Written by ForexBrokers.com
In this head to head comparison of OANDA vs FXCM, 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 FXCM, founded in 1999, are two online brokers that offer forex trading but differ in several key areas, including their regulatory framework and Trust Score ratings. OANDA holds 7 Tier-1 licenses, demonstrating a strong regulatory position, while FXCM has 4 Tier-1 licenses and an additional 2 Tier-2 licenses. Both brokers are not publicly traded and are not banks, but they maintain a solid presence in the trading world with OANDA earning a Trust Score of 93 and FXCM slightly higher at 95, as rated by ForexBrokers.com.
While OANDA's regulatory standing benefits from a greater number of Tier-1 licenses, FXCM's higher Trust Score indicates slightly more trust from ForexBrokers.com. However, OANDA remains a highly trusted choice with its 93 Trust Score. Investors looking to choose between these two brokers should consider these regulatory credentials and trust levels to better match their trading needs and preferences.
| Feature |
OANDA
|
FXCM
|
|---|---|---|
| Year Founded | 1996 | 1999 |
| Publicly Traded (Listed) | No | Yes |
| Bank | No | No |
| Tier-1 Licenses | 7 | 4 |
| Tier-2 Licenses | 0 | 2 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 1 | 0 |
OANDA and FXCM are two prominent online brokers, each with their own approach to commissions and fees. OANDA's forex trading costs are generally higher than many of its peers, with effective spreads that may deter budget-conscious investors. Although not considered a low-cost option, OANDA's automated execution across its account offerings is a key feature. The broker's spreads are comparable to platforms like FOREX.com and FxPro, though its lowest advertised rate might be higher. Its core pricing model offers lower spreads but includes a commission of $5 per $100,000 traded. For traders dealing with smaller amounts, OANDA’s micro lots allow trades starting from just 1 unit. OANDA also has an Elite Trader program offering rebates for high-volume traders. Despite a transparency push, OANDA doesn't publish average spreads for fixed periods, making apples-to-apples comparisons difficult. OANDA garners a 4-star rating for commissions and fees, ranking 34th among 63 brokers on ForexBrokers.com.
FXCM, in contrast, generally has forex trading costs that are slightly above the industry average. The broker offers a varied commission structure depending on account types and geographical location. For standard accounts, the EUR/USD spreads averaged 0.78 pips in the EU, U.K., and Australia as of May 2024, with higher averages in other regions. FXCM's commission-based accounts boast lower underlying spreads at 0.28 pips, but the effective spread increases to around 0.74 pips when commissions are factored in. Its Active Trader Rebate Program, available outside the U.K. and EU, provides discounts ranging from $5 to $25 per million traded based on volume and tier. However, competitor brokers like Tickmill and FP Markets offer more aggressive pricing for active traders. FXCM's tier-based program requires significant trading volume and account balances for the best rates. This broker also achieves a 4-star rating for commissions and fees, holding the 25th position out of 63 brokers evaluated by ForexBrokers.com.
| Feature |
OANDA
|
FXCM
|
|---|---|---|
| Minimum Deposit | $0 | Starts from $50 |
| Average Spread EUR/USD - Standard | 1.61 | 0.78 |
| All-in Cost EUR/USD - Active | 1.61 | 0.78 |
| Active Trader or VIP Discounts | Yes | Yes |
| ACH or SEPA Transfers | Yes | Yes |
| 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 it comes to investing with OANDA versus FXCM, notable differences arise in the variety of tradeable options. OANDA provides a wide selection with 3,928 tradeable symbols and 68 forex pairs, while FXCM offers a more limited selection with 440 tradeable symbols and 46 forex pairs. Both brokers facilitate forex trading through CFDs and spot contracts, ensuring traders can access various currency markets with ease. However, neither broker supports the trading of exchange-traded securities, such as direct investments in U.S. or international stocks.
OANDA and FXCM both support copy trading features, enabling clients to mirror the trades of successful investors easily. When it comes to cryptocurrency, OANDA allows clients to engage in both direct cryptocurrency purchase and the trading of cryptocurrency derivatives. FXCM limits its cryptocurrency offerings to derivatives only. This broader range of options contributes to OANDA’s slightly higher investment range rating of 4 stars, compared to FXCM’s 3.5 stars. According to ForexBrokers.com, OANDA ranks 27th out of 63 brokers in the Range of Investments category, while FXCM ranks 47th, showing OANDA as the more versatile choice for diverse investment opportunities.
| Feature |
OANDA
|
FXCM
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 3928 | 440 |
| Forex Pairs (Total) | 68 | 46 |
| 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.
Both OANDA and FXCM offer a wide range of trading platforms and tools, catering to both beginners and experienced traders. Each provides a free simulated trading account for practice, along with a proprietary platform developed in-house. For those who prefer desktop applications, both brokers offer Windows-based platforms. They also support web-based trading for accessibility across devices. Major differences arise when looking at MetaTrader support: OANDA offers both MT4 and MT5, while FXCM only supports MT4. However, FXCM differentiates itself by offering ZuluTrade for social trading, whereas OANDA does not.
Charting capabilities also set these brokers apart. OANDA offers an impressive 431 drawing tools for in-depth analysis, while FXCM users have access to 10. Both allow trading directly from stock charts for seamless transactions. When organizing watch lists, FXCM offers 13 columns compared to OANDA's 6, allowing for more detailed monitoring. In terms of overall rating for their trading platforms and tools, OANDA receives 4 out of 5 stars, while FXCM garners a higher rating of 5 stars, ranking #6 out of 63 brokers, in contrast to OANDA's #15 ranking according to ForexBrokers.com.
| Feature |
OANDA
|
FXCM
|
|---|---|---|
| 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 | No |
| DupliTrade | No | No |
| ZuluTrade | No | Yes |
| Charting - Indicators / Studies (Total) | 81 | 115 |
| Charting - Drawing Tools (Total) | 431 | 10 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 6 | 13 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
When comparing the mobile trading apps of OANDA and FXCM, both brokers offer applications for iPhone and Android users. Each app provides essential features like stock and forex price alerts and the ability to draw trendlines, which can be handy for traders who need to perform quick analyses on the go. Users can also view chart trends across different time frames. Both apps auto-save any chart drawings, providing a seamless experience as traders switch between time frames and analyses. When setting up a watchlist, both apps allow for real-time quotes, giving users quick access to live market information.
However, there are notable differences. While FXCM offers syncability for watchlist symbols with its online account, allowing changes made in the app to reflect elsewhere, OANDA lacks this feature. Chart enthusiasts may favor FXCM, which offers nearly double the technical studies at 59, compared to OANDA's 30. Despite these differences, OANDA boasts a slightly higher rating of 5 stars for its mobile app against FXCM's 4.5 stars. This higher rating is reflected in OANDA's #7 ranking by ForexBrokers.com in their Mobile Trading Apps category, whereas FXCM follows at #16, suggesting a marginal preference among users for OANDA's mobile trading experience.
| Feature |
OANDA
|
FXCM
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | No | Yes |
| Mobile Charting - Indicators / Studies | 30 | 59 |
| 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 it comes to market research, both OANDA and FXCM offer daily market commentary and provide forex news from esteemed sources like Bloomberg and Reuters. However, while OANDA partners with Autochartist to provide technical analysis tools, FXCM stands out with its collaboration with Trading Central for similar services, thus offering a different array of resources for technical analytics enthusiasts. Both brokers offer sentiment-based trading tools and maintain comprehensive economic calendars, ensuring traders are informed about global economic events.
In terms of additional resources, FXCM differentiates itself by providing market research from TipRanks, something OANDA does not offer. Despite these differences, OANDA’s research capabilities shine through with a perfect five-star rating and a #5 ranking out of 63 brokers, according to ForexBrokers.com. In comparison, FXCM is rated 4.5 stars and holds the #11 position in the same category. These distinctions highlight the nuanced offerings of each broker, allowing traders to choose based on their specific market research needs.
| Feature |
OANDA
|
FXCM
|
|---|---|---|
| Daily Market Commentary | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | Yes | No |
| Trading Central (Recognia) | No | Yes |
| Social Sentiment - Currency Pairs | Yes | Yes |
| TipRanks | No | Yes |
| Signal Centre (Acuity Trading) | No | No |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
Choosing between OANDA and FXCM comes down to your personal preferences for educational resources, as both brokers offer an extensive range of educational materials to support beginners. Both platforms provide more than 10 pieces of educational content, including articles, videos, and archived webinars, focused on forex and CFDs, ensuring beginners have ample material to get started. Additionally, each broker hosts regular online educational webinars and maintains a searchable archive of these sessions. For users looking for video content, OANDA and FXCM both offer more than 10 beginner-specific educational videos, with plenty of advanced content available as well. Furthermore, both brokers feature comprehensive investor dictionaries with definitions for over 50 investing terms, enhancing your understanding of financial jargon.
While OANDA shines with a perfect 5-star rating for education, FXCM boasts a solid 4.5 stars, reflecting the quality and accessibility of their learning resources, though it should be noted that in ForexBrokers.com's rankings, OANDA holds the 22nd place while FXCM is ranked higher at 14th. This slight preference towards FXCM in rankings may be attributed to nuances in how their educational offerings are structured or presented. Whichever option you choose, both brokers have demonstrated a strong commitment to providing educational support for aspiring traders.
| Feature |
OANDA
|
FXCM
|
|---|---|---|
| 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 FXCM. OANDA finished with an overall rank of #12, while FXCM finished with an overall rank of #15.
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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FXCM
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| Overall Rating |
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| Trust Score | 93 | 95 |
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OANDA distinguishes itself from FXCM by providing the ability to purchase actual cryptocurrency alongside cryptocurrency derivatives, whereas FXCM only offers the option to buy cryptocurrency derivatives.
Both OANDA and FXCM provide a wide range of options for depositing or withdrawing account funds, including ACH or SEPA transfers, PayPal, Skrill, Visa or Mastercard, and bank wires, making them versatile choices for online brokerage services.
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 | FXCM | |
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| Trust Score | 93 | 95 | |
| Winner | check_circle | ||
| Review | OANDA Review | FXCM Review |
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| Regulation | OANDA | FXCM | |
|---|---|---|---|
| Trust Score | 93 | 95 | |
| Year Founded | 1996 | 1999 | |
| Publicly Traded (Listed) | No | Yes | |
| Bank | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes | |
| Tier-1 Licenses | 7 | 4 | |
| Tier-2 Licenses | 0 | 2 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 1 | 0 |
| Tier-1 Licenses (Highly Trusted) | OANDA | FXCM | |
|---|---|---|---|
| Australia (ASIC Authorised) | Yes | Yes | |
| Canada (CIRO Authorised) | Yes | Yes | |
| 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 | FXCM | |
|---|---|---|---|
| Kenya (CMA Authorised) | No | No | |
| Israel (ISA Authorised) | No | Yes | |
| 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 | FXCM | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 3928 | 440 | |
| Forex Pairs (Total) | 68 | 46 | |
| 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 | FXCM | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 1.61 | 0.78 | |
| All-in Cost EUR/USD - Active | 1.61 | 0.78 | |
| Active Trader or VIP Discounts | Yes | Yes | |
| Inactivity Fee | Yes | Yes | |
| Execution: Agency Broker | No | Yes | |
| Execution: Market Maker | Yes | Yes |
| Funding | OANDA | FXCM | |
|---|---|---|---|
| Minimum Deposit | $0 | Starts from $50 | |
| 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 | Yes |
| Trading Platforms | OANDA | FXCM | |
|---|---|---|---|
| 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 | No | |
| cTrader | No | No | |
| DupliTrade | No | No | |
| ZuluTrade | No | Yes |
| Trading Tools | OANDA | FXCM | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Alerts - Basic Fields | Yes | Yes | |
| Watchlists - Total Fields | 6 | 13 | |
| Charting - Indicators / Studies (Total) | 81 | 115 | |
| Charting - Drawing Tools (Total) | 431 | 10 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | OANDA | FXCM | |
|---|---|---|---|
| Android App | Yes | Yes | |
| Apple iOS App | Yes | Yes | |
| Mobile Alerts - Basic Fields | Yes | Yes | |
| Mobile Watchlist | Yes | Yes | |
| Watchlist Syncing | No | Yes | |
| Mobile Charting - Indicators / Studies | 30 | 59 | |
| 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 | FXCM | |
|---|---|---|---|
| Daily Market Commentary | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | Yes | No | |
| Trading Central (Recognia) | No | Yes | |
| TipRanks | No | Yes | |
| Social Sentiment - Currency Pairs | Yes | Yes | |
| Economic Calendar | Yes | Yes |
| Education | OANDA | FXCM | |
|---|---|---|---|
| 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 | FXCM | |
|---|---|---|---|
| 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 | FXCM Review |
| Overall | OANDA | FXCM | |
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| Trust Score | 93 | 95 | |
| Winner | check_circle | ||
| Review | OANDA Review | FXCM Review |
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