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CMC Markets vs Oanda: Comparison and Analysis

Written by Filippo Ucchino Fact-Checked by Luca Puddu Publication Date Last Updated
Our verdict · CFD trading

CMC Markets and Oanda are two great brokers in Nigeria for scalping, crypto trading and professional traders. That said, CMC Markets is the better choice if you are looking for more tradable symbols (12,000 against 1,500), for more account base currencies (two against one) and for copy and social trading. Oanda is better because it has a lower EUR/USD cost (5.50 USD per lot against 7.00 USD), adds futures next to the CFD classes both brokers cover and allows expert advisors, VPS hosting and API access. CMC Markets holds licences from BaFin, ASIC, the CSRC, the FCA, the FMA (New Zealand), CIRO and the MAS, and Oanda from the KNF, ASIC, the FSC (British Virgin Islands), the CFTC, the FCA, the FSA (Seychelles), CIRO, the MAS and the JFSA. Both brokers ask for no minimum deposit, run MetaTrader 4, MetaTrader 5 and TradingView next to a proprietary trading platform, offer a demo account that does not expire and allow scalping and hedging.

CMC Markets

CFDCFD This broker offers CFD trading: leveraged contracts that follow the price of an asset without owning it. Switch the comparison to CFD to rate it on that. Available in your country CMC Markets accepts clients from the country this site is for.
84CFDOverall score InvestinGoal score from 0 to 100, calculated from the data in this comparison across 12 areas (regulation, safety, costs, platforms and more). CFD and stock trading are scored separately: the number follows the side selected above.
Open Account

78% of retail investor accounts lose money when trading CFDs with this provider.

Oanda

CFDCFD This broker offers CFD trading: leveraged contracts that follow the price of an asset without owning it. Switch the comparison to CFD to rate it on that. Available in your country Oanda accepts clients from the country this site is for.
82CFDOverall score InvestinGoal score from 0 to 100, calculated from the data in this comparison across 12 areas (regulation, safety, costs, platforms and more). CFD and stock trading are scored separately: the number follows the side selected above.
Open Account

76.6% of retail investor accounts lose money when trading CFDs with this provider.

Best for

What we compare A comparison of the kinds of traders CMC Markets and Oanda are best suited to, based on what each one actually offers in Nigeria.
1 / 12

Oanda is better than CMC Markets for day traders, professional traders and crypto traders. High-volume traders, scalpers and swing traders can choose either Oanda or CMC Markets.

Best for
Overall score CMC Markets 84 Oanda 82 -2
Day trading i
Long-term investing i
Professional traders i
High-volume traders i
Scalpers i
Swing traders i
News traders i
Algo traders i
Stock traders i
Crypto traders i
Futures traders i
Options traders i

Regulation

What we compare A comparison between the financial authorities that supervise CMC Markets and the ones that supervise Oanda.
2 / 12

CMC Markets and Oanda are both regulated by top-tier authorities, CMC Markets by BaFin, ASIC (Australia) and the FCA (United Kingdom) and Oanda by KNF, ASIC (Australia) and the CFTC (United States).

Regulation
Section score CMC Markets 100 Oanda 100
Tier-1 regulators
ESMA (European Union) i BaFin (Germany)
FCA (United Kingdom) i
ASIC (Australia) i
CFTC (United States) i
NFA (United States) i
SEC (United States) i
CIRO (Canada) i
MAS (Singapore) i
SFC (Hong Kong) i
JFSA (Japan) i
FINMA (Switzerland) i
Tier-2 regulators
FMA (New Zealand) i
CBR (Russia) i
FSCA (South Africa) i
DFSA (Dubai) i
CSRC (China) i
ISA (Israel) i
LFSA (Malaysia) i
JSC (Jordan) i
CMA (Kenya) i
Tier-3 regulators
FSA (Seychelles) i
MMA (Maldives) i
SCB (Bahamas) i
FSC (Mauritius) i
VFSC (Vanuatu) i
FSC (Belize) i
CIMA (Cayman Islands) i
SV FSA (Saint Vincent and the Grenadines) i
FSRC (St. Kitts & Nevis) i
BMA (Bermuda) i
BVI FSC (British Virgin Islands) i
EDR (External Dispute Resolution) i

Safety

What we compare A comparison of the tools and services that CMC Markets and Oanda have in place to protect your money in Nigeria.
3 / 12

CMC Markets and Oanda both offer segregated client funds and two-factor authentication. CMC Markets also offers an investor compensation scheme and additional money insurance.

Safety
Section score CMC Markets 95 Best Oanda 66 -29
Company info
Is it publicly traded i
Is it a bank i
Year founded i 1989 1996
Parent company i CMC Markets plc OANDA Group
CEO i Peter Cruddas Gavin Bambury
Money safety
Segregated client funds i
Two-factor authentication i
Investor compensation scheme i
Additional money insurance i
Partner bank i N/A
Brand power
Number of customers worldwide i 1,000,000
Annual revenue i USD 324,700,000 USD 16,900,000
Monthly website search traffic i 10.5M monthly visits

Costs

What we compare A comparison of what it costs to trade with CMC Markets and with Oanda in Nigeria, both on each trade and on holding the account.
4 / 12

Oanda is better than CMC Markets for costs, given that Oanda is cheaper on EUR/USD, at 5.5 USD per lot (against CMC Markets' 7 USD), has tighter S&P 500 CFD spreads, at 0.49 points (against CMC Markets' 0.5 points), and does not charge currency conversion fees, unlike CMC Markets. Neither CMC Markets nor Oanda charges account maintenance fees or deposit fees.

Costs
Section score CMC Markets 73 -11 Oanda 84 Best
Broker fees
Deposit fees i
Withdrawal fees i
Overnight fees i
Inactivity fees i
Currency conversion fees i
Discounts on volume i
Real time market data fee i
Dividend withholding i
Account opening fees i
Account maintenance fee i
Portfolio management fee i
Fees on CFDs
Forex commission per lot i USD 5 Free
EUR/USD average standard spread i
0.7 pips
1 pips
EUR/USD average raw spread i
0.1 pips
EUR/USD average fixed spread i
EUR/USD total cost per lot i USD 7 USD 5.5
S&P 500 fees (CFD) i 0.5 points 0.49 points
Gold fees (CFD) i 0.2 points 0.57 points
Bitcoin fees (CFD) i USD 15 USD 40
US stocks fees (CFD) i USD 0.02 USD 0.1
Fees on stocks
Stock fee type i Percentage
US stocks fees (real) i
ETF fees (real) i
Management costs i
Connection costs i
Fees on futures
Futures fees per contract i
Platform fees i
Fees on options
Options fees per contract i Free
Event fees i
Fees on savings plans
IRA opening fee i
IRA maintenance fee i
401k opening fee i
401k maintenance fee i

Available markets

What we compare A comparison of the markets and products you can trade with CMC Markets and with Oanda in Nigeria, and of how many instruments each one gives access to.
5 / 12

Oanda is better than CMC Markets for available markets, because Oanda offers futures on crypto and forex, which CMC Markets does not. Both CMC Markets and Oanda offer CFDs on commodities, crypto, forex, indices and stocks.

Available markets
Section score CMC Markets 75 -25 Oanda 100 Best
Total tradable symbols i 12,000 1,500
Currency pairs i
Indices i
Commodities i
Stocks i
ETF i
Cryptocurrencies i
Bonds i
Interest rates i
Portfolios i
CFDs i Commodities, Crypto, Forex, Indices, Stocks Commodities, Crypto, Forex, Indices, Stocks
Futures i Crypto, Forex
Options i
Assets you can own i

Platform

What we compare A comparison of the trading platforms that CMC Markets and Oanda make available to their clients in Nigeria.
6 / 12

CMC Markets is better than Oanda for platforms, given that CMC Markets offers social trading and copy trading, which Oanda does not. CMC Markets and Oanda both offer a proprietary platform and MetaTrader 5.

Platform
Section score CMC Markets 97 Best Oanda 91 -6
Proprietary platform i
MetaTrader 4 i
MetaTrader 5 i
cTrader i
Social trading platform i
Copy trading platform i
ZuluTrade i
TradingView i
Duplitrade i
Mirror Trader i
NinjaTrader i
AutoChartist i
Real time pricing i
5 digit pricing i
One-click trading i

Mobile

What we compare A comparison of the mobile apps of CMC Markets and Oanda in Nigeria, and of what each one lets you do from your phone.
7 / 12

Oanda is better than CMC Markets for mobile trading, as Oanda offers mobile charting tools and mobile drawing tools, which CMC Markets does not. Both CMC Markets and Oanda offer a proprietary mobile app and the MetaTrader 5 app.

Mobile
Section score CMC Markets 73 -13 Oanda 86 Best
Proprietary app i
Social trading app i
Copy trading app i
MetaTrader 4 app i
MetaTrader 5 app i
cTrader app i
Mobile trading signals i
Mobile alerts i
Mobile charting tools i
Mobile drawing tools i
Mobile watchlist i
Smartwatch app i

Trading features

What we compare A comparison of the trading tools and strategies that CMC Markets and Oanda allow on their platforms in Nigeria.
8 / 12

Oanda is better than CMC Markets for trading features, given that Oanda offers negative balance protection, tier-1 liquidity providers and VPS hosting, which CMC Markets does not. Both CMC Markets and Oanda offer trailing stops.

Trading features
Section score CMC Markets 59 -24 Oanda 83 Best
Trade execution
Broker type i Agency Agency
Average execution time i 9 ms
Slippage occurrence i
Requotes occurrence i 0.08%
Tier-1 liquidity providers i
PFOF i
Leverage
Major FX pairs leverage i 30:1 888:1
Minor/Exotic FX pairs leverage i 20:1 888:1
Major indices leverage i 10:1 888:1
Minor indices leverage i 10:1 200:1
Gold leverage i 20:1 888:1
Commodities leverage i 10:1 100:1
Equities leverage i 3:1 20:1
Cryptocurrency leverage i 2:1 10:1
Risk management
Stop losses i
Take profits i
Limit orders i
Trailing stop i
Margin call i
OCO orders i
Guaranteed stop loss i
Negative balance protection i
Minimum trade size (FX) i 0.01 lots 0.01 lots
Minimum trade size (stocks) i USD 0 USD 0
Fractional stocks i
Trading compliance
Scalping strategies allowed i
Hedging strategies allowed i
Automated trading strategy allowed i
EAs use allowed i
HFT strategy allowed i
VPS use allowed i
API use allowed i
Price scraping allowed i
FIFO rule applies i

Account types

What we compare A comparison of the kinds of account you can open at CMC Markets and at Oanda in Nigeria, and of who each one is meant for.
9 / 12

Oanda is better than CMC Markets for account types, since Oanda offers a raw spread account, which CMC Markets does not. Both CMC Markets and Oanda offer a demo account and a professional traders account.

Account types
Section score CMC Markets 48 -5 Oanda 53 Best
Demo account i
Unlimited demo account i
Standard account i
Micro account i
Cent account i
Nano account i
Raw spread account i
ECN account i
Swap-free account i
Islamic account i
Professional traders account i
Fixed spread account i
Spread betting account i
Copy trading account i
Corporate account i
Managed account i
Stock investing account i
Margin investing account i
Savings account i
Retirement account i

Account opening

What we compare A comparison of what it takes to open and fund an account with CMC Markets and with Oanda in Nigeria.
10 / 12

Oanda is better than CMC Markets for account opening, given that Oanda supports e-wallets, which CMC Markets does not, and offers local payment methods and a bonus program, which CMC Markets does not. Neither CMC Markets nor Oanda requires a minimum deposit.

Account opening
Section score CMC Markets 65 -15 Oanda 80 Best
Minimum deposit i USD 0 USD 0
Minimum withdrawal i USD 0 USD 0
Wire transfers i
Credit cards i
Debit cards i
eWallets i Neteller, Skrill
Local payment methods i
Account base currencies i EUR, USD USD
Deposit waiting time i up to 2 business days up to 2 business days
Withdrawal waiting time i up to 2 business days up to 2 business days
Bonus program i

Customer care

What we compare A comparison of the customer support of CMC Markets and Oanda in Nigeria, in how it can be reached and how fast it answers.
11 / 12

CMC Markets is better than Oanda for customer care, given that CMC Markets offers customer support in 9 languages (against Oanda's 5), has a website in 9 languages (against Oanda's 7), and offers a dedicated account manager, which Oanda does not. CMC Markets and Oanda both offer phone support and live chat.

Customer care
Section score CMC Markets 73 Best Oanda 46 -27
Number of languages supported i 9 7
Website languages i German, English, French, Italian, Norwegian, Polish, Spanish, Swedish, Chinese German, English, French, Italian, Russian, Spanish, Chinese
Website available in English i
Customer support languages i German, English, French, Italian, Norwegian, Polish, Spanish, Swedish, Chinese German, English, Russian, Spanish, Chinese
Customer support in English i
Call back request i
Email support i
Phone support i
Live chat i
Priority customer support i
Dedicated account manager i
Cash sweep i
Stock lending i
Distributes proceeds i
Tax withholding agent i
Tax assistance i

Learning

What we compare A comparison of the educational material that CMC Markets and Oanda provide to their clients in Nigeria.
12 / 12

CMC Markets is better than Oanda for learning, given that CMC Markets offers professional reports and daily market commentary, which Oanda does not. Both CMC Markets and Oanda offer education for advanced traders and webinars.

Learning
Section score CMC Markets 100 Best Oanda 80 -20
Education
Education center i
Education for beginners i
Education for advanced traders i
Webinars i
Tutorials i
Glossary i
Research
Economic calendar i
Traders' sentiment i
Daily market commentary i
Daily trading ideas i
News via social media i
Professional reports i
Watchlist i
CMC Markets
Open Account 78% of retail investor accounts lose money when trading CFDs with this provider.
Oanda
Open Account 76.6% of retail investor accounts lose money when trading CFDs with this provider.
Our verdict

CMC Markets vs Oanda: which one should you choose?

CMC Markets

CFD Choose CMC Markets, regulated by the FCA and BaFin, if you want an online CFD broker with a wide choice of markets, several account base currencies and copy and social trading.

Open Account 78% of retail investor accounts lose money when trading CFDs with this provider.
Oanda

CFD Choose Oanda, regulated by the CFTC and ASIC, if you want a forex brokerage service with low trading costs, futures trading and room for automated strategies.

Open Account 76.6% of retail investor accounts lose money when trading CFDs with this provider.

Other popular comparisons

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