FxPro vs Oanda: Comparison and Analysis

FxPro vs Oanda: A Comparison Summary

When it comes to selecting a broker, there are several factors to consider such as security, account opening, social-copy trading, markets, trading fees, platforms, and customer care. In this comparison summary, we will compare two popular brokers, FxPro and Oanda, based on these factors.

Security

Both FxPro and Oanda are regulated by multiple regulatory bodies, ensuring that their clients’ funds are safe and secure. FxPro has a security rating of 95, while Oanda has a security rating of 94.

Demo Account

FxPro offers a demo account with a duration of 180 days and virtual funds of $100,000. The demo account virtual funds can be restored directly from your FxPro Direct dashboard. On the other hand, Oanda offers an unlimited demo account with virtual funds of $100,000, and the virtual funds of the Oanda demo account can be restored by contacting customer support.

Account Opening

FxPro has a minimum deposit requirement of $100, and clients can choose from different account types, including MT4 account, MT5 account, cTrader account, Spread Betting account for UK traders, Islamic account, and VIP account for advanced traders. In contrast, Oanda has no minimum deposit requirement and offers different account types, including Standard account, Premium account, Core account, Spread Betting, and Professional account for advanced traders.

Social-Copy Trading

FxPro does not offer social nor copy trading features. In comparison, Oanda allows traders to engage in social trading through third-party platforms such as Tradingview. Moreover, traders can use the EAs on the MT4 and MT5 platform to engage in copy trading.

Markets

FxPro offers Forex, commodities, indices, crypto assets, and stocks. In contrast, Oanda offers Forex, commodities, indices, crypto assets, stocks, ETFs, and bonds. While FxPro only offers CFDs, Oanda offers every asset via CFD, making the broker an excellent choice for short-term investment. European traders can access real stocks as well.

Trading Fees

FxPro offers both variable and fixed spreads, with variable spreads starting from 0.1 pips on forex (lower than market average) and fixed spreads starting from 1.6 pips on forex (higher than market average). Oanda only offers variable spreads starting from 1.2 pips on forex (above the market average). Moreover, Oanda offers zero commission on EUR accounts, making it an attractive option for European traders.

Platforms

FxPro offers proprietary platforms such as FxPro EDGE via WebTrader and FxPro Mobile App, as well as MetaTrader 4 (MT4), MetaTrader 5 (MT5), and cTrader available via WebTrader, Desktop, and Mobile. Oanda offers its proprietary platform, Oanda Trade Platform, available via desktop, web, and mobile, as well as MT4 and MT5 available via webtrader, desktop, and mobile in the European Union.

Education/Customer Care

FxPro provides limited educational material, including basic video tutorials and PDF guides for beginners, and very few resources for professionals. However, FxPro has easy-to-contact customer care available in over 30 languages. Oanda, on the other hand, provides a range of technical and fundamental analysis tutorials, webinars, and events, making it an attractive option for traders looking for more educational resources. Additionally, Oanda has easy-to-contact customer care available via phone, email, and live chat.

Conclusion

In conclusion, both FxPro and Oanda are reputable brokers with their own strengths and weaknesses. FxPro has a security rating of 95, offers a demo account with a duration of 180 days and lower variable spreads on forex, making it a good choice for short-term investors. However, it doesn’t offer social or copy trading features, and its educational resources are limited.