After spending seven months and hundreds of hours researching 43 different forex brokers
for trading FX, our team at ForexBrokers.com team collected over 6,000 data points. For this review, we will compare FXOpen vs OANDA.
To compare these two FX brokers, we will first take a look at the fees charged for trading (no easy task). Not every forex broker publicizes their average spreads, spreads data can vary, as can execution policies and how commissions are charged. Specifically, is the broker a dealing desk (market maker), no dealing desk (agency broker) or are both execution methods offered (dealing desk + STP/ECN)? To simplify this research, we assessed everything for you and provide a single star rating for cost. FXOpen received a rating of 4.00 stars over OANDA's 3.50 stars.
Commissions and fees aside, let's take a look at regulation and currency availability. Trust is critical, and you should highly consider choosing a broker that regulated in a major hub. Both FXOpen and OANDA are regulated in a major hub. Neither FXOpen and OANDA are publicly traded companies. As far as how many currency pairs are available for trading, here's the answer. OANDA offers its clients access to 71 different currency pairs while FXOpen has 63 available pairs, a difference of 8.
Next, let's look at the tools and features fx traders desire. With trading platforms, forex traders are all familiar with MetaTrader. FXOpen alongside OANDA offer Meta Trader. Regardless of the trading platform you use, charting should be feature rich. To help compare these two brokers, we counted the number of drawing tools and total technical indicators made available. FXOpen and OANDA offer the same number of charting tools, 31. Both FXOpen and OANDA provide clients with access to 51 total indicators (eg, moving averages).
Overall, OANDA boasts 4.00 stars versus FXOpen's 3.50 stars. And, when it comes to individual category awards, neither FXOpen nor OANDA were rated 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.