Introduction
If you are looking to start trading in the forex market, you will need to find a reliable and trustworthy forex broker. Two of the most popular forex brokers are Oanda and Forex.com. In this article, we will compare the two brokers to help you decide which one is the best for you.
Background
Oanda and Forex.com are both well-established forex brokers that have been in the market for many years. Oanda was founded in 1996, while Forex.com was founded in 2001. Both brokers are regulated by top-tier regulatory bodies and are known for their transparency and reliability.
Trading Platforms
Oanda and Forex.com offer multiple trading platforms to their clients. Oanda offers its proprietary trading platform, Oanda Trade, which is available on desktop, web, and mobile devices. Forex.com, on the other hand, offers the popular MetaTrader 4 platform, as well as its own trading platform, Forex.com Web Trading.
Account Types
Both brokers offer multiple account types to their clients. Oanda offers a standard account and a premium account, while Forex.com offers a standard account, a commission account, and an Active Trader account. The minimum deposit required to open an account with Oanda is $1, while Forex.com requires a minimum deposit of $100.
Trading Instruments
Both brokers offer a wide range of trading instruments to their clients. Oanda offers over 70 currency pairs, as well as CFDs on indices, commodities, bonds, and metals. Forex.com offers over 80 currency pairs, as well as CFDs on indices, commodities, and cryptocurrencies.
Spreads and Commissions
When it comes to spreads and commissions, Oanda and Forex.com are both competitive. Oanda offers variable spreads that start from 1.2 pips for major currency pairs, while Forex.com offers spreads that start from 0.8 pips for major currency pairs. Both brokers charge commissions on their ECN accounts.
Customer Support
Both brokers offer excellent customer support to their clients. Oanda offers 24/7 customer support via phone, email, and live chat, while Forex.com offers 24/5 customer support via phone, email, and live chat. Both brokers also offer extensive educational resources to help their clients improve their trading skills.
Regulation
Both brokers are regulated by top-tier regulatory bodies. Oanda is regulated by the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC), and the Monetary Authority of Singapore (MAS). Forex.com is regulated by the National Futures Association (NFA) and the Commodity Futures Trading Commission (CFTC) in the US, the Financial Conduct Authority (FCA) in the UK, and the Australian Securities and Investments Commission (ASIC).
Conclusion
In conclusion, both Oanda and Forex.com are reliable and trustworthy forex brokers that offer excellent trading conditions to their clients. The choice between the two brokers ultimately depends on your personal preferences and trading style. If you prefer a proprietary trading platform and lower minimum deposit requirements, Oanda may be the better choice for you. If you prefer the popular MetaTrader 4 platform and a wider range of account types, Forex.com may be the better choice for you.
