Which one has the better spread?
Considering that spread is a trading cost, the lower the spread, the better it is for traders. However, spread information among brokers is not easy to get, as not every broker transparently publishes their spreads data.
However, traders can still choose their ideal brokers by the type of their spreads. The most two popular types of spread are fixed and variable. The pros and cons between the two spreads can vary for every trader. In this case, FXOpen provides their pricing with Variable while OANDA offers Fixed.
FXOpen vs OANDA: Who hosts the best trading platform?
The trading platform is essential as you can't execute a trade without it. Additionally, trading platforms provide price charts and an assortment of analytical tools to help traders with their strategies.
To support their clients, FXOpen enables trading with MetaTrader 4 (Limited with 30 days of inactivity), MetaTrader 5 (Limited with 30 days of inactivity), TickTrader (Limited with 30 days of inactivity). The offer is supported with Mobile trading, Browser-based platform, Trading via API, One-click trading, Trailing stop, Pending orders, One-Cancels-Other (OCO) orders. In comparison, OANDA provides trading with Currenex Classic, Oanda Platform, NinjaTrader with the support of Pending orders.
Is FXOpen or OANDA better in providing the trading instruments?
It is widely known that forex brokers offer other trading instruments other than currency pairs. The offer gives interesting choices for traders to explore other markets that may be proven beneficial for them and to diversify their trading portfolios.
In this case, FXOpen supports trading with Forex, Gold & silver, CFD, Oil, Cryptocurrencies, while OANDA presents the ability of trading with Forex, Gold & silver, CFD, Cryptocurrencies.
In conclusion, deciding the better broker eventually comes down to your consideration. If you are an active trader, it is better to choose a broker with a variable spread that is generally lower than the fixed one. For the trading platform, MetaTrader 4 is the standard choice for every trader. But if you want to have a different experience with a more advanced platform, choose the broker that provides alternative platforms. The same goes for trading instruments; if you want to try delving into different markets, seek for a broker with more options on trading instruments.
Looking for more references? Here are other comparisons related to FXOpen and OANDA:
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