Oanda vs SimpleFX

OANDA vs SimpleFX Comparison Table 2024
OANDA	SimpleFX
Review 4.3	Review 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 online broker specializing in CFD and cryptocurrency trading, with multi-currency accounts, STP execution, low pricing and no minimum deposit. Bringing innovation and gaining recognition at numerous industry events since 2014, SimpleFX now caters to retail traders from over 190 countries, boasting a client base exceeding 200,000 active users.
Customer Reviews
4 Based on 3 OANDA customer reviews
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 ideal for users looking to deposit, trade and withdraw in popular cryptos such as Bitcoin and Ethereum. It also stands by offering its own SimpleFX Coin, providing rebates and exclusive perks to holders."
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	SimpleFX’s proprietary WebTrader - powered by TradingView - delivers a stable day trading environment with a user-friendly interface that’s accessible even to novice traders. With MT4 support, experienced traders can access sophisticated charting tools, advanced technical indicators, customizable algorithms, and expert advisors (EAs) for automated strategies. SimpleFX underwent a revamp in 2021, now sporting a slicker client area with faster load times and a social trading community where you can exchange ideas. With leverage up to 1:1000, day traders have the potential to amplify their positions significantly, allowing for greater exposure to market movements and magnified returns (as well as losses). The range of cryptocurrencies available for trading is broad, encompassing well-known selections such as ADA, BTC, and ETH, as well as more specialized options like YFI, YFII, and ZEC.
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	SimpleFX operates with weak regulatory oversight, allowing it to offer high leverage, but meaning it faces less stringent supervision from authorities compared to brokers like IG which operate in tightly regulated jurisdictions. While the Bloomberg TV news feed and economic calendar are valuable resources, the lack of research tools like Autochartist and Trading Central is a serious disadvantage for traders wanting support in identifying opportunities. The educational tools are okay but not great. The ‘Opinion’ section needs updating more frequently while video tutorials covering market analysis and risk management would be valuable additions for beginners. The availability of only a few non-crypto funding methods is a downside for traders seeking more diverse and convenient options for managing their accounts.
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	Best Support 2023, Crypto Expo Europe 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	CFDs, Forex, Indices, Stocks, Commodities, Cryptos
Demo Account
Yes	Yes
Minimum Deposit
$0	$0
Trading Platforms
OANDA Trade MT4 TradingView AutoChartist	WebTrader MT4
Payment Methods
Credit Card Debit Card Mastercard Neteller Skrill Trustly Visa Wire Transfer	Bitcoin Payments Credit Card Ethereum Payments FasaPay Neteller Skrill Wire Transfer
Minimum Trade
0.01 Lots	0.01 Lots
Regulator
FCA, ASIC, KNF, MAS, CIRO, FFAJ, BVI	FSC
Margin Trading
Yes	Yes
Margin Rate
2%
STP Account
No	Yes
ECN Account
No	No
DMA Account
No	No
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	No
Mobile Apps
OANDA Trade, MT4	iOS, Android + WebTrader
App Review
	SimpleFX provides a proprietary app for both Apple and Android mobile devices. The application boasts a user-friendly design, facilitating easy opening and closing of trades with access to the broker’s 220+ tradable assets. However, occasional unresponsiveness during testing, alongside an average charting package, means it won’t meet the needs of highly active traders.
Android App Rating
3.7	3.8
iOS App Rating
4.7	4.4
Auto Trading
Expert Advisors (EAs) on MetaTrader	Expert Advisors (EAs) on MetaTrader
Copy Trading
No	No
Social Trading
No	Yes
Trade Signals
	Yes
VPS Hosting
No	No
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
Australian Securities Exchange (ASX) CAC 40 Index France DAX GER 40 Index Dow Jones Euronext FTSE UK Index Hang Seng London Stock Exchange Nasdaq Russell 2000 S&P 500	Australian Securities Exchange (ASX) CAC 40 Index France DAX GER 40 Index Dow Jones Euronext FTSE UK Index Hang Seng IBEX 35 Japan Exchange Group London Stock Exchange Nasdaq National Stock Exchange Of India New York Stock Exchange Russell 2000 S&P 500 SIX Swiss Exchange
Commodities
Copper Corn Gold Natural Gas Oil Palladium Platinum Silver Soybeans Sugar Wheat	Cocoa Coffee Copper Corn Cotton Gold Natural Gas Oil Palladium Platinum Silver Soybeans Sugar Wheat
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.	SimpleFX stands out with highly leveraged trading options up to 1:1000 covering popular asset classes, including stocks, indices, currencies and commodities. Additionally, the social community serves as an excellent resource for gathering CFD strategy tips and short-term trading ideas.
Leverage
	1:1000
FTSE Spread
1.0	1.3
GBPUSD Spread
1.4	1.2
Oil Spread
3.0	0.04
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 provides a comprehensive selection of around 60 currency pairs, from majors like GBP/USD to exotics like CHF/PLN. Forex trading fees are competitive, averaging 0.9 pips on EUR/USD during testing, while MetaTrader 4, available on desktop, web and mobile, was built specifically for trading currencies online.
GBPUSD Spread
1.4	1.2
EURUSD Spread
0.8	0.9
EURGBP Spread
0.9	1.0
Assets
68	57
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’s strongest offering is its crypto trading environment, with a growing range of tokens, including Bitcoin and Ethereum paired with the USD. Its crypto-based accounts also ensure a smooth trading experience for crypto enthusiasts, while the bespoke staking service allows capital to be utilized for margin trading.
Spread
$100	45.57
Coins
BTC ETH LTC BCH PAXG LINK UNI AAVE	ADA APE ARB AVA BCH BNB DASH DOT EOS ETC ETH FET FIL INJ LNK LTC MATIC NEO SOL TIA WAVE XTZ YFI ZEC
Crypto Lending
No	No
Crypto Mining
No	No
Crypto Staking
No	Yes
Auto Market Maker
No	No

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