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Forex.com vs Oanda: Comparison and Analysis

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

Forex.com and Oanda are two great brokers in Nigeria for scalping, automated trading and crypto trading. However, Oanda is the better choice if you are looking for a lower EUR/USD cost (5.50 USD per lot against 12.50 USD) and no minimum deposit against 100.00 USD. It runs MetaTrader 5 and TradingView next to MetaTrader 4, and covers more tradable symbols (1,500 against 150). Forex.com is better because it allows high-frequency trading strategies, with execution in 3 ms and the account held in 3 base currencies against 1. Forex.com holds licences from CySEC, the SFC, the CFTC, CIMA, the FCA, the FSA (Seychelles), CIRO, the NFA and the JFSA, 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 offer a demo account, and deposits and withdrawals take 2 days at either broker.

Forex.com

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 Forex.com accepts clients from the country this site is for.
81CFDOverall 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

75% 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 Forex.com and Oanda are best suited to, based on what each one actually offers in Nigeria.
1 / 12

Oanda is better than Forex.com for day traders and futures traders. Both are a good fit for professional traders, high-volume traders and scalpers.

Best for
Overall score Forex.com 81 -1 Oanda 82
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 Forex.com and the ones that supervise Oanda.
2 / 12

Forex.com and Oanda are both regulated by top-tier authorities, Forex.com by CySEC, the SFC (Hong Kong) and the CFTC (United States) and Oanda by KNF, ASIC (Australia) and the CFTC (United States).

Regulation
Section score Forex.com 100 Oanda 100
Tier-1 regulators
ESMA (European Union) i
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 Forex.com and Oanda have in place to protect your money in Nigeria.
3 / 12

Forex.com and Oanda both offer segregated client funds and two-factor authentication.

Safety
Section score Forex.com 73 Best Oanda 66 -7
Company info
Is it publicly traded i
Is it a bank i
Year founded i 1999 1996
Parent company i StoneX Group (via GAIN Capital) OANDA Group
CEO i Glenn Stevens 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 N/A
Brand power
Number of customers worldwide i 400,000
Annual revenue i USD 169,500,000 USD 16,900,000
Monthly website search traffic i 1.9M monthly visits

Costs

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

Oanda is better than Forex.com for costs, since Oanda is cheaper on EUR/USD, at 5.5 USD per lot (against Forex.com's 12.5 USD), has tighter S&P 500 CFD spreads, at 0.49 points (against Forex.com's 0.6 points), and does not charge currency conversion fees, unlike Forex.com. Neither Forex.com nor Oanda charges account maintenance fees or deposit fees.

Costs
Section score Forex.com 43 -41 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 10 Free
EUR/USD average standard spread i
1.3 pips
1 pips
EUR/USD average raw spread i
0.2 pips
0.1 pips
EUR/USD average fixed spread i
EUR/USD total cost per lot i USD 12.5 USD 5.5
S&P 500 fees (CFD) i 0.6 points 0.49 points
Gold fees (CFD) i 0.45 points 0.57 points
Bitcoin fees (CFD) i USD 40
US stocks fees (CFD) i USD 0.018 USD 0.1
Fees on stocks
Stock fee type i Commission, Percentage 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
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 Forex.com and with Oanda in Nigeria, and of how many instruments each one gives access to.
5 / 12

Oanda is better than Forex.com for available markets, as Oanda gives access to 1,500 tradable symbols (against Forex.com's 150), and offers futures on crypto and forex, which Forex.com does not. Both Forex.com and Oanda offer CFDs on commodities, crypto, forex, indices and stocks.

Available markets
Section score Forex.com 85 -15 Oanda 100 Best
Total tradable symbols i 150 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 Forex.com and Oanda make available to their clients in Nigeria.
6 / 12

There is little between Forex.com and Oanda on platforms, as both offer a proprietary platform and MetaTrader 4. Oanda goes a step further, as it offers MetaTrader 5 and TradingView.

Platform
Section score Forex.com 88 -3 Oanda 91
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 Forex.com and Oanda in Nigeria, and of what each one lets you do from your phone.
7 / 12

Forex.com is better than Oanda for mobile trading, since Forex.com offers mobile trading signals, which Oanda does not. Both Forex.com and Oanda offer a proprietary mobile app and the MetaTrader 4 app.

Mobile
Section score Forex.com 93 Best Oanda 86 -7
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 Forex.com and Oanda allow on their platforms in Nigeria.
8 / 12

Forex.com is better than Oanda for trading features, because Forex.com allows for high-frequency trading. Both Forex.com and Oanda offer negative balance protection and trailing stops.

Trading features
Section score Forex.com 87 Best Oanda 83 -4
Trade execution
Broker type i Agency Agency
Average execution time i 3 ms
Slippage occurrence i
Requotes occurrence i
Tier-1 liquidity providers i
PFOF i
Leverage
Major FX pairs leverage i 200:1 888:1
Minor/Exotic FX pairs leverage i 200:1 888:1
Major indices leverage i 400:1 888:1
Minor indices leverage i 100:1 200:1
Gold leverage i 200:1 888:1
Commodities leverage i 100:1 100:1
Equities leverage i 20:1 20:1
Cryptocurrency leverage i 100:1 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 Forex.com and at Oanda in Nigeria, and of who each one is meant for.
9 / 12

Forex.com and Oanda are equally good for account types, since Forex.com offers an Islamic account and a swap-free account while Oanda offers a corporate account and an unlimited demo account. Both Forex.com and Oanda offer a demo account and a professional traders account.

Account types
Section score Forex.com 52 -1 Oanda 53
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 Forex.com and with Oanda in Nigeria.
10 / 12

Oanda is better than Forex.com for account opening, because Oanda does not require a minimum deposit (against Forex.com's 100 USD), and offers local payment methods, which Forex.com does not. Both Forex.com and Oanda offer credit cards and debit cards.

Account opening
Section score Forex.com 77 -3 Oanda 80 Best
Minimum deposit i USD 100 USD 0
Minimum withdrawal i USD 0 USD 0
Wire transfers i
Credit cards i
Debit cards i
eWallets i Neteller, Skrill Neteller, Skrill
Local payment methods i
Account base currencies i EUR, GBP, 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 Forex.com and Oanda in Nigeria, in how it can be reached and how fast it answers.
11 / 12

Forex.com is better than Oanda for customer care, because Forex.com offers a dedicated account manager and priority support, which Oanda does not. Both Forex.com and Oanda offer phone support and live chat.

Customer care
Section score Forex.com 66 Best Oanda 46 -20
Number of languages supported i 7 7
Website languages i Arabic, German, English, Japanese, Polish, Spanish, Chinese German, English, French, Italian, Russian, Spanish, Chinese
Website available in English i
Customer support languages i English, 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 Forex.com and Oanda provide to their clients in Nigeria.
12 / 12

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

Learning
Section score Forex.com 95 Best Oanda 80 -15
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
Forex.com
Open Account 75% 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

Forex.com vs Oanda: which one should you choose?

Forex.com

CFD Choose Forex.com, regulated by the CFTC and the NFA, if you want a forex brokerage service with fast execution and high-frequency trading strategies.

Open Account 75% of retail investor accounts lose money when trading CFDs with this provider.
Oanda

CFD Choose Oanda, regulated by the FCA and ASIC, if you want an online CFD broker with low trading costs, no minimum deposit and TradingView.

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

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