OANDA vs FXOpen Review

To find the top fx brokers, the team here at ForexBrokers.com collected over 6,000 data points during a seven month review of the forex industry. In this fx broker comparison, we will compare FXOpen 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. FXOpen's score is 4.00 stars versus OANDA's 3.50 stars.

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. FXOpen alongside OANDA are regulated in a major hub. Neither FXOpen and OANDA 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 FXOpen's 63 available pairs.

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

Overall, OANDA takes the upper hand with 4.00 stars over FXOpen's 3.50 stars. And, when it comes to individual category awards, unfortunately, neither FXOpen nor OANDA received awards Best in Class - Platforms & Tools, Best in Class - Research, Best in Class - Customer Service, Best in Class - Active Trading, Best in Class - Mobile Trading and Best in Class - Investor Education.