OANDA vs FXOpen Review
By Steven Hatzakis / April 16th, 2019
Is FXOpen better than OANDA? After scoring forex brokers on nearly 100 different variables, OANDA is better than FXOpen. OANDA caters well to traders of all experience levels, offering access to forex trading and CFDs on major indices and commodities via its regulated international businesses. OANDA combines powerful charting and comprehensive research tools across multiple trading platforms.
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. OANDA's score is 4.00 stars versus FXOpen'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 are publicly traded companies. And, when it comes to total currency pairs available to trade, a quick comparison is helpful. FXOpen boasts an offering of 95 different currency pairs compared to OANDA's 71 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. Both FXOpen and OANDA provide clients with access to 31 total charting tools. Both FXOpen and OANDA provide clients with access to 51 total indicators (eg, moving averages).
FXOpen Review
OANDA Review
Trading CFDs, FX, and cryptocurrencies involves a high degree of risk. All providers have a percentage of retail investor accounts that lose money when trading CFDs with their company. You should consider whether you can afford to take the high risk of losing your money and whether you understand how CFDs, FX, and cryptocurrencies work. All data was obtained from a published web site as of 02/18/2019 and is believed to be accurate, but is not guaranteed. The ForexBrokers.com staff is constantly working with its online broker representatives to obtain the latest data. If you believe any data listed above is inaccurate, please contact us using the link at the bottom of this page.
OANDA - CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
