Oanda has carved a niche for itself in the Forex market as a leading Forex trading platform as we show in our Oanda Review.
However, if you have been looking for alternatives to Oanda Forex broker, we present a list of the best Oanda alternatives for Forex traders.
Before the actual top 10, here’s a quick view of the reasons why we chose these brokers as Oanda alternatives:
|Oanda Alternatives||Alternative for||Minimum Deposit|
|Pepperstone||Scalping, Spread Betting, PAMM Account||$0|
|IC Markets||Scalping, Unlimited demo, PAMM Account||$0|
|eToro||Copy Trading, Crypto Trading||$200|
|Fusion Markets||Scalping, MAM Account||$0|
|Axi||Scalping, Spread Betting, MAM Account||$0|
|IG Markets||Massive number of assets and Spread Betting||$250|
|XTB||Number of assets and unlimited demo account||$0|
|Plus500||Proprietary platform, good number of assets and unlimited demo||$100|
|FXCM||Spread Betting and unlimited demo||$50 ($300 for UK and EU traders)|
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.
Between 74-89% of retail investor accounts lose money when trading CFDs.
You should consider whether you can afford to take the high risk of losing your money
Table of contents
Oanda Low Spread and Scalping Alternatives
Oanda is one of the best platforms for low spreads and scalping. Nevertheless, it’s not the only trading platform that offers these services. We reviewed the Top 10 Lowest Spread Forex Brokers in this article.
Here’s a tabular representation of the top 10 Oanda alternatives you can choose from:
|Broker||Minimum Deposit||Avg Spread EUR/USD|
|IC Markets||$0||0.1 pips|
|Fusion Markets||$0||0.09 pips|
Oanda Copy Trading Alternatives
Copy trading is fun and rewarding when done on a credible Forex trading platform. Aside from Oanda, other options you can choose from are discussed in our Top 10 Best Copy Trading Platforms and represented in the table below:
|Broker||Minimum Deposit||Copy Trading Platform|
|Axi||$0||ZuluTrade (depending on your location), Myfxbook|
|FXCM||$50 ($300 for UK and EU traders)||ZuluTrade|
Oanda Spread Betting Alternatives
Spread betting is some traders’ preferred trading option. If you are interested in spread betting and will like to check it out on other platforms aside from Oanda, check out our list of the Top 10 Spread Betting Forex Brokers.
The table below furnishes you with more information about these Oanda spread betting alternatives:
|Broker||Minimum Deposit||Minimum Bet|
|AvaTrade||$100||0.10 per points|
|FXCM||$50 ($300 for UK and EU traders)||7p or 7cents|
Oanda Unlimited Demo Account Alternatives
Before trading with your hard-earned money, you may consider learning the trade ropes on Oanda. However, if you want to consider other options, go through our review of the Top 10 Best Forex Demo Accounts.
Check the table below for a brief review of the Oanda unlimited demo account alternatives:
|Broker||Demo trial||Minimum Deposit|
|FXCM||Unlimited||$50 ($300 for UK an EU traders)|
Choosing an Oanda Alternatives: Main Perks and Characteristics
The main characteristics and benefits of using Oanda are listed below. Consider these characteristics and perks when shopping for its alternatives:
- Oanda is a reputable Market Maker Broker.
- It offers spread betting.
- The two main perks it offers are unlimited demo account with which traders can test their trading strategies in a risk-free environment without risking their money, and the $0 minimum deposit
- Do you fancy the MT4 trading platform? If you do, Oanda offers that trading platform as well.
- You have an impressive number of forex currency pairs to trade: 70.
- If you are an Australian trader, with your Core Account, you will find spreads from 0 pips.
- It’s one of the handfuls of brokers that are operational in Canada and the USA.
Its two major downsides are limited account currencies and limited asset number.
For a detailed review of Oanda Forex broker, check our Oanda Review.
What is Oanda Missing?
Oanda is one of the best forex brokers in the world, but you should know that there is not such thing as the “perfect forex broker”. In fact, each broker has its own pros and cons, as well as exclusive services, pricing, and much more. Here is what Oanda is missing:
Oanda Alternatives Comparison
Here is a tabular representation of the top Oanda alternatives:
|Feature||Minimum Deposit||Spread Betting||Low spreads from 0 pips||Copy Trading||Execution|
|IG Markets||$250||Yes||No||No||Market Maker|
|FXCM||$50 ($300 for UK and EU traders)||Yes||No||Yes||STP|
About the Author
Anthony is a financial journalist and business advisor with several years’ experience writing for some of the most well-known sites in the Forex world.
A trader turned industry writer, he is currently based in Shanghai with a finger on the pulse of Asia’s biggest markets.
He is a keen golfer with a very high handicap so when not helping you find the best broker for your needs, you may find him on the course or just as likely following any number of sports from the comfort of his sofa.