Are you confused about whether to choose OANDA vs Firstrade as a broker for your investing needs?
In this side-by-side comparison, we analyse OANDA vs Firstrade to help you understand how these apps compare on some of the most common features and make a better-informed decision about the best broker for you.
Below, you’ll find the pros and cons of each broker, as well as a comparison table that features the different fees charged, the financial instruments supported, the regulation, and more. Keep reading!
OANDA vs Firstrade: In a Nutshell
For CFD investors valuing access to MetaTrader 5
OANDA Corporation is a reputable online forex and CFD broker known for its advanced trading technology and robust platform.
OANDA offers a wide range of trading instruments, including major and minor currency pairs, commodities, indices, and precious metals.
The trading platform is designed to cater to both novice and experienced traders, providing a seamless trading experience. OANDA accepts US clients only for forex.
US investors looking for US options only
Firstrade is a traditional company founded in 1985 that recently changed its strategy to become a commission-free online trading platform for stocks, ETFs and options.
The broker is considered safe, with a long track record that survived a few crises and top-tier regulators’ supervision.
The main drawbacks are its limited products offering (no European ETFs, stocks,…) and the fact that it only offers fractional shares on reinvested dividends.
Pros and Cons
OANDA
Pros
- 0% commissions on real US stocks, Forex and CFDs on cryptocurrencies, indices and commodities
- Access to MetaTrader 5
- Good research tools
- Well-designed investment platforms
Cons
- OANDA accepts US clients, but only for forex
- Medium-to-high CFD fees
Firstrade
Pros
- Commission-free stock, ETF, mutual fund and options trading
- Good research and educational content
- No inactivity fees
- No minimum deposit
Cons
- You can trade only on US markets
- No 24/7 customer support
- No demo account
- No fractional shares
OANDA vs Firstrade: Side-by-side Comparison
- General Information
- Founded in
- Demo Account
- Account Minimum
- Interest on unninvested cash (annually)
- Products
- Stocks
- ETFs
- Bonds
- Funds
- Options
- Futures
- CFDs
- Leverage Products
- Forex
- Cryptocurrencies
- Commodities
- Fees
- US stocks
- EU stocks
- ETFs
- Cryptocurrencies
- Custody Fee
- Inactivity Fee
- Withdrawal Fee
- Connectivity Fee
- Currency Conversion Fee
- Security
- Regulators
- Investor Compensation Scheme(per person, per institution)
Franklin is a CFA Level III Candidate with 3 years of experience in Wealth Management as a Fund Research Analyst and the Host of the "Edge Over Hedge" YouTube Channel.
