Best OANDA Alternatives

OANDA broker has long been a popular choice for investors interested in foreign exchange rate (forex) trading. Users enjoy OANDA because of its user-friendly interface, relatively low fees and compatibility with platforms like MetaTrader 4 (MT4). However, it's far from the only option for forex brokers. 

You should also explore OANDA alternatives to find the ideal platform for your investment goals. With that in mind, here’s a look at brokers to consider when choosing a trading platform. 

Quick Look: Best OANDA Alternatives

• Best for Active Traders: FOREX.com 
• Best for International Trades: Interactive Brokers
• Best for Market Research: City Index
• Best for Advanced Traders: Saxo
• Best for Low-Cost Trading: Pepperstone
• Best for Options Traders: tastyfx

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Disclosure: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

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Best OANDA Alternatives

Best for Active Traders: FOREX.com 

Most people who engage in foreign exchange rate trades have heard of FOREX.com. It’s one of the most well-established brokers and it caters to active traders looking for access to a wide range of markets. 

You can access over 80 currency pairs, commodities, indices and even crypto. The versatile trading environment gives you plenty of options when building your portfolio. 

Why We Picked It: FOREX.com stands out for its advanced trading tools and fast execution speeds. Compared to OANDA, FOREX.com offers a broader selection of asset classes and more sophisticated trading platforms. You can use the broker’s proprietary platform or integrate it with MetaTrader4.

FOREX.com is also compatible with MetaTrader 5, which provides added features and functionality unavailable in MT4. If you prefer a more complex and dynamic interface than what’s available in MT4, keep that in mind. 

Check out this FOREX.com vs. OANDA head-to-head breakdown for more insights into how these platforms stack up. 

Best for International Trades: Interactive Brokers

Interactive Brokers offers you access to over 135 markets in dozens of countries. You can use the platform to diversify your portfolio with various assets, including stocks, options, futures and bonds. 

Why We Picked It: Interactive Brokers is the best alternative for traders seeking global market access. OANDA primarily focuses on forex and CFDs, but Interactive Brokers provides a much broader selection of investment options. You can participate in international markets and broaden your portfolio. 

While Interactive Brokers excels at international trades, the platform is also one of the best for U.S.-based investors. It offers fast execution and low fees. 

Best for Market Research: City Index

City Index offers forex, CFD and spread betting services. The platform provides numerous educational resources and market research tools to help you make informed investment decisions. If you’ve got the time and the desire to stay informed about the latest market trends, City Index can be a great option. 

Why We Picked It: City Index is a top option for traders who prioritize market research and education. OANDA offers basic market analytics tools, but City Index lets you dive deep into the market via daily reports and a rich library of educational content. 

If you are a research-oriented investor, City Index is worth considering. You will have the information you need to dig into your favorite forex and commodities. The broker also provides customizable trading platforms, allowing you to tailor the system to align with your strategy and goals. 

Best for Advanced Traders: Saxo

Saxo Bank offers premium online trading and investment solutions. The platform has dynamic tools and analytics capabilities, but these features may be a bit much for less-seasoned traders. However, Saxo could be a great fit if you are more advanced. 

Why We Picked It: We chose Saxo as the best option for advanced traders due to its premium services and extensive market access. Saxo also caters to high-net-worth individuals and prioritizes a dynamic trading experience via exclusive features like personalized portfolio management. 

We also picked Saxo as one of the best forex trading apps due to its feature-laden design and customizable interface. You can tailor the experience to align with your trading strategies and goals. 

Best for Low-Cost Trading: Pepperstone

Pepperstone specializes in forex and CFD trading. The broker offers low-cost trades and competitive spreads. It also provides fast execution speeds and has become a popular choice for cost-conscious traders. Unfortunately, Pepperstone is not available to U.S.-based traders. 

Why We Picked It: Pepperstone offers highly competitive rates and can deliver a low-cost trading experience. The broker also offers lower spreads and commissions, which can help keep trading expenses down over time.

As a Pepperstone user, you’ll have access to MetaTrader 4 and 5 and cTrader. These platforms are known for their robust trading tools and user-friendly interfaces. 

The only real downside is that Pepperstone is not available to U.S.-based traders. Hopefully, the platform will soon break into the U.S. market. 

Best for Options Traders: tastyfx

Despite being relatively new, tastyfx has quickly gained popularity among traders. The broker primarily focuses on forex and options trading and is backed by the same team behind tastytrade, a popular options trading platform. tastyfx offers a user-friendly interface and powerful trading tools. 

Why We Picked It: Tastyfx has a strong focus on options and forex. While OANDA also includes options trading, tastyfx was specifically designed with options traders in mind. If options are your thing, you’ll appreciate the platform’s specialized tools and educational content tailored toward options trading. 

Tastyfx is also among the best platforms with demo accounts. You can use your demo account to experiment with different strategies without risking your money. Try a demo account and learn more about the basics of options trading. Once you’ve gotten comfortable with how it works, you can easily create a live account within the platform. 

OANDA Overview

Here’s a quick look at the OANDA platform: 

Which Platform Should You Use?

OANDA is a solid trading platform with a reputable history. However, the OANDA alternatives we’ve explored are also good options to consider. They may offer unique features that better suit your trading style and needs. Explore these other brokers to find the platform that best aligns with your trading goals. 

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