Oanda Vs FXChoice

Category: Broker Guides | Author: Trading Brokers | Date: May 20, 2024

Welcome to our comprehensive comparison of two renowned online trading platforms: Oanda and FXChoice. In the ever-expanding world of online trading, it can be a daunting task to find the platform that best suits your specific needs and goals. In this article, we’ll delve into the backgrounds of Oanda and FXChoice, evaluate their pros and cons, and explore how they differ in key areas such as regulation, trading platform, pricing and fees, broker type, leverage, asset selection, social trading, minimum deposit, and withdrawal and deposit methods. By the end of this analysis, you’ll have a clearer understanding of which platform, Oanda or FXChoice, is better suited for your trading endeavors.

Overview of Oanda



Oanda is an online platform that provides forex and crypto trading services, as well as currency conversion and exchange rates. Oanda was founded in 1996 and is regulated by several authorities around the world, including the US, UK, Canada, Japan, and Australia.

Oanda offers tight spreads on major and minor currency pairs, as well as access to over 200 currencies, commodities, and precious metals. Oanda has been voted the most popular and best forex broker by TradingView users. One of the main attractions of Oanda is its sophisticated trading platform, OANDA Trade, which has a range of features and tools for traders of all levels. OANDA Trade allows users to conduct technical analysis with over 10 chart layouts, 50 drawing tools, and technical indicators.

Users can also access market news, economic calendars, algorithmic trading, risk management tools, trade performance analytics, and a customizable interface. OANDA Trade is powered by TradingView, a leading charting and social network for traders. Users can also integrate Oanda with other popular platforms such as TradingView and MetaTrader 4, which offer additional trading options and strategies. They also have offices in various locations around the world, such as Singapore, London, Toronto, Tokyo, and Sydney, where users can visit or call for more information.

Pros of Oanda

  • Reliable broker with a strong establishment and excellent reputation.
  • High-quality and user-friendly trading platforms.
  • Powerful research tools with numerous technical indicators and a great API offer.
  • Low forex fees and no minimum deposit requirement.
  • Wide range of financial instruments available.

Cons of Oanda

  • The limited product portfolio only offers forex and CFDs.
  • Average CFD fees and some non-trading fees.
  • Not listed on a stock exchange and lacks a banking background.
  • Customer support is not available 24/7 and may have long response times.
Oanda Logo

Oanda is a multi-regulated and established online broker offering an excellent range of financial instruments via powerful and user-friendly trading platforms with industry leading trading conditions and a superb selection of premium trading tools for comprehensive market analysis.

Leveraged trading in foreign currency contracts or other off-exchange products on margin carries a high level of risk and may not be suitable for everyone.

Overview of FXChoice



FXChoice is a Belize-based online trading platform that was founded in 2010 by a group of traders. It is one of the leading providers of online forex trading and banking services. FXChoice offers access to over 600 markets, including forex, cryptocurrencies, stocks, indices, commodities, and more. The platform is renowned for its low-cost trading philosophy, allowing clients to optimize their investment returns while minimizing costs.

Additionally, FXChoice operates a loyalty program that rewards clients with rebates and discounts, further enhancing the trading experience for its users. FXChoice operates under the regulatory oversight of the International Financial Services Commission (IFSC) in Belize, ensuring adherence to regulatory standards and providing clients with a secure trading environment. By offering a comprehensive range of markets, implementing a low-cost trading philosophy, and providing a loyalty program, FXChoice has established itself as a trusted and customer-focused online trading platform, catering to the needs of traders seeking diverse investment options.

Pros of FXChoice

  • DMA and ECN execution
  • MT4, MT5, and web-based platforms
  • Competitive spreads and commissions
  • Loyalty program and cash rebates
  • Negative balance protection
  • Responsive and helpful customer service
  • Educational resources, market analysis, and trading signals

Cons of FXChoice

  • IFSC regulation only
  • Limited range of tradable instruments
  • No social trading or copy trading
  • Fees for some withdrawal methods
  • Account maintenance and inactivity fees
  • Minimum deposit and withdrawal amounts
FXChoice Logo

Launched in 2010, FXChoice is a regulated online broker that offers user-friendly platforms for trading CFDs with tight spreads, low fees, rapid execution speeds, flexible leverage and various funding options.

Between 74-89% of retail investor accounts lose money when trading CFDs with this provider.

Comparison between Oanda and FXChoice

In this section, we will compare Oanda and FXChoice based on the following features:


Oanda is regulated by multiple top-tier authorities, including the FCA in the UK, CIRO in Canada, and ASIC in Australia1. It also has licenses in Singapore, Japan, Malta, and the British Virgin Islands. Oanda offers varying degrees of account protection depending on the region, such as negative balance protection for EU clients and guaranteed stop-loss orders for Asia-Pacific clients. FXChoice is regulated by the IFSC in Belize, which is considered a low-tier authority. It does not offer any account protection or compensation schemes for its clients. FXChoice does not accept US clients, but it does accept clients from other regions where Oanda does not operate, such as Africa and Latin America.

Trading Platform

Both Oanda and FXChoice have web-based and mobile platforms that are easy to use and navigate. Oanda’s platform is more user-friendly and intuitive for beginners or casual traders who want to access a variety of assets with simple clicks or taps. It also has powerful trading technology and tools that allow users to perform sophisticated analysis and optimization. FXChoice’s platform is more suited for low-cost traders who want to access various markets with competitive conditions and interbank liquidity. It also has a proprietary programming language that allows users to create their own indicators and strategies.

Pricing and Fees

Oanda charges no deposit and account fees but has costly bank transfer withdrawals. They offer two pricing models: spread-only with no commission but higher spreads, and core pricing with lower spreads and a $5 per $100,000 commission. Oanda applies holding charges for open positions and has an inactivity fee of 10 units of the account currency after 12 months without trading. On the other hand, FXChoice charges no deposit and account fees but may have withdrawal fees, such as $20 for bank transfers and $2.5 for credit/debit cards. FXChoice’s single pricing model is volume-based, with low spreads and a commission ranging from $35 to $10 per million traded based on monthly volume. They also apply a swap rate for overnight positions.

Broker Type

Oanda is a market maker broker, which means it acts as a counterparty to its clients’ trades and may have a conflict of interest. However, Oanda claims to use advanced technology to ensure fair execution and transparent pricing for its clients. Oanda also offers access to an ECN (electronic communication network) through its API trading platform for traders who want direct market access.

FXChoice is an NDD (no dealing desk) broker, which means it does not act as a counterparty to its clients’ trades and instead passes them to liquidity providers. FXChoice claims to offer fast execution, low latency, and competitive pricing for its clients. FXChoice also offers access to an ECN through its Pro account and cTrader platform for traders who want more depth of market information.


Oanda and FXChoice have different leverage options for different instruments and regions. Generally, Oanda offers lower leverage than FXChoice, especially for forex pairs (up to 50:1 vs up to 1:1000) and commodities (up to 20:1 vs up to 1:1000). However, Oanda also offers more instruments than FXChoice, such as stocks and shares (up to 20:1).

Asset Selection

Both Oanda and FXChoice offer a wide range of assets to trade across various markets. However, they have different strengths and weaknesses in terms of asset selection. Oanda has more than 150 markets available, including forex, cryptocurrencies, stocks, indices, commodities, and more. FXChoice has more than 600 markets available, including forex, cryptocurrencies, stocks, indices, commodities, and more. However, Oanda has a limited asset selection compared to FXChoice, as it does not offer some products such as options, futures, and bonds.

Social Trading

Oanda and FXChoice both lack dedicated social trading platforms but integrate with third-party services. Oanda integrates with TradingView and MT4, while FXChoice integrates with Myfxbook and MT4. TradingView and Myfxbook are popular social networks for traders to share charts, performance statistics, strategies, and signals. Both brokers offer access to market data and trade execution via APIs, allowing connections to other social trading platforms or services. MT4, supported by both brokers, enables copy trading through Expert Advisors (EAs) and signal providers.

Minimum Deposit

Another difference between Oanda and FXChoice is their minimum deposit requirements. Oanda does not have a minimum deposit requirement for opening an account. FXChoice requires a minimum deposit of $100 for most countries.

Withdrawal and Deposit Methods

Oanda supports withdrawal and deposit methods such as credit/debit cards, bank transfers, PayPal, Skrill, Neteller, and more. However, it charges a withdrawal fee of $25 for wire transfers regardless of the amount or method used. It also has a minimum withdrawal amount of $100. FXChoice supports withdrawal and deposit methods such as bank transfers, credit/debit cards, Skrill, Neteller and more. However, it charges fees for some methods such as withdrawal ($20 for bank transfers and $2.5 for credit/debit cards), account maintenance ($1 per month) and inactivity ($50 per year).

Which Should You Choose: Oanda or FXChoice?

The answer to this question depends on your personal preferences, goals and needs as a trader or investor. There is no one-size-fits-all solution when it comes to online trading platforms. However, here are some general guidelines that may help you make an informed decision: If you are a beginner or casual trader seeking access to a variety of assets with simple clicks or taps, commission-free trading on forex and cryptocurrencies, powerful trading technology and tools, and no minimum deposit requirement, Oanda may be the preferred option for you. Oanda offers a user-friendly platform that simplifies trading execution and provides access to a wide range of assets. It also provides powerful trading technology and tools to assist traders in their analysis and decision-making processes.

On the other hand, if you are a low-cost trader looking to access various markets with competitive conditions and interbank liquidity, benefit from commission-free trading on forex, enjoy a loyalty program, and have a direct customer support phone line, FXChoice might be a better fit. FXChoice focuses on providing traders with competitive conditions, including tight spreads and interbank liquidity. It also offers a loyalty program to reward active traders and a direct customer support phone line for efficient assistance.


Throughout this article, we’ve embarked on a comprehensive comparison between two highly recognized and extensively used online trading platforms: Oanda and FXChoice. Delving into their respective backgrounds, advantages, and disadvantages, we’ve examined their distinguishing factors in terms of regulation, trading platform, pricing and fees and others. To assist you in making an informed decision, we’ve also provided general guidelines tailored to your preferences, goals, and needs. Nevertheless, it’s crucial to remember that the final selection rests solely in your hands, necessitating your own research and due diligence. We genuinely aspire that this article has proven both helpful and enlightening, equipping you for a fruitful trading journey. Best of luck!

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