25, giving forex enthusiasts a wider selection to navigate and explore. However, for those eyeing individual equities or exchange-traded assets on U.S. or international platforms, neither broker offers direct access. Both platforms support copy trading, providing an option for traders to follow and replicate successful strategies from other traders.
For cryptocurrency enthusiasts, OANDA enables clients to purchase actual cryptocurrencies alongside cryptocurrency derivatives, while FXOpen sticks to cryptocurrency derivatives alone. OANDA has been recognized for its range of investment options, earning a four-star rating and the 27th spot out of 62 brokers in the Range of Investments category according to ForexBrokers.com. FXOpen, meanwhile, receives a three-star rating and ranks 61st, highlighting a more limited investment offering compared to its competitor. Whether seeking a diverse range of trading symbols or entry into the cryptocurrency market, OANDA stands out with a broader array of choices for investors.
| Feature |
OANDA
|
FXOpen
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 3928 | 87 |
| Forex Pairs (Total) | 68 | 25 |
| 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). |
Dive deeper: Best Copy Trading Platforms.
Both OANDA and FXOpen offer features that cater to traders of varied experience levels, including free demo accounts for simulated trading. While OANDA shines with its proprietary platform alongside MetaTrader 4 and 5, FXOpen provides MetaTrader platforms without an in-house alternative. Both brokers deliver a seamless trading experience via Windows-based downloadable platforms and web-based trading options. When it comes to copy trading, both offer this feature, although FXOpen has an edge with the inclusion of ZuluTrade. OANDA, however, comes out ahead with a broader selection of drawing tools for charting, providing a more in-depth technical analysis compared to FXOpen.
For chart functionality and watch list customization, both brokers offer trading directly from stock charts, with FXOpen slightly edging out OANDA with seven watch list columns to OANDA's six. Despite these differences, both achieve a commendable four-star rating for platforms and tools. However, OANDA is ranked significantly higher in the Trading Platforms and Tools category by ForexBrokers.com at #15, as opposed to FXOpen's #53 ranking. As a layperson, choosing between these two brokers may depend on your specific needs, such as a proprietary platform or the availability of specific third-party trading services like ZuluTrade.
| Feature |
OANDA
|
FXOpen
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Platform | Yes | No |
| 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 | Yes |
| Charting - Indicators / Studies (Total) | 81 | 30 |
| Charting - Drawing Tools (Total) | 431 | 15 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 6 | 7 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
OANDA and FXOpen both offer mobile trading apps available on iPhone and Android devices, providing users with flexibility and convenience in managing their trades on the go. Both apps feature important tools such as price alerts and the ability to draw trend lines on charts, catering to traders who value detailed analysis. However, when it comes to syncing watchlists across devices, neither OANDA nor FXOpen supports this feature, meaning traders need to update their lists separately between mobile and desktop versions.
For technical analysis, both platforms offer 30 technical studies, allowing traders to make informed decisions based on comprehensive data. OANDA stands out slightly with its facility to auto-save drawings on charts, a feature absent in FXOpen’s app. Watchlists in both apps can display real-time quotes, enhancing their usability in fast-paced trading environments. In terms of ratings, OANDA scores a stellar 5 stars and occupies the 7th rank among 62 brokers on ForexBrokers.com, while FXOpen earns 4 stars and is placed 54th in the same category, highlighting a notable difference in user perception and app performance.
| Feature |
OANDA
|
FXOpen
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | No | No |
| Mobile Charting - Indicators / Studies | 30 | 30 |
| Mobile Charting - Draw Trendlines | Yes | Yes |
| Mobile Charting - Multiple Time Frames | Yes | Yes |
| Mobile Charting - Drawings Autosave | Yes | No |
| Mobile Watchlist | Yes | Yes |
Dive deeper: Best Forex Trading Apps.
When comparing OANDA and FXOpen in terms of market research, both brokers provide daily market commentary and access to top-tier forex news sources like Bloomberg and Reuters. However, OANDA stands out by offering tools from Autochartist and a sentiment-based trading tool that reveals the balance of long and short positions across currency pairs. In contrast, FXOpen lacks these features, contributing to a broader disparity in their research offerings.
Both brokers offer access to an economic calendar for tracking global news events, yet OANDA excels with a higher research rating of 5 stars compared to FXOpen's 3-star rating. This notable difference is reflected in their respective rankings by ForexBrokers.com, where OANDA holds a prestigious 5th place out of 62 brokers, while FXOpen trails behind at 62nd place. These comparisons highlight OANDA's more comprehensive suite of research tools, making it a preferable choice for traders seeking detailed market insights.
| Feature |
OANDA
|
FXOpen
|
|---|---|---|
| Daily Market Commentary | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | Yes | No |
| Trading Central (Recognia) | No | No |
| Social Sentiment - Currency Pairs | Yes | No |
| 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, OANDA stands out by offering a comprehensive range of resources. They provide more than ten educational pieces that cover vital topics in forex and CFDs, along with ongoing access to monthly webinars. These online sessions help clients stay informed and enhance their trading knowledge. Additionally, OANDA's searchable archive of past webinars ensures that users can revisit important content anytime. For beginners eager to grasp the basics, they offer an impressive collection of over ten educational videos, while those with more experience can benefit from in-depth videos tailored to seasoned traders. To further support learning, OANDA provides an extensive investor dictionary featuring more than 50 essential investing terms.
In comparison, FXOpen's educational offerings fall short, especially for newcomers. While they do have an investor dictionary similar to OANDA's, they unfortunately lack many of the other educational aids provided by OANDA. FXOpen does not meet the minimum threshold of ten educational articles or videos on forex and CFDs, nor do they offer monthly webinars or an archive of past webinars. Their resources do not include beginner-specific or advanced video content, making it a less comprehensive choice for those just starting out or looking to deepen their understanding. Based on reviews, OANDA is rated five stars for education, significantly outshining FXOpen, which holds a three-star rating. In rankings by ForexBrokers.com, OANDA is positioned at #22 out of 62 brokers for education, while FXOpen trails behind at #58, highlighting OANDA's stronger educational commitment.
| Feature |
OANDA
|
FXOpen
|
|---|---|---|
| Education (Forex or CFDs) | Yes | No |
| Client Webinars | Yes | No |
| Client Webinars (Archived) | Yes | No |
| Videos - Beginner Trading Videos | Yes | No |
| Videos - Advanced Trading Videos | Yes | No |
| Investor Dictionary (Glossary) | Yes | Yes |
Dive deeper: Best Forex Brokers for Beginners.
After testing 62 of the best forex brokers, our research and account testing finds that OANDA is better than FXOpen. OANDA finished with an overall rank of #12, while FXOpen finished with an overall rank of #54.
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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FXOpen
|
|---|---|---|
| Overall Rating |
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| Trust Score | 93 | 76 |
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OANDA and FXOpen both offer cryptocurrency derivatives, but only OANDA provides the capability to buy actual, delivered cryptocurrencies.
When comparing online brokers, OANDA offers more diverse deposit and withdrawal options, including ACH, SEPA, PayPal, Skrill, Visa, Mastercard, and bank wires, whereas FXOpen supports Skrill, Visa, Mastercard, and bank wires but does not support ACH, SEPA, or PayPal transfers.
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 | FXOpen | |
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| Trust Score | 93 | 76 | |
| Winner | check_circle | ||
| Review | OANDA Review |
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| Regulation | OANDA | FXOpen | |
|---|---|---|---|
| Trust Score | 93 | 76 | |
| Year Founded | 1996 | 2003 | |
| 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 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 1 | 0 |
| Tier-1 Licenses (Highly Trusted) | OANDA | FXOpen | |
|---|---|---|---|
| Australia (ASIC Authorised) | Yes | No | |
| 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 | Yes | |
| 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 | FXOpen | |
|---|---|---|---|
| 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 | OANDA | FXOpen | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 3928 | 87 | |
| Forex Pairs (Total) | 68 | 25 | |
| 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). |
| Cost | OANDA | FXOpen | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 1.61 | N/A | |
| All-in Cost EUR/USD - Active | 1.61 | N/A | |
| Active Trader or VIP Discounts | Yes | Yes | |
| Inactivity Fee | Yes | Yes | |
| Execution: Agency Broker | No | Yes | |
| Execution: Market Maker | Yes | Yes |
| Funding | OANDA | FXOpen | |
|---|---|---|---|
| Minimum Deposit | $0 | $100 | |
| PayPal (Deposit/Withdraw) | Yes | No | |
| 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 | FXOpen | |
|---|---|---|---|
| Proprietary Platform | Yes | No | |
| 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 | No | |
| DupliTrade | No | No | |
| ZuluTrade | No | Yes |
| Trading Tools | OANDA | FXOpen | |
|---|---|---|---|
| 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 | 15 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | OANDA | FXOpen | |
|---|---|---|---|
| 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 | 30 | |
| Mobile Charting - Draw Trendlines | Yes | Yes | |
| Mobile Charting - Multiple Time Frames | Yes | Yes | |
| Mobile Charting - Drawings Autosave | Yes | No | |
| Mobile Economic Calendar | Yes | Yes |
| Research | OANDA | FXOpen | |
|---|---|---|---|
| Daily Market Commentary | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | Yes | No | |
| Trading Central (Recognia) | No | No | |
| TipRanks | No | No | |
| Social Sentiment - Currency Pairs | Yes | No | |
| Economic Calendar | Yes | Yes |
| Education | OANDA | FXOpen | |
|---|---|---|---|
| Education (Forex or CFDs) | Yes | No | |
| Client Webinars | Yes | No | |
| Client Webinars (Archived) | Yes | No | |
| Videos - Beginner Trading Videos | Yes | No | |
| Videos - Advanced Trading Videos | Yes | No | |
| Investor Dictionary (Glossary) | Yes | Yes |
| Major Forex Pairs | OANDA | FXOpen | |
|---|---|---|---|
| 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 |
| Overall | OANDA | FXOpen | |
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| Trust Score | 93 | 76 | |
| Winner | check_circle | ||
| Review | OANDA Review |
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