5 Ways to Compare OANDA vs Forex.com Before Choosing Your Broker
Choosing the best broker OANDA or Forex.com, is a decision of primary importance that every trader has to make. In the case of trading forex, OANDA and Forex.com are the top two brokers, and both of them have their individuality, costs, and benefits. If you are in a dilemma of choosing between these two brokers, you can match their products according to different categories and make a final choice according to your trading technique and objective.
The primary purpose of this blog is to give you tips on the comparative analysis of OANDA and Forex.com using five different techniques. These approaches will explore the main factors/laws such as subscription, trading platforms, account types, and the customer service rate. By the end of the OANDA vs Forex.com comparison, you will be aware of which broker is more suitable for you,.
1. Trading Platforms
An online trading software is a vital instrument for currency traders. The two brokers offer great trading platforms. When we compare OANDA and Forex.com, OANDA is slightly stronger than Forex.com, although they have some differences according to user preferences and requirements.
OANDA Platform
The OANDA trading platform, which is provided by OANDA, is based on the MetaTrader 4 (MT4) application, supported by many forex traders. Besides that, the OANDA trading platform is also designed with beneficial features such as customizable charts, live data, and a wide range of technical indicators that will help traders to make decisions. A trader is given a great option where he can use web-based applications, mobile applications, and desktop versions.
Forex.com Platform
Conversely, Forex.com is the only platform that it has and is also offering, besides the MetaTrader 4 (MT4) and MetaTrader 5 (MT5) versions. Forex.com platform contains abundant functions and features, including technical analysis, strategy backtesting, as well as social trading tools. Similarly, it has apps for users who prefer trading on the go, however, the desktop platform has been designed for those users who wish to use more detailed charting and research tools.
2. Fee Structure
When it comes to comparing brokers, the price models between OANDA and Forex.com are different, which is the understanding that these distinctions are the key element. OANDA vs Forex.com fees structure is defined below, helping investors choose the ideal platform for themselves.
OANDA Fees
With a competitive pricing structure, OANDA Broker is known worldwide. The broker has spreads that are generally competitive with other industry leaders. The fee structure is straightforward, with no hidden commissions. The broker, OANDA, usually has a slight upper hand on some currency pairs but claims to have the best prices in many major pairs like EUR/USD and GBP/USD.
Forex.com Fees
Forex.com boasts of bringing the best prices to its customers, which usually makes its spreads a bit wider than those of OANDA. In addition to this, Forex.com charges no commissions on standard accounts, and thus, it can be a more economical option for those traders who do not trade very high volumes.
3. Spreads
The difference between the bid and ask price is one of the major income sources, so it is vitally important to compare OANDA vs Forex.com spreads. Tight spreads are usually a sign of low trading costs, which are among the most important considerations for selecting a broker.
OANDA Spreads
OANDA provides accessible spreads that begin at only 1 pip for currency pairs. However, the actual spread will differ based on the state of the market. OANDA’s spreads may increase when there is high volatility or low liquidity, so traders must take this into account in certain market situations.
Forex.com Spreads
Also, Forex.com touts itself as a platform offering low spreads with the minimum spread at 1 pip for premier pairs like EUR/USD. Nevertheless, some currency pairs and market conditions might find these prices wider than on OANDA’s platform, particularly on illiquid markets or during turbulent trading times.
4. Customer Support and Service
Oanda vs forex.com, both have a strong relationship with trusted customer support has clinched the deal during trading. Whether it’s a glitch with your login details or you need checks on the technical aspects of your trading account, the virtue of customer service is indeed priceless.
OANDA Customer Support
OANDA is a broker that goes above and beyond in customer service, providing different channels such as telephones, emails, and live chats to reach them. Furthermore, traders can also see an entire help center that has provided solutions to common problems.
Forex.com Customer Support
Forex.com highly promotes the quality of customer service and provides support through phone, live chat, and email. They have dedicated a customer service team that is on hand to offer help in such areas as account setup, platform issues, as well as general trading questions.
5. Educational Resources
In addition to their trading platforms, OANDA and Forex.com both offer a wide range of educational materials for traders of any skill level. Whether you are new to the game or simply want to improve your knowledge and expertise, these brokers have several different ways of learning for you.
OANDA Educational Resources
OANDA gives away the warmth of its educational offerings, namely, webinars, video tutorials, and a mini learning center fully equipped with all vital information on foreign exchange from beginner topics to complex trading schemes. The disposition of the study materials is such that it best suits the needs of traders at various levels, and they are provided with the necessary foundation as well as some sophisticated trading strategies.
Forex.com Educational Resources
Forex.com provides a myriad of learning tools, including articles, videos, and webinars, besides a center for comprehensive learning. Additionally, Forex.com gives market analysis, trading strategies, and courses structured specifically for the improvement of traders regardless of their skill levels.
Conclusion
Looking at OANDA and Forex.com, both brokers surely possess powerful features, minimal spreads, negligible commissions, and advanced platforms. In contrast, the ruling decision of the fair option will depend on the form of trading, tastes, and past engagement of the individual. OANDA is a good alternative for traders who are in search of a user-friendly interface and cheap prices, whereas Forex.com is a completely different platform offering more advanced technical tools and learning materials that would benefit people who seek to improve their trading skills.
To properly make a decision concerning your trading objectives, learning the pros and cons of both brokers, comparing their fees, spreads, and platform features, as well as deciding on the one that suits you better, is critical. Rightly choosing the broker is the first success step in the forex trading environment.
FAQs
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How do I compare OANDA vs Forex.com?
To find the best broker for your needs, you should screen the alternative brokers depending on the key metrics such as commissions, spreads, platform features, and customer support, and carry out a comparative analysis.
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Is OANDA or Forex.com, which is best?
Although both brokers are endowed with functionalities, your choice should ultimately be determined by factors like costs, instruments, and learning materials.
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How do OANDA vs Forex.com fees compare?
Usually, OANDA has lower spreads in comparison to Forex.com, but the latter has the advantage of a commission-free model for multiple accounts.
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Can I use MetaTrader on both OANDA and Forex.com?
As both brokers support MetaTrader 4 (MT4); it is also worth noting that Forex.com has the capability of using MetaTrader 5 (MT5) too.
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How do I decide whether OANDA vs Forex.com spreads are better for me?
The first thing you should do is to compare the distribution of the forex pairs that you plan to trade and select a broker with the best/spread.
