Written by ForexBrokers.com
In this head to head comparison of OANDA vs FP Markets, we will compare the trading platforms, mobile apps, range of investments, costs, market research, and more. Let's dive in.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 51% and 89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
OANDA, established in 1996, and FP Markets, founded in 2005, are both well-regarded online brokers, though neither is publicly traded nor operates as a bank. In terms of regulatory credentials, OANDA stands out with seven Tier-1 licenses, reflecting a high level of trust according to ForexBrokers.com, which gives it a Trust Score of 93 out of 99. Meanwhile, FP Markets holds two Tier-1 licenses and one Tier-2 license, earning a solid Trust Score of 89, placing it in the trusted category.
Despite both companies having reputable standings in the trading world, OANDA's higher number of Tier-1 licenses gives it the edge in terms of regulatory trust. However, FP Markets remains a trusted option with its blend of Tier-1 and Tier-2 licenses, offering a slightly different profile for traders considering their options. Each broker provides a secure trading environment per their regulatory status, but OANDA's larger portfolio of high-trust licenses may offer additional peace of mind.
| Feature |
OANDA
|
FP Markets
|
|---|---|---|
| Year Founded | 1996 | 2005 |
| Publicly Traded (Listed) | No | No |
| Bank | No | No |
| Tier-1 Licenses | 7 | 2 |
| Tier-2 Licenses | 0 | 1 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 1 | 1 |
OANDA and FP Markets are two popular online brokers that differ notably in their fee structures. OANDA's trading costs are generally higher than some of its competitors, with effective spreads that can feel steep for traders comparing multiple platforms. For instance, OANDA's average spread for the EUR/USD pair was 1.61 pips as of July 2024. Although OANDA's core pricing offers slightly lower spreads, it comes with a commission of $5 per $100,000 traded, making the total cost marginally better than the commission-free option. Despite not being the cheapest, OANDA does offer micro lots as small as one unit, and the Elite Trader program gives rebates for high-volume traders. It holds a four-star rating and is ranked #34 out of 62 brokers by ForexBrokers.com for commissions and fees.
FP Markets, on the other hand, is recognized for its highly competitive pricing, particularly in its ECN account offering. The broker has been awarded Best in Class for Commissions and Fees in 2024, boasting an average spread of 0.1 pips on its Raw ECN account, which results in a total all-in cost of 0.8 pips when including commissions as of October 2023. FP Markets offers alternatives like the Standard account, which is pricier with higher spreads or the Iress and cTrader platforms, providing varied account choices to accommodate different trader needs. FP Markets is rated five stars and ranked #6 for commissions and fees, highlighting its attractiveness to cost-conscious traders.
While OANDA might appeal to traders interested in automated execution and micro lot flexibility, FP Markets stands out for its affordability and competitive pricing options. Both brokers cater to different trading styles and financial capabilities, with FP Markets offering better value for those focused on minimizing costs. Ultimately, the right choice between these two will depend on your trading priorities and investment strategy.
| Feature |
OANDA
|
FP Markets
|
|---|---|---|
| Minimum Deposit | $0 | $100 AUD |
| Average Spread EUR/USD - Standard | 1.61 | 1.2 |
| All-in Cost EUR/USD - Active | 1.61 | 0.7 |
| Active Trader or VIP Discounts | Yes | Yes |
| ACH or SEPA Transfers | Yes | No |
| PayPal (Deposit/Withdraw) | Yes | Yes |
| Skrill (Deposit/Withdraw) | Yes | Yes |
| Visa/Mastercard (Credit/Debit) | Yes | Yes |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
When comparing OANDA and FP Markets in terms of their available range of investments, both brokers offer a strong foundation in forex trading, providing options for trading as CFDs or spot contracts. OANDA offers 68 tradeable forex pairs, slightly less than FP Markets, which provides 71 pairs. This may appeal to traders seeking a broader selection in the forex market. However, neither platform offers exchange-traded securities on U.S. or international exchanges, such as individual company stocks, as a direct purchase option. Both brokers do, however, facilitate copy trading, which can be a valuable feature for investors looking to mirror the strategies of successful traders.
In terms of the total number of tradeable symbols, OANDA offers 3,928, while FP Markets surpasses this with 10,000 available symbols, showcasing a significantly wider variety for diversification. Although neither broker supports the purchase of U.S. stocks directly, OANDA distinguishes itself by offering the unique ability to buy actual (delivered) cryptocurrency, an option not available with FP Markets, which only offers cryptocurrency derivatives. When considering the range of investments, OANDA is rated 4 stars and ranked 27th among 62 brokers by ForexBrokers.com, whereas FP Markets receives a slightly higher rating of 4.5 stars and is ranked 18th, reflecting its broader investment offerings.
| Feature |
OANDA
|
FP Markets
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 3928 | 10000 |
| Forex Pairs (Total) | 68 | 71 |
| U.S. Stock Trading (Non CFD) | No | No |
| Int'l Stock Trading (Non CFD) | No | No |
| Social Trading / Copy Trading | Yes | Yes |
| Cryptocurrency (Physical) | Yes | No |
| Cryptocurrency (Derivative) | Yes | Yes |
| Disclaimers | Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients). | Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients). |
Dive deeper: Best Copy Trading Platforms.
When it comes to trading platforms and tools, both OANDA and FP Markets offer comprehensive solutions suitable for traders of all experience levels. Each provides access to simulated trading with free demo accounts, allowing users to practice strategies without financial risk. Both brokers have developed proprietary platforms and support MetaTrader 4 and 5, ensuring a wide range of options for traders. Additionally, OANDA and FP Markets both offer Windows-based desktop downloads, web-based platforms for browser access, and copy trading capabilities. While neither supports DupliTrade or ZuluTrade, they do enable trading directly from stock charts, making the process seamless and intuitive.
OANDA shines with a remarkable 431 drawing tools for charting, significantly more than the 17 offered by FP Markets. However, FP Markets provides an advantage with watch lists, offering seven columns compared to OANDA's six. Despite these differences, both brokers are rated four out of five stars for their trading platforms and tools. In a ranking of 62 brokers by ForexBrokers.com, OANDA holds the 16th position, slightly ahead of FP Markets at 23rd. Whether you prioritize extensive charting features or flexible watch list configurations, both brokers offer highly-rated, efficient platforms to meet diverse trading needs.
| Feature |
OANDA
|
FP Markets
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Platform | Yes | Yes |
| Desktop Platform (Windows) | Yes | Yes |
| Web Platform | Yes | Yes |
| Social Trading / Copy Trading | Yes | Yes |
| MetaTrader 4 (MT4) | Yes | Yes |
| MetaTrader 5 (MT5) | Yes | Yes |
| DupliTrade | No | No |
| ZuluTrade | No | No |
| Charting - Indicators / Studies (Total) | 81 | 30 |
| Charting - Drawing Tools (Total) | 431 | 17 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 6 | 7 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
OANDA and FP Markets both deliver convenient mobile trading apps compatible with iPhone and Android devices, allowing traders to manage their stock or forex trades on-the-go. Both brokers offer crucial features like price alerts, the ability to draw trendlines, and viewing multiple time frames for thorough market analysis. Furthermore, both apps provide the capability to create watchlists with real-time quotes, though neither supports watchlist symbol syncing between the mobile app and the client’s online account.
When it comes to the number of technical studies for charting in their mobile apps, OANDA offers 30 technical studies, while FP Markets relies on the default studies provided by the MetaTrader platform. OANDA’s mobile app is rated 5 stars by ForexBrokers.com and ranks 7th out of 62 brokers for mobile trading apps. FP Markets, meanwhile, is rated 4 stars and ranks 18th. With OANDA automatically saving drawings on charts and offering a user-friendly experience, it stands out as a strong option for mobile traders compared to FP Markets.
| Feature |
OANDA
|
FP Markets
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | No | No |
| Mobile Charting - Indicators / Studies | 30 | MetaTrader (Default) |
| Mobile Charting - Draw Trendlines | Yes | Yes |
| Mobile Charting - Multiple Time Frames | Yes | Yes |
| Mobile Charting - Drawings Autosave | Yes | Yes |
| Mobile Watchlist | Yes | Yes |
Dive deeper: Best Forex Trading Apps.
Both OANDA and FP Markets offer impressive market research features that cater to traders' needs. Each platform provides daily market commentary and forex news from reputable sources like Bloomberg and Reuters, ensuring traders have access to essential information. Additionally, both brokers utilize Autochartist tools for enhanced technical analysis and provide sentiment-based trading tools, which help users understand market positions for various currency pairs. They also provide an economic calendar to track global news events. While FP Markets offers tools from Trading Central for deeper insights, OANDA does not, which may be a consideration for more advanced traders.
Despite offering similar core research tools, OANDA holds a higher reputation overall, earning a 5-star rating for research compared to FP Markets' 4 stars. OANDA is ranked 5th among 62 brokers for research by ForexBrokers.com, whereas FP Markets is positioned at 25th. This distinction highlights OANDA's commitment to providing comprehensive and user-centric market research, making it a preferred option for those seeking reliable insights and analysis.
| Feature |
OANDA
|
FP Markets
|
|---|---|---|
| Daily Market Commentary | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | Yes | Yes |
| Trading Central (Recognia) | No | Yes |
| Social Sentiment - Currency Pairs | Yes | Yes |
| TipRanks | No | No |
| Signal Centre (Acuity Trading) | No | No |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
When it comes to educational resources for beginner traders, both OANDA and FP Markets offer extensive options, ensuring a solid foundation in forex and CFD trading. OANDA provides a wide array of more than ten educational pieces and includes online webinars each month, with access to a searchable archive of previous sessions. Furthermore, OANDA caters to novices with over ten beginner-friendly videos and an investor dictionary featuring more than 50 investing terms. These comprehensive resources contribute to OANDA's five-star education rating and its ranking as #22 out of 62 brokers by ForexBrokers.com.
Similarly, FP Markets offers an impressive selection of educational materials, promoting an engaging learning experience for traders. Beginners can access more than ten educational items from FP Markets, which also hosts monthly webinars and maintains an organized archive of past webinars. Like OANDA, FP Markets provides over ten beginner-focused videos, along with a dictionary of 50 investing terms, to ensure a broad understanding of market intricacies. While FP Markets holds a four-star education rating, it mirrors OANDA closely and is ranked #23 in the education category by ForexBrokers.com, establishing itself as a reliable choice for learning in the trading world.
| Feature |
OANDA
|
FP Markets
|
|---|---|---|
| Education (Forex or CFDs) | Yes | Yes |
| Client Webinars | Yes | Yes |
| Client Webinars (Archived) | Yes | Yes |
| Videos - Beginner Trading Videos | Yes | Yes |
| Videos - Advanced Trading Videos | Yes | Yes |
| Investor Dictionary (Glossary) | Yes | Yes |
Dive deeper: Best Forex Brokers for Beginners.
After testing 62 of the best forex brokers, our research and account testing finds that OANDA is better than FP Markets. OANDA finished with an overall rank of #12, while FP Markets finished with an overall rank of #19.
A trusted global brand, OANDA stands out for its reputation and quality market research. Its regulatory track record is strong, and its support for third-party features bolsters its overall offering.
| Feature |
OANDA
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FP Markets
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|---|---|---|
| Overall Rating |
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| Trust Score | 93 | 89 |
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In comparing OANDA and FP Markets, OANDA offers both the ability to buy actual delivered cryptocurrency and cryptocurrency derivatives, while FP Markets only provides the option to trade cryptocurrency derivatives.
In comparing the deposit and withdrawal options between online brokers OANDA and FP Markets, OANDA provides more flexibility with the inclusion of ACH and SEPA transfers, which FP Markets does not offer, while both brokers equally support PayPal, Skrill, Visa, Mastercard, and bank wire transactions.
Please note:
We review each broker’s overall global offering – a “Yes” checkmark in our Compare Tool does not guarantee the availability of any specific features in your country of residence. To verify the availability of any features within your country of residence, please contact the broker directly.
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0 of 5| Overall Rating | OANDA | FP Markets | |
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| Trust Score | 93 | 89 | |
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| Review | OANDA Review | FP Markets Review |
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| Regulation | OANDA | FP Markets | |
|---|---|---|---|
| Trust Score | 93 | 89 | |
| Year Founded | 1996 | 2005 | |
| Publicly Traded (Listed) | No | No | |
| Bank | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes | |
| Tier-1 Licenses | 7 | 2 | |
| Tier-2 Licenses | 0 | 1 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 1 | 1 |
| Tier-1 Licenses (Highly Trusted) | OANDA | FP Markets | |
|---|---|---|---|
| Australia (ASIC Authorised) | Yes | Yes | |
| Canada (CIRO Authorised) | Yes | No | |
| Hong Kong (SFC Authorised) | No | No | |
| Japan (SFC Authorised) | Yes | No | |
| Singapore (MAS Authorised) | Yes | No | |
| Switzerland (FINMA Authorised) | No | No | |
| United Kingdom (U.K.) (FCA Authorised) | Yes | No | |
| USA (CFTC Authorized) | Yes | No | |
| New Zealand (FMA Authorised) | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes |
| Tier-2 Licenses (Trusted) | OANDA | FP Markets | |
|---|---|---|---|
| Kenya (CMA Authorised) | No | No | |
| Israel (ISA Authorised) | No | No | |
| South Africa (FSCA Authorised) | No | Yes | |
| UAE (DFSA/Central Bank Authorised) | No | No | |
| India (SEBI Authorised) | No | No | |
| Jordan (JSC Authorised) | No | No |
| Investments | OANDA | FP Markets | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 3928 | 10000 | |
| Forex Pairs (Total) | 68 | 71 | |
| U.S. Stock Trading (Non CFD) | No | No | |
| Int'l Stock Trading (Non CFD) | No | No | |
| Social Trading / Copy Trading | Yes | Yes | |
| Cryptocurrency (Physical) | Yes | No | |
| Cryptocurrency (Derivative) | Yes | Yes | |
| Disclaimers | Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients). | Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients). |
| Cost | OANDA | FP Markets | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 1.61 | 1.2 | |
| All-in Cost EUR/USD - Active | 1.61 | 0.7 | |
| Active Trader or VIP Discounts | Yes | Yes | |
| Inactivity Fee | Yes | No | |
| Execution: Agency Broker | No | No | |
| Execution: Market Maker | Yes | Yes |
| Funding | OANDA | FP Markets | |
|---|---|---|---|
| Minimum Deposit | $0 | $100 AUD | |
| PayPal (Deposit/Withdraw) | Yes | Yes | |
| Skrill (Deposit/Withdraw) | Yes | Yes | |
| Visa/Mastercard (Credit/Debit) | Yes | Yes | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| ACH or SEPA Transfers | Yes | No |
| Trading Platforms | OANDA | FP Markets | |
|---|---|---|---|
| Proprietary Platform | Yes | Yes | |
| Desktop Platform (Windows) | Yes | Yes | |
| Web Platform | Yes | Yes | |
| Social Trading / Copy Trading | Yes | Yes | |
| MetaTrader 4 (MT4) | Yes | Yes | |
| MetaTrader 5 (MT5) | Yes | Yes | |
| cTrader | No | Yes | |
| DupliTrade | No | No | |
| ZuluTrade | No | No |
| Trading Tools | OANDA | FP Markets | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Alerts - Basic Fields | Yes | Yes | |
| Watchlists - Total Fields | 6 | 7 | |
| Charting - Indicators / Studies (Total) | 81 | 30 | |
| Charting - Drawing Tools (Total) | 431 | 17 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | OANDA | FP Markets | |
|---|---|---|---|
| Android App | Yes | Yes | |
| Apple iOS App | Yes | Yes | |
| Mobile Alerts - Basic Fields | Yes | Yes | |
| Mobile Watchlist | Yes | Yes | |
| Watchlist Syncing | No | No | |
| Mobile Charting - Indicators / Studies | 30 | MetaTrader (Default) | |
| Mobile Charting - Draw Trendlines | Yes | Yes | |
| Mobile Charting - Multiple Time Frames | Yes | Yes | |
| Mobile Charting - Drawings Autosave | Yes | Yes | |
| Mobile Economic Calendar | Yes | Yes |
| Research | OANDA | FP Markets | |
|---|---|---|---|
| Daily Market Commentary | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | Yes | Yes | |
| Trading Central (Recognia) | No | Yes | |
| TipRanks | No | No | |
| Social Sentiment - Currency Pairs | Yes | Yes | |
| Economic Calendar | Yes | Yes |
| Education | OANDA | FP Markets | |
|---|---|---|---|
| Education (Forex or CFDs) | Yes | Yes | |
| Client Webinars | Yes | Yes | |
| Client Webinars (Archived) | Yes | Yes | |
| Videos - Beginner Trading Videos | Yes | Yes | |
| Videos - Advanced Trading Videos | Yes | Yes | |
| Investor Dictionary (Glossary) | Yes | Yes |
| Major Forex Pairs | OANDA | FP Markets | |
|---|---|---|---|
| GBP/USD | Yes | Yes | |
| USD/JPY | Yes | Yes | |
| EUR/USD | Yes | Yes | |
| USD/CHF | Yes | Yes | |
| USD/CAD | Yes | Yes | |
| NZD/USD | Yes | Yes | |
| AUD/USD | Yes | Yes | |
| Review | OANDA Review | FP Markets Review |
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| Trust Score | 93 | 89 | |
| Winner | check_circle | ||
| Review | OANDA Review | FP Markets Review |
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