Are you trying to figure out which is a better broker, Oanda or FXChoice? After rigorously testing both brokers and putting each through our accurate and extensive reviewing process, we have concluded that FXChoice is the better of the two. FXChoice offers 50+ instruments, licenses from IFSC, and fair trading fees.
In the tables below, you can compare the features of Oanda and FXChoice side by side, to work out which suits your trading needs best. You can also carry on reading to find out why our experts ranked FXChoice higher than Oanda.
| Methodology: This tool uses data collected by our honest Forex experts. All information shown here is correct, regardless of any compensation we receive. |  |  |
| OPEN ACCOUNT | Review | Review |
| RATING | 90/100 | 93.8/100 |
| MIN. DEPOSIT | 0$ | 100$ |
| REGULATED BY |    |  |
| BONUS | No Information | 15% |
| MIN. SPREAD | 0 | 1.4 |
| MAX. LEVERAGE | 1:200 | 1:200 |
| CURRENCY PAIRS | 45 | 36 |
| TRADING INSTRUMENTS | 126 | 50+ |
| TRADING PLATFORMS | MT4, Mobile, WebTrader | MT4, MT5, Mobile |
| DEPOSIT METHODS | Bank wire, Visa, Mastercard, Skrill, Neteller and others | Bank transfer, Visa, MasterCard, Skrill, Neteller, FasaPay, PaySafe, ePay, E-Wallet and more |
| TYPE OF BROKERS | Market Maker | Market Maker/NDD |
| CUSTOMER SUPPORT | 24/7 | 24/5 |
| LANGUAGE SUPPORT | 4 | 8 |
| ESTABLISHED | 1990 | 2010 |
| USED BY | 100,000 Traders | 100,000+ Traders |
Does Oanda or FXChoice have lower trading costs and fees?
To compare the costs of trading at different brokers, our experts analyze both trading-specific fees, such as spreads, and non-trading fees, such as inactivity charges and payment costs.
To give an overall view of how cheap or expensive Oanda and FXChoice are, we first considered the common fees on Standard Accounts. At Oanda the average spread for the EUR/USD currency pair is 0 pips, whilst at FXChoice the spread is 1.4.
This shows that Oanda is the better option for low-cost forex trading.
When it comes to non-trading fees, Oanda charges for . FXChoice charges for deposit, withdrawal. With this in mind, Oanda has lower non-trading fees.
When our experts analyzed the specific costs of both brokers, we found that FXChoice is the better option.
Trading Fees*
| TYPE OF FEE | OANDA | FXCHOICE |
|---|---|---|
| Minimum Spread EURUSD (pips) | 0 | 1.4 |
| Commission (%) | 0 | |
| Commission on Islamic Accounts (%) | 0 |
*Based on Standard account type.
Non-Trading Fees
| TYPE OF FEE | OANDA | FXCHOICE |
|---|---|---|
| Account Fees | N | N |
| Inactivity Fees | N | N |
| Deposit Fees | N | Y |
| Withdrawal Fees | N | Y |
Which broker is safer, Oanda or FXChoice?
In order to decide how safe our top-rated brokers are, our experts look at a number of factors. This includes what licenses the broker holds and how reputable those licenses are. We also consider the history of the broker, as a long-standing broker is often more reliable and trustworthy than a newer one.
Oanda is regulated by FCA, ASIC, FSA(SVG), NFA, IIROC, MAS and does not offer client protection. FXChoice is regulated by IFSC and does not offer client protection.
Considering these two factors, and the general reputation and history of both brokers, we believe that FXChoice is the safer broker.
Broker summary
| OANDA | FXCHOICE | |
|---|---|---|
| Minimum Deposit (USD $) | 0 | 100 |
| Licenses | FCA, ASIC, FSA(SVG), NFA, IIROC, MAS | IFSC |
| Max. Leverage | 1:200 | 1:200 |
| Client Protection | N | N |
| Broker Type | Market Maker | Market Maker/NDD |
| Number of Instruments | 126 | 50+ |
| Currency Pairs | 45 | 36 |
| Stocks | 0 | |
| Cryptocurrencies | 3 | |
| CFDs | N | Y |
| Proprietary Trading Platform | N | N |
| MT 4 | Y | Y |
| MT 5 | N | Y |
| Mobile Compatible | Y | Y |
| Research Tools | N | Y |
| Educational Materials | Y | Y |
| Payment Methods | Bank wire, Visa, Mastercard, Skrill, Neteller and others | Bank transfer, Visa, MasterCard, Skrill, Neteller, FasaPay, PaySafe, ePay, E-Wallet and more |
| 24/5 Customer Support | Y | Y |
| Live Chat | Y | Y |
How many trading instruments are available at Oanda and FXChoice?
Oanda provides traders with 126 instruments. This includes 45 currency pairs, cryptocurrencies, and stocks and shares. With Oanda, you cannot trade CFDs.
In comparison, FXChoice boasts 50+ tradable instruments. FXChoice offers 36 currency pairs, 3 cryptocurrencies, and 0 stocks and shares. FXChoice also allows CFD trading.
As both brokers offer the same total number of instruments, both are great choice if you are wishing to diversify your trading portfolio.
Markets and Products
| INSTRUMENT | OANDA | FXCHOICE |
|---|---|---|
| Currency Pairs | 45 | 36 |
| Commodities | 90+ | 4 |
| Precious Metals | 0 | 4 |
| Indices | 6 | |
| Stocks and Shares | 0 | |
| Cryptocurrencies | 3 | |
| Options | 0 | |
| ETFs | 0 | 1 |
Which broker offers the best trading platform, Oanda or FXChoice?
When our experts review a broker, they open their own accounts and place trades via the broker’s trading platform. This allows them to fully evaluate the quality of the platform, how easy it is to use and what features it offers.
Oanda provides you with the ability to trade via 3 trading platforms, and FXChoice has 3 trading platforms, too. Both brokers also offer research and trading tools, however FXChoice has more.
Overall, our experts agree that FXChoice boasts the better trading platform offering.
Research Tools
| TOOL | OANDA | FXCHOICE |
|---|---|---|
| News (from top-tier sources) | Y | Y |
| Trading Signals and Indicators | N | Y |
| Trade Ideas | N | N |
| Expert Analysis | N | N |
| Autochartist Tools | N | N |
| Sentiment Charts | N | N |
| Economic Calendar | N | Y |
Which is better for beginners, Oanda or FXChoice?
To decide how well-suited a broker is for beginner traders, our experts look at what educational materials are available, how accessible the minimum deposit limits are, the range of account types and whether or not you can practice trading with a demo account first.
Considering this, our reviews show that FXChoice is the better broker for beginner traders as it offers a larger range of educational tools and materials. FXChoice also has a minimum deposit of $.
Educational Features
| FEATURE | OANDA | FXCHOICE |
|---|---|---|
| Demo Account | N | Y |
| Platform Tutorial Videos | N | Y |
| Educational PDFs | N | N |
| Live Webinars | N | N |
| YouTube Videos | N | Y |
| Trading Academy | N | N |
| Trading Glossary | N | N |
Which broker is better overall?
Overall, our tested reviewing methodology proves that FXChoice is the better broker in a range of key areas. You can learn more by reading our Oanda and FXChoice reviews.
