Comparison of OANDA vs Firstrade [ 2024 ]

The best brokers to invest in cryptocurrencies compared by their commissions, cryptos, security and much more. Here is theOANDA vs Firstrade comparison!

Your expert: Alejandro Borja

OANDA

Your expert: Xavier Tarrasó

Firstrade

Main points

Fees

Low 4,3/5

Regulated

FCA, CFTC

Demo account

Yes

Low 4/5

Fees

FINRA, SEC

Regulated

Demo account

Recommended for

Beginners

Yes

Trading

Yes

Passive income

Buy and hold

Yes

Beginners

Trading

Passive income

Buy and hold

Comparison of fees

Rating

3.8 – OANDA’s fees for crypto trading are competitive with no spread markups or custody fees. However, the platform’s higher fees for certain transactions and inactivity fees can be a drawback .

3.5 – Firstrade charges a 1% fee on crypto trades, which is higher than some competitors. Despite this, its low fees on other investment options and user-friendly platform add value .

Level

Low 4,3/5

Low 4/5

Brief explanation

OANDA offers a transparent and straightforward fee structure for cryptocurrency trading, which makes it an appealing choice for many traders. The platform charges a 0.25% fee on all executed crypto orders, with a minimum fee of $0.01. This fee is calculated based on the order quantity and fill price, ensuring that traders know exactly what they are paying upfront. Unlike many other brokers, OANDA does not apply a spread markup or custody fee on crypto trades, which can help keep trading costs lower. Deposits via credit/debit cards and electronic wallets like PayPal, Skrill, and Neteller are free, but bank transfers, which can take up to three business days to process, may incur conversion costs if the currency differs from the account base currency. Withdrawal fees are notably higher, especially for bank transfers, which can cost up to $20 or more per transaction, depending on the currency and region. While OANDA does not offer leverage for cryptocurrency trading, which could limit the potential for higher returns, this also reduces the risk of significant losses. The absence of short selling options is another limitation for those looking to profit from falling markets. Overall, OANDA’s fee structure is designed to be clear and straightforward, with no hidden costs, making it a reliable choice for crypto traders who prioritize transparency and security .

Firstrade offers competitive and straightforward commission structures for cryptocurrency trading. The platform charges a flat fee of 1% for buying or selling cryptocurrencies, which is relatively high compared to some other exchanges but remains transparent without additional hidden fees. Trading Commissions Firstrade’s trading fee for cryptocurrencies is set at 1% of the trade value. This fee applies uniformly to all cryptocurrency transactions, ensuring that users are aware of the costs upfront. The simplicity of this fee structure is advantageous for those who prefer clarity and straightforward pricing. Other Fees Firstrade does not charge any deposit fees, making it cost-effective to add funds to your account. However, while withdrawals via ACH are free, wire transfers incur a fee of $25, which is something users should be mindful of when planning their fund withdrawals. Overall, Firstrade’s commission structure is designed to be transparent and easy to understand, with the primary cost being the 1% trading fee on all cryptocurrency transactions. This can be beneficial for traders who value simplicity and predictability in their trading costs.

OANDA

Year Founded: OANDA was founded in 1996, establishing a long track record of reliability and innovation in the financial markets. This extensive experience provides a level of confidence that newer brokers may not offer .
Number of Users: With millions of users worldwide, OANDA has built a solid reputation among both retail and institutional traders. Its wide user base is a testament to its credibility and the trust it has garnered over the years .
Security Methods: OANDA employs robust security measures, including two-factor authentication and encryption, to protect user data and funds. The partnership with Paxos ensures secure and regulated crypto trading, further enhancing trust .
Regulation: OANDA is regulated by top-tier financial authorities, including the Financial Conduct Authority (FCA) in the UK, the Commodity Futures Trading Commission (CFTC) in the US, and the Australian Securities and Investments Commission (ASIC). These stringent regulatory standards provide a high level of protection and transparency for users .
Reputation and Reviews: OANDA has consistently received positive reviews for its reliability, customer service, and comprehensive trading platform. Its commitment to transparency and customer satisfaction has solidified its position as a trusted broker in the industry .

Firstrade

Year Founded: Firstrade was established in 1985, making it one of the most experienced brokerage firms in the industry. With nearly four decades of operation, Firstrade has demonstrated stability and reliability through various market conditions.
Number of Users: Firstrade serves a large number of clients, reflecting its broad acceptance and trust within the investment community. The significant user base is a testament to its reliability and the trust it has earned over the years.
Security Methods: Firstrade employs stringent security measures to protect client accounts and personal information. The platform is regulated by top-tier authorities such as the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA). Additionally, Firstrade provides high investor protection through the Securities Investor Protection Corporation (SIPC), covering up to $500,000, including $250,000 for cash.
Regulation: Firstrade is fully regulated by the SEC and FINRA, ensuring compliance with strict industry standards. This regulation provides an added layer of security and transparency, assuring users that their investments are managed according to rigorous guidelines.
Customer Service: Firstrade offers robust customer service options, including phone and email support. Although not available 24/7, their customer service team is dedicated to providing helpful and relevant responses. This commitment to customer care enhances user confidence and satisfaction.

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Account Minimum

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And 1% fee on all cryptocurrency trades.

Direct link to the website

Product selection

Native token

OANDA does not have a native token.

Firstrade does not have a native token.

Earns

OANDA does not provide staking or other earning options for cryptocurrencies. The platform supports trading through crypto CFDs and direct trading via partnerships .

Firstrade does not offer staking or earning options for cryptocurrencies. It focuses on trading a variety of digital assets .

NFT marketplace

OANDA does not have an NFT marketplace.

Firstrade does not have an NFT marketplace.

Cripto/debit card

OANDA does not provide a card for its clients .

Firstrade does not offer a card for its clients .

Payment methods

Transfers

Yes, OANDA accepts bank transfers for both deposits and withdrawals .

Yes, Firstrade accepts bank transfers for both deposits and withdrawals .

Mastercard

Yes, OANDA accepts Mastercard for deposits.

No, Firstrade does not accept Mastercard for deposits.

Wire transfer

Wise is not mentioned as a supported payment method .

Card

Yes, OANDA accepts credit/debit cards .

No, Firstrade does not accept credit/debit cards .

Comparative table

OANDA	Features	Firstrade
No minimum trade requirement, making it accessible for all traders.	Minimum Trade	Firstrade allows low minimum trade amounts, making it accessible for beginners to start investing in cryptocurrencies.
Competitive fees, but high withdrawal costs for bank transfers.	Trading and Transaction Fees	The platform offers competitive trading fees, although some users might find hidden costs associated with certain transactions.
Supports 63 crypto trading pairs, offering good variety.	Number of Cryptocurrencies	Firstrade supports over 30 cryptocurrencies, providing a good range of options for investors.
Wide range of pairs available, enhancing trading opportunities.	Crypto-to-Crypto Trading Pairs	While it offers a variety of cryptocurrencies, the number of available trading pairs is somewhat limited compared to other platforms.
Highly transparent with detailed information about fees, regulations, and services.	Website Transparency	Firstrade’s website is transparent and informative, clearly outlining fees, security measures, and available services.
OANDA does not provide a card for its clients .	Credit/Debit Card	Firstrade does not offer a card for its clients .
No dedicated crypto wallet service; relies on Paxos integration for custody.	Storage Offering	Firstrade lacks a dedicated cryptocurrency wallet, requiring users to use third-party services for storing their digital assets.
Does not offer staking or rewards programs.	Staking and Rewards	The platform currently does not offer staking or reward programs, which can be a downside for users looking to earn passive income.
User-friendly mobile and desktop platforms with advanced charting tools.	Mobile App and Desktop	Firstrade offers a highly rated mobile app and a robust desktop platform, ensuring a seamless trading experience across devices.
24/7 support available, though response times can vary.	Customer Service	Firstrade’s customer service is reliable but not available 24/7, which can be an inconvenience for users needing assistance outside business hours.
Multiple methods available but high fees for bank transfers.	Deposit and Withdraw	Firstrade offers a variety of deposit and withdrawal options, although the lack of instant processing for some methods can be a drawback.

Key features

Analysis tools

OANDA offers a proprietary web platform with over 65 technical indicators powered by TradingView, advanced charting tools, and a robust mobile app. They also provide comprehensive research offerings .

Firstrade offers a variety of tools and resources including research reports, market data and analysis, and educational resources such as webinars and articles .

Mobile APP

Yes, OANDA provides a mobile app for trading, which includes advanced charting and access to their full range of trading instruments .

Yes, Firstrade offers a mobile app available for iOS and Android devices, designed for a seamless trading experience .

Security

OANDA is regulated by top-tier authorities such as the FCA. They offer negative balance protection for EU clients and are known for their transparency and robust security measures, including 24/7 customer support.

Firstrade is regulated by the SEC and FINRA in the United States, offering a high level of security. They follow strict security measures to protect client accounts and personal information.

Additional features

OANDA offers trading on 13 popular cryptocurrency CFDs, such as Bitcoin, Ethereum, and Litecoin, through their platform. They provide a user-friendly app with advanced charting tools and the ability to manage risk using limit and stop orders. OANDA’s crypto trading is available 24/7 with competitive spreads and transparent fees .

Firstrade offers trading on 38 popular cryptocurrencies, including Bitcoin, Ethereum, and Litecoin. Their platform is integrated with Apex Crypto for secure storage and trading. Firstrade provides a highly-rated mobile app for seamless trading on the go and features like real-time data and analytics, 24/7 trading, and instant fund access. They charge a high spot crypto fee of 1% of the trade value but provide a user-friendly experience for beginners .

Anonymity

OANDA does not support anonymous accounts. Personal information, financial details, and verification documents are necessary for opening an account .

Firstrade does not support anonymous accounts. The account opening process includes submitting personal details and verification documents .

Key points

Available cryptocurrencies

OANDA offers trading in cryptocurrency CFDs and direct trading through a partnership with Paxos. Available cryptocurrencies include Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Litecoin (LTC), Chainlink (LINK), EOS, Binance Coin (BNB), Stellar (XLM), Dogecoin (DOGE), Uniswap (UNI), Tezos (XTZ), Cardano (ADA), and Polkadot (DOT).

Firstrade provides access to 38 cryptocurrencies. These include Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), Cardano (ADA), Dogecoin (DOGE), Stellar (XLM), Solana (SOL), Shiba Inu (SHIB), and more.

User-friendliness

OANDA’s crypto trading experience is integrated into its well-established forex trading platform, providing a seamless and user-friendly interface. The platform supports a range of cryptocurrencies and offers easy account funding options. OANDA’s strong regulatory framework and security features add an extra layer of trust for users .

Firstrade offers a highly-rated mobile app for crypto trading, designed to provide a seamless and user-friendly experience. The platform supports a wide range of cryptocurrencies and allows for easy buying and selling. While it lacks a dedicated crypto wallet and some advanced features, its simplicity and accessibility make it a good choice for beginners looking to manage their crypto investments alongside other asset classes .

Value for money

OANDA provides good value with no deposit or withdrawal fees and competitive spreads on crypto CFDs. However, the platform’s above-average fees for certain transactions and inactivity fees might deter less active traders.

Firstrade offers a strong value proposition with low fees and no minimum deposit, making it accessible for beginners. However, its 1% trading fee on crypto is higher compared to some competitors, which could affect active traders.

Countries of operation

United Kingdom, United States, European Union, Canada, Australia, Singapore .

United States, Germany, United Kingdom, China, Singapore, Hong Kong .

Best for

OANDA is best for traders who want the flexibility to trade both crypto CFDs and underlying crypto assets. Its strong regulatory framework and user-friendly app make it a good choice for those looking for a secure trading environment.

Firstrade is best for US-based investors who want a straightforward, user-friendly platform to trade a variety of cryptocurrencies. Its mobile app and low fees make it a good option for beginners and those looking to manage their crypto investments alongside traditional assets.

Account

Trading

OANDA offers crypto CFD trading with a focus on transparency and regulation. The platform provides competitive spreads and leverage, making it a secure choice for trading cryptocurrencies.

Firstrade has limited offerings in cryptocurrency trading, focusing primarily on traditional securities. It may not be the best option for dedicated crypto traders.

Deposit and withdrawal

OANDA offers deposits and withdrawals via bank transfers, credit/debit cards, and e-wallets. The process is straightforward, but fees may apply for certain withdrawal methods, especially international transfers.

Firstrade primarily supports deposits and withdrawals via bank transfers and checks. The process can be slower compared to other brokers, and international clients might face additional hurdles.

Account opening process

OANDA has a straightforward and fully digital account opening process. Users need to fill out an online form with personal and financial details and submit verification documents. Accounts are typically approved within one business day.

Opening an account with Firstrade involves completing an online application and submitting personal and financial information. Verification documents are required. The process can take a bit longer compared to other brokers, especially for international clients.

KYC required?

OANDA requires KYC verification. Users must submit personal identification documents and proof of address to open an account.

Firstrade mandates KYC verification. Users must provide personal identification documents and proof of address as part of the account opening process.

Customer Service

OANDA provides strong customer support available 24/5 via phone, email, and live chat. The support team is generally responsive and knowledgeable, making it easy for users to resolve their issues.

Firstrade provides customer support via phone and email, but does not offer live chat. The support is available during regular business hours, and while it is generally helpful, the lack of live chat can be a drawback for some users.

Security

Firstrade is regulated by the SEC and FINRA in the United States, offering a high level of security. They follow strict security measures to protect client accounts and personal information.

Which of these exchanges is for you?

Alejandro Borja

As an expert on our website, I highly recommend OANDA for its reliability and robust security measures in cryptocurrency trading. OANDA’s regulation by top-tier authorities such as the FCA and CFTC ensures a secure trading environment. The platform offers a user-friendly experience with advanced charting tools and over 60 crypto trading pairs through its partnership with Paxos Trust Company. Despite its higher withdrawal fees and lack of leverage for crypto, OANDA is an excellent choice for traders seeking a trustworthy and well-regulated broker.

Xavier Tarrasó

As an expert on our website, I find Firstrade to be a reliable choice for anyone looking to start investing in cryptocurrencies. The platform offers a secure and user-friendly experience, with competitive trading fees and a robust mobile app. However, the absence of a dedicated crypto wallet and 24/7 customer support are areas that could use improvement. Overall, Firstrade is a solid option for beginners and seasoned investors alike, thanks to its strong regulatory framework and extensive market experience.

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How do we review crypto exchanges?

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We collect data directly from exchanges through detailed questionnaires and conduct first-hand testing and observations during crypto exchange demonstrations. Questionnaire responses, combined with demonstrations and hands-on research from our experts, feed into our proprietary evaluation process that scores each provider’s performance on more than 15 factors. The end result produces star ratings ranging from poor (one star) to excellent (five stars).

For more details on the categories considered when rating brokers and our process, read our full methodology.

Risk Disclaimer

Investing in cryptocurrencies is very risky, you should only invest the money you are willing to lose. Also you should not expect to be protected if something goes wrong.

Neither Threenvest, nor the author, are recommending you to invest with this article.

Comparison of OANDA vs Firstrade [ 2024 ]

OANDA

Firstrade

Main points

Recommended for

Comparison of fees

Rating

Level

Brief explanation

OANDA

Firstrade

Product selection

Native token

Earns

NFT marketplace

Cripto/debit card

Company information

Full name

Regulation

Year founded

Founder

Payment methods

Transfers

Mastercard

Wire transfer

Card

Comparative table

Key features

Analysis tools

Mobile APP

Security

Additional features

Anonymity

Key points

Available cryptocurrencies

User-friendliness

Value for money

Countries of operation

Best for

Account

Trading

Deposit and withdrawal

Account opening process

KYC required?

Customer Service

Security

Which of these exchanges is for you?

How do we review crypto exchanges?

Risk Disclaimer

More comparatives OANDA and Firstrade