OANDA vs FP Markets 2024

OANDA is not publicly traded and does not operate a bank. OANDA is authorised by seven Tier-1 regulators (Highly Trusted), zero Tier-2 regulators (Trusted), zero Tier-3 regulators (Average Risk), and one Tier-4 regulators (High Risk). OANDA is authorised by the following tier-1 regulators: Australian Securities & Investment Commission (ASIC), Investment Industry Regulatory Organization of Canada (IIROC), Japanese Financial Services Authority (JFSA), Monetary Authority of Singapore (MAS), Financial Conduct Authority (FCA), and the Commodity Futures Trading Commission (CFTC), and regulated in the European Union via the MiFID passporting system.

FP Markets is not publicly traded and does not operate a bank. FP Markets is authorised by two Tier-1 regulators (Highly Trusted), zero Tier-2 regulators (Trusted), zero Tier-3 regulators (Average Risk), and one Tier-4 regulator (High Risk). FP Markets is authorised by the following Tier-1 regulators: Australian Securities & Exchange Commission (ASIC) and regulated in the European Union via the MiFID passporting system.

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.

FP Markets shines as a low-cost broker for trading forex and CFDs – as long as you use the MetaTrader platform. The Iress platform suite offers well over 9,000 tradeable symbols, but it’s mostly a share trading platform – and is generally a much pricier option.

To open a trading account with OANDA, you'll need to make an initial minimum deposit of $0.

FP Markets requires a minimum deposit of $100 AUD before you can open an account and start trading.

It's important to make sure that your forex broker accepts the funding options and deposit methods that work best for you. Both OANDA and FP Markets offer Visa/Mastercard (Credit/Debit), Bank Wire (Deposit/Withdraw), PayPal (Deposit/Withdraw), Skrill (Deposit/Withdraw) and Neteller (Deposit/Withdraw).

Comparing the trading costs of forex and CFDs is not easy. Not every broker publishes average spread data, and pricing structures vary. Based on our thorough, data-driven testing of each broker's commissions and fees, we found that FP Markets offers better pricing overall for traders.

Methodology: When testing each broker's commissions, fees, and pricing, we analyze multiple trade scenarios and award points based on the expansiveness (or inexpensiveness) of the broker's spreads. We then run multiple scenarios for different investor types, incorporating any miscellaneous fees, to determine an "all-in" cost per trade. Learn more about how we test.

At ForexBrokers.com, we track over 110 international regulatory agencies and sort them by tiers (Tier-1, Tier-2, Tier-3, Tier-4, and Tier-5) to help you choose well-regulated, highly trusted forex brokers. Learn more about our proprietary Trust Score rating system. Based on our research on the regulatory status of over 60 brokers, we've found that OANDA holds 7 global Tier-1 licenses, while FP Markets holds 2. FP Markets holds 1 global Tier-2 licenses, while OANDA holds 0.

After evaluating each broker based on their number of held licenses, years in business, and a range of other data-driven variables, we've determined that OANDA (93) earned a higher Trust Score than FP Markets (87).

To compare the trading platforms of both OANDA and FP Markets, we tested each broker's trading tools, research capabilities, and mobile apps. For trading tools, OANDA offers a better experience. With research, OANDA offers superior market research. Finally, we found OANDA to provide better mobile trading apps.

Here’s what trading platforms are available at OANDA:

• Proprietary Platform - Yes
• Web Platform - Yes
• cTrader - No
• DupliTrade - No
• MT4 - Yes
• MT5 - Yes
• ZuluTrade - No
• TradingView - Yes

Here’s what trading platforms are available at FP Markets:

• Proprietary Platform - Yes
• Web Platform - Yes
• cTrader - Yes
• DupliTrade - No
• MT4 - Yes
• MT5 - Yes
• ZuluTrade - No
• TradingView - No

The MetaTrader trading platform suite is wildly popular among forex and CFD traders across the globe. Both OANDA and FP Markets offer MetaTrader 4 (MT4). Forex traders also appreciate the ability to engage in social copy trading. OANDA and FP Markets both offer copy trading.

FP Markets provides traders 71 currency pairs (e.g., EUR/USD) compared to OANDA's 68 available pairs. If you are interested in trading a full range of securities, FP Markets offers traders access to 10000 tradeable symbols, while OANDA offers access to 3928 tradeable symbols; so FP Markets offers 6072 more tradeable symbols than OANDA.

We found in our testing that FP Markets offers a more diverse selection of investment options than OANDA, allowing you to trade Forex Trading (Spot or CFDs), Cryptocurrency (Physical), Cryptocurrency (Derivative), Social Trading / Copy Trading and Spread Betting. Neither have Int'l Stock Trading (Non CFD).