In this head to head comparison of FXCM vs OANDA, we will compare the trading platforms, mobile apps, range of investments, costs, market research, and more. Let’s dive in.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 51% and 89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Regulation
FXCM and OANDA are well-known online brokers with long track records. FXCM was founded in 1999 and is publicly traded, while OANDA was founded in 1996 and is not publicly traded. Neither firm is a bank.
Both brokers earn high marks for trust: FXCM scores 95/99 and OANDA scores 92/99 with ForexBrokers.com, placing each in the “highly trusted” range (90–99). In terms of regulatory licenses, FXCM holds 4 Tier-1 and 2 Tier-2 licenses, while OANDA holds 7 Tier-1 licenses and no Tier-2 licenses. OANDA leads on top-tier approvals, whereas FXCM combines a top trust score with added Tier-2 coverage and a listed status.
| Feature | ||
|---|---|---|
| Year Founded info | 1999 | 1996 |
| Publicly Traded (Listed) info | Yes | No |
| Bank info | No | No |
| Tier-1 Licenses info | 4 | 7 |
| Tier-2 Licenses info | 2 | 0 |
| Tier-3 Licenses info | 0 | 0 |
| Tier-4 Licenses info | 0 | 1 |
Fees
FXCM vs OANDA commissions and fees: FXCM generally comes out cheaper for EUR/USD. In May 2024, FXCM’s average spread was 0.78 pips in the EU, U.K., and Australia (and 1.38 pips via its St. Vincent and the Grenadines entity). Its commission-based accounts averaged 0.28 pips before commissions, with an all-in cost around 0.74–0.78 pips depending on program and region. By comparison, OANDA’s average non-core pricing was 1.61 pips on EUR/USD in July 2024, while its Core Pricing plan typically lands near 1.4 pips all-in (about 0.4 pips spread plus a 1.0 pip commission equivalent). In our ratings, FXCM earns 4.5/5 stars and ranks #17 of 63 for Commissions and Fees, while OANDA earns 4/5 stars and ranks #30 of 63.
FXCM’s pricing appeals most to traders who can qualify for volume discounts. Its Active Trader Rebate Program offers $5–$25 per million traded (not available in the U.K. or EU), and availability depends on your country of residence. Regional rules and tiers vary: for example, in the U.K. a $25,000 balance and at least $50 million in monthly volume can drop the commission to $2.50 per side ($5 round turn), which put the effective EUR/USD cost near 0.78 pips based on a 0.28-pip core price. As with any broker, expect spreads to widen during rollover or in volatile markets.
OANDA is not a discount broker, and its default spreads are on the higher side, but its Core Pricing can trim costs if you meet the $10,000 minimum deposit. That plan charges $5 per side per $100,000 traded (roughly 1.0 pip round turn) and, when paired with tighter quoted spreads, can reduce the all-in cost to about 1.4 pips on EUR/USD. Active traders in select regions can also get $5–$17 per million in rebates via OANDA’s Elite Trader program, and OANDA stands out for flexible sizing down to 1 unit, plus frequent publication of trailing spread averages for greater pricing transparency.
Range of investments
FXCM and OANDA both support forex trading as CFDs and spot contracts, plus copy trading. OANDA offers a much wider selection of markets with 4,172 tradeable symbols and 69 forex pairs, compared with FXCM’s 440 symbols and 46 pairs. Both brokers offer cryptocurrency CFDs, but only OANDA lets you buy actual crypto.
For exchange-traded securities, FXCM does not offer stock trading on U.S. or international exchanges, while OANDA does for both. Despite these differences, both brokers earn 4.5 stars for Range of Investments. In ForexBrokers.com’s 63-broker lineup, OANDA ranks #20 and FXCM ranks #21. Choose OANDA if you want more symbols, more forex pairs, stock trading, and access to real crypto; choose FXCM if your focus is primarily on forex and CFDs with copy trading support.
Trading platforms and tools
FXCM vs OANDA: Both brokers offer free demo accounts for paper trading, proprietary platforms, Windows desktop downloads, and web-based platforms. Each supports MetaTrader 4 (MT4), copy trading, and lets you place trades directly from a chart. If you need MetaTrader 5 (MT5), only OANDA provides it; FXCM does not.
For trading platforms and tools, FXCM is rated 5 stars and ranks #4 out of 63 brokers on ForexBrokers.com, while OANDA earns 4 stars and ranks #16. In simple terms, FXCM edges out OANDA for overall platform quality, but OANDA can be the better choice if MT5 is essential. Both are solid picks for traders who want desktop and web access, chart trading, and the ability to test strategies with a free demo.
Forex trading apps
FXCM and OANDA both deliver polished mobile trading apps for iPhone and Android, complete with stock and forex price alerts, trendline drawing, and auto‑saved chart annotations. According to ForexBrokers.com, OANDA takes the lead on overall app quality with a 5-star rating and a #7 ranking out of 63 brokers, while FXCM earns 4.5 stars and ranks #16.
Feature-wise, FXCM offers watchlist syncing between the mobile app and your online account, while OANDA does not. FXCM also packs more technical studies for charting (59 vs. OANDA’s 30). If you want a larger indicator library and synced watchlists, FXCM is appealing. If a top-rated user experience is your priority, OANDA is a strong pick.