Our ForexBrokers.com team spent seven months and hundreds of hours assessing 43 different forex broker accounts
for trading FX. In total, over 6,000 data points were collected. For this review, we will compare FXCM vs OANDA.
To start this comparison, first, we will take a look at the fees charged for trading forex. It's important to note this is no easy task. Not every broker shares their average spreads, spreads can be fixed or variable (floating), execution policies differ, and brokers can act as market makers (dealers) or act as agents for execution. To simplify things, we analyzed everything for you and provide a single star rating for cost. FXCM received a rating of 4.00 stars over OANDA's 3.50 stars.
Cost aside, we can now turn our focus to regulation alongside currency availability. For regulation, it's very important to select a broker you can trust with your money. FXCM alongside OANDA are regulated in a major hub. FXCM is a publicly traded company while OANDA is not. How many currency pairs are available to trade? OANDA boasts an offering of 71 different currency pairs compared to FXCM's 39 available pairs.
To round out our comparison, let's look at the popular tools and features forex traders prefer. For platforms, some FX traders prefer MetaTrader. Both FXCM and OANDA offer Meta Trader. Within the trading platform, charting should be robust, so we counted the number of drawing tools and total technical indicators made available. FXCM and OANDA offer the same number of charting tools, 31. FXCM and OANDA offer the same number of indicators (eg, volume), 51.
Overall, FXCM comes out on top with 4.50 stars over OANDA's 4.00 stars. And, when it comes to individual category awards, FXCM posted awards Best in Class - Platforms & Tools, Best in Class - Mobile Trading and Best in Class - Investor Education in 2018, while OANDA found itself with none of these.