image Oanda VISIT OANDA image CMS Forex VISIT CMS FOREX image City Index VISIT CITY INDEX
About

Oanda is regulated by the Financial Conduct Authority, ASIC, NFA, IIROC and MAS. Oanda have provided Forex trading services since 2011.

CMS Forex website is not operational.

City Index is regulated by the Financial Conduct Authority. City Index have provided Forex trading services since 1983.

Why choose them?
  • Yes Over 22 years in business
  • Yes Segregates clients funds
  • Yes Regulated by Financial Conduct Authority and ASIC
  • Yes Over 19 years in business
  • Yes
  • Yes
  • Yes Over 35 years in business
  • Yes Segregates clients funds
  • Yes Regulated by Financial Conduct Authority, ASIC and MAS
Headquarters London, UK London, UK

TRADING SERVICES OFFERED

Spot Forex Yes No Yes
Forex (CFD) Yes No Yes
CFD Yes No Yes
Spread Betting No No Yes
Social Trading No No No
MARKETS & INSTRUMENTS
Forex (currency pairs) 55 84
Commodities Offered 0 26
Stocks Offered 0 4500
Bitcoin No No Yes
Majors Yes No Yes
Indices Yes No Yes
US Stocks No No Yes
Penny stocks No No Yes
Energies Yes No Yes
Metals Yes No Yes
Agriculturals Yes No Yes
FTSE Yes No Yes
Dow Jones Yes No Yes
Dax No No Yes
Nikkei No No Yes
ETFs No No Yes
IPO No No No
See all instruments

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77% 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.

See all instruments

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77% 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.

See all instruments

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77% 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.

PLATFORM & FEATURES

See the platforms and features offered by each broker

Screenshot image image image
MT4 Yes No Yes
MT5 No No No
MT4 Mac No No No
WebTrader Yes No Yes
Mirror Trader No No No
ZuluTrade No No No
Sirix No No No
cTrader No No No
PAMM No No Yes
Custom Platforms OANDA APINo VT Trader AT Pro, Advantage Web

APPS

iOS image Yes No Yes
Android image Yes No Yes
Windows image Yes No Yes
Available Languages

English, Chinese, French, German, Japanese, Korean, Russian, and Spanish

English, Spanish, German, Arabic, Polish, and Chinese

See platform & features

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77% 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.

See platform & features

Losses can exceed deposits

See platform & features

72% of retail investor accounts lose money when trading CFDs with this provider

ACCOUNT INFORMATION

From micro accounts to ECN accounts, compare the accounts offered by Oanda and CMS Forex

Demo account Yes No Yes
Mini account Yes Yes Yes
Micro account No No Yes
Standard account Yes Yes Yes
ECN Account No Yes No
Islamic account No Yes No
Zero spread account No No No
VIP account Yes No Yes
Fixed spreads No No Yes
Variable spreads Yes Yes Yes
See account options

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77% 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.

See account options

Losses can exceed deposits

See account options

72% of retail investor accounts lose money when trading CFDs with this provider

TRADING CONDITIONS

Scalping Yes Yes No
Hedging Yes No Yes
Expert advisors (EAs) Yes No Yes
Virtual private server Yes No No
Direct market access Yes No No
STP broker No No Yes
Market maker No Yes Yes
Min trade Varies Varies 1 Lot
Max trade Varies Varies Varies
Min deposit $1 $1 $25

RISK MANAGEMENT

Stop losses Yes No Yes
Limit orders Yes Yes Yes
One-click trading Yes Yes Yes
Trailing stops Yes No Yes
Price alerts Yes No Yes
Signal trading No No Yes

FUNDING METHODS

Credit card No No Yes
Bank transfer Yes Yes Yes
Standard account Yes Yes Yes
Paypal No No No
Neteller No No No
Skrill No No No
Payment processing time 1-2 business days Varies 2-3 business days
Withdrawal processing time 1-2 business days Varies 2-3 business days
See all funding options

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77% 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.

See all funding options

Losses can exceed deposits

See all funding options

72% of retail investor accounts lose money when trading CFDs with this provider

DETAILED INFO

Excluded countries US, CF, TD, CG, CG, CI, CU, GN, ER, GN, FR, GW, HT, IR, IQ, KR, LB, LR, LY, MM, NZ, NG, SL, SO, SD, SY, TM, UZ, VE, EH, YE, ZW
Contact email Send Email Send Email Send Email
Phone number 44 20 3151 2050 No 0845 355 0801
Live Chat Yes No Yes
Website www.oanda.co.uk cmsforex.com www.cityindex.co.uk
Spreads:
EUR/USD (Average: 0.7 pips) 1.1 pips + $0.00 Not offered 0.5 pips
GBP/USD (Average: 1.1 pips) 1.8 pips + $0.00 Not offered 0.5 pips
USD/JPY (Average: 1.1 pips) 1.2 pips + $0.00 Not offered 1.6 pips
AUD/USD (Average: 0.8 pips) 1.2 pips + $0.00 Not offered 0.5 pips
USD/CHF (Average: 2.3 pips) 1.6 pips + $0.00 Not offered 1.6 pips
USD/CAD (Average: 2.9 pips) 1.6 pips + $0.00 Not offered 0.5 pips
NZD/USD (Average: 3.6 pips) 1.6 pips + $0.00 Not offered 2.3 pips
EUR/GBP (Average: 2.4 pips) 1.4 pips + $0.00 Not offered 0.5 pips
View all spreads

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77% 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.

View all spreads

Losses can exceed deposits

View all spreads

72% of retail investor accounts lose money when trading CFDs with this provider

FEES

Inactivity Fee No Yes
Commission No 0.0015
Deposit Fee No Varies Varies
Withdrawal Fee Varies No Varies
View All Fees

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77% 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.

View All Fees

Losses can exceed deposits

View All Fees

72% of retail investor accounts lose money when trading CFDs with this provider

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Last update

All information collected from www.oanda.co.uk. Last updated on 01/07/2019.

All information collected from cmsforex.com. Last updated on 01/07/2019.

All information collected from www.cityindex.co.uk. Last updated on 01/07/2019.

Company

Oanda services over 75,000 clients clients around the world. The most notable aspect about Oanda is their fxTrade platform, which is regarded as one of the fastest platforms in the industry. Oanda is regulated in five different regional areas, making them a great choice for those looking to access global markets.

CMS Forex website is not operational.

Since establishing themselves as one of the first spread betting providers in the UK. , City Index have grown to a global company in over 50 countries completing over two million trades every month. City Index provide some of the most competitive spreads across thousands of markets including indices, shares, currencies, commodities and many more.

City Index have continued to innovate and were the first to provide a downloadable Android and iPhone app for spread betting and CFD trading and with over 30 years experience in the industry, you know you can trust Cityindex to handle your trades.

For more information about trading with City Index, we have put together an indepth City Index review with some of the pros and cons about this broker.

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Oanda or CMS Forex?

Access to MT4 or low spreads?

If you’re a trader looking for a broker that offers the popular MT4 trading platform, Oanda is likely a better fit. However, if you want a broker with lower spreads on currency pairs like EUR/USD, CMS Forex may be more appropriate.

Which broker is more reliable?

You can determine a broker’s reliability & trustworthiness by looking at eight factors:

  • Who are they regulated by?
  • How long have they been around for?
  • Do they hold your money in a separate bank account?
  • Do they use reputable “tier-1” banks like Barclays, Goldman Sachs or HSBC?
  • Have they been fined or penalised in the last five years?
  • The popularity of their service/website
  • Are they publicly listed?
  • Where are they located?

Based on these eight factors, we consider Oanda and CMS Forex to be equally reliable. We’ve broken down why below:

Who are they regulated by?

Oanda is regulated by Financial Conduct Authority and ASIC, while CMS Forex is regulated by Closed.

As the Financial Conduct Authority are one of the most stringent regulators in the world, Oanda will have very strict guidelines to follow to ensure they protect their retail trader clients.

City Index are also regulated by the Financial Conduct Authority.

How long have they been around for?

If a broker has been around for a long period of time, they’re likely to be more reliable (in comparison, most scam brokers only exist for several years before they disappear).

This also suggests that a broker has good risk management processes that have prevented them being caught out by major financial events, as was the case with Alpari UK going bust when they were there was a policy reversal of capping the Swiss Franc against the Euro.

Oanda has been around for 23 years, while CMS Forex have been around for 20 years. Our third alternative broker, City Index, have been around for 36 years.

Do they hold your money in a separate bank account?

You wouldn’t want your broker paying their staff out of the same bank account account that you’re depositing your trading funds into, would you?

Fortunately, all regulated brokers must use segregated bank accounts to hold client money. This is one of the reasons why we only feature regulated brokers here on BrokerNotes.

All three brokers above will hold your money in a separate bank account.

Do they use reputable “tier-1” banks like Barclays, Goldman Sachs or HSBC?

Most tier-1 banks like Barclays and HSBC have been around for over 100 years and manage trillions of dollars of assets, proving that they have stood the test of time.

Oanda uses tier one banks as their banking partner.CMS Forex does not use tier one banks as their banking partner.

Have they been fined or penalised in the last five years?

If a broker has been penalised by a regulator in the past five years, it may mean that they were caught doing something they shouldn’t be doing - which may be of concern to you as an end client.

How popular is their service/website?

While not always the case, the number of traders a broker has can be a good metric for understanding how reputable a brokers is.

Oanda is more popular with over 23,000 traders.

Are they publicly listed?

Companies that are publicly listed on a stock exchange tend to be considered more reputable as they will be required to disclose their financials, and aspects of their operations, to the public.

Both Oanda and CMS Forex are privately owned companies.

Where are they located?

Most reputable brokers tend to be headquartered in a major capital city or a financial hub such as Cyprus.

Oanda are based in London, UK, while CMS Forex are based in .

Do they offer the features you need?

Assuming the brokers you’re choosing between are reputable, the next point to consider is whether they offer all of the features you require to trade.

This can be broken down into three categories:

  • Services & instruments
  • Platforms & account types
  • Trading features, risk management tools & funding methods

Services and Instruments

If you’re looking to trade currency pairs, Oanda have a slightly larger variety of currency pairs with 55 pairs, compared to offered by CMS Forex. Also, if you’re looking to trade cryptocurrencies,

If you’re looking to trade commodities like gold, silver or oil, Oanda may be a better fit as CMS Forex does not offer commodity trading.

Platforms & Account Types

In addition to the platform, you’ll also want to ensure that the broker you choose offers the account type best suited to your needs. Oanda, for example, offer a mini account, standard account and VIP account.

Trading features, risk management tools & funding methods

If you have a certain trading style (e.g. scalping, hedging, or using EAs), you’ll want to double check that the broker you choose allows this, as not all of them do.

Oanda does allow scalping and hedging. While CMS Forex also allows scalping but doesn't allow hedging. You can trade with EAs (expert advisors) on Oanda but you can't trade EAs (expert advisors) with CMS Forex.

In terms of risk management tools, neither Oanda or CMS Forex offers negative balance protection. Negative balance protection prevents you owing your broker more than you’ve deposited.

Oanda also offer stop losses, limit orders, and price alerts to help you automate aspects of your trading strategy.

Oanda accept Payoneer while

Are they affordable for what you need?

Comparing the fee structures of different brokers can be a minefield at times. The important thing to consider is what the spreads & fees are on the specific instruments and account type that you will be using.

For trading EUR/USD, Oanda charges 1.20 points, while CMS Forex charges points. Therefore, CMS Forex is the more affordable for this instrument. If you want to compare their spreads across more instruments, You can jump back up to our comparison of their currency pair & indice spreads above.

Another consideration is whether or not your broker charges inactivity, deposit/withdrawal fees, or commissions on trades. If you’re a frequent trader, inactivity fees are unlikely to be an issue.

The Verdict: Oanda or CMS Forex?

There’s no such thing as a perfect broker, but some are going to be a better fit for you than others.

Objectively, CMS Forex is more reliable based on our criteria above. Oanda has a wider range of instruments to trade. Oanda offer lower spreads on popular forex instruments like EUR/USD and are used by more traders.

Both brokers offer demo accounts, allowing you to test their platforms to see which is suitable for you. You can test drive their demos using the links below:

Finally, if you’re really not sure you can always use our free tool (takes 15 seconds) that will help you find a suitable broker based on your precise requirements here.

Between 54-87% of retail CFD accounts lose money. Based on 69 brokers who display this data.