2.8 / 5
Rating breakdown
Things we didn't like:
A limited product portfolio as it offers only forex CFDsThe customer support has a lot to improve
The money withdrawal can be pricey
Why would you want an alternative to OANDA?
Considering an alternative to OANDA may be necessary due to specific shortcomings. OANDA's average spread on EUR/USD is 1.57, which is higher than the industry average, potentially resulting in higher trading costs for users. The overall investment offerings at OANDA are relatively limited compared to competitors, which may restrict trading options and opportunities. OANDA also offers fewer video market updates compared to its peers, which could limit access to timely market insights and updates. While OANDA provides good educational material, its video content is not comprehensive and primarily consists of platform tutorials, lacking in-depth market analysis and educational resources beyond basic platform usage.
What other users do not like about OANDA
OANDA TrustPilot Customer Reviews, Feedback and Complaints
On Trustpilot, OANDA has currently 817 number of reviews with a TrustScore (the overall measurement of reviewer satisfaction) of 4.10/5.00.
Main Complains according to the Users' Reviews
- Difficult to withdraw money
What to look for in a OANDA Alternative?
When seeking an alternative to OANDA, prioritize brokers that offer tighter spreads on major currency pairs like EUR/USD to minimize trading costs effectively. Look for brokers with a broader range of investment offerings across various asset classes and markets to provide more trading opportunities. Choose brokers that offer frequent and comprehensive video market updates to stay informed about market developments and trends. Ensure the alternative broker provides extensive educational resources beyond platform tutorials, including in-depth market analysis, trading strategies, and educational content tailored to different skill levels. By focusing on these aspects, you can find a broker that better meets your trading needs and offers a more enriched and supportive trading experience compared to OANDA.
Best OANDA alternatives – forex brokers like (or better than) OANDA
4.3 / 5
Rating breakdown
Things we liked:
Up to 500:1 leverageLow minimum deposit requirement
Things we didn't like:
Absence of a direct telephone number for customer supportOspreyfx is not a fully licensed and regulated broker
OspreyFX Overview
Named after the very large, distinctively shaped, fish preying hawk, which suitably decorates the brand’s logo, OspreyFX is a relatively new entrant in the world of forex brokerages, aiming to offer existing and aspiring traders an innovative venue in which they can satisfy all their trading needs, including the trading of cryptocurrencies.
4.2 / 5
Rating breakdown
Things we liked:
AvaTrade has low trading feesThe account opening is user-friendly and fast
It offers a lot of deposit and withdrawals options free of charge
Things we didn't like:
The product portfolio is limited as it offers only CFDs, forex, and cryptosThe research tools are limited
AvaTrade Overview
Since its establishment in 2006, AvaTrade has expanded to 11 countries and offers an array of trading platforms for web, desktop, and mobile use. It facilitates trading in spot forex, forex options, and CFDs across various asset classes, including cryptocurrencies. AvaTrade boasts 300,000 registered traders executing over 3 million trades monthly, with a total traded value exceeding $1.47 trillion.
4.0 / 5
Rating breakdown
Things we liked:
XM has low trading feesThe account opening is user-friendly and fast
Lots of educational tools
Things we didn't like:
XM has a limited product portfolioThe research tools are limited
It charges inactivity fees
XM Overview
XM is a CySEC, ASIC and IFSC regulated, multi-asset class broker offering to trade on more than 1,000+ tradable CFD’S on Forex, Stocks, Commodities, Indices, Metals and Energies on the globally-recognised trading platforms MetaTrader 4 and MetaTrader 5 for PC, Mac, Web, iOS and Android systems.