Broker to Trading

This is a comparison of Oanda Global Markets Ltd based and regulated in the British Virgin Islands vs XM. XM was founded in 2009. Oanda has been a MetaTrader broker since 1996 when it was founded in Toronto, Canada.

Oanda is a long established Forex broker which has a range of markets to trade. Oanda Global offers MT4 and MT5, providing a wide range of tools and plug-ins for this platform.

XM is an MT4 and MT5 broker with a relatively large number of market to trade, including Stocks CFDs.

Quick comparison

Oanda is an MT4 and MT5 broker. XM offers MT4 and MT5 and has a Cent type account (its Micro account) with a low minimum deposit.

Minimum deposit and account types

The minimum deposit for XM is $5. There is no minimum deposit requirement for Oanda.

XM CySEC regulated offers three account types, the Micro, Standard and XM Zero accounts, all with minimum deposits of $5. An Islamic account is available for each account type. The Micro and Standard accounts do not charge commissions, the XM Zero account does charge commissions. The Micro and Standard accounts differ in terms of order sizes available. The minimum trade size is 0.0001 lots.
XM ASIC regulated offers the XM Ultra Low account instead of the XM Zero account. XM IFSC regulated offers the Micro, Standard and Ultra Low accounts and a Shares account (with real Shares to own). The minimum deposit for the Ultra Low account is $50. The minimum deposit for the Shares account is $10,000.
XM offers an economic calendar, a personal account manager, video tutorials, daily technical analysis, Forex market research and daily Forex signals, trading tools, market outlook and webinars. XM allows EAs, hedging and scalping.
Oanda offers the following trading account types: Standard, Core, Swap-free, Premium and Premium Core. The Standard is described as suitable for all traders and has no minimum deposit requirement. The Core is described as suitable for EAs and scalpers. The Swap-free account is for traders who do not want to pay or receive interest on their account. All three of these accounts offer the Signal Center by Acuity. The Premium and Premium Core accounts are for high volume traders and require the trader to maintain a $20,000 minimum balance and trade more than $10 million notional or equivalent per month. These two accounts come with an Account Manager, Zero Deposit Fees (and reimburse bank fees), Free withdrawals, Priority support and a Free VPN.
The Standard account has spreads from 1.1, the Core account has spreads from 0.2 and the Swap-free account offers spreads from 1.6 pips. The Premium account has spreads from 0.8 and the Premium Core account has spreads from 0.2. The Core and Premium Core accounts charges commissions, the Standard, Premium and Swap-free accounts do not. At Oanda Global, verification documents are not needed for gross account deposits below $9000. Tools include MarketPulse, with a range of analysis and market news, technical analysis powered by AutoChartist, an Economic Calendar and MetaTrader plug-in tools. The minimum trade size is 0.01 lots.

Markets

• XM offers Forex, Indices, Energy, Metals, Soft Commodities, Cryptocurrencies and Stocks, with 1000+ available.
• Oanda offers Forex, Indices, Energy, Metals, Soft Commodities, Cryptocurrencies and Stocks, with 800+ available.

Cryptocurrency CFDs

• Oanda offers Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Cardano, Stellar, Chainlink, Dogecoin, Binance Coin, Tezos, Uniswap, Polkadot and EOS CFDs.
• XM offers Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Cardano, Stellar, Chainlink, Ripple, Aave, Algorand, Avalanche, Axie Infinity, Basic Attention Token, Compound, Enjin, Fetch.ai, The Graph, OmiseGO, SKALE, Solana, Storj, Sushi and Ox CFDs.

Leverage

Maximum leverage for XM (IFSC regulated) is 888:1. Maximum leverage for Oanda (FSC regulated) is 200:1.

Commissions

• The XM Zero account charges commission of $3.5 per lot per side.
• Oanda has a commission charge on its Core account of $4 per lot and $3.5 per lot on its Premium Core account.

Online trading platforms

Oanda offers MT4 and MT5. XM offers MT4 and MT5.

Foundation

Oanda was founded in 1996, while XM was founded in 2009.

Payment methods

Both brokers support Bank Transfer, Credit/Debit Cards, Skrill and Neteller.

Why Oanda or XM ?

Traders who want to trade on MT4 or MT5 may try either broker. Traders who want to apply automated trading can try either broker. Trader who want a Cent account with low minimum trade sizes can find this at XM.

Comparison summary

• Both offer CFD trading
• Each provides MT4 and MT5
• XM has a $5 minimum deposit
• Oanda has no minimum deposit
• XM offers a Cent account with low trade sizes