Oanda vs Forex.com: A Comprehensive Comparison for Macro Forex Traders

November 1, 2023November 1, 2023 MacroFXTrader.com

In the ever-evolving world of forex trading, it’s essential for traders to have access to the best tools and platforms. Two giants in the industry, Oanda and Forex.com, are often pitted against each other. So, how do they stack up?

They’re both highly trusted

Forex.com, founded in 1999, has a trust score of 99. On the other hand, Oanda, established earlier in 1996, boasts a trust score of 93. An interesting distinction is that Forex.com is publicly traded, while Oanda isn’t. However, both are not banks, but they’re both regulated in one or more EU or EEA countries under MiFID. When it comes to licenses, both possess seven Tier-1 licenses, marking them as highly trusted. They’re both authorized in countries like Australia, Canada, Japan, the UK, and the USA, ensuring a wide reach for traders. However, in the Tier-2 licenses category, Forex.com slightly edges out Oanda with one license, whereas Oanda has none.

Forex.com takes the lead

Oanda vs Forex.com — By Gerd Altmann from Pixabay

Now, let’s talk investments. Both platforms allow forex trading, either Spot or CFDs. But Forex.com takes the lead with 5500 tradeable symbols in total, compared to Oanda’s 1744. Forex.com also offers 91 forex pairs, while Oanda offers 71. A unique feature of Oanda is its provision for social and copy trading, which Forex.com doesn’t offer. Both platforms do offer trading in cryptocurrency derivatives, but only Oanda allows trading in physical cryptocurrency.

Spreads and Funding

In terms of cost, the average spread for EUR/USD is 1.4 for Forex.com and slightly higher at 1.57 for Oanda. Both platforms offer discounts for active traders or VIPs and charge an inactivity fee. While Forex.com operates as a market maker, Oanda doesn’t offer agency broker execution.

When we dive into funding, Oanda stands out by requiring no minimum deposit, compared to Forex.com’s $100. Both platforms support PayPal for deposits and withdrawals, but only Oanda supports Skrill. They both accept Visa/Mastercard and bank wire transfers.

Trading Platforms

On the trading platform front, both offer their proprietary platform, desktop, web platform, and support MetaTrader 4 and 5. Yet, only Oanda offers the social trading platform. Both platforms lack support for cTrader, DupliTrade, and ZuluTrade.

For trading tools, both platforms offer virtual trading, basic alerts, and the ability to save charts. Forex.com, however, provides more indicators and studies with 88 compared to Oanda’s 81. But Oanda overshadows Forex.com when it comes to drawing tools, boasting 431 against Forex.com’s 239.

Mobile Trading

Lastly, in mobile trading, both platforms have Android and Apple iOS apps, offering basic mobile alerts and watchlists. They both support mobile charting, drawing trendlines, multiple time frames, and autosave for drawings. However, Forex.com leads with 88 mobile charting indicators and studies, while Oanda offers 30.

Macrofxtrader.com would recommend Forex.com. Based on the data we have found, Forex.com offers tighter spreads on major currency pairs, which can be crucial for macro traders seeking to optimize their trading costs. Additionally, with its vast range of tradable currency pairs, traders have the flexibility to diversify their strategies. Their robust platform, complemented by advanced trading tools and superior market research, ensures that macro traders are well-equipped to make informed decisions. However, always consider evaluating both platforms thoroughly to ensure they align with your specific trading needs and preferences.