Written by ForexBrokers.com
In this head to head comparison of OANDA vs TopFX, 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 and TopFX are both online brokers that serve the trading community, yet they differ considerably in their regulatory credentials and trust levels. OANDA, founded in 1996, holds an impressive seven Tier-1 licenses, indicating a high level of oversight and a commitment to client security. This dedication to regulation is reflected in OANDA's ForexBrokers.com Trust Score of 93 out of 99, categorizing it as highly trusted. Despite not being publicly traded or a bank, OANDA's extensive regulatory framework provides clients with confidence in their business practices.
In comparison, TopFX, established in 2010, has a more modest regulatory profile with just one Tier-1 license. This limited licensing translates to a ForexBrokers.com Trust Score of 67, placing TopFX in the high-risk category. Like OANDA, TopFX is neither publicly traded nor operates as a bank. While both brokers are non-public entities, OANDA's longstanding presence and superior regulatory standing offer a greater degree of trust for traders than TopFX's current framework.
| Feature |
OANDA
|
TopFX
|
|---|---|---|
| Year Founded | 1996 | 2010 |
| Publicly Traded (Listed) | No | No |
| Bank | No | No |
| Tier-1 Licenses | 7 | 1 |
| Tier-2 Licenses | 0 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 1 | 1 |
When comparing the commissions and fees of OANDA and TopFX, both online brokers are noted for their competitive offerings, albeit with different structures. OANDA's forex trading costs might be higher with noticeable spreads in its default and core pricing, but its automated execution is a major advantage. Notably, OANDA's spreads are similar to those of competitors like FOREX.com and FxPro, though its core pricing offers reduced spreads with a per-side commission of $5 per $100,000 traded. This results in a total cost of around 1.4 pips for the EUR/USD pair under core pricing, slightly better than its default pricing. For micro traders, OANDA offers a unique advantage by allowing trades as small as one unit, and active traders benefit from rebates and other perks.
TopFX provides two distinct account types: the spread-only ZERO account and the commission-based RAW account, both available via MetaTrader and cTrader. The RAW account has a competitive commission of 2.75 EUR per side, with a total cost of approximately 0.88 pips for the EUR/USD, aligning with industry averages. In comparison, the ZERO account features higher spreads averaging 1.03 pips but does not charge commissions. The choice between these accounts gives traders the flexibility to opt for fee structures based on their trading frequency and strategy.
In terms of ratings, both OANDA and TopFX earn a solid 4-star rating for commissions and fees. According to ForexBrokers.com, OANDA ranks #34 out of 63 brokers, while TopFX follows closely behind at #40. This places both brokers in a competitive range, emphasizing their strengths in providing balanced fee structures despite the differences in their trading environments.
| Feature |
OANDA
|
TopFX
|
|---|---|---|
| Minimum Deposit | $0 | Depends on payment method |
| Average Spread EUR/USD - Standard | 1.61 | 1.03 |
| All-in Cost EUR/USD - Active | 1.61 | 0.88 |
| Active Trader or VIP Discounts | Yes | No |
| ACH or SEPA Transfers | Yes | No |
| 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.
Both OANDA and TopFX offer forex trading as CFDs or spot contracts; however, they differ significantly in their range of tradeable symbols. OANDA provides an extensive selection with 3,928 tradeable symbols, surpassing TopFX, which offers 655 symbols. For forex pairs, OANDA also has a slight edge with 68 options compared to TopFX's 60. Neither platform allows users to trade actual stocks on U.S. or international exchanges, like Apple or Vodafone shares, limiting stock trading to CFDs.
OANDA shines in its cryptocurrency offerings by providing both actual cryptocurrencies and crypto derivatives, whereas TopFX restricts traders to derivatives only. Both brokers support copy trading, aiding users who prefer following experienced traders. OANDA receives a 4-star rating for its range of investments, ranked 27th out of 63 brokers by ForexBrokers.com, reflecting its diverse offerings. TopFX holds a 3.5-star rating and ranks 46th, slightly trailing behind OANDA in terms of investment options. Overall, both platforms provide essential forex trading tools, but OANDA offers greater variety, especially for crypto enthusiasts.
| Feature |
OANDA
|
TopFX
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 3928 | 655 |
| Forex Pairs (Total) | 68 | 60 |
| 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.
When comparing the trading platforms and tools of OANDA and TopFX, both brokers offer user-friendly experiences with several key differences. OANDA provides a proprietary platform, adding a unique edge for those who prefer in-house solutions, while TopFX does not offer a proprietary platform. Both brokers support popular systems like MetaTrader 4, yet OANDA extends its offer to include MetaTrader 5, giving traders access to more advanced features. Additionally, both brokers facilitate web-based and Windows desktop trading, alongside offering copy trading and simulated trading through free demo accounts.
For charting, OANDA clearly takes the lead with an impressive 431 drawing tools compared to just 15 offered by TopFX, providing users with more flexibility in analyzing market data. OANDA allows trading directly from stock charts, matching TopFX in this regard, but it offers one less column in watch lists compared to TopFX's seven. Despite having similar star ratings of 4 out of 5 for trading platforms and tools, OANDA ranks significantly higher at #15 in ForexBrokers.com's list of 63 brokers, while TopFX is positioned at #45. This suggests that OANDA may offer a more comprehensive suite of tools and platform capabilities for traders seeking a versatile trading experience.
| Feature |
OANDA
|
TopFX
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Platform | Yes | No |
| 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 | No |
| Charting - Indicators / Studies (Total) | 81 | 30 |
| Charting - Drawing Tools (Total) | 431 | 15 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 6 | 7 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
When it comes to mobile trading apps, both OANDA and TopFX provide solutions for iPhone and Android users, ensuring a seamless trading experience across devices. They both offer useful features including stock or forex price alerts, 30 technical studies for charting, the ability to draw trendlines, and multiple time frame viewing options. These apps also auto-save your chart drawings and allow you to create watchlists with real-time quotes. However, neither OANDA nor TopFX supports watchlist symbol syncing between their mobile app and online accounts, which could be a minor drawback for traders who rely on consistent data across platforms.
Despite similarities in features, OANDA stands out with a 5-star rating for its mobile trading app compared to TopFX's 4-star rating. Additionally, OANDA is recognized for its excellence with a ranking of #7 out of 63 brokers in the Mobile Trading Apps category by ForexBrokers.com, in contrast to TopFX, which holds the #51 spot. This indicates higher customer satisfaction and a more refined mobile trading experience with OANDA, making it a preferable choice for those prioritizing a high-quality app in their trading activities.
| Feature |
OANDA
|
TopFX
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | No | No |
| Mobile Charting - Indicators / Studies | 30 | 30 |
| 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, OANDA provides an extensive range of resources, including daily market commentary that keeps traders well-informed. Notably, it offers forex news from elite sources like Bloomberg and Reuters, ensuring access to vital information. OANDA also features tools such as Autochartist for technical analysis, along with a sentiment-based trading tool that reveals long and short position ratios. Moreover, OANDA supports its traders with a detailed economic calendar, giving insights into important global events. With all these research offerings, OANDA achieves a top rating of 5 stars and ranks #5 out of 63 brokers on ForexBrokers.com for research excellence.
TopFX competes with access to vital forex news from top-tier sources like Bloomberg and Reuters and matches OANDA in offering tools from Autochartist as well as sentiment-based trading tools. An added advantage of TopFX is its availability of Trading Central's technical analysis tools. Besides, it provides an economic calendar similar to OANDA's, assisting traders in tracking upcoming financial events. However, some traders might find the absence of daily market commentary a limitation. With a research rating of 3 stars and a ranking of #60, TopFX's offerings may be less comprehensive compared to OANDA's, reflecting its varied research features and trader insights.
| Feature |
OANDA
|
TopFX
|
|---|---|---|
| Daily Market Commentary | Yes | No |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | Yes | Yes |
| Trading Central (Recognia) | No | Yes |
| Social Sentiment - Currency Pairs | Yes | Yes |
| TipRanks | No | No |
| Signal Centre (Acuity Trading) | No | No |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
For those stepping into the world of forex and CFDs, OANDA offers an impressive collection of educational resources tailored for beginners. This online broker provides a wealth of learning materials, including more than 10 pieces of content like articles and videos focused on forex and CFDs. Beginners have access to regular online educational webinars each month, with recorded sessions readily available for replay. The platform goes further by offering at least 10 beginner-focused video tutorials and an investor dictionary containing over 50 investing terms. As a result, OANDA has received a 5-star education rating and holds the 22nd spot out of 63 brokers in the Education category according to ForexBrokers.com.
In contrast, TopFX appears to fall short in offering educational support for beginners. Unlike OANDA, TopFX lacks a significant repository of beginner-friendly articles or videos, and does not host regular educational webinars or offer an archive of these learning sessions. While TopFX may offer some educational content, it does not meet the threshold of 10 pieces dedicated to forex and CFDs, nor does it deliver detailed resources for advanced learners. Rated 3 stars in education and ranking 61st among 63 brokers, TopFX may not provide the same level of educational assistance that beginners might find beneficial.
| Feature |
OANDA
|
TopFX
|
|---|---|---|
| Education (Forex or CFDs) | Yes | No |
| Client Webinars | Yes | No |
| Client Webinars (Archived) | Yes | No |
| Videos - Beginner Trading Videos | Yes | No |
| Videos - Advanced Trading Videos | Yes | No |
| Investor Dictionary (Glossary) | Yes | No |
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 TopFX. OANDA finished with an overall rank of #12, while TopFX finished with an overall rank of #62.
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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TopFX
|
|---|---|---|
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| Trust Score | 93 | 67 |
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OANDA allows the purchase of actual cryptocurrencies and offers cryptocurrency derivatives, whereas TopFX provides only cryptocurrency derivatives without the option to buy actual cryptocurrencies.
When comparing online brokers OANDA and TopFX in terms of available deposit and withdrawal options, OANDA offers a wider range with ACH and SEPA transfers in addition to PayPal, Skrill, Visa/Mastercard, and bank wires, whereas TopFX lacks ACH and SEPA transfers but provides the other methods, including PayPal, Skrill, Visa/Mastercard, and bank wires.
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 | TopFX | |
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| Trust Score | 93 | 67 | |
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| Review | OANDA Review | TopFX Review |
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| Regulation | OANDA | TopFX | |
|---|---|---|---|
| Trust Score | 93 | 67 | |
| Year Founded | 1996 | 2010 | |
| Publicly Traded (Listed) | No | No | |
| Bank | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes | |
| Tier-1 Licenses | 7 | 1 | |
| Tier-2 Licenses | 0 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 1 | 1 |
| Tier-1 Licenses (Highly Trusted) | OANDA | TopFX | |
|---|---|---|---|
| Australia (ASIC Authorised) | Yes | No | |
| Canada (CIRO Authorised) | Yes | No | |
| 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 | No | |
| 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 | TopFX | |
|---|---|---|---|
| Kenya (CMA Authorised) | No | No | |
| Israel (ISA Authorised) | No | No | |
| South Africa (FSCA Authorised) | No | No | |
| UAE (DFSA/Central Bank Authorised) | No | No | |
| India (SEBI Authorised) | No | No | |
| Jordan (JSC Authorised) | No | No |
| Investments | OANDA | TopFX | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 3928 | 655 | |
| Forex Pairs (Total) | 68 | 60 | |
| 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 | TopFX | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 1.61 | 1.03 | |
| All-in Cost EUR/USD - Active | 1.61 | 0.88 | |
| Active Trader or VIP Discounts | Yes | No | |
| Inactivity Fee | Yes | No | |
| Execution: Agency Broker | No | No | |
| Execution: Market Maker | Yes | Yes |
| Funding | OANDA | TopFX | |
|---|---|---|---|
| Minimum Deposit | $0 | Depends on payment method | |
| 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 | No |
| Trading Platforms | OANDA | TopFX | |
|---|---|---|---|
| Proprietary Platform | Yes | No | |
| 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 | Yes | |
| DupliTrade | No | No | |
| ZuluTrade | No | No |
| Trading Tools | OANDA | TopFX | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Alerts - Basic Fields | Yes | Yes | |
| Watchlists - Total Fields | 6 | 7 | |
| Charting - Indicators / Studies (Total) | 81 | 30 | |
| Charting - Drawing Tools (Total) | 431 | 15 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | OANDA | TopFX | |
|---|---|---|---|
| Android App | Yes | Yes | |
| Apple iOS App | Yes | Yes | |
| Mobile Alerts - Basic Fields | Yes | Yes | |
| Mobile Watchlist | Yes | Yes | |
| Watchlist Syncing | No | No | |
| Mobile Charting - Indicators / Studies | 30 | 30 | |
| 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 | TopFX | |
|---|---|---|---|
| Daily Market Commentary | Yes | No | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | Yes | Yes | |
| Trading Central (Recognia) | No | Yes | |
| TipRanks | No | No | |
| Social Sentiment - Currency Pairs | Yes | Yes | |
| Economic Calendar | Yes | Yes |
| Education | OANDA | TopFX | |
|---|---|---|---|
| Education (Forex or CFDs) | Yes | No | |
| Client Webinars | Yes | No | |
| Client Webinars (Archived) | Yes | No | |
| Videos - Beginner Trading Videos | Yes | No | |
| Videos - Advanced Trading Videos | Yes | No | |
| Investor Dictionary (Glossary) | Yes | No |
| Major Forex Pairs | OANDA | TopFX | |
|---|---|---|---|
| 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 | TopFX Review |
| Overall | OANDA | TopFX | |
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| Trust Score | 93 | 67 | |
| Winner | check_circle | ||
| Review | OANDA Review | TopFX Review |
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