OANDA vs XM
By Itai Varochik | Updated 2026
Quick Verdict
Overall Winner: OANDA (4.3/5)
We tested OANDA and XM side-by-side. OANDA comes out ahead overall, but XM may be better for specific use cases.
Score Breakdown
| Criteria | OANDA | XM |
|---|---|---|
| Features | 7/10 | 8/10 |
| Ease of Use | 8/10 | 8.5/10 |
| Value for Money | 8.5/10 | 8/10 |
| Customer Support | 7.5/10 | 8/10 |
| Overall | 7.8/10 | 8.1/10 |
Feature Comparison
| Feature | OANDA | XM |
|---|---|---|
| Forex Trading | Yes | No |
| CFDs | Yes | No |
| API Trading | Yes | No |
| TradingView | Yes | No |
| MT4 | Yes | No |
| Education Hub | No | Yes |
| Micro Accounts | No | Yes |
| No Requotes | No | Yes |
Pricing Comparison
OANDA: From 1.0 pips EUR/USD
XM: Spreads from 0.6 pips
OANDA Pros & Cons
Pros
- No minimum deposit
- Transparent pricing
- Flexible lot sizes
- Excellent REST API
Cons
- Limited product range
- Platform feels dated
XM Pros & Cons
Pros
- Excellent education
- Micro accounts
- No requotes
- Wide regulation
Cons
- Higher spreads than competitors
- Limited crypto
- Dated platform UI
- Limited research
Key Specifications
| Spec | OANDA | XM |
|---|---|---|
| Rating | 4.3/5 | 4.2/5 |
| Pricing | From 1.0 pips EUR/USD | Spreads from 0.6 pips |
| Year Founded | 1996 | 2009 |
| Headquarters | New York, NY | Limassol, Cyprus |
Our Verdict
OANDA wins overall. Choose OANDA if you value Forex beginners. Choose XM if you prioritize Forex beginners.
Frequently Asked Questions
Is OANDA better than XM?
Based on our testing, OANDA scores higher with a rating of 4.3/5 compared to XM's 4.2/5. However, the best choice depends on your specific needs.
What is the main difference between OANDA and XM?
OANDA is known for: Transparent forex broker with competitive spreads and no minimum deposit.. XM is known for: Global forex broker with extensive education resources and micro account options..
Which is cheaper, OANDA or XM?
OANDA pricing: From 1.0 pips EUR/USD. XM pricing: Spreads from 0.6 pips.
Can I use OANDA and XM together?
While both tools serve similar purposes in the Forex Brokers category, some users do use complementary features from both platforms.
What are the pros of OANDA?
No minimum deposit. Transparent pricing. Flexible lot sizes
What are the pros of XM?
Excellent education. Micro accounts. No requotes
Which forex brokers should I choose?
Choose OANDA if you value Forex beginners. Choose XM if you prioritize Forex beginners.