Oanda vs SimpleFX

OANDA vs SimpleFX Comparison Table 2024
OANDA SimpleFX
4.3
4.2

OANDA is an award-winning global broker, established in 1996. The hugely respected brand offers competitive trading accounts and serves clients from 196 countries. It remains a popular option with both beginners and experienced traders thanks to its user-friendly and sophisticated web platform, no minimum deposit and premium currency products and services. The company is also overseen by reputable regulators, including the FCA, ASIC and CIRO.

SimpleFX is an offshore forex, CFD and cryptocurrency broker with over 200,000 clients globally. The broker offers a proprietary trading solution, as well as the reputable MT4 platform. Traders can access a vast selection of digital assets with crypto deposits and multi currency accounts.

Customer Reviews
4
Comment by Reviewer
"OANDA will serve day traders looking for a trustworthy broker with a beginner-friendly platform, superb research and straightforward account opening. The $0 minimum deposit and excellent customer support makes it especially attractive to newer traders." "SimpleFX is best for crypto traders looking for staking services and a social trading community to exchange ideas and signals."
Pros
  • The OANDA Trade web platform serves serious day traders, with 100+ technical indicators, an economic overlay and a Dow Jones news feed
  • OANDA recently introduced a prop trading service, OANDA Labs Trader, offering a 75% profit share to skilled traders
  • The guaranteed stop loss order (GSLO) is a useful risk management tool not available at many alternatives
  • There are no restrictions on short-term trading strategies with scalping, hedging and netting permitted
  • OANDA has enhanced its suite of stocks, now providing exposure to over 2,200 US and European shares
  • With 68 forex pairs and access to a premium MT4 upgrade, the broker will serve active forex traders
  • Oversight from tier-one regulators like the FCA and ASIC makes the broker reliable and trustworthy
  • The $0 minimum deposit will appeal to newer traders
  • Spreads are tight and there are zero hidden fees
  • API & VPS support
  • SimpleFX crypto coin
  • Fast customer service
  • Beginner-friendly platform
  • Multi-currency single account
  • Lightning fast Bitcoin payments
  • Community forum to share trading ideas
  • Crypto staking solution with no starting deposit
Cons
  • The range of payment methods trail competitors, only offering a handful vs the 10+ available at alternatives like AvaTrade
  • It's a shame that social and copy trading tools aren't supported for traders who want to explore other ways to trade
  • High-volume day traders get limited fee rebates or perks compared to leading brands
  • Weekend customer support and extended hours trading aren't available
  • Weak regulatory oversight
  • No MetaTrader 5 integration
  • Limited non-crypto funding methods
Awards
  • Best Trading Tools winner 2021 - Online Personal Wealth Awards
  • Awarded highest overall client satisfaction 2021 - Investment Trends US Leverage Trading Report, Margin Forex
  • Awarded highest client satisfaction for mobile platform/app 2021 - Investment Trends US Leverage Trading Report, Margin Forex
  • Voted Most Popular Broker 2021 - TradingView Broker Awards
  • Voted Best Forex and CFD Broker 2021 - TradingView Broker Awards
  • The Best Trading Platform Cryptocurrency, World Expo 2022 - Warsaw
  • Best Mobile App 2020 - Rankia Awards
  • The Best Trading Platform, Finance World Expo 2019 - Zug
  • Best Cryptocurrency Trading Platform, Cryptocurrency World Expo 2018 - Berlin
Instruments
CFDs, Forex, Stocks, Indices, Commodities, Crypto, Bonds, ETFs, Spread Betting Forex, indices, shares, commodities, cryptocurrencies
Demo Account
Yes Yes
Minimum Deposit
$0 $0
Trading Platforms
  • OANDA Trade
  • MT4
  • TradingView
  • AutoChartist
  • MT4
Payment Methods
Minimum Trade
0.01 Lots 0.01 Lots
Regulator
FCA, ASIC, KNF, MAS, CIRO, FFAJ, BVI
Margin Trading
Yes Yes
Margin Rate
2%
STP Account
No Yes
ECN Account
No No
DMA Account
No Yes
MAM Account
No No
PAMM Account
No No
LAMM Account
No No
Demat Account
No No
AI / Machine Learning
No Yes
Robo Advisor
No Yes
Negative Balance Protection
Yes Yes
Market Maker
Yes No
P2P Trading
No No
Spot Trading
Yes Yes
Mobile Apps
OANDA Trade, MT4 iOS, Android + Web Trader
Android App Rating
3.7
iOS App Rating
4.7
Auto Trading
Expert Advisors (EAs) on MetaTrader Yes
Copy Trading
No No
Social Trading
No Yes
Trade Signals
Yes
VPS Hosting
No Yes
Tournaments
No No
Demo Competitions
No No
Ethical Investing
No No
Custodial Account
No No
Guaranteed Stop Loss
Yes No
Inactivity Fee
$10 3%
Islamic Account
No No
Account Currencies
  • USD
  • EUR
  • GBP
  • CAD
  • AUD
  • JPY
  • CHF
  • HKD
  • SGD
  • USD
  • EUR
  • GBP
Stock Exchanges
Commodities
CFD Trading
You can speculate on popular financial assets covering forex, commodities, indices, metals and bonds. You can get started with $0 minimum deposit, making the broker a good pick for beginners. There’s also over 130 technical indicators available collectively in the MT4 and OANDA Trade platforms. Go long or short on over 170 CFDs with high leverage up to 1:500. The broker's social community is also a great place to pick up CFD strategy tips and trading ideas.
Leverage
1:500
FTSE Spread
1.0 1.3
GBPUSD Spread
1.4 1.2
Oil Spread
3.0 0.03
Stocks Spread
12 (Apple Inc) Variable
Forex Trading
OANDA offers 68 currency pairs, which is above the industry average. You can speculate on majors, minors and exotics, with spreads from 0.8 pips on popular pairs. There are no commissions and leverage is available up to 1:200. Average execution speeds are fast based on tests, at 12 milliseconds. SimpleFX offers a competitive suite of 60 forex pairs with average spreads of 0.9 pips. The charting features are extensive, with convenient mobile and desktop access for all experience levels.
GBPUSD Spread
1.4 1.2
EURUSD Spread
0.8 0.9
EURGBP Spread
0.9 0.9
Assets
68 60
Cryptocurrency
OANDA offers trading on leading cryptocurrencies, including Bitcoin. You can place trades in the app hassle-free and practice in the unlimited demo account. The broker offers guaranteed stop-loss orders to help protect you against crypto market volatility. SimpleFX offers popular crypto coins including Bitcoin and Ethereum paired with the USD. Traders benefit from feature-rich analysis tools as well as a bespoke staking service where capital can be used for margin trading.
Spread
$100 From 0.0001
Coins
  • BTC
  • ETH
  • LTC
  • BCH
  • PAXG
  • LINK
  • UNI
  • AAVE
  • BTC
  • BHC
  • LTC
  • ETH
  • ETC
  • XRP
  • LNK
  • WAV
  • XTZ
  • YFI
  • ADA
  • DOT
  • EOS
  • NEO
  • BNB
  • XMR
Crypto Lending
No No
Crypto Mining
No No
Crypto Staking
No Yes
Auto Market Maker
No No
More Comparisons
OANDA
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SimpleFX
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