Written by ForexBrokers.com
In this head to head comparison of OANDA vs TMGM, 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 and TMGM are two online brokers that have carved out their niches in the financial services industry, with OANDA operating since 1996 and TMGM being a newer entrant since 2013. Neither OANDA nor TMGM is publicly traded or operates as a bank, but there are notable differences in their level of regulatory oversight. OANDA proudly holds seven Tier-1 licenses, which are regarded as highly trusted by ForexBrokers.com, giving it a strong regulatory foundation. In contrast, TMGM holds two Tier-1 licenses, reflecting a lower degree of regulatory trust in comparison.
When comparing trustworthiness using ForexBrokers.com Trust Scores, OANDA achieves an impressive score of 93 out of 99, placing it in the 'highly trusted' category. On the other hand, TMGM's score of 83 still places it within the 'trusted' range but falls short of OANDA's more secure standing. For investors and traders seeking peace of mind in the regulatory landscape, these scores and licensing differences play a key role in assessing the relative trust levels of both brokers.
| Feature |
OANDA
|
TMGM
|
|---|---|---|
| Year Founded | 1996 | 2013 |
| Publicly Traded (Listed) | No | No |
| Bank | No | No |
| Tier-1 Licenses | 7 | 2 |
| Tier-2 Licenses | 0 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 1 | 2 |
When it comes to commissions and fees, OANDA and TMGM are noted for their distinct offerings, both receiving a 4-star rating for their pricing structures. OANDA is recognized for its automated execution and versatile account setups, yet its forex trading costs can be on the higher side compared to the very best brokers. The company provides two main options: a default pricing structure and a core pricing structure. The core pricing features lower spreads but includes a commission of $5 per $100,000 traded, which might make it slightly more cost-efficient than the commission-free default pricing. Additionally, OANDA offers a unique trading experience with smaller contract sizes starting at 1 unit and an Elite Trader program that benefits high-volume traders with rebates.
TMGM distinguishes itself with competitive commission rates, particularly with its Edge account, which is enticing for traders looking for low spreads and a commission of $3.50 per side. TMGM does not provide recent average spread data for some currency pairs, a transparency issue that might deter some traders who prefer readily available data for cost assessments. The broker offers two main types of accounts—Classic and Edge—with the Edge account being the preferable choice for its blend of low commissions and spread costs. Notably, TMGM caters to Islamic finance customers through interest-free, Sharia-compliant accounts under the Edge account.
In the rankings, OANDA sits at the 34th position, while TMGM is slightly further down at 36th out of 62 brokers according to ForexBrokers.com for their commissions and fees. This ranking reflects their competitive pricing strategies, offering tailored solutions to traders with varying priorities. Both brokers aim to provide valuable services, though OANDA focuses on automation and transparency, whereas TMGM highlights account-specific benefits and interest-free options for its clients.
| Feature |
OANDA
|
TMGM
|
|---|---|---|
| Minimum Deposit | $0 | $100 |
| Average Spread EUR/USD - Standard | 1.61 | N/A |
| All-in Cost EUR/USD - Active | 1.61 | N/A |
| Active Trader or VIP Discounts | Yes | No |
| 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 TMGM in terms of the range of investments, there are notable differences. Both brokers offer forex trading through CFDs or spot contracts, with OANDA providing access to 68 currency pairs while TMGM offers 62. However, TMGM boasts a significantly larger total number of tradeable symbols at 12,000 compared to OANDA’s 3,928. Despite this, neither OANDA nor TMGM offers exchange-traded securities on U.S. or international exchanges, limiting their investment options in this area. Both platforms support copy trading, providing users the opportunity to replicate successful trading strategies.
In the realm of cryptocurrency, OANDA stands out by allowing users to purchase actual cryptocurrencies, unlike TMGM which does not offer this feature. Instead, both brokers offer cryptocurrency derivatives for those interested in crypto investments. In terms of recognition, TMGM slightly edges out OANDA with a 4.5-star rating for the range of investments compared to OANDA's 4-star rating. Additionally, TMGM is ranked 17th by ForexBrokers.com, surpassing OANDA’s 27th place in the same category. This comprehensive comparison highlights TMGM's broader symbol range and higher rating, while OANDA provides unique options like actual cryptocurrency purchases.
| Feature |
OANDA
|
TMGM
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 3928 | 12000 |
| Forex Pairs (Total) | 68 | 62 |
| 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 TMGM both provide strong trading platform options, inclusive of free virtual demo accounts for simulated trading. While OANDA boasts a proprietary platform, TMGM relies on external platforms, yet both brokers offer a Windows-based desktop download option and a web-based platform. Popular platforms like MetaTrader 4 and MetaTrader 5 are at the disposal of traders using either broker, and copy trading is available with both providers. Notably, neither OANDA nor TMGM supports DupliTrade or ZuluTrade. When it comes to charting capabilities, OANDA surpasses TMGM by offering 431 drawing tools compared to TMGM's 15, enabling traders to create more detailed analyses.
Chart trading is available via both OANDA and TMGM, allowing for seamless trade execution directly from stock charts. For users who enjoy using watch lists, TMGM offers one more column than OANDA, providing a slight edge. Nevertheless, both brokers have been awarded an equal rating of 4 out of 5 stars for their trading platforms and tools. According to ForexBrokers.com, OANDA ranks higher, coming in at #15, compared to TMGM’s #48 out of 62 brokers in the Trading Platforms and Tools category. This higher ranking suggests a more favorable reception of OANDA's platform offerings amongst industry experts.
| Feature |
OANDA
|
TMGM
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Platform | Yes | No |
| 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 | 15 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 6 | 7 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
Both OANDA and TMGM provide iPhone and Android apps, making them accessible for traders on the go. They each offer essential features like real-time price alerts for forex and stocks, the ability to draw trendlines, and view multiple time frames on mobile charts, catering to different trading strategies. Additionally, both apps support creating watchlists with real-time quotes. However, when it comes to watchlist symbol syncing, neither OANDA nor TMGM offers the functionality to sync watchlists between the mobile app and the online account.
When comparing charting capabilities, both platforms offer 30 technical studies and the ability to auto-save chart drawings. Despite these similarities, OANDA edges out TMGM with a higher user rating of 5 stars, compared to TMGM's 4 stars, for their mobile trading apps. Furthermore, in the assessment by ForexBrokers.com, OANDA takes a significant lead, ranking 7th out of 62 brokers, while TMGM stands at 47th. This difference highlights OANDA's better user experience according to traders and expert reviews.
| Feature |
OANDA
|
TMGM
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | No | No |
| Mobile Charting - Indicators / Studies | 30 | 30 |
| 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 TMGM impressively cater to traders by delivering daily market commentary and providing forex news from major sources like Bloomberg and Reuters. OANDA stands out with its incorporation of Autochartist tools for technical and fundamental analysis, while TMGM enriches its offerings with Trading Central's Analytical tools and Acuity Trading’s Signal Centre. Additionally, both brokers equip traders with sentiment-based trading tools and economic calendars that keep users informed about global news events. However, when it comes to research ratings, OANDA outshines TMGM with an impressive 5-star evaluation, ranking 5th out of 62 brokers according to ForexBrokers.com, while TMGM falls behind with a 3.5-star rating, positioned at 53rd.
Deciding between OANDA and TMGM depends largely on specific research needs and preferences. OANDA’s strength lies in its technical tools and analysis capabilities, which make it appealing for traders seeking in-depth insights. TMGM, on the other hand, might attract traders who value Trading Central’s resources and Acuity Trading's unique offerings. Despite TMGM's diverse tools, OANDA’s higher research rating and ranking suggest a more comprehensive suite of resources. Therefore, for those prioritizing top-notch market research, OANDA appears to be the preferable choice.
| Feature |
OANDA
|
TMGM
|
|---|---|---|
| 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 | No |
| Signal Centre (Acuity Trading) | No | Yes |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
For beginners exploring online trading, the available educational resources at OANDA and TMGM are quite different. OANDA provides a strong educational foundation for those looking to get started with forex and CFDs. With a variety of over ten articles, videos, and archived webinars focused on these subjects, OANDA ensures comprehensive learning opportunities. Monthly live webinars further bolster their offerings, supplemented by a searchable archive of recorded sessions. Beginners will also find a wealth of material tailored to their experience level, including over ten specific educational videos. Additionally, OANDA offers resources for advanced learners and a dictionary defining over fifty investing terms, earning them a rating of five stars for their educational services.
In contrast, TMGM's educational options are less extensive. While they do offer a searchable archive of recorded webinars and a comprehensive investor dictionary similar to OANDA, they fall short in several areas critical for novice traders. TMGM does not provide a substantial number of educational pieces specifically covering forex and CFDs or regular live webinars, both pivotal for learning engagement. Moreover, they lack dedicated video content for beginners and advanced learners alike. These limitations contribute to a lower educational rating of 3.5 stars. In terms of ranking among brokers, TMGM is positioned at #54, a notable difference from OANDA's #22, reflecting the disparity in their educational offerings.
| Feature |
OANDA
|
TMGM
|
|---|---|---|
| Education (Forex or CFDs) | Yes | No |
| Client Webinars | Yes | No |
| Client Webinars (Archived) | Yes | Yes |
| Videos - Beginner Trading Videos | Yes | No |
| Videos - Advanced Trading Videos | Yes | No |
| 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 TMGM. OANDA finished with an overall rank of #12, while TMGM finished with an overall rank of #37.
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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TMGM
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|---|---|---|
| Overall Rating |
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| Trust Score | 93 | 83 |
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OANDA provides the option to purchase actual cryptocurrencies in addition to cryptocurrency derivatives, while TMGM offers only cryptocurrency derivatives.
When comparing the online brokers OANDA and TMGM, OANDA provides a broader range of deposit and withdrawal options including ACH and SEPA transfers, PayPal, Skrill, Visa or Mastercard, and bank wires, whereas TMGM supports options such as PayPal, Skrill, Visa or Mastercard, and bank wires, but does not offer ACH or SEPA transfers.
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 | TMGM | |
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| Trust Score | 93 | 83 | |
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| Review | OANDA Review | TMGM Review |
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| Regulation | OANDA | TMGM | |
|---|---|---|---|
| Trust Score | 93 | 83 | |
| Year Founded | 1996 | 2013 | |
| Publicly Traded (Listed) | No | No | |
| Bank | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | No | |
| Tier-1 Licenses | 7 | 2 | |
| Tier-2 Licenses | 0 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 1 | 2 |
| Tier-1 Licenses (Highly Trusted) | OANDA | TMGM | |
|---|---|---|---|
| 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 | Yes | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | No |
| Tier-2 Licenses (Trusted) | OANDA | TMGM | |
|---|---|---|---|
| Kenya (CMA Authorised) | No | No | |
| Israel (ISA Authorised) | No | No | |
| South Africa (FSCA Authorised) | No | No | |
| UAE (DFSA/Central Bank Authorised) | No | No | |
| India (SEBI Authorised) | No | No | |
| Jordan (JSC Authorised) | No | No |
| Investments | OANDA | TMGM | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 3928 | 12000 | |
| Forex Pairs (Total) | 68 | 62 | |
| 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 | TMGM | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 1.61 | N/A | |
| All-in Cost EUR/USD - Active | 1.61 | N/A | |
| Active Trader or VIP Discounts | Yes | No | |
| Inactivity Fee | Yes | Yes | |
| Execution: Agency Broker | No | Yes | |
| Execution: Market Maker | Yes | Yes |
| Funding | OANDA | TMGM | |
|---|---|---|---|
| Minimum Deposit | $0 | $100 | |
| 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 | TMGM | |
|---|---|---|---|
| Proprietary Platform | Yes | No | |
| 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 | No | |
| DupliTrade | No | No | |
| ZuluTrade | No | No |
| Trading Tools | OANDA | TMGM | |
|---|---|---|---|
| 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 | 15 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | OANDA | TMGM | |
|---|---|---|---|
| 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 | 30 | |
| 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 | TMGM | |
|---|---|---|---|
| Daily Market Commentary | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | Yes | No | |
| Trading Central (Recognia) | No | Yes | |
| TipRanks | No | No | |
| Social Sentiment - Currency Pairs | Yes | Yes | |
| Economic Calendar | Yes | Yes |
| Education | OANDA | TMGM | |
|---|---|---|---|
| Education (Forex or CFDs) | Yes | No | |
| Client Webinars | Yes | No | |
| Client Webinars (Archived) | Yes | Yes | |
| Videos - Beginner Trading Videos | Yes | No | |
| Videos - Advanced Trading Videos | Yes | No | |
| Investor Dictionary (Glossary) | Yes | Yes |
| Major Forex Pairs | OANDA | TMGM | |
|---|---|---|---|
| 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 | TMGM Review |
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| Trust Score | 93 | 83 | |
| Winner | check_circle | ||
| Review | OANDA Review | TMGM Review |
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