Trustworthy broker to work with is key when trading Forex. Yet, we are fully aware of the difficulties of making the final decision when there are so many possible options to think of. Here, we will compare and contrast two leading brokers of the Forex industry, FOREX.com and OANDA, to help you finalize your search. We’ll compare their services, costs, and features and hopefully help you decide which is better for you. Let’s get straight into it.
Let’s Discuss FOREX.com and OANDA In Detail
Since 2001, FOREX.com has offered trading in more than 80 currency pairs and other assets like indices, commodities, and cryptocurrencies. As it is regulated by various financial authorities, such as the Financial Conduct Authority of the UK and the National Futures Association of the US, it is considered one of the most trustworthy platforms to trade. The platform offers many platforms that you can trade, including Advanced Trading platform and the well-known MetaTrader 4. The platform also offers a huge range of educational resources that consists of webinars, guides, and market analysis for traders.
On the other side of the comparison, we have OANDA, which is a popular forex broker that was founded in 1996. Like the first platform, OANDA allows people to trade in multiple asset classes, such as various currency pairs (over 70), indices, commodities, and bonds. OANDA, too, is regulated by various authorities like FCA in the UK and CFTC in the US. The broker’s unique trading platform, fxTrade, is popular due to its advanced charting and management tools. Like FOREX.com, OANDA also provides educational content for beginner traders and traders learning more about trading.
Both platforms offer competitive pricing and tight spreads with a small difference. FOREX.com charges a commission on its trades, and OANDA offers spread-only pricing. Both brokers also provide a diverse range of tools you can benefit from while trading. Plus, when it comes to customer support, both platforms can be accessible via phone, email, and live chat 24/7.
Let’s Help You Decide: Which Platform Is Better for What?
We are fully aware that choosing a platform to trade Forex is a painstakingly long and hard process. Yet, hopefully, with our comparison below, it might become easier. We’ll talk about some factors like regulation, trading costs, trading platforms, and educational resources that they provide.
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Regulation:
Both brokers are registered and regulated by multiple financial authorities. This, in turn, allows them to provide some level of security, trust, and protection. While the rules of each regulator may vary, these regulations are crucial when choosing a forex broker.
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Trading Costs:
As we mentioned before, FOREX.com demands a small amount of commission on its trades, while OANDA offers spread-only pricing. This means that people who consider making huge volumes of trading have a little bit more of an advantage when trading on OANDA.
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Trading Platforms:
Both FOREX.com and OANDA offer various trading platforms. While there are some similarities regarding the platforms being offered, the specific features and tools might be different. Thus, you should consider working with a broker that suits your trading strategy and preferences.
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Educational Resources:
Both brokers offer a huge library of educational traders who want to improve their crafts. These resources include webinars, trading guides, and market analyses comes from experts in the industry. While the quality and topic might change, these are both successful educational platforms that people can use, considering their own preferences.
So, Which Is Better?
As you can see, both platforms offer invaluable opportunities to beginner and professional forex traders alike. Their competitive pricing, multiple trading platforms, and the range of educational resources ensure that people who want to trade are always satisfied with the services that FOREX.com and OANDA provide. Yet, choosing between the two, it is crucial to consider various factors such as regulation, trading costs, trading platforms, and educational resources. In the end, the choice depends on your personal needs and preferences. Whatever broker you choose, the wisest thing you could do is to trade responsibly and manage your risk carefully. Good luck!
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