Written by ForexBrokers.com
In this head to head comparison of OANDA vs FXCM, 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 FXCM, founded in 1999, are two online brokers that offer forex trading but differ in several key areas, including their regulatory framework and Trust Score ratings. OANDA holds 7 Tier-1 licenses, demonstrating a strong regulatory position, while FXCM has 4 Tier-1 licenses and an additional 2 Tier-2 licenses. Both brokers are not publicly traded and are not banks, but they maintain a solid presence in the trading world with OANDA earning a Trust Score of 93 and FXCM slightly higher at 95, as rated by ForexBrokers.com.
While OANDA's regulatory standing benefits from a greater number of Tier-1 licenses, FXCM's higher Trust Score indicates slightly more trust from ForexBrokers.com. However, OANDA remains a highly trusted choice with its 93 Trust Score. Investors looking to choose between these two brokers should consider these regulatory credentials and trust levels to better match their trading needs and preferences.
| Feature |
OANDA
|
FXCM
|
|---|---|---|
| Year Founded | 1996 | 1999 |
| Publicly Traded (Listed) | No | Yes |
| Bank | No | No |
| Tier-1 Licenses | 7 | 4 |
| Tier-2 Licenses | 0 | 2 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 1 | 0 |
When it comes to online trading, comparing OANDA and FXCM offers insight into their respective commissions and fees. OANDA is known for its high trading costs, primarily due to its effective spreads. While not the most affordable option, it does offer automated execution across its account types. The company's bid/ask spreads align with brokers like FOREX.com and FxPro, although OANDA's minimum spread is slightly higher than those firms offering sub-pip spreads. OANDA provides a "core pricing" structure that offers lower spreads with a $5 commission per $100,000 of currency traded, requiring a $10,000 minimum deposit. This results in a total cost slightly better than its commission-free pricing. For smaller trades, OANDA allows clients to trade as little as 1 unit or 0.001 micro lot. It also has an Elite Trader program with rebates and other perks for high-volume traders. OANDA is rated 4 out of 5 stars and is ranked #34 in the Commissions and Fees category by ForexBrokers.com.
Conversely, FXCM's pricing for forex trading is slightly above the industry average, but it offers competitive spreads, particularly in its commission-based accounts. For instance, while standard account spreads on the EUR/USD averaged 0.78 pips in the EU, U.K., and Australia, its commission-based accounts offer spreads as low as 0.28 pips, excluding commissions. Commissions are added to this, leading to an effective spread around 0.74 pips. FXCM also features the Active Trader Rebate Program, which provides discounts ranging from $5 to $25 per million traded, contingent on trade volume. Notably, the program isn't available in all locations. In the U.K., accounts with a $25,000 balance and a $50 million monthly volume can enjoy further commission reductions, bringing the effective spread to 0.78 pips. FXCM is rated 4 out of 5 stars and ranks #24 in the Commissions and Fees category by ForexBrokers.com.
Both OANDA and FXCM have features catering to different trading needs and strategies, and understanding these nuances can help traders choose a platform that aligns best with their financial goals. Whether opting for OANDA's accessible trade sizes and transparency initiatives or FXCM’s discounts for active traders, both brokers present distinct advantages that appeal to various trading profiles.
| Feature |
OANDA
|
FXCM
|
|---|---|---|
| Minimum Deposit | $0 | Starts from $50 |
| Average Spread EUR/USD - Standard | 1.61 | 0.78 |
| All-in Cost EUR/USD - Active | 1.61 | 0.78 |
| Active Trader or VIP Discounts | Yes | Yes |
| ACH or SEPA Transfers | Yes | Yes |
| 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 the range of investments available on OANDA and FXCM, both brokers offer forex trading as either a CFD or spot contract, making them versatile platforms for forex enthusiasts. OANDA boasts a significantly larger selection, with 3,928 tradeable symbols and 68 forex pairs, compared to FXCM’s 440 symbols and 43 forex pairs. This broader range allows OANDA users to explore an extensive variety of trading opportunities, although neither broker facilitates the trading of exchange-traded securities on U.S. or international exchanges such as Apple or Vodafone.
In terms of cryptocurrency offerings, OANDA stands out by allowing clients to purchase actual cryptocurrencies, while FXCM offers only cryptocurrency derivatives. Both platforms support copy trading, aiding traders looking to mimic strategies from successful peers. Based on ForexBrokers.com rankings, OANDA holds the 27th position out of 62 brokers for its range of investments, receiving a 4-star rating, whereas FXCM is positioned at 47th with a 3.5-star rating. This makes OANDA a slightly more appealing choice for those wanting a wider array of trading options.
| Feature |
OANDA
|
FXCM
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 3928 | 440 |
| Forex Pairs (Total) | 68 | 43 |
| 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.
OANDA and FXCM both offer traders a wide range of platforms and tools to enhance their trading experience. Both brokers provide a proprietary platform developed in-house, as well as popular third-party platforms like MetaTrader 4 (MT4). However, OANDA takes it a step further by also supporting MetaTrader 5 (MT5), whereas FXCM does not. Both platforms support simulated trading with free demo accounts, allowing users to practice their strategies without risk. For desktop users, both brokers offer Windows-based downloadable platforms and convenient web-based platforms for those who prefer to trade through their browsers. Unique to FXCM, though, is the support for ZuluTrade, which is not available on OANDA, adding a social trading dimension that might be appealing for some users. Both brokers allow trading directly from stock charts, but when it comes to charting tools, OANDA far outshines FXCM, offering 431 drawing tools compared to FXCM’s 10.
When it comes to customizing watch lists, FXCM provides more fields with 13 available columns, in contrast to OANDA’s 6. Overall, FXCM has been rated 5 stars for its trading platforms and tools, ranked #6 out of 62 brokers by ForexBrokers.com, reflecting its diverse offerings and advanced features. OANDA, while a solid competitor with a 4-star rating, is ranked #16 out of 62 on ForexBrokers.com. This suggests that while OANDA offers strong options for traders, FXCM may provide a slightly more comprehensive suite of tools for those looking for a robust trading platform.
| Feature |
OANDA
|
FXCM
|
|---|---|---|
| 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 | No |
| DupliTrade | No | No |
| ZuluTrade | No | Yes |
| Charting - Indicators / Studies (Total) | 81 | 115 |
| Charting - Drawing Tools (Total) | 431 | 10 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 6 | 13 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
When it comes to mobile trading apps, both OANDA and FXCM offer comprehensive solutions for trading on the go. They each provide apps for both iPhone and Android devices, ensuring users can access the markets from their preferred mobile platform. Both brokers also facilitate price alerts and trendline tools, allowing traders to stay informed and perform technical analysis. Notably, FXCM stands out with its more extensive charting tools, offering 59 technical studies compared to OANDA's 30. However, only FXCM supports the syncing of watchlist symbols between the mobile app and the online account, enhancing usability for traders who frequently switch between devices.
For users keen on creating watchlists with real-time quotes or changing time frames on charts, both OANDA and FXCM have got you covered. Their apps auto-save chart drawings, ensuring your technical analyses are preserved. OANDA's mobile app holds a higher user rating with a solid 5-star score, while FXCM is rated at 4.5 stars. According to ForexBrokers.com, OANDA ranks 7th out of 62 brokers for mobile trading apps, indicating a stronger overall performance compared to FXCM, which sits at the 16th spot. Whether you value advanced charting capabilities or seamless platform syncing will guide your choice between these two brokers.
| Feature |
OANDA
|
FXCM
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | No | Yes |
| Mobile Charting - Indicators / Studies | 30 | 59 |
| 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.
OANDA and FXCM both excel in providing daily market commentary and delivering forex news from respected sources such as Bloomberg and Reuters, ensuring traders remain informed. While each broker excels in different research tools' offerings, OANDA leverages the power of Autochartist for in-depth technical analysis and has a sentiment-based trading tool to outline the sentiment among traders. On the other hand, FXCM distinguishes itself with tools from Trading Central for comprehensive technical analysis and market research sourced from TipRanks. However, both brokers lack additional research tools from Acuity Trading, although they offer economic calendars to keep traders updated on global events.
In terms of rankings and ratings, OANDA takes a slight lead, earning a five-star research rating from ForexBrokers.com and securing the fifth spot among 62 brokers in the research category. Meanwhile, FXCM follows closely with a solid 4.5-star research rating and an eleventh-place ranking. Both brokers provide valuable tools for market research, but OANDA edges ahead due to its comprehensive offerings and higher ranking, making it a preferred choice for traders seeking top-notch research capabilities.
| Feature |
OANDA
|
FXCM
|
|---|---|---|
| Daily Market Commentary | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | Yes | No |
| Trading Central (Recognia) | No | Yes |
| Social Sentiment - Currency Pairs | Yes | Yes |
| TipRanks | No | Yes |
| Signal Centre (Acuity Trading) | No | No |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
OANDA and FXCM both provide comprehensive educational resources for beginners looking to dive into forex and CFD trading. Both brokers offer a minimum of 10 educational pieces, including articles, videos, and archived webinars centered around these subjects. They conduct online client webinars monthly and maintain searchable archives of past sessions. For those just starting, each broker offers at least 10 beginner videos, ensuring that novices have ample material to begin their trading journey. Furthermore, both OANDA and FXCM cater to more experienced traders with at least 10 advanced educational videos, enabling continuing education as traders gain experience.
When it comes to supporting resources, both brokers offer investor dictionaries with definitions for over 50 key investing terms, helping users understand the jargon of the industry. In terms of educational ratings, OANDA scores slightly higher with a perfect 5-star rating, whereas FXCM follows closely with 4.5 stars. Interestingly, FXCM is ranked higher at #14 for education by ForexBrokers.com compared to OANDA's rank at #22 out of 62 brokers. Whether you're just starting or looking to expand your expertise, both brokers provide valuable educational materials to aid in your trading endeavors.
| Feature |
OANDA
|
FXCM
|
|---|---|---|
| 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 FXCM. OANDA finished with an overall rank of #12, while FXCM finished with an overall rank of #15.
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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FXCM
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| Overall Rating |
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| Trust Score | 93 | 95 |
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OANDA distinguishes itself from FXCM by providing the ability to purchase actual cryptocurrency alongside cryptocurrency derivatives, whereas FXCM only offers the option to buy cryptocurrency derivatives.
Both OANDA and FXCM provide a wide range of options for depositing or withdrawing account funds, including ACH or SEPA transfers, PayPal, Skrill, Visa or Mastercard, and bank wires, making them versatile choices for online brokerage services.
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 | FXCM | |
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| Trust Score | 93 | 95 | |
| Winner | check_circle | ||
| Review | OANDA Review | FXCM Review |
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| Regulation | OANDA | FXCM | |
|---|---|---|---|
| Trust Score | 93 | 95 | |
| Year Founded | 1996 | 1999 | |
| Publicly Traded (Listed) | No | Yes | |
| Bank | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes | |
| Tier-1 Licenses | 7 | 4 | |
| Tier-2 Licenses | 0 | 2 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 1 | 0 |
| Tier-1 Licenses (Highly Trusted) | OANDA | FXCM | |
|---|---|---|---|
| Australia (ASIC Authorised) | Yes | Yes | |
| Canada (CIRO Authorised) | Yes | Yes | |
| 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 | Yes | |
| 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 | FXCM | |
|---|---|---|---|
| Kenya (CMA Authorised) | No | No | |
| Israel (ISA Authorised) | No | Yes | |
| 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 | FXCM | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 3928 | 440 | |
| Forex Pairs (Total) | 68 | 43 | |
| 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 | FXCM | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 1.61 | 0.78 | |
| All-in Cost EUR/USD - Active | 1.61 | 0.78 | |
| Active Trader or VIP Discounts | Yes | Yes | |
| Inactivity Fee | Yes | Yes | |
| Execution: Agency Broker | No | Yes | |
| Execution: Market Maker | Yes | Yes |
| Funding | OANDA | FXCM | |
|---|---|---|---|
| Minimum Deposit | $0 | Starts from $50 | |
| 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 | Yes |
| Trading Platforms | OANDA | FXCM | |
|---|---|---|---|
| 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 | No | |
| cTrader | No | No | |
| DupliTrade | No | No | |
| ZuluTrade | No | Yes |
| Trading Tools | OANDA | FXCM | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Alerts - Basic Fields | Yes | Yes | |
| Watchlists - Total Fields | 6 | 13 | |
| Charting - Indicators / Studies (Total) | 81 | 115 | |
| Charting - Drawing Tools (Total) | 431 | 10 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | OANDA | FXCM | |
|---|---|---|---|
| Android App | Yes | Yes | |
| Apple iOS App | Yes | Yes | |
| Mobile Alerts - Basic Fields | Yes | Yes | |
| Mobile Watchlist | Yes | Yes | |
| Watchlist Syncing | No | Yes | |
| Mobile Charting - Indicators / Studies | 30 | 59 | |
| 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 | FXCM | |
|---|---|---|---|
| Daily Market Commentary | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | Yes | No | |
| Trading Central (Recognia) | No | Yes | |
| TipRanks | No | Yes | |
| Social Sentiment - Currency Pairs | Yes | Yes | |
| Economic Calendar | Yes | Yes |
| Education | OANDA | FXCM | |
|---|---|---|---|
| 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 | FXCM | |
|---|---|---|---|
| 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 | FXCM Review |
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| Trust Score | 93 | 95 | |
| Winner | check_circle | ||
| Review | OANDA Review | FXCM Review |
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