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 |
For traders considering OANDA as their online broker, it's important to note that while OANDA offers a seamless trading experience with automated execution across its accounts, the trading costs can be on the higher side. OANDA's bid/ask spreads, the fees clients pay to trade, are in line with those of brokers like FOREX.com and FxPro, albeit slightly higher. Their core pricing option requires a $10,000 minimum deposit and utilizes lower spreads with a per-side commission of $5 per $100,000 of currency traded. This equates to a roughly 1.4 pip all-in cost on the EUR/USD pair when commission is factored in, while the default pricing is 1.6 pips on average. For micro traders, OANDA allows trades as small as 1 unit, a significant reduction from the typical micro lot size.
FXOpen, another choice for foreign exchange trading, does not publicly share average spread data, making it challenging to directly compare its cost-effectiveness with other brokers. However, like OANDA, FXOpen holds a commendable reputation in terms of fees, earning a 4-star rating. Although specific data on spreads is unavailable, FXOpen's transparency and performance have secured it a favorable position among the 63 brokers listed by ForexBrokers.com for commissions and fees. FXOpen is ranked 44th in this category, slightly trailing behind OANDA, which is ranked at 34th.
Both OANDA and FXOpen offer competitive pricing models in the forex trading market, each with a 4-star rating for commissions and fees. OANDA stands out with its advanced execution capabilities and various account offerings, including a core pricing model with lower spreads and commission fees. Although FXOpen is less forthcoming with its average spread data, it remains a solid choice for traders seeking a reliable brokerage platform. Evaluating these options depends on individual trading needs and whether one prioritizes execution efficiency or transparency in pricing.
| 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.
When comparing the investment range offered by OANDA and FXOpen, there are notable differences in the breadth of options available to traders. OANDA provides access to a vast selection of 3,928 tradeable symbols, which includes 68 forex pairs. In contrast, FXOpen offers a more limited selection, with 87 tradeable symbols and 25 forex pairs. Both platforms enable forex trading through CFDs or spot contracts and support copy trading, catering to different trading strategies and preferences. However, neither platform allows clients to purchase actual stocks on U.S. or international exchanges.
For cryptocurrency enthusiasts, OANDA provides the option to buy actual cryptocurrencies besides derivatives, setting it apart from FXOpen, which only offers cryptocurrency derivatives. OANDA's more extensive choice of investments has earned it a 4-star rating for Range of Investments, ranking 27th out of 63 brokers according to ForexBrokers.com. In comparison, FXOpen has a 3-star rating, placing it lower at 62nd. Whether you're searching for a wider selection of forex pairs or opportunities in cryptocurrencies, these differences highlight the distinct offerings between OANDA and FXOpen.
| 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.
OANDA and FXOpen are both reputable online brokers, each offering unique tools for traders. Both provide free virtual demo accounts to help traders practice without financial risk. OANDA stands out with its proprietary trading platform, developed in-house, while FXOpen does not offer this feature. However, both brokers have downloadable Windows-based platforms and web-based trading options, ensuring flexibility for their users. Each broker supports popular platforms like MetaTrader 4 (MT4) and MetaTrader 5 (MT5) and offers copy trading services. In terms of trading tools, ZuluTrade is available with FXOpen but not with OANDA, while neither supports DupliTrade.
Charting tools and customizability further differentiate the two. OANDA offers an impressive 431 drawing tools for charting, significantly more than FXOpen's 15 tools. The ability to trade directly from a stock chart is available with both brokers, making trading more seamless. For organizing and monitoring trades, FXOpen boasts more watchlist columns with 7, compared to OANDA's 6. Both brokers earn a 4-star rating for their trading platforms and tools. Despite this, OANDA ranks higher at #15 in the Trading Platforms and Tools category according to ForexBrokers.com, while FXOpen stands at #53, highlighting OANDA's competitive edge in the broader market.
| 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 for iPhone and Android users, providing essential features for traders on the go. Both apps include price alerts and support the drawing of trendlines on charts, and allow traders to view various time frames such as daily, weekly, and intraday. Users can also create watchlists with real-time quotes, although neither app syncs watchlists with an online account. An edge for OANDA is the automatic saving of chart drawings, a feature not available with FXOpen.
When it comes to charting capabilities, both apps offer an impressive 30 technical studies. However, ratings and rankings differ, reflecting user experiences. OANDA's app scores a stellar rating of 5 out of 5 stars and is highly ranked at number 7 among 63 brokers by ForexBrokers.com. On the other hand, FXOpen's app has a respectable rating of 4 out of 5 stars, yet is positioned lower at number 54 in the same ranking. This suggests OANDA might be the preferable choice for traders prioritizing user satisfaction and functionality in their mobile trading experience.
| 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.
OANDA and FXOpen both provide daily market commentary and deliver forex news from prestigious sources like Bloomberg and Reuters. While both also offer economic calendars to track global news events, OANDA sets itself apart by providing traders with additional tools like those from Autochartist, which enhance technical and fundamental analysis. Additionally, OANDA offers a sentiment-based trading tool to visualize long and short positions across different currency pairs, something FXOpen does not provide.
Given these offerings, OANDA shines with a 5-star research rating from ForexBrokers.com and holds the #5 rank out of 63 brokers. In contrast, FXOpen has a 3-star rating and is ranked last, at #63. Although both platforms deliver essential market research components, OANDA’s additional features and higher ratings make it a more comprehensive choice for traders seeking depth in market research tools.
| 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 educational resources for trading beginners, OANDA outshines FXOpen. OANDA offers over ten educational materials, such as articles and videos focused on forex and CFDs, while FXOpen falls short in this area. If you're looking for interactive learning opportunities, OANDA hosts monthly educational webinars, providing a valuable platform for live learning. They also keep an archive of past webinars, allowing you to catch up at your convenience. This is another feature FXOpen does not provide.
In terms of video content, OANDA caters to both beginners and advanced traders with over ten videos in each category. FXOpen, however, lacks these comprehensive resources. Both platforms offer an investor dictionary with definitions of at least 50 investing terms. Overall, OANDA received a 5-star rating for education and is ranked 22nd out of 63 brokers in the education category by ForexBrokers.com, while FXOpen garnered a 3-star rating and was ranked 58th, underscoring the significant difference in their educational offerings.
| 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 63 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 |
| Broker Screenshots | OANDA | FXOpen | |
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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 |
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| Trust Score | 93 | 76 | |
| Winner | check_circle | ||
| Review | OANDA Review |
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