Best Oanda Alternatives

logomark Anthony Gallagher calendar Last Updated: November 2021 timer 4 min read
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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
AvaTrade Spread Betting $100
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)

WARNING

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
Pepperstone $0 0.09 pips
IC Markets $0 0.1 pips
Fusion Markets $0 0.09 pips
Axi $0 0.2 pips
XTB $0 0.9 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
eToro $200 WebTrader
Pepperstone $0 DupliTrade, myfxbook
IC Markets $0 ZuluTrade
AvaTrade $100 ZuluTrade
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
Pepperstone $0 £0.2
AvaTrade $100 0.10 per points
Axi $0 N/A
IG Markets $250 N/A
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
IC Markets Unlimited $0
eToro Unlimited $200
XTB Unlimited $0
Plus500 Unlimited $100
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
Oanda $0 No Yes No Market Maker
Pepperstone $0 Yes Yes Yes ECN/STP
IC Markets $0 No Yes No ECN
eToro $200 No No Yes STP
AvaTrade $100 Yes No Yes Market Maker
Fusion Markets $0 No Yes No NDD
Axi $0 Yes Yes Yes ECN
IG Markets $250 Yes No No Market Maker
XTB $0 No Yes No DMA
Plus500 $100 No No No DMA
FXCM $50 ($300 for UK and EU traders) Yes No Yes STP

 


About the Author

Anthony Gallagher

Broker Expert

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.


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