Explore our in-depth comparison of FP Markets and OANDA, two leading forex brokers. We dissect their trading costs, platforms, regulatory frameworks, and more to help you make an informed choice.
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Our comprehensive comparison covers the 10 most important trading factors to help you make an informed choice between FP Markets and OANDA.
When it comes to the average standard forex account spreads, both FP Markets and OANDA offer competitive rates. However, there are some distinct differences that set them apart.
OANDA consistently maintains a lower spread across most forex pairs, with the exception of USD/CAD where FP Markets has a slight edge. This suggests that OANDA might be the more cost-effective option for traders who deal with a diverse range of forex pairs.
On the other hand, FP Markets shines with its lower spread on EUR/JPY and USD/CAD. If these are the pairs you frequently trade, FP MArketscould be the more economical choice.
| Standard Account | FP Markets Spreads | OANDA Spreads | Industry Spreads |
|---|---|---|---|
| Overall Average | 1.38 | 1.2 | 1.6 |
| EUR/USD | 1.2 | 0.92 | 1.2 |
| USD/JPY | 1.5 | 1.2 | 1.4 |
| GBP/USD | 1.4 | 0.9 | 1.6 |
| AUD/USD | 1.3 | 1.1 | 1.5 |
| USD/CAD | 1.4 | 1.5 | 1.8 |
| EUR/GBP | 1.2 | 1.16 | 1.5 |
| EUR/JPY | 1.4 | 1.5 | 1.9 |
| AUD/JPY | 1.6 | 1.3 | 2.1 |
Standard Account Analysis Updated April 2025[1]April 2025 Published And Tested Data
It’s important to remember that spreads are just one aspect of choosing a forex broker. Other factors such as trading environment, regulation, and platform offerings should also be considered.
In my opinion, while both forex brokers offer competitive spreads, OANDA seems to have a slight edge due to its consistency across a wider range of forex pairs. However, the final decision should align with your specific trading needs and preferences.
This fee calculator shows how reduced spreads affect trading. Choose your base currency, trade amount, and pair to view the cost.
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Standard Account Spreads
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|---|---|---|---|---|---|
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1.10 | 1.20 | 1.30 | 1.30 | 1.30 |
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0.60 | 0.70 | 0.80 | 0.90 | 0.60 |
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1.13 | 1.01 | 1.71 | 1.66 | 1.12 |
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1.20 | 0.90 | 1.50 | 1.80 | 1.80 |
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1.20 | 1.40 | 1.50 | 1.60 | 1.50 |
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1.30 | 1.70 | 2.10 | 1.40 | 1.50 |
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1.20 | 1.80 | 1.90 | 1.90 | 1.60 |
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1.32 | 1.95 | 1.37 | 1.70 | 1.40 |
Avg. spreads are taken from each broker's website and updated monthly. Last update on 04/01/2025
Deposit & Withdrawal Fees
Neither FP Markets nor OANDA charges any fees for deposits or withdrawals, which is a plus for both brokers.
Other Fees
FP Markets does not charge any inactivity fees, while OANDA charges a monthly inactivity fee after 12 months of no trading activity.
Our Lowest Spreads and Fees Verdict
When it comes to trading costs, OANDA has a slight edge due to its lower spreads.
FP Markets ReviewVisit FP Markets
Both FP Markets and OANDA offer a range of trading platforms to cater to different types of traders.
| Trading Platform | FP Markets | OANDA |
|---|---|---|
| MetaTrader 4 | Yes | Yes |
| MetaTrader 5 | Yes | No |
| cTrader | Yes | No |
| TradingView | Yes | Yes |
| Copy Trading | Yes | Yes |
| Proprietary Platform | Yes | Yes |
MetaTrader 4 and 5
Both brokers offer MetaTrader 4 and 5, the popular and widely-used platforms known for their advanced charting features, automated trading capabilities, and extensive customizability.
cTrader and TradingView
FP Markets also offers cTrader, a platform known for its direct market access trading. OANDA, on the other hand, integrates with TradingView, a platform popular for its social trading features and advanced charting tools. You can learn more about the Best cTrader Brokers here.
Social And Copy Trading
While FP Markets does not have its own social trading platform, it does support copy trading via Myfxbook. OANDA, on the other hand, integrates with TradingView for social trading.
VPS and Other Trading Tools
Both brokers offer VPS services for uninterrupted trading, as well as a range of other trading tools such as economic calendars, market analysis, and educational resources.
Our Better Trading Platform Verdict
Both FP Markets and OANDA offer a comprehensive range of trading platforms and tools. However, the choice between the two will depend on your preference for certain platforms and features.
When it comes to account types and features, FP Markets clearly stands out. They offer both standard and RAW accounts, giving traders the flexibility to choose based on their trading style. OANDA, on the other hand, offers a one-size-fits-all standard account, which might not suit all traders.
Here’s a quick table to sum it up:
| FP Markets | OANDA | |
|---|---|---|
| Standard Account | Yes | Yes |
| Raw Account | Yes | Yes |
| Swap Free Account | Yes | No |
| Active Traders | Yes | No |
| Spread Betting (UK) | No | Yes |
Our Superior Accounts and Features Verdict
FP Markets offers superior accounts and features, making it the better choice for traders looking for flexibility and cost-efficiency.
In my experience, FP Markets offers a top-notch trading environment with rapid execution speeds, which is a game-changer for day traders like myself. OANDA, however, shines in its user-friendly interface, making it an excellent choice for those just starting out in forex trading.
| | Limit Order Speed | Limit Order Global Rank | Market Order Speed | Market Order Global Rank |
|---|---|---|---|---|
| FP Markets | 225ms | 31/36 | 96ms | 8/36 |
| OANDA | 86ms | 5/36 | 84ms | 2/36 |
Our Best Trading Experience and Ease Verdict
If you’re an experienced trader seeking speed and efficiency, FP Markets is your go-to. However, if you’re a newbie looking for a user-friendly platform, OANDA is your best bet.
OANDA Trust Score
FP Markets Trust Score
Trust and regulation are crucial factors when choosing a forex broker. Both FP Markets and OANDA are regulated by multiple top-tier authorities.
| FP Markets | OANDA | |
|---|---|---|
| Tier 1 Regulation | ASIC (Australia) CYSEC (Cyprus) | NFA/CFTC (USA) MAS (Singapore) CIRO (CANADA) FCA (UK) ASIC (Australia) |
| Tier 2 Regulation | JFSA (Japan) KNF (Poland) MFSA (Europe) |
|
| Tier 3 Regulation | FSA-S (Seychelles) FSC-M (Mauritius) FSCA (South Africa) | FSC-BVI |
FP Markets is regulated by the Australian Securities and Investments Commission (ASIC) and the Cyprus Securities Exchange Commission (CySEC). On the other hand, OANDA is regulated by several top-tier authorities including the ASIC, the Financial Conduct Authority (FCA) in the UK, the Commodity Futures Trading Commission (CFTC) and the National Futures Association (NFA) in the US, and the Monetary Authority of Singapore (MAS). You can learn more about ASIC Regulated Brokers and FCA Regulated Brokers here.
Our Stronger Trust and Regulation Verdict
While both brokers are well-regulated, OANDA has a slight edge due to its regulation by multiple top-tier authorities.
FP Markets offers a more extensive range of CFDs and products, including commodities, indices, and even cryptocurrencies. OANDA, while also offering a diverse range, leans more towards forex pairs.
| CFDs | FP Markets | OANDA |
|---|---|---|
| Forex Pairs | 63 | 68 |
| Indices | 19 | 15 |
| Commodities | 4 Metals (vs USD, AUD, EUR) 4 Energies 5 Softs | 3 Metals (Gold x 10) (Silver x 10) 3 Energies 4 Softs |
| Cryptocurrencies | 12 | 4 |
| Shares CFDs | 10000+ (with IRESS) 814 (with MT5) | No |
| ETFs | 46 | No |
| Bonds | 2 | 5 |
| Futures | No | No |
| Treasuries | 2 | 5 |
| Investment | No | No |
Our Top Product Range and CFD Markets Verdict
FP Markets offers a more comprehensive range of CFDs and Markets, making it the better choice for traders looking for variety.
FP Markets offers a good educational suite that includes webinars, eBooks, and even trading guides. OANDA, while offering educational resources, is more limited to basic forex education and news updates.
Our Superior Educational Resources Verdict
Based on our testing scores, FP Markets provides a more comprehensive and higher-quality educational suite, making it the superior choice for traders looking to expand their knowledge.
FP Markets offers 24/5 customer support in multiple languages, which is a big plus for international traders. OANDA, on the other hand, provides 24/7 support but in fewer languages.
| Feature | FP Markets | OANDA |
|---|---|---|
| Live Chat Support | Yes | Yes |
| Email Support | Yes | Yes |
| Phone Support | Yes | Yes |
| Support Hours | 24/7 | 24/5 |
| Multilingual Support | Yes | Yes |
Our Superior Customer Service Verdict
Based on our testing, FP Markets offers a more well-rounded customer service experience, especially for international traders.
FP Markets offers a broader range of funding options, including cryptocurrencies, which is a big win for digital currency enthusiasts like me. OANDA, however, sticks to more traditional methods like bank transfers and credit cards.
| Funding Option | FP Markets | OANDA |
|---|---|---|
| Credit Card | Yes | Yes |
| Debit Card | Yes | Yes |
| Bank Transfer | Yes | Yes |
| PayPal | Yes | No |
| Skrill | Yes | No |
| Neteller | Yes | No |
| Crypto | Yes | Yes |
| Rapid Pay | No | No |
| POLi / bPay | Yes | Yes |
| Klarna | No | No |
Our Better Funding Options Verdict
FP Markets offers a more diverse range of funding options, making it more flexible for different types of traders.
OANDA has a lower minimum deposit of $0 than FP Markets, which requires $100. That said, you may find that OANDA’s minimum deposit requirement varies by region and payment method.
| GBP | USD | EUR | AUD | |
|---|---|---|---|---|
| Credit Card / Debit Card | £25 Minimum Deposit | $25 Minimum Deposit | €25 Minimum Deposit | $25 |
| Bank Wire | £0 Minimum Deposit | $0 Minimum Deposit | €0 Minimum Deposit | $0 |
| Trustly | £25 Minimum Deposit | $25 Minimum Deposit | €25 Minimum Deposit | $25 |
| Paypal | N/A | N/A | N/A | N/A |
With FP Markets, you need to deposit at least $100 or equivalent to your base currency, as shown in the table below.
| GBP | USD | EUR | AUD | |
|---|---|---|---|---|
| Credit Card / Debit Card | £100 Minimum Deposit | $100 Minimum Deposit | €100 Minimum Deposit | $100 |
| Paypal | £100 Minimum Deposit | $100 Minimum Deposit | €100 Minimum Deposit | $100 |
| Bank Wire | £100 Minimum Deposit | $100 Minimum Deposit | €100 Minimum Deposit | $100 |
| Skrill | £100 Minimum Deposit | $100 Minimum Deposit | €100 Minimum Deposit | $100 |
| | Minimum Deposit | Recommended Deposit |
| FP Markets | $100 | $100 |
| OANDA | $200 | $200 |
Our Lower Minimum Deposit Verdict
OANDA is the better choice if you prefer to start with a smaller investment, given it has $0 minimum deposit requirement. However, you will surely need more than $25 (OANDA’s minimum via bank and Trustly) to open a trading position, so either broker is a good choice.
FP Markets is the winner because it offers a more comprehensive trading experience, from lower spreads to a wider range of CFDs and superior customer service. The table below summarises the key information leading to this verdict.
| Criteria | FP Markets | OANDA |
|---|---|---|
| Lowest Spreads And Fees | No | Yes |
| Better Trading Platforms | Yes | Yes |
| Superior Accounts And Features | Yes | No |
| Best Trading Experience | Yes | No |
| Stronger Trust And Regulation | No | Yes |
| CFD Product Range And Financial Markets | Yes | No |
| Superior Educational Resources | Yes | No |
| Better Customer Service | Yes | No |
| More Funding Options | Yes | No |
| Lower Minimum Deposit | No | Yes |
OANDA is the better choice for beginner traders due to its user-friendly interface and no minimum deposit requirement.
For experienced traders like myself, FP Markets is the go-to option due to its lower spreads, higher leverage, and superior trading environment.
FP Markets has lower costs. They offer spreads as low as 0.0 pips on their RAW accounts. OANDA’s spreads start at 1.0 pips for major pairs. For more on low-cost trading, check out our Lowest Commission Brokers.
FP Markets is the superior choice for MetaTrader 4 users. They offer more features and better integration. For more details, visit our best MT4 brokers page.
Neither FP Markets nor OANDA offers social or copy trading. If social trading is a priority, you might want to explore other options. For more information, visit our best copy trading platforms.
Neither FP Markets nor OANDA offers spread betting. If you’re interested in spread betting, you’ll need to look elsewhere. For more, check out our best spread betting brokers.
In my opinion, FP Markets is the superior choice for Australian forex traders. They are ASIC regulated and founded in Australia. For more details, visit our Best Forex Brokers In Australia page.
For UK traders, OANDA is the better option. They are FCA regulated and offer a user-friendly platform ideal for beginners. For more information, check out our best UK forex brokers page.
No commission account spread propiety testing data and published wesbite spread information, centralised on our Standard Account Spreads page.
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