OANDA vs FXCM: Which One is Better for You?
OANDA vs FXCM, which one is better? Both brokers are often compared to each other to find which one comes out to be the better one. What many traders may not comprehend is that the best choice may differ for every one of them, and there's nothing wrong with it. To make it easier for you to decide which one is the best between OANDA vs FXCM, here is the direct comparison:
|Office(s)||Canada, Japan, Singapore, Switzerland, United Arab Emirates, United Kingdom, United States||Australia, Canada, Chile, France, Germany, Hong Kong, Israel, Italy, Japan, South Africa, United Kingdom, United States|
FCA (UK), 54257
FSA (Japan), 1571
Kanto Local Finance Bureau (Japan), 2137
CONSOB (Italy), 76
DMCC (Dubai), 31171
FCA (UK), 217689
ISA (Israel), 2
SFC (Hong Kong), AIM232
|Minimum Position||0.00001 lot||0.01 lot|
|Payment||Credit/debit cards, PayPal, Wire transfer||Credit/debit cards, Neteller, Skrill, Wire transfer|
|US traders are welcome|
|Requires sending documents via postal mail|
|Overnight interest rates (swaps)|
|Trading by telephone|
|Interest rate on funds|
Trading Platforms and Complements
|Trading via API|
|One-Cancels-Other (OCO) orders|
|Gold & silver|
|Website Languages||Chinese, English, French, German, Italian, Japanese, Korean, Portuguese, Russian, Spanish||Arabic, Chinese, English, French, German, Greek, Hebrew, Italian, Portuguese, Spanish, Swedish|
ChachaJul 22 2020
OANDA offers too little leverage limit. This isn't suitable for small capital traders.
CooperJul 22 2020
From the first year until now, I trade using OANDA and still consider they are the best and most trusted broker. The lot position offered is flexible and the platform is very user-friendly. However, their spreads on Saturdays and Sundays are quite wide, so I have to trade on weekdays. A little troublesome, anyway, but I've already matched with OANDA.
faraJul 8 2020
complex feature on this broker
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, OANDA provides their pricing with Fixed while FXCM offers Fixed.
OANDA vs FXCM: 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, OANDA enables trading with Currenex Classic, Oanda Platform, NinjaTrader. The offer is supported with Pending orders. In comparison, FXCM provides trading with MetaTrader 4 (Limited with 30 days), Trading Station II (Limited with 30 days), MirrorTrader, NinjaTrader with the support of Mobile trading, Browser-based platform, Trading via API, One-click trading, Trailing stop, Pending orders.
Is OANDA or FXCM 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, OANDA supports trading with Forex, Gold & silver, CFD, while FXCM presents the ability of trading with Forex, Spread betting, Gold & silver, CFD, Oil, Indexes, Agriculture, 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. To help you decide, this article here presents complete information on what you have to consider when choosing a forex broker:
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