Oanda vs CMC Markets: Fees, Features, Safety & More for 2024

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Oanda and CMC Markets are Forex and CFD brokers offering online trading services to traders and investors worldwide. Both brokers are regulated by top-tier regulatory authorities. Oanda is regulated by three tier-1, two tier-2, and two tier-4 jurisdictions, including the FCA, ASIC, CySEC, DFSA, CMA, and SCB. On the other hand, CMC Markets is regulated by five tier-1 jurisdictions, including FCA, MAS, ASIC, IIROC, FMA. These two brokers offer almost similar services. However, each has its own strengths and weaknesses.

In this article, we will compare Oanda with CMC Markets regarding trading platforms, regulations, tradable assets, fees, customer support, and overall trading experience score. We will also explore if Oanda is better than CMC Markets and vice versa. This comparison lets you understand which broker is better for your trading style and preferences.

Oanda vs CMC Markets: In a Nutshell

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 3,000 forex pairs, CFDs, and even real stocks. The broker is regulated by top regulatory authorities including ASIC, CFTC, IIROC, FCA, PFSA, MAS in Singapore, FSA in Japan, and FSC in BVI. Oanda offers multiple trading platforms such as MT4, MT5, the fxTrade app, and TradingView. Oanda is also known for its currency transfer services as well as its MarketPlus trading analytics. To learn more, you can read our review on Oanda, where we cover features, pros, cons, and more

Oanda Overview

Oanda Overview
  • Founded In: 1996
  • Founder:  Dr. Stumm (a computer scientist), and Dr. Olsen (an economist)
  • Headquarters: New York, United States
  • Trading Instruments: 100+ trading Instruments including forex, indices, shares, commodities, metals, cryptocurrencies, metals
  • Minimum Deposit: No minimum Deposit is required. You may deposit as low as $1
  • Maximum Leverage: 1:50 (US), 1:30 (EU), 1:200 (other regions)
  • Regulations: ASIC, CFTC, IIROC, FCA, PFSA, MAS in Singapore, FSA in Japan, FSC in BVI
  • Trading platform: MT4, MT5, fxTrade app, Tradingview
  • Account Types: Standard, Elitetrader
  • Trading Fees: Spreads starting from 0.6 pips (EUR/USD pair)
  • 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 

CMC Markets

Founded in 1989, CMC Markets is a publicly traded broker (Ticker: CMCX). The broker is regulated in the UK, Australia, Canada, and Singapore. It offers over 9800 trading instruments, including Forex, Indices, Cryptocurrencies, Shares & ETFs, and Commodities. There is no minimum deposit requirement on IC Markets; you may deposit as low as $1. CMC Markets allows EA trading and news trading. The broker uses the most popular trading platform, MetaTrader (MT4), as its trading platform.

CMC Markets Overview
  • Founded In: 1989
  • Minimum Deposit: $0
  • Maximum Leverage: 1:500
  • Regulations: ASIC
  • Trading platform: MT4 , Share trading platforms
  • Account Types: SPREAD BETTING, Fx Active, CFD Trading
  • Payment Options: Bank Wire (BankTransfer/SWIFT), VISA, MasterCard
  • US Traders: Not Accept

Oanda vs : CMC Features

Oanda:

  • Trading Instruments: CFD trading is not allowed for US clients; however, non-US clients can trade CFDs
  • Maximum leverage: The maximum leverage of Oanda is 1:200 (global), 1:50 (US), 1:30 (EU)
  • Minimum Deposit: No Minimum Deposit. 
  • Account Types: Two (Standard, Elitetrader) 
  • Trading Fees:  Spreads range from 0.1 to 0.6, and commissions range from 3.5 to 4 per lot (depending on account type).
  • PAMM/ MAM:  
  • Scalping: Allowed 
  • News Trading: Allowed
  • EA/ Robot Trading: Allowed

CMC Markets

  • Trading Instruments: 12000+ trading instruments including forex, indices, Cryptocurrencies, Commodities, Shares, Share baskets, Treasuries, etc 
  • Maximum leverage:  Up to 30:1 ( FCA, ASIC), up to 1:50 (IIROC), and up to 500:1 for a professional account.
  • Minimum Deposit: No Minimum Deposit. However, Pepperstone recommends $200 or equivalent for the margin requirement. 
  • Account Types: Three (Spread Betting Account, CFD Account, Corporate Account)
  • Trading Fees: only Spread is charged (Commission is only for Shares account). Variable spreads from 0.3 pips. A rollover commission is applied on open positions overnight. For the Shares account commission starts from $7. 
  • PAMM/ MAM:  Not Available 
  • Scalping: Allowed 
  • News Trading: Allowed
  • EA/ Robot Trading: Allowed

Oanda vs CMC Markets: Pros and Cons

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

CMC Markets

Pros
  • Regulated by FCA, ASIC, IIROC, MAS, FMA
  • Founded in 1989, CMC Markets is publicly traded company
  • The minimum deposit is as low as $1 
  • Comparatively low spread starting from 0.7 pips
  • Allows news trading, EA/Robot trading
  • Extensive range of tradable assets 
  • Excellent education and research resources
Cons
  • Offered only MT4, no MT5, cTrader trading platforms 
  • Maximum leverage is only 1:300
  •  No passive investment programme or social trading platforms ( No PAMM, MAM accounts) 
  •  Does not accept US clients
  • Only CFD Trading 
  • High CFD spreads for certain Indices 
  • Spread betting only for UK residents

Oanda vs CMC Markets: Side-by-Side Comparison

oanda
CMC Markets
Product
Founded In
Founded In
1996
1989
Founded By
Founded By
Dr. Michael Stumm & Dr. Richard Olsen
Peter Andrew Cruddas, Baron Cruddas
Headquarters
Headquarters
New York, New York, United States
London, United Kingdom
Regulations
Regulations
ASIC, CFTC, FCA,PFSA,MAS, FSA
FCA, MAS, ASIC
Min Deposit
Min Deposit
None
None
Max Leverage
Max Leverage
500:1
1:500
Tradable Assets
Tradable Assets
Forex, Indices , Metals , Shares, Commodities, Cryptocurrencies
Forex , Indices, Share &ETFs, Commodities ,Cryptocurrencies, Treasuries
Fees
Fees
Spread from 0.8 pips
Spread from 0.5 pips on majors
Platforms and Tools
Platforms and Tools
MT4, MT5, fxTrade app
MT4 , Share trading platforms
US Traders
US Traders
Allowed
Not Allow

Oanda Vs CMC Markets: Our Scores and Ratings

We rated both brokers, Oanda and CMC Markets, 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.

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

CMC Markets

9.0
CMC Markets Score
Regulation and Security (40%)9.7
Fees and Commissions (20%)8
Trading (15%)9
Trading tools (10%)8
Customer Support (10%)9.5
Trading Education (5%)9

Final Verdict :

Oanda vs CMC Markets: Which One is Better?

Now the question comes: is Oanda better than CMC Markets, or vice versa? The answer depends on traders’ and investors’ trading styles and preferences. Both Oanda and CMC Markets offer similar trading services worldwide. However, there are differences in their features,  regulations, reputation, and operations. Here are the key facts about both brokers. By reviewing these options, you can clearly understand which broker is right for your trading goals

Oanda :

  • Top regulated forex broker accepting both US and non-US clients.
  • No minimum deposit is required; you may deposit as little as $1.
  • The maximum leverage for Oanda is 1:200 (global), 1:50 (US), and 1:30 (EU).
  • Oanda offers a variety of trading tools and platforms, including MT4, MT5, Webtrader, TradingView, and more.
  • Trading fees: Spreads range from 0.1 to 0.6, and commissions range from $3.50 to $4 per lot. Spreads and commissions depend on your account type and the types of tradable assets.
  • Oanda does not offer CFDs to US clients due to regulatory restrictions. 

CMC Markets:

  • CMC Markets is a forex and CFD broker regulated by FCA, FMA, CIRO, MAS, ASIC (Exceeded), BaFIN (exceeded), AMF(Exceeded), 
  • Minimum Deposit: $0, No minimum deposit required. You may deposit as low as $1 
  • Maximum leverage 1:30 (for retail clients), 1:500 (for professional accounts)
  • Offers Spread betting account for the Clients of UK only. 
  • Offers MT4, FX Active Trader, MT4 Premium Add-ons, Autochartist, VPS, Automated Trading, MT4 Academy
  • The trading fee: spreads starting from 0.3 pips for CFD, and Corporate account. $7 commission for shares account only
  • CMC Markets does not accept US Clients. 

Our score for Oanda is 8.8, and for CMC Markets it is 9.0.

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.

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