Oanda vs SimpleFX

OANDA vs SimpleFX Comparison Table 2023
OANDA SimpleFX
4.5

OANDA is #4 in our broker rankings.

4.2
United States Flag Traders from US accepted
United States Flag Traders from US not accepted

OANDA is a popular brand offering exceptional execution, low deposit requirements and advanced charting and trading platform features. The top-rated brand has over 25 years of experience and is authorized by leading regulators, including the CFTC/NFA. Around the clock support is available, alongside flexible contract sizes and automated trade executions.

SimpleFX is a CFD broker offering the popular MT4 platform plus its own SFX WebTrader platform. Account holders benefit from low trading fees with tight spreads.

CFDs are not available to residents in the United States.
Bonus Offer
$5,000 welcome bonus with a deposit of $500
Promotions

Sign Up With SimpleFX For A $2500 Instant Deposit Bonus

Comment by Reviewer
"We recommend OANDA for traders seeking a user-friendly platform with premium market research and a straightforward joining process. OANDA is a particularly good pick for US traders with authorization from local regulators and a secure trading environment."
Pros
  • Industry-leading platforms including MT4 and TradingView
  • Reliable, trustworthy and secure brand with authorization from tier-one regulators
  • API facilitates access to 25 years of historical data and rates from 200+ currencies
  • The OANDA web platform offers advanced charts plus guaranteed stop-loss orders (GSLOs)
  • Feature-rich app with 50 indicators, 11 drawing tools and 9 charting styles
  • Wide selection of instruments including 70+ forex pairs
  • Transparent pricing structure with no hidden charges
  • Low minimum deposit for beginners
  • US clients accepted
  • API & VPS
  • Ethereum staking
  • No minimum deposit
  • Fast customer support
  • Beginner-friendly platform
  • Multi-currency single account
Cons
  • Stock trading not available in all countries
  • Customer support not available on the weekend
  • Unregulated
  • MetaTrader 5
  • Limited non-crypto funding methods
Awards
  • Best US Broker 2023 - DayTrading.com
  • Best Trading Tools winner
  • (Online Personal Wealth Awards 2021)
  • Awarded highest overall client satisfaction
  • (Investment Trends 2021 US Leverage Trading Report, Margin Forex)
  • Awarded highest client satisfaction for mobile platform/app
  • (Investment Trends 2021 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
Forex Forex, indices, shares, commodities, cryptocurrencies
Demo Account
Yes Yes
Minimum Deposit
$0 $0
Payment Methods
Debit card (Visa or Mastercard), Automated Clearing (ACH), bank transfer deposits
Minimum Trade
$0 0.01 Lots
Regulator
CFTC, NFA
Margin Trading
Yes Yes
MetaTrader 4
Yes Yes
MetaTrader 5
No No
cTrader
No No
AlgoTrader
No No
OmniTrader
No No
TradingView
Yes No
Autochartist
Yes No
eSignal
No No
Trading Central
No No
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
No Yes
Market Maker
Yes No
P2P Trading
No No
Spot Trading
Yes Yes
Mobile Apps
FxTrade, MT4 iOS, Android + Web Trader
Auto Trading
EAs 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
3%
Islamic Account
No No
Account Currencies
  • USD
  • EUR
  • GBP
  • CAD
  • AUD
  • JPY
  • CHF
  • HKD
  • SGD
  • USD
  • EUR
  • GBP
Stock Exchanges
Commodities
CFD Trading
CFD trading not offered Leveraged CFD products are available in multiple financial markets.
Leverage
1:30 EU, 1:200 Global 1:500
FTSE Spread
1.0 1.3
GBPUSD Spread
3.4 1.2
Oil Spread
3.0 0.03
Stocks Spread
Variable Variable
Forex Trading
OANDA offers over 70 forex pairs, more than many alternatives. The broker's in-house platform also offers impressive execution speeds and a suite of advanced charting and analysis tools. Trade currency pairs with tight spreads and 1:500 leverage.
Forex App

The FxTrade app is OANDA’s proprietary forex trading application. One-click trading, historical price history and straightforward account management is available. Traders can speculate on 70 major, minor and exotic currency pairs. The forex app is available to download from the Apple App Store and Google Play.

GBPUSD Spread
3.4 1.2
EURUSD Spread
1.6 0.9
EURGBP Spread
1.7 0.9
Assets
70 60
Cryptocurrency
Speculate on the world's biggest cryptos by market cap. Commissions are lower than many peers starting at 0.25%. Users can also trade digital currencies in a few taps through the iOS and Android mobile app. Trade crypto and US Dollar CFDs.
Spread
$100 From 0.0001
Coins
  • BTC
  • ETH
  • LTC
  • BCH
  • PAXG
  • LINK
  • MATIC
  • UNI
  • AAVE
  • SOL
  • 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
CFDs are not available to residents in the United States.
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