OANDA vs CMC Markets

CMC Markets is the better broker than OANDA for most UK traders. It offers a much larger selection of markets, more forex pairs, competitive pricing through FX Active, and a strong proprietary multi-asset trading platform.

OANDA is the better choice if you specifically want MetaTrader 5, API-based trading, or you are a US resident looking for a regulated forex broker. CMC Markets' CFD services are not available to US residents, while OANDA Corporation is regulated by the CFTC and NFA in the United States.

OANDA vs CMC Markets at a glance

CMC Markets' advantage is not marginal when market breadth matters. Its UK CFD accounts provide access to more than 21,000 instruments, including more than 300 forex pairs, 15,000 shares, 5,000 ETFs, 80 indices, 100 commodities and 50 rates and bond markets. OANDA's UK range includes more than 65 forex pairs and more than 1,500 share CFDs alongside indices, commodities, metals and other markets.

Which is better overall, OANDA or CMC Markets?

There are three reasons CMC Markets gets the overall verdict.

First, CMC Markets offers considerably more markets. A trader can move between forex, indices, commodities, shares, ETFs and rates without quickly running into the limits of the product catalogue.

Second, CMC Markets has a compelling active forex pricing model. Its FX Active account combines spreads from 0.0 pips on six major currency pairs with a fixed $2.50 commission per $100,000 notional traded per transaction.

Third, CMC Markets is not dependent on third-party software to provide an advanced trading experience. Its proprietary platform provides access to its full multi-asset catalogue and includes more than 115 technical indicators and 70 chart patterns. TradingView and MetaTrader 4 remain available for traders who prefer them.

OANDA remains a serious alternative rather than a weak second choice. Its platform ecosystem includes OANDA web, OANDA mobile, TradingView, MetaTrader 4 and MetaTrader 5. OANDA also supports an API on its v20 account, which makes it particularly relevant for systematic and automated traders.

Is CMC Markets or OANDA cheaper?

OANDA currently advertises EUR/USD spreads from 0.6 pips on its UK offering. USD/JPY starts from 1.3 pips, while UK 100 pricing starts from one point.

CMC Markets offers two relevant forex pricing models.

Its standard CFD and spread betting accounts use spread-based pricing. On MT4, CMC Markets advertises minimum forex spreads from 0.5 pips. Its FX Active account goes further, offering minimum spreads from 0.0 pips on EUR/USD, GBP/USD, AUD/USD, NZD/USD, USD/CAD and USD/JPY. FX Active then charges a commission of $2.50 per $100,000 of notional value per transaction.

What does CMC Markets' FX Active commission actually cost?

For a $100,000 forex position:

• Opening commission: $2.50
• Closing commission: $2.50
• Total round-trip commission: $5

On EUR/USD, where one pip on a standard 100,000-unit position is approximately $10, the $5 round-trip commission is equivalent to roughly 0.5 pip.

That means a trade executed at CMC Markets' theoretical minimum 0.0-pip spread would have an all-in round-trip cost of roughly 0.5 pip from commission.

That is slightly below OANDA's advertised minimum EUR/USD spread of 0.6 pips.

However, minimum spreads are not the same as average trading costs. CMC Markets explicitly states that spreads can widen with market conditions, after-hours trading and larger order sizes. The useful comparison is therefore your actual all-in cost during the hours and position sizes you normally trade, not whichever broker can put the smallest number in a pricing table.

What about inactivity fees?

Both brokers can charge dormant accounts.

CMC Markets charges £10 per month after one continuous year without trading activity, provided funds remain in the account.

OANDA also starts charging after 12 months of inactivity but can deduct up to £20 per client per month across inactive sub-accounts. OANDA does not charge the fee while an open position remains and will not use inactivity fees to create a negative account balance.

CMC Markets therefore has the lower published inactivity charge.

Which broker offers more markets?

CMC Markets' UK CFD offering provides access to more than 21,000 financial instruments, including:

• 15,000+ shares
• 5,000 ETFs
• 300+ forex pairs
• 80+ indices
• 100+ commodities
• 50+ rates and bonds

OANDA's UK offering is much narrower. OANDA publishes more than 65 to 70 forex pairs depending on the account and platform, plus more than 1,500 share CFDs, indices, metals, commodities, bonds and ETFs on supported account types.

That difference matters more than the raw instrument count suggests.

A trader who only trades EUR/USD, GBP/USD and gold may gain almost nothing from CMC Markets' enormous catalogue. A trader who rotates between currencies, equity indices, individual stocks, commodities and macro trades has considerably more room to operate at CMC Markets.

CMC Markets also offers direct equities investing in the UK alongside its leveraged products. Its equities offering includes thousands of stocks and ETFs, which makes CMC Markets more suitable for users who want both trading and longer-term investing within the same broader provider ecosystem.

OANDA vs CMC Markets trading platforms

CMC Markets platforms

CMC Markets supports:

• CMC's proprietary web platform
• CMC mobile app
• TradingView
• MetaTrader 4

CMC's proprietary platform is the standout. The platform can access more than 21,000 instruments and provides more than 115 technical indicators and 70 chart patterns.

CMC Markets also integrates directly with TradingView. Traders can open, manage and close CMC positions from TradingView while gaining access to TradingView's charting, indicators, alerts, screeners, strategy testing and Pine Script ecosystem.

MetaTrader 4 is available for forex, indices and commodities, although its instrument range is much smaller than CMC's native platform. CMC lists more than 175 FX pairs on MT4 compared with more than 300 on its proprietary platform.

OANDA platforms

OANDA supports:

• OANDA web
• OANDA mobile
• TradingView
• MetaTrader 4
• MetaTrader 5

OANDA web uses TradingView-powered charting and provides more than 100 technical indicators alongside tools such as order-book overlays, position ratios, news and technical analysis.

OANDA also supports MetaTrader 5. MT5 adds 21 charting timeframes, strategy testing, custom indicators and access to share CFDs through the relevant OANDA account.

The other important difference is automation. OANDA's v20 account supports API access, while MT4 and MT5 support automated trading tools and plugins.

Choose CMC Markets if you want the stronger native multi-asset trading environment. Choose OANDA if MT5 or API access is central to your strategy.

Which is better for forex trading?

CMC Markets offers more than 300 currency pairs through its proprietary platform, compared with roughly 65 to 70 pairs from OANDA's UK operation. CMC's FX Active pricing also gives high-frequency and cost-sensitive traders a credible commission-based alternative to standard spread-only pricing.

OANDA becomes more attractive when your trading workflow depends on its technology rather than market breadth.

For example, OANDA may make more sense if you:

• use MetaTrader 5
• want API access
• already build automated strategies around OANDA
• mainly trade major FX pairs and do not need hundreds of instruments
• live in the United States

CMC Markets' extra 200-plus forex pairs provide no meaningful advantage if your entire strategy trades EUR/USD.

Is OANDA or CMC Markets safer?

OANDA Europe Limited is authorised and regulated by the UK's Financial Conduct Authority under firm reference number 542574. OANDA states that client money is segregated from company funds and held in separate bank accounts under FCA client-money requirements.

CMC Markets UK plc is authorised and regulated by the Financial Conduct Authority under firm reference number 173730. CMC Markets also states that retail client money is held separately in segregated client bank accounts.

CMC Markets has one additional transparency advantage: its parent, CMC Markets plc, is publicly traded on the London Stock Exchange under ticker CMCX and was a FTSE 250 constituent in 2026. A stock-market listing creates additional financial reporting requirements, although it should not be interpreted as a guarantee against losses or business failure.

OANDA, meanwhile, operates through multiple regulated entities globally. OANDA Corporation is registered with the CFTC and is an NFA member in the United States, while other OANDA entities operate under regulators including the FCA, MAS, ASIC, CIRO and Poland's KNF.

Does CMC Markets' lower retail loss percentage mean it is safer?

No.

At the time of writing, OANDA Europe's UK pages state that 76.6% of retail investor accounts lose money when trading CFDs with the provider, while CMC Markets' UK warning states 68% for spread betting and/or CFD trading.

Those percentages describe different customer populations and should not be treated as a controlled comparison of broker safety or trading quality.

The useful takeaway is simpler: leveraged CFD and spread-betting accounts at both brokers carry a high probability of retail client losses.

OANDA is the clear choice for US traders

OANDA Corporation operates in the United States as a registered Futures Commission Merchant and Retail Foreign Exchange Dealer with the Commodity Futures Trading Commission and is a member of the National Futures Association under NFA number 0325821.

CMC Markets explicitly states that its CFD services are not available to US residents.

This is an important geographic distinction because the products advertised by a broker's UK, European or Australian operation cannot automatically be assumed to be available in the United States.

Which broker has the better minimum deposit?

OANDA Europe states that there is no minimum deposit or minimum balance requirement to open or maintain an account. Funds are required only when you want to open a position.

CMC Markets' UK account comparison similarly lists no minimum payment requirement for its main trading accounts.

The practical question is therefore not whether you can open the account. It is whether your planned account size gives you enough margin headroom to trade sensibly.

Who should choose CMC Markets?

Choose CMC Markets if you:

• want access to thousands of shares, ETFs and other markets
• trade a wide range of forex pairs
• want FX Active commission-based forex pricing
• prefer an advanced proprietary platform
• use TradingView or MetaTrader 4
• want leveraged trading and direct equity investing within the broader CMC ecosystem
• are likely to leave your account inactive and prefer the lower published dormancy fee

CMC Markets makes the most sense for traders whose strategy can actually exploit its market breadth.

Who should choose OANDA?

Choose OANDA if you:

• want MetaTrader 5
• need OANDA's v20 API
• primarily trade forex rather than thousands of individual equity markets
• prefer OANDA's web or mobile platform
• want TradingView integration
• are a US resident looking for a regulated forex broker

OANDA's smaller instrument catalogue matters far less when your trading system only requires a limited set of highly liquid markets.

OANDA vs CMC Markets: final verdict

CMC Markets combines 21,000+ instruments, 300+ forex pairs, FX Active pricing, TradingView, MT4 and a strong proprietary trading platform. That package gives it the stronger combination of price, market access and multi-asset functionality.

OANDA still wins in three important situations: MetaTrader 5, API-driven trading and US forex trading. Its combination of OANDA web, mobile, TradingView, MT4, MT5 and API support makes it a compelling specialist option even though its market range is smaller.

The decision is therefore straightforward:

Choose CMC Markets for the better all-round trading account. Choose OANDA when MT5, API access or US availability is the deciding factor.

Product availability, leverage, tax treatment, fees and investor protections vary by country. The pricing and product comparisons above primarily use the brokers' UK retail offerings because they provide the cleanest like-for-like comparison.

Frequently asked questions

Is CMC Markets better than OANDA?

Yes, CMC Markets is better than OANDA for most UK traders. CMC Markets offers substantially more instruments and forex pairs, competitive FX Active pricing and a strong proprietary multi-asset platform. OANDA is more attractive for traders who specifically require MT5, API access or US forex availability.

Is OANDA cheaper than CMC Markets?

Not generally. OANDA advertises EUR/USD spreads from 0.6 pips in the UK. CMC Markets offers forex spreads from 0.0 pips on six major pairs through FX Active, plus a $2.50 commission per $100,000 notional per transaction. Actual costs vary with spreads, trade size and market conditions.

Does CMC Markets have more forex pairs than OANDA?

Yes. CMC Markets offers more than 300 forex pairs through its proprietary platform, while OANDA's UK offering provides roughly 65 to 70 major and minor forex pairs.

Does OANDA or CMC Markets support MetaTrader 5?

Can US traders use CMC Markets or OANDA?

US residents can apply for an OANDA Corporation account, subject to eligibility, while CMC Markets states that its CFD services are not available to US residents. OANDA Corporation is registered with the CFTC and is an NFA member.