The forex market is usually a volatile one. It is ever full of uncertainties, and unsure of any day’s liquidity; hence the need for highly competitive, reliable and stable brokers.
Here is a comparison between two of the forex industry ’s big names, Forex.com and OANDA.
This analysis is to show how they stand against each other when it comes to features such as their spreads and fee, trading platform and security.
General overview for Forex.com vs OANDA
Forex.com
- Regulated by NFA and CFTC USA, FCA UK, ASIC, IIROC, FSA Japan.
- Boasts of extensive user experience
- Works on 4 different trading platforms
- Its forex spreads are tight
- Publicly traded company
- Clients can access up to a total of 84 currencies
- Can accommodate traders of all skills
OANDA
- It is under the regulation of various entities including CFTC, and FCA and ASIC.
- Comes with flexible trading costs
- Clients can access to a total of 71 currencies
- Well-suited for beginners and risk-averse traders
Forex.com vs OANDA fees
Forex .com fees:
Known for its low pricing, offers fixed spreads. It does not matter the level of volatility of liquidity an any one time, neither does tilt with variable spreads that fluctuate throughout the day
It charges $ 5 of commission per each standard lot of 100,000. But it also charges a low variable spread, carried out at the time of trade execution.
An inactivity fees is charged for accounts with less than $ 10,000 in their balance.
OANDA fees:
There is a hybrid pricing which is a combination of core and commission charged at $5 per 100,000 base currency traded. It does not charge any added commissions. A charge of 10 units is charged against an account that is inactive for over 12 months.
Currency and Commodity Offerings
Forex.com
- Currently allows trading in 84 currencies.
- Comes with 220+ equities.
- Trades in cryptocurrencies including Bitcoin, Ethereum, Litecoin, and Ripple.
- Commodity options include Gold, silver, Platinum, cotton, corn, Heating oil palladium, silver among many others.
OANDA
- Allows 71 trading currencies
- Its commodity options include natural gas, corn, crude oil, gold, copper, silver, soybeans, sugar, and wheat.
Trading Platform
Forex .com
Offers multiple trading platforms including desktop, web and mobile trading.
Along with advanced trading features, the desktop trading platform is also accompanied with superior analytical tools and an integration of great trading strategies.
Users can also access third party trading and charting software
Users can access MetaTrader 4 platform and Reuters news
OANDA
Also offer multiple and advanced trading platforms such as the desktop, mobile and web trading platforms.
Just like Forex.com, it offers MetaTrader 4 platform.
Security
Both OANDA and Forex.com share Community Futures trading commission (CFTC), National Futures Association (US), and Investment Industry Regulatory Organization of Canada (IIROC) as their regulators. They are also regulated by Financial Conduct Authority (UK), and Australian Securities and Investment Commission (ASIC). Monetary Authority of Singapore is also their regulator. Other than that;
Forex.com has an additional regulator in the form of Financial Services Authority (Japan), as well as Cayman Islands Monetary Authority (CIMA).
Also, its operating funds are kept separate from all customer deposits to avoid any compromises and complications.
OANDA security
Offers protection of clients’ funds up to £50,000 in the UK; in Canada, protection for clients’ funds goes up to CAD $1 million.
When it comes to other countries this kind of protection is non-available.
Research Content
Forex.com research: Its variety of trading platforms comes with all kinds of research content including real-time news and advanced charting, Again, users can access live trading webinars, and technical research and economic analysis resources.
OANDA Research: Users can access Market Pulse, which is a site that disseminates information on news and analysis of the forex market, and global economic calendar, which is used to predict macroeconomic trends.
Customer support
Forex.com
- Offers their customers phone support 24/7.
- There is live chat and email service is also available 24 /7.
OANDA
- Customer support readily available 24/7 mostly via email.
- Live chat is available only on specific days in a week.
Verdict
Both Forex.com and OANDA are tying when it comes to their impeccable customer support and resources for research. Again, the fact that they support multiple platforms is a big plus for both of them.
Also, they both offer the industry’s standard MT4 trading platform. However, when it comes to matters of currency offering, Forex.com beats OANDA hands down.
It basically has to do with Forex ’s large number of currency dealings as well as its support for cryptocurrency.
With such a tiny margin separating the two giants, it all boils down to how comfortable you are with either of them.