Oanda Vs FxPro

Category: Broker Guides | Author: Trading Brokers | Date: May 16, 2024

As the world of online trading continues to evolve, finding the right platform becomes increasingly important. That’s where we step in to help you make an informed decision. In this article, we’ll explore the backgrounds of Oanda and FxPro, weigh their respective pros and cons, and examine their differences in terms of regulation, trading platform, pricing and fees, broker type,  leverage, asset selection, social trading, minimum deposit, and withdrawal and deposit methods. By the end of our analysis, you’ll have a better grasp of which platform aligns better with your trading objectives.

Overview of Oanda

Oanda

Oanda

Oanda is an online broker that specializes in forex and CFD trading, as well as currency conversion and exchange rates. Oanda was established in 1996 by two computer science professors, Dr. Michael Stumm and Dr. Richard Olsen, who wanted to provide transparent and fair access to the global currency markets. Oanda is regulated by multiple authorities in different regions, such as the US, UK, Canada, Japan, and Australia. Oanda has a reputation for being a trusted and innovative broker that offers low spreads, fast execution, and no minimum deposit. Oanda provides its clients with various trading platforms and tools to suit their needs and preferences.


Oanda’s web-based platform, OANDA Trade, is powered by TradingView and offers advanced charting, technical analysis, market news, economic calendar, and algorithmic trading. Oanda supports integration with other popular platforms such as MetaTrader 4 and TradingView. Oanda has a diverse product portfolio that includes forex, CFDs, indices, metals, commodities, and bonds. However, Oanda does not offer stocks, ETFs, mutual funds, or cryptocurrencies. Oanda also has a limited number of base currencies compared to some of its competitors. Oanda’s product offering may vary depending on the region and account type. Oanda also has offices in various locations around the world, such as Singapore, London, Toronto, Tokyo, and Sydney.

Pros of Oanda

  • Reliable broker with a strong establishment and excellent reputation.
  • High-quality trading platforms with powerful research tools.
  • Low forex fees and no minimum deposit requirement.
  • Offers a variety of financial instruments including forex, CFDs, indices, metals, commodities, and bonds.

Cons of Oanda

  • Limited product portfolio, only offering forex and CFDs.
  • Average CFD fees and some non-trading fees.
  • Not listed on a stock exchange and lacks a banking background.
  • Customer support not available 24/7 with potential 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 FxPro

FxPro

FxPro

FxPro is a UK-based online trading platform that was founded in 2006 by Denis Sukhotin. It is one of the leading providers of online forex trading and banking services. FxPro offers access to over 600 markets, including forex, cryptocurrencies, stocks, indices, commodities, and more. The platform’s commitment to cost-effectiveness is evident through its low-cost trading philosophy, enabling clients to optimize their investment returns while minimizing costs.

FxPro’s success is further attributed to its award-winning trading platforms, including MetaTrader 4, MetaTrader 5, cTrader, and FxPro Edge, which offer advanced features and functionalities to enhance the trading experience for users. Upholding strict regulatory standards, FxPro operates under the supervision of various authoritative bodies worldwide. Notable regulatory bodies overseeing its operations include the Financial Conduct Authority (FCA) in the United Kingdom, the Cyprus Securities and Exchange Commission (CySEC) in Cyprus, the Financial Sector Conduct Authority (FSCA) in South Africa, and the Securities Commission (SCB) in the Bahamas.

Pros of FxPro

  • 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 FxPro

  • Fees for some withdrawal methods
  • Account maintenance and inactivity fees
  • Limited range of tradable instruments
  • No social trading or copy trading
  • High minimum deposit and withdrawal amounts
FxPro Logo

FxPro is a regulated online broker that offers hundreds of tradable assets on multiple sophisticated platforms; cTrader, MetaTrader and FxPro Edge. They also offer trading tools, third-party analysis and trader education. However, the spreads and fees are not the lowest.

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

Comparison between Oanda and FxPro

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

Regulation

Both Oanda and FxPro are regulated by multiple authorities in different jurisdictions. Oanda is authorized by two Tier-1 regulators (the Financial Conduct Authority in the UK and the Commodity Futures Trading Commission in the US), one Tier-2 regulator (the Investment Industry Regulatory Organization of Canada), and one Tier-4 regulator (the Financial Sector Conduct Authority in South Africa).

FxPro is authorized by one Tier-1 regulator (the Financial Conduct Authority in the UK), one Tier-2 regulator (the Cyprus Securities and Exchange Commission), one Tier-3 regulator (the Financial Services Authority in Seychelles), and one Tier-4 regulator (the Financial Sector Conduct Authority in South Africa). Both brokers are considered highly trusted and reputable.

Trading Platform

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. FxPro’s platform is more suited for low-cost traders who want to access various markets with competitive conditions and interbank liquidity. It also offers a choice of award-winning trading platforms such as MetaTrader 4, MetaTrader 5, cTrader, and FxPro Edge.

Pricing and Fees

Oanda and FxPro have different pricing and fee structures. Oanda charges no deposit or account fees, but bank transfer withdrawals are costly. 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 after 12 months without trading. On the other hand, FxPro also has no deposit or account fees but may charge withdrawal fees for specific methods. They offer four pricing models: spread-only with no commission, spread + commission with varying rates, fixed spread with a $6 per $100,000 commission, and volume-based pricing with commissions ranging from $35 to $10 per million traded based on monthly volume. FxPro also applies a swap rate for overnight positions, which can be positive or negative.


Broker Type

Oanda is a market-maker broker that uses a hybrid execution model that combines dealing desk (DD) and no dealing desk (NDD) methods. This means that Oanda may act as a counterparty to some of its clients’ trades or pass them to third-party liquidity providers. FxPro is a no-dealing desk (NDD) broker that uses straight-through processing (STP) and electronic communication network (ECN) methods. This means that FxPro does not act as a counterparty to its clients’ trades but instead routes them to various liquidity providers. Both brokers claim to provide fully transparent execution methods that vary by account type.

Leverage

Oanda offers leverage up to 50:1 for major currency pairs and up to 20:1 for minor currency pairs, commodities, indices, and stocks. FxPro offers leverage up to 1:500 for forex pairs, up to 1:200 for commodities and indices, up to 1:20 for stocks, and up to 1:5 for cryptocurrencies.

Asset Selection

Both Oanda and FxPro 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. FxPro has more than 600 markets available, including forex, cryptocurrencies, stocks, indices, commodities, and more. However, Oanda has a limited asset selection compared to FxPro, as it does not offer some products such as options, futures, and bonds.

Social Trading

Oanda does not offer social trading features on its own platforms, but it supports social trading through MetaTrader 4, which has a Signals tool that allows traders to subscribe to signal providers or become one themselves. On the other hand, FxPro offers social trading through its partnership with ZuluTrade and cTrader Copy. ZuluTrade is a third-party platform that connects traders with thousands of signal providers from around the world. Traders can choose from various performance metrics, risk management tools, and feedback ratings to find the best signal providers for their needs. FxPro does not charge any commission for using ZuluTrade, but it applies a markup on the spread cost.

Minimum Deposit

Another difference between Oanda and FxPro is their minimum deposit requirements. Oanda does not have a minimum deposit requirement for opening an account. FxPro requires a minimum deposit of $100 for most countries ($5000 for US clients), but it may vary depending on the broker you choose.


Withdrawal and Deposit Methods

Both Oanda and FxPro offer various withdrawal and deposit methods for their users. However, they have different processing times and fees associated with them. 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. FxPro supports withdrawal and deposit methods such as bank transfers, credit/debit cards, Skrill, Neteller, and more. However, it does not charge any fees for withdrawal or deposit methods.

Which Should You Choose: Oanda or FxPro?

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. Additionally, it 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 choice of award-winning trading platforms, and have a direct customer support phone line, FxPro might be a better fit. FxPro focuses on providing traders with competitive trading conditions, including tight spreads, deep liquidity, and a choice of award-winning trading platforms. It also offers a direct customer support phone line for efficient assistance.

Conclusion

In conclusion, we’ve taken a deep dive into the comparison of two widely recognized and extensively used online trading platforms: Oanda and FxPro. We’ve explored their backgrounds, weighed the pros and cons, and shed light on their distinctions regarding regulation, trading platform, pricing and fees, broker type, leverage, asset selection, social trading, minimum deposit, and withdrawal and deposit methods. Alongside this, we’ve provided some general guidelines to help you determine which platform aligns better with your preferences, goals, and needs. However, it’s important to emphasize that the final decision rests entirely on your shoulders, requiring thorough research and due diligence on your part. Our utmost hope is that this article has proven valuable and informative to you. Wishing you a prosperous trading experience ahead!


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