If you are considering starting to trade the forex market, you may be wondering which site is best for you. Both sites offer great platform options, but what s the difference? Both companies offer MetaTrader 4 and fxTrade, two of the most popular trading platforms today. Each site provides a desktop, mobile, and tablet application. If you are unsure which platform to use, Oanda s mobile app is 4.6 stars, a high rating from users.
When you sign up for an account at either website, make sure you understand their margin requirements. If you don t, you may find yourself unable to make your initial investment. OANDA s margin requirement is 50% of the amount you need to open a trade. Traders should be aware of the risks and potential losses associated with leveraged trading. For this reason, it is important to understand how leveraged trading works and whether you are willing to take on the risk of losing your money.
While Oanda doesn t offer retirement savings or stock trading, you can still find a multitude of other options on the platform. For advanced traders, OANDA s comprehensive analytical tools are very useful. In addition, their "order book" gives you insights into trader sentiment. Advanced traders may benefit from tools like volatility analysis and pattern matching engines. OANDA also has more advanced tools, but the interface isn t as intuitive as Forex.com s.
Customer support is another important factor to consider when choosing an online forex broker. In volatile markets, poor customer support can cost a trader. Oanda has a robust customer service department and major offices in North America, Europe, and Asia. You can reach live support through a chatbot, email, or phone. You can also find support for seven different languages, including Spanish, English, and German.
OANDA offers a low minimum spread on EUR/USD for its US clients. However, OANDA does not accept individual stocks, ETFs, or industry sectors, or cryptocurrencies. It also limits the number of CFDs it offers. For US clients, the minimum spread for EUR/USD is 1.3 pips, while for non-U.S. clients it is 0.4 pips. Both websites charge monthly inactivity fees and other fees on deposits and withdrawals.
When choosing between fxTrade and OANDA, remember that each service has its pros and cons. OANDA provides more tools than other Forex brokers. For example, fxTrade offers Dow Jones FX Select news, ESMA-mandated negative balance protection, and advanced data analytics. Both companies are also regulated globally, which is always a plus. You should also consider the commission charged by each company for their services.
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