Forex Com and Oanda are two well-established online forex brokers that offer a wide range of trading options for investors. Both platforms have their own unique features and advantages, making it difficult for investors to decide which one is the best for their trading needs. In this article, we will compare Forex Com and Oanda to help investors make an informed decision.
Trading Options:
Both Forex Com and Oanda offer a wide range of trading options, including currency pairs, commodities, indices, and cryptocurrencies. However, Forex Com offers a larger selection of currency pairs compared to Oanda. Forex Com provides access to over 80 currency pairs, including major, minor, and exotic pairs. On the other hand, Oanda offers around 70 currency pairs. So, if you are looking for more variety in currency pairs, Forex Com might be the better option for you.
Trading Platforms:
Forex Com and Oanda offer their own proprietary trading platforms, as well as the popular MetaTrader 4 (MT4) platform. Forex Com’s proprietary platform is called ForexTrader, which is a user-friendly and feature-rich platform that is suitable for both beginners and experienced traders. It offers advanced charting tools, customizable layouts, and access to a wide range of technical indicators.
Oanda’s proprietary platform is called Oanda Trade, which is also a user-friendly platform with a simple and intuitive interface. It offers advanced charting features, access to economic news, and the ability to trade directly from the chart. Both platforms are available on desktop, web, and mobile devices, allowing investors to trade on the go.
Customer Support:
When it comes to customer support, both Forex Com and Oanda offer excellent services. They provide 24/7 customer support via live chat, email, and phone. Additionally, they offer comprehensive educational resources, including webinars, video tutorials, and trading guides, to help investors improve their trading skills.
Regulation and Security:
Regulation and security are crucial factors to consider when choosing a forex broker. Forex Com is regulated by multiple financial authorities, including the Financial Conduct Authority (FCA) in the UK and the Commodity Futures Trading Commission (CFTC) in the US. It also segregates client funds and provides negative balance protection, ensuring the safety of investors’ funds.
Oanda is also regulated by multiple financial authorities, including the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC), and the Investment Industry Regulatory Organization of Canada (IIROC). Like Forex Com, Oanda also segregates client funds and provides negative balance protection.
Trading Costs:
When it comes to trading costs, both Forex Com and Oanda offer competitive pricing. Forex Com charges a commission on its ForexTrader platform, while spreads are variable on its MT4 platform. On the other hand, Oanda offers a spread-based pricing model with no commission charges. It is important to note that the trading costs may vary depending on the account type and trading volume.
Conclusion:
In conclusion, both Forex Com and Oanda are reputable and reliable forex brokers that offer a wide range of trading options for investors. While Forex Com offers a larger selection of currency pairs, Oanda provides a user-friendly trading platform with advanced charting features. Both brokers offer excellent customer support, are regulated by multiple financial authorities, and provide a secure trading environment.
Ultimately, the choice between Forex Com and Oanda depends on your personal preferences and trading needs. It is recommended to open demo accounts with both brokers to test their platforms and services before making a decision.
