Written by ForexBrokers.com
In this head to head comparison of OANDA vs TopFX, 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 TopFX are both online brokers that serve the trading community, yet they differ considerably in their regulatory credentials and trust levels. OANDA, founded in 1996, holds an impressive seven Tier-1 licenses, indicating a high level of oversight and a commitment to client security. This dedication to regulation is reflected in OANDA's ForexBrokers.com Trust Score of 93 out of 99, categorizing it as highly trusted. Despite not being publicly traded or a bank, OANDA's extensive regulatory framework provides clients with confidence in their business practices.
In comparison, TopFX, established in 2010, has a more modest regulatory profile with just one Tier-1 license. This limited licensing translates to a ForexBrokers.com Trust Score of 67, placing TopFX in the high-risk category. Like OANDA, TopFX is neither publicly traded nor operates as a bank. While both brokers are non-public entities, OANDA's longstanding presence and superior regulatory standing offer a greater degree of trust for traders than TopFX's current framework.
| Feature |
OANDA
|
TopFX
|
|---|---|---|
| Year Founded | 1996 | 2010 |
| Publicly Traded (Listed) | No | No |
| Bank | No | No |
| Tier-1 Licenses | 7 | 1 |
| Tier-2 Licenses | 0 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 1 | 1 |
OANDA and TopFX both provide competitive broker services, but they differ significantly in their approach to commissions and fees. OANDA is known for its higher forex trading costs, with spreads on the pricier side when compared to leading brokers. While it does not offer discount pricing, OANDA's automated execution stands out as a key feature. Its core pricing option offers lower spreads with a commission of $5 per $100,000 currency, which results in slightly reduced all-in costs compared to its commission-free alternative. OANDA also allows micro trading at an impressive 0.001 micro lot, setting it apart as user-friendly for all levels of investors. Rated 4 out of 5 stars, OANDA is ranked #34 in the Commissions and Fees category by ForexBrokers.com.
TopFX, on the other hand, provides traders two types of accounts: the spread-only ZERO account and the RAW account, which is commission-based. The RAW account features lower average spreads and a commission of 2.75 EUR per side, resulting in all-in costs that are roughly aligned with industry averages at 0.88 pips. For those preferring commission-free trading, the ZERO account offers this feature but with higher spreads of 1.03 pips on the EUR/USD. Both account types are accessible on popular platforms like MetaTrader and cTrader, making them versatile choices for various trading styles. TopFX also holds a 4-star rating for its commissions and fees and is ranked #40 out of 62 brokers by ForexBrokers.com.
In summary, when choosing between OANDA and TopFX, traders should consider their preferences for pricing structures and trading platforms. OANDA offers flexibility and transparency along with unique micro lot options, while TopFX provides versatile platform choices and straightforward pricing schemes. Both brokers are similarly rated, ensuring reliable options for traders despite their different approaches to commissions and fees.
| Feature |
OANDA
|
TopFX
|
|---|---|---|
| Minimum Deposit | $0 | Depends on payment method |
| Average Spread EUR/USD - Standard | 1.61 | 1.03 |
| All-in Cost EUR/USD - Active | 1.61 | 0.88 |
| 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 the investment ranges of OANDA and TopFX, both platforms offer forex trading as either a CFD or spot contract. OANDA provides a significantly larger selection of tradeable symbols, with 3,928 options compared to TopFX's offering of 655. In terms of forex pairs, OANDA also has a slight edge, featuring 68 pairs, whereas TopFX offers 60. Both brokers do not offer direct exchange-traded securities, like buying Apple shares on U.S. exchanges or Vodafone shares internationally, highlighting their focused forex and CFD-based approach.
Copy trading is available on both platforms, catering to those interested in mirroring successful trades; however, OANDA allows for the direct purchase of cryptocurrencies, unlike TopFX, which only offers cryptocurrency derivatives. Despite these similarities and differences, OANDA receives a slightly higher rating for its range of investments, with 4 stars versus 3.5 stars for TopFX. This distinction is reflected in their rankings by ForexBrokers.com, placing OANDA at #27 and TopFX at #46 out of 62 brokers.
| Feature |
OANDA
|
TopFX
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 3928 | 655 |
| Forex Pairs (Total) | 68 | 60 |
| 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 TopFX both offer a range of trading platforms and tools that cater to various types of traders. For those interested in simulated trading, both brokers provide the benefit of free virtual demo accounts. When it comes to proprietary platforms, OANDA stands out as it has developed its own trading platform in-house, while TopFX does not. They both offer robust support for MetaTrader 4 (MT4), a popular choice among traders. However, when it comes to MetaTrader 5 (MT5), OANDA takes the lead as it's one of the supported platforms, whereas TopFX does not support MT5. Both brokers facilitate trading from a browser-based platform and cater to desktop users with Windows-based downloads.
Examining the tools for charting, OANDA offers a wide array of 431 drawing tools, significantly outnumbering TopFX, which offers only 15. When creating watch lists, TopFX takes a slight edge by providing 7 fields to OANDA's 6. For those interested in copy trading, both brokers offer this feature, but neither supports DupliTrade or ZuluTrade. Both OANDA and TopFX score 4 out of 5 stars for their trading platforms and tools, though OANDA is ranked higher by ForexBrokers.com, coming in at #16 compared to TopFX's ranking of #44 among 62 brokers. This ranking reflects the strengths and offerings each broker brings to its platform and tools, guiding users to the right choice based on their trading needs.
| Feature |
OANDA
|
TopFX
|
|---|---|---|
| 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 | No |
| 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.
OANDA and TopFX both offer mobile trading apps for iPhone and Android devices, making them accessible for traders on the go. Traders using either platform can receive stock or forex price alerts and create watchlists with real-time quotes. Both apps also provide 30 technical studies for charting and allow trendline drawing, viewing multiple time frames, and auto-saving of chart annotations. However, neither OANDA nor TopFX offers syncing of watchlists between mobile and online accounts, which means changes made in one location don't automatically update in the other.
While both apps offer similar functionalities, OANDA’s mobile app stands out with a higher user rating of 5 stars compared to TopFX's 4 stars. Additionally, OANDA is ranked better in the Mobile Trading Apps category by ForexBrokers.com, securing the 7th position out of 62 brokers, whereas TopFX is placed at 51st. For traders valuing top-tier mobile performance, OANDA presents a stronger option despite the commonalities shared with TopFX’s offering.
| Feature |
OANDA
|
TopFX
|
|---|---|---|
| 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.
When comparing the market research offerings of OANDA and TopFX, it's clear that each broker has its own strengths, although they cater to somewhat different needs. OANDA provides daily market commentary and delivers forex news updates from top-tier sources like Bloomberg and Reuters. It also boasts tools from Autochartist and a sentiment-based trading tool to assist traders in their decision-making process. However, OANDA does not utilize Trading Central tools or provide resources from Acuity Trading. Despite this, OANDA shines with a five-star research rating and ranks fifth among 62 brokers according to ForexBrokers.com.
On the other hand, while TopFX also offers forex news from reputable sources and tools from Autochartist, it distinguishes itself by incorporating Trading Central’s analytical tools, lacking in OANDA’s arsenal. Both brokers offer economic calendars to keep traders informed about global economic events. However, without daily market commentary or resources from TipRanks and Acuity Trading, TopFX falls short in delivering a comprehensive research experience, resulting in a lower three-star rating and a ranking of 59th in the research category. Ultimately, traders seeking thorough market insights are likely to lean towards OANDA, given its broader range of research services and higher ratings.
| Feature |
OANDA
|
TopFX
|
|---|---|---|
| Daily Market Commentary | Yes | No |
| 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.
OANDA and TopFX differ significantly in terms of educational resources aimed at beginner traders. OANDA offers a comprehensive range of educational materials, including over 10 articles, videos, and archived webinars focused on forex or CFDs. They provide regular online educational webinars each month and maintain a searchable archive of past sessions. For beginners, OANDA has curated at least 10 educational videos tailored to help budding traders understand key trading topics, alongside more advanced videos for seasoned traders. Their educational offerings are complemented by an investor dictionary featuring definitions of over 50 investing terms. OANDA's strong focus on education earns it a 5-star rating and places it 22nd out of 62 brokers in the education category on ForexBrokers.com.
In contrast, TopFX falls short in providing substantial educational content for new traders. They do not meet the minimum suggested collection of 10 educational pieces, such as articles or webinars, focused on forex or CFDs. They also lack regular online webinars or an archive of past recordings to help beginners broaden their trading knowledge. TopFX does not provide beginners with a set of educational videos or an extensive dictionary of investing terms. Consequently, their educational resources are rated 3 stars, ranking them 60th out of 62 brokers in the ForexBrokers.com education category. For those prioritizing educational support as they enter the trading world, OANDA presents a more advantageous option compared to TopFX.
| Feature |
OANDA
|
TopFX
|
|---|---|---|
| Education (Forex or CFDs) | Yes | No |
| Client Webinars | Yes | No |
| Client Webinars (Archived) | Yes | No |
| Videos - Beginner Trading Videos | Yes | No |
| Videos - Advanced Trading Videos | Yes | No |
| Investor Dictionary (Glossary) | Yes | No |
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 TopFX. OANDA finished with an overall rank of #12, while TopFX finished with an overall rank of #61.
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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TopFX
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| Trust Score | 93 | 67 |
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OANDA allows the purchase of actual cryptocurrencies and offers cryptocurrency derivatives, whereas TopFX provides only cryptocurrency derivatives without the option to buy actual cryptocurrencies.
When comparing online brokers OANDA and TopFX in terms of available deposit and withdrawal options, OANDA offers a wider range with ACH and SEPA transfers in addition to PayPal, Skrill, Visa/Mastercard, and bank wires, whereas TopFX lacks ACH and SEPA transfers but provides the other methods, including PayPal, Skrill, Visa/Mastercard, and bank wires.
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 | TopFX | |
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| Trust Score | 93 | 67 | |
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| Review | OANDA Review | TopFX Review |
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| Regulation | OANDA | TopFX | |
|---|---|---|---|
| Trust Score | 93 | 67 | |
| Year Founded | 1996 | 2010 | |
| Publicly Traded (Listed) | No | No | |
| Bank | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes | |
| Tier-1 Licenses | 7 | 1 | |
| Tier-2 Licenses | 0 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 1 | 1 |
| Tier-1 Licenses (Highly Trusted) | OANDA | TopFX | |
|---|---|---|---|
| Australia (ASIC Authorised) | Yes | No | |
| 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 | TopFX | |
|---|---|---|---|
| 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 | TopFX | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 3928 | 655 | |
| Forex Pairs (Total) | 68 | 60 | |
| 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 | TopFX | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 1.61 | 1.03 | |
| All-in Cost EUR/USD - Active | 1.61 | 0.88 | |
| Active Trader or VIP Discounts | Yes | No | |
| Inactivity Fee | Yes | No | |
| Execution: Agency Broker | No | No | |
| Execution: Market Maker | Yes | Yes |
| Funding | OANDA | TopFX | |
|---|---|---|---|
| Minimum Deposit | $0 | Depends on payment method | |
| 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 | TopFX | |
|---|---|---|---|
| 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 | No | |
| cTrader | No | Yes | |
| DupliTrade | No | No | |
| ZuluTrade | No | No |
| Trading Tools | OANDA | TopFX | |
|---|---|---|---|
| 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 | TopFX | |
|---|---|---|---|
| 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 | TopFX | |
|---|---|---|---|
| Daily Market Commentary | Yes | No | |
| 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 | TopFX | |
|---|---|---|---|
| Education (Forex or CFDs) | Yes | No | |
| Client Webinars | Yes | No | |
| Client Webinars (Archived) | Yes | No | |
| Videos - Beginner Trading Videos | Yes | No | |
| Videos - Advanced Trading Videos | Yes | No | |
| Investor Dictionary (Glossary) | Yes | No |
| Major Forex Pairs | OANDA | TopFX | |
|---|---|---|---|
| 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 | TopFX Review |
| Overall | OANDA | TopFX | |
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| Trust Score | 93 | 67 | |
| Winner | check_circle | ||
| Review | OANDA Review | TopFX Review |
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