OANDA Alternatives - Better Forex Brokers for 2024
Find out the major disadvantages of OANDA Forex Brokers and alternatives with lower fees and more security. Unbiased OANDA Alternatives reviews.
So which brokers are better than OANDA? Want to jump straight to the answer? OspreyFX is the best alternative broker to OANDA in 2024 .

2.8 / 5

Rating breakdown

Security
40%
2.0/5
Ease of Use
100%
5.0/5
Tradable Assets
20%
1.0/5
Deposit and withdrawal
100%
5.0/5
Trading Fees
20%
1.0/5
Support
60%
3.0/5

Things we didn't like:

 A limited product portfolio as it offers only forex CFDs
 The 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 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

Best OANDA Alternatives

4.3 / 5

Rating breakdown

Security
80%
4.0/5
Ease of Use
80%
4.0/5
Tradable Assets
100%
5.0/5
Deposit and withdrawal
80%
4.0/5
Trading Fees
100%
5.0/5
Support
80%
4.0/5

Things we liked:

 Up to 500:1 leverage
 Low minimum deposit requirement

Things we didn't like:

 Absence of a direct telephone number for customer support
 Ospreyfx is not a fully licensed and regulated broker

#1
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

Security
70%
3.5/5
Ease of Use
90%
4.5/5
Tradable Assets
100%
5.0/5
Deposit and withdrawal
100%
5.0/5
Trading Fees
80%
4.0/5
Support
60%
3.0/5

Things we liked:

 AvaTrade has low trading fees
 The 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 cryptos
 The research tools are limited

#2
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

Security
80%
4.0/5
Ease of Use
100%
5.0/5
Tradable Assets
50%
2.5/5
Deposit and withdrawal
100%
5.0/5
Trading Fees
80%
4.0/5
Support
70%
3.5/5

Things we liked:

 XM has low trading fees
  The account opening is user-friendly and fast
 Lots of educational tools

Things we didn't like:

 XM has a limited product portfolio
 The research tools are limited
 It charges inactivity fees

#3
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.

OANDA Alternatives Frequently Asked Questions (FAQs):

Are there any sites like OANDA?
Yes, there are many sites offering similar services like OANDA. Those include OspreyFX, Libertex, Plus500 and many more. If you are to look for an alternative to OANDA for your forex trading needs, then you must make sure it is one with a better offering.
Who are OANDA Top Competitors?
OANDA 's top competitors in July 2024 are: OspreyFX, AvaTrade, XM and more. OspreyFX is currently rank as the number one on the list of top Forex brokers.

Are you Satisfied with what They Offer?