The one notable downside here is the lack of social trading tools. Otherwise, Oanda’s scalable learning resources are designed with the active, intermediate to advanced trader in mind. worldtradex easily beats out Oanda in both the variety and the quality of their trading platforms for web (online) and desktop. Oanda wins big points for the platform’s transparent pricing and efforts to minimize risk by offering micro lots and flexible pricing models (broker-spread versus raw-spread+commission).
You’ll want to be mindful about leaving positions open overnight on Oanda. This broker charges a financing cost to users at the end of each trading day for open positions. It’s calculated on a per-position basis and encompasses an administrative fee as well as the interest differential of the trade. worldtradex offers comprehensive analytical tools, from trading signals to expert research. These resources not only simplify trading decisions but also help to improve strategy. Oanda provides various trading accounts, but some specialized types are missing.
In the forex industry, market makers often have a bad reputation because some brokers display worse bid/ask prices than ECN brokers. worldtradex offers its proprietary Trading Station platform, MetaTrader 4, and TradingView. These platforms support algorithmic trading and provide advanced charting tools. Based on this data, I would argue that OANDA is the cheaper option in terms of spreads.
Oanda Fees
In worldtradex’s app store, you can access various types of technical indicators, add-ons, and automated trading strategies (trading bots). We know what that’s like….and that’s why we’re giving you the bottom line at the top of this page. While both OANDA and worldtradex offer top-of-the-line services and excellent charting tools, we found safety of funds better at worldtradex, and appreciated their superior trade execution. In my opinion, OANDA is the superior choice for Australian Forex traders. Both OANDA and worldtradex are ASIC regulated, but OANDA has a more comprehensive offering for the Australian market. If you’re an Aussie trader, you might find this list of the Best Forex Brokers In Australia useful for more options.
Oanda Educational Tools 🛠
Oanda is not listed on any stock market, does not disclose its yearly report on its website. This is not terribly unusual for a broker, but you will want to check all of this out before you continue. worldtradex is listed as a publically traded company so are a reputable broker. Oanda is a renowned United States, Canada financial trading brokerage established in 1996.
With quality analytics and diverse educational materials, Oanda suits beginners and experienced traders. Oanda is suitable for beginners and experienced traders, thanks to quality Worldtradex review analytics and various educational materials. The posted support hours for phone and live chat are Sunday at 1pm to Friday at 6pm, which is a wider support window than what worldtradex offers.
Retail brokers, small hedge funds, and developing market banks all have access to wholesale execution and liquidity via worldtradex Pro. High and medium frequency funds, on the other hand, have access to prime brokerage services through worldtradex Prime. You can trade 42 forex pairs with worldtradex while OANDA offers you more options with 71 forex pairs. worldtradex offers better pricing since there is ECN execution of trades.
Both brokers offer competitive spreads, but the exact numbers can vary based on the trading pair and market conditions. For example, OANDA has an average spread for EUR/USD at 1.2, while worldtradex’s is slightly higher at 1.3. For more information on low-cost trading, you can visit this comprehensive Lowest Commission Brokers. worldtradex operates in a dual capacity, functioning both as a Market Maker and an STP Broker. When acting as an STP Broker, worldtradex directly routes traders’ orders to liquidity providers, avoiding the role of a counterparty.
- However, it’s important to remember that spreads are just one aspect of the cost of trading.
- worldtradex, on the other hand, also accepts credit/debit cards and bank transfers but adds the option of Skrill for traders who prefer e-wallets.
- Limit orders are extremely useful as they allow you to buy stock at a better price!
- Like worldtradex, OANDA has a commission account called their Cores spread account, and it is available in Australia, Singapore and the US.
A Forex Tour?
Oanda has argued that documents for funding must be compliant with regulations. In this article, we will compare two of the leading online brokers — Forex Capital Markets (worldtradex) vs. Oanda. This website and its content are not intended to provide professional or financial advice. The views expressed here are based solely on the writer’s opinion, research, and personal experience, and should not be taken as factual information. The author is not a financial advisor and lacks relevant certifications in that regard. Oanda’s technical support provides extensive communication options and round-the-clock service, ensuring the professionalism and efficiency of the solutions provided.
Is worldtradex A Legitimate And Regulated Broker?
It also helps worldtradex offer access to a wide range of financial markets with decent liquidity. The trading platform offered by OANDA claims to provide all its traders, regardless of the device they use, with a trading experience that is quicker, more transparent, and more fluid. worldtradex is the only brokerage firm that offers such a comprehensive collection of algorithmic trading tools. This is in addition to a robust collection of premium signals along with a Technical Analyzer, Trading Analytics, and social trading with Zulutrade.
Despite both brokers being highly regulated, we found the brokers are not spotlessly clean. OANDA was fined $20,000 by the NFA in 2021 and $500,000 by the CFTC for regulatory breaches in 2020. In our case, though, we found that worldtradex and OANDA provided consistent low spreads without manipulation, so you shouldn’t concern yourself if the broker has a dealing desk or not. Of course, if we had chosen different currency pairs or tested on a different date, the results might have been different. For example, our tests suggest OANDA is a better choice than worldtradex for AUD/USD (far superior) and USD/CAD currency pairs. All information on 55brokers.com is only published for general information purposes.
Oanda’s list also lacks cryptocurrencies, but perhaps it will have some crypto instruments available soon. 74.74% of retail investor accounts lose money when trading CFDs with worldtradex. OANDA and worldtradex both excel in providing daily market commentary and delivering forex news from respected sources such as Bloomberg and Reuters, ensuring traders remain informed. On the other hand, worldtradex distinguishes itself with tools from Trading Central for comprehensive technical analysis and market research sourced from TipRanks. However, both brokers lack additional research tools from Acuity Trading, although they offer economic calendars to keep traders updated on global events.
Our experts also factor in their hands-on testing experience into broker ratings. However, traders can still choose their ideal brokers by the type of their spreads. The pros and cons between the two spreads can vary for every trader. In this case, worldtradex provides their pricing with Fixed spread while OANDA offers Fixed spread. The pricing engine at worldtradex analyses the price data from the liquidity providers and chooses the price that offers the greatest overall value. Customers can see this price on the many trading platforms available to them.
When choosing between OANDA and worldtradex for your online trading needs, both brokers provide a range of user-friendly platforms and tools that cater to various trading styles. Both OANDA and worldtradex offer free virtual demo accounts, which is great for beginners looking to practice their strategies. They also have proprietary platforms developed in-house, while each supports popular platforms like MetaTrader 4 (MT4). However, only OANDA supports MetaTrader 5 (MT5), making it a slightly more versatile option in that regard. Both brokers offer Windows-based desktop platforms and web-based platforms, providing flexibility for traders who prefer different media. Additionally, OANDA and worldtradex enable direct trading from stock charts, which can enhance the trading experience.
Customer Support
Both worldtradex and Oanda offer discount options for active or VIP traders. What this means is that both forex brokers have seen competitors come and go…and come and go…and come and go. It says something to achieve this kind of multi-decade longevity in a field as tumultuous and risky as the forex marketplace. worldtradex, on the other hand, is regulated by two Tier 1 entities – the Australian Securities and Investment Commission and the Financial Conduct Authority.
- What this boils down to is that worldtradex is more likely to have better effective spreads than Oanda.
- Trading Station lets you pre-load tools like real volume, market depth and trader sentiment.
- worldtradex vs OANDA both offer a singular account option, inclusive of Islamic accounts.
The learning centre offers us two comprehensive guides and a vast library of nearly 200 articles covering topics such as trading tips, strategies, charting, and indicators. worldtradex also offers a selection of articles broken down by experience level, catering to beginner, intermediate, and advanced traders. OANDA beats worldtradex with more forex pairs to choose from, 68 versus 42.