Etoro vs Oanda (2023)

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eToro vs Oanda: In a Nutshell

eToro

For over 15 years, eToro has been championing the art of social trading among forex traders. It has built a huge community comprising over 30 million traders who interact with each other while investors automatically copy the trades of expert traders. Additionally, you can trade real stocks, ETFs, and cryptos with eToro.

Etoro Overview

Etoro Overview
  • Founded In: 2007
  • Minimum Deposit: $50
  • Maximum Leverage: 30:1 EU, 50:1  USA
  • Regulations: SEC, FINRA, FCA, CySEC, FSA-S, SIPC
  • Trading platform: eToro Trading Platforms
  • Account Types: Standard, Professional, Corporate
  • Payment Options: Bank Wire (BankTransfer/SWIFT), VISA, MasterCard, Giropay, Local Bank Deposits, Local Bank Transfers, Neteller, PayPal, Skrill, UnionPay, WebMoney, Yandex Money

Oanda

Founded by Drs. Stumm and Olsen in the USA in 1996, Oanda is one of the oldest and most experienced forex brokers in the world. The broker expanded into Asia in 2007, opened its London office in 2011, and its Sydney office in 2014. On its platforms, you can trade over 3000 forex, CFDs, and even real stocks.

Risk warning: 71% of retail investor accounts lose money.

Oanda Overview
  • Founded In: 1996
  • Minimum Deposit: None
  • Maximum Leverage: 500:1
  • Regulations: ASIC, CFTC, FCA,PFSA,MAS, FSA
  • Trading platform: MT4, MT5, fxTrade app, Tradingview
  • Account Types: Standard , Elitetrader
  • Payment Options: Bank Wire (BankTransfer/SWIFT), VISA, MasterCard, ACH Payments (echeck), BPAY, CHAPS, Check, DBS Bill Payment, Local Bank Deposits, Local Bank Transfers, Neteller, Payment Asia, PayNow, PayPal, SEPA Credit Transfer (SCT), Skrill
  • US Traders:  Accepted 

eToro vs Oanda: Pros and Cons

eToro

Pros
  • Regulated in numerous jurisdictions including CySEC, FCA, ASIC, FinCEN, MSB, FSA Seychelles, FSC Gibraltar, and FSA Malta.
  • Trading over 5,000 forex and CFD assets plus real stocks/ETFs and Cryptocurrencies.
  • A large community of social traders
  • Trading tools like market sentiments, news feed, Trading Central analysis, etc.
  • Investors can copy the trades of expert traders or invest in ‘CopyPortfolios’
  • Real Stocks and ETFs are Available 
  • Negative Balance Protection
Cons
  • Traders pay withdrawal fees, inactivity fees, and conversion fees.
  • You have no other platform choice than the eToro platform.
  • You cannot automate your strategies via trading robots.
  • No multiple account types; you can only have a retail account or a professional account.
  • Margin trading is not available to U.S. users
  • No limit orders for stocks.
  • Not Available in American Samoa, Guam, Hawaii, Nevada, New York, Puerto Rico and US Virgin Islands

Oanda

Pros
  • Regulated by the CySEC, FCA, CFTC, JFSA, IIROC, ASIC, MAS and FSC BVI
  • Clients can trade over 1800 forex/CFDs and over 2000 real stocks.
  • Platforms: MT4, MT5, and Oanda mobile apps on iOS and Android.
  • Trading tools provided are MetaTrader premium tools, Autochartist, Market pulse analysis, etc.
  • Customer support is provided in multiple languages and via different channels.
  • Fast and user-friendly account opening
  • The TradingView platform is available, alongside several VPS services for MT4 hosting.
Cons
  • Bank withdrawals incur a fee which is transferred to the trader.
  • Premium core accounts require a minimum balance of $20,000
  • Inactivity fees are charged from dormant accounts.
  • No account protection for U.S. clients
  • No guaranteed stop-losses for U.S. or U.K. clients
  • Traders in the U.S. cannot access single-stock CFDs
  • No cent accounts, bonus programme for beginner traders

eToro vs Oanda: Side-by-Side Comparison

Etoro
Oanda
Product
Product
Founded In
Founded In
2007
1996
Founded By
Founded By
Yoni Assia
Dr. Michael Stumm & Dr. Richard Olsen
Headquarters
Headquarters
London, United Kingdom
New York, New York, United States
Regulations
Regulations
CySec (Cyprus) , FCA (UK).
ASIC, CFTC, FCA,PFSA,MAS, FSA
Min Deposit
Min Deposit
$50
None
Max Leverage
Max Leverage
1:30
500:1
Tradable Assets
Tradable Assets
Offer you over 5,000 instruments from a wide range of asset classes: Stocks, Indices, ETFs, Currencies, Commodities, Crypto
Forex, Indices , Metals , Shares, Commodities, Cryptocurrencies
Fees
Fees
Spread from 2.0 pips
Spread from 0.8 pips
Platforms and Tools
Platforms and Tools
eToro trading platform
MT4, MT5, fxTrade app
US Traders
US Traders
Allowed
Allow

eToro Vs Oanda: Our Scores and Ratings

We rated both brokers, eToro and Oanda, on a scale of 1 to 10, with 0.1 increments. To achieve a comprehensive rating, we broadly grouped all services offered by brokers into 6 macro categories and assigned percentage weights to them. Each macro category is subdivided into several data points which contributes to the total score of 1.0-10.0 assigned to each macro category. Since all categories are not equally important, our weight percentage plays a significant role in assessing the broker accurately. For example, Regulation and Security contributes a total weight of 40% to the whole ratings because this is the most important rating category. To learn more, read our methodology.

eToro :

9.1
Total Score
Regulation and Security (40%)10
Fees and Commissions (20%)8
Trading (15%)9
Trading tools (10%)7
Customer Support (10%)9.5
Trading Education (5%)9

Oanda:

8.8
Total Score
Regulation and Security (40%)10
Fees and Commissions (20%)7
Trading (15%)8
Trading tools (10%)9
Customer Support (10%)9.2
Trading Education (5%)7

Final Verdict :

Written by

Jason Paine is a forex trader, researcher, and tech enthusiast. He is passionate about financial markets and cutting-edge technology. With a dynamic 16-year trading career, he's on a mission to guide fellow traders. Having navigated diverse forex brokers, Jason shares his insights at Brokersway to bridge the gap between traders and the right brokerage.

DisclosureAt Brokersway we're committed to delivering unbiased information. our opinions are our own and are not influenced by the payment we receive from our advertising partners. While we adhere to strict editorial integrity, this post may contain references to products from our partners. Here's an explanation of how we make money.

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