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 OANDA vs TD Ameritrade FX.
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. TD Ameritrade FX is a better option with a 4.00 star rating over OANDA's 3.50 star rating.
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. Both OANDA and TD Ameritrade FX are regulated in a major hub. TD Ameritrade FX is a publicly traded company while OANDA is not. And, when it comes to total currency pairs available to trade, a quick comparison is helpful. TD Ameritrade FX boasts an offering of 77 different currency pairs compared to OANDA's 71 available pairs.
To round out our comparison of OANDA vs TD Ameritrade FX, let's look at the tools and features most used by forex traders. For trading platforms, traders are all familiar with MetaTrader. OANDA makes Meta Trader available to clients, while TD Ameritrade FX does not. 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. TD Ameritrade FX trails OANDA by 11 total charting tools, with OANDA offering 31 and TD Ameritrade FX offering 20. TD Ameritrade FX offers its clients access to 377 different indicators (for example, volume) while OANDA has 51 available indicators, a difference of 326.
Overall, TD Ameritrade FX takes the upper hand with 4.50 stars over OANDA's 4.00 stars. And, when it comes to individual category awards, TD Ameritrade FX finished with awards Best in Class - Mobile Trading in 2018, while OANDA came up with none of these.