Forex.com vs Oanda: Which One is the Best Forex Broker for You?
Forex trading has become an increasingly popular investment opportunity over the years, with traders from all around the world looking for reliable and efficient trading platforms to help them achieve their financial goals. Forex.com and Oanda are two of the most well-known and widely used forex brokers in the industry, and it can be difficult to decide which one is the best fit for your trading needs.
In this article, we will compare Forex.com and Oanda based on a range of factors such as fees, trading platforms, trading tools, customer support, and more, to help you determine which one is the best choice for you.
Forex.com Overview
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| Forex.com vs oanda |
Forex.com is a forex broker that is part of the GAIN Capital Holdings, Inc. company, which is publicly traded on the New York Stock Exchange (NYSE). The company has been in business since 1999 and is regulated by several financial authorities, including the US Commodity Futures Trading Commission (CFTC), the UK Financial Conduct Authority (FCA), and the Australian Securities and Investments Commission (ASIC).
Forex.com offers traders access to over 200 tradable instruments, including forex, indices, commodities, and cryptocurrencies. The broker offers a range of trading platforms, including the popular MetaTrader 4 (MT4) and its own proprietary platform, Forex.com Web Trading.
Oanda Overview
Oanda is a forex broker that has been in business since 1996 and is regulated by several financial authorities, including the CFTC, the FCA, and the Monetary Authority of Singapore (MAS). Oanda is a privately held company and does not disclose its financial information publicly.
Oanda offers traders access to over 70 currency pairs, as well as indices, commodities, and metals. The broker offers its own proprietary trading platform, Oanda fxTrade, as well as MetaTrader 4.
Fees
One of the most important factors to consider when choosing a forex broker is the fees that they charge. Forex.com and Oanda both charge fees in different ways, and it's important to understand the differences before deciding which one is the best fit for your needs.
Forex.com charges a commission of $5 per 100,000 traded on its ForexTrader and MetaTrader platforms. The broker also offers a commission-free account, but the spreads are higher in this account type. The minimum deposit to open an account with Forex.com is $50.
Oanda, on the other hand, does not charge a commission for forex trading. Instead, the broker makes money through its spreads. The spreads for major currency pairs start from 0.9 pips, which is slightly lower than Forex.com. The minimum deposit to open an account with Oanda is $1.
Trading Platforms
Both Forex.com and Oanda offer traders access to a range of trading platforms to suit their needs.
Forex.com offers traders access to the popular MetaTrader 4 (MT4) platform, which is widely used in the forex industry. In addition, Forex.com has its own proprietary trading platform, Forex.com Web Trading, which is designed to be user-friendly and easy to navigate.
Oanda also offers traders access to MetaTrader 4, as well as its own proprietary trading platform, Oanda fxTrade. Oanda fxTrade is a web-based platform that is designed to be customizable and easy to use.
Mobile Trading
Mobile trading has become increasingly popular in recent years, as traders look to take advantage of market opportunities on the go. Forex.com and Oanda both offer mobile trading options to their clients.
Forex.com offers a mobile app for both iOS and Android devices, which allows traders to access their accounts and trade on the go. The app is user-friendly and easy to navigate
Conclusion
After analyzing the data provided by various sources, it is evident that both Forex.com and Oanda are reputable online brokers in the forex trading industry. However, when it comes to choosing between the two, there are a few factors that traders should consider.
Firstly, Forex.com offers a wider range of markets, including forex, indices, commodities, and cryptocurrencies, whereas Oanda mainly focuses on forex trading. This means that traders looking to diversify their portfolio may prefer Forex.com.
Secondly, in terms of trading platforms, both brokers offer their proprietary platforms as well as the popular MetaTrader 4 (MT4) platform. However, Forex.com also offers the advanced MetaTrader 5 (MT5) platform, which provides more technical analysis tools and features.
Thirdly, when it comes to regulation, both brokers are well-regulated by top-tier financial authorities, such as the Financial Conduct Authority (FCA) in the UK and the National Futures Association (NFA) in the US. However, Oanda is also regulated by the Monetary Authority of Singapore (MAS), making it a good choice for traders in the Asia-Pacific region.
Overall, both Forex.com and Oanda are reputable and trustworthy brokers with their own unique advantages. Traders should carefully consider their trading needs and preferences before making a decision on which broker to choose.