Comparison of Robinhood vs OANDA [ 2024 ]

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

Your expert: Alejandro Borja

Robinhood

Your expert: Xavier Tarrasó

OANDA

Main points

Fees

Low 4,7/5

Regulated

SEC, FINRA

Demo account

Low 4,3/5

Fees

FCA, CFTC

Regulated

Yes

Demo account

Recommended for

Beginners

Yes

Trading

Yes

Passive income

Buy and hold

Yes

Beginners

Yes

Trading

Passive income

Buy and hold

Comparison of fees

Rating

4.1 – Robinhood offers commission-free trading, which is excellent for beginners. However, the inability to transfer cryptocurrencies off the platform and limited cryptocurrency options can be limiting .

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 .

Level

Low 4,7/5

Low 4,3/5

Brief explanation

Robinhood Crypto does not charge any commission fees for trading cryptocurrencies on its platform. Users can buy and sell 15 different cryptocurrencies without incurring additional costs, making it an attractive option for those looking to trade without worrying about hidden fees. However, while Robinhood does not impose direct trading fees, it passes on network fees from crypto miners and validators to users when processing blockchain transactions. Additionally, Robinhood makes money through payment for order flow (PFOF), which involves selling user order information to market makers and may not always result in the best execution prices for trades. In summary, Robinhood Crypto offers commission-free trading, but users should be aware of network fees and the potential implications of PFOF on trade execution prices .

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 .

Robinhood

Year founded: Robinhood was founded in 2013, which provides a decade-long track record in the financial services industry.
Number of users: The platform boasts over 22 million users, reflecting its popularity and trust among investors.
Security methods: Robinhood employs industry-standard security measures, including two-factor authentication (2FA) and encryption, to protect user data and funds.
Regulation: Robinhood is regulated by top-tier authorities such as the SEC and FINRA, ensuring compliance with stringent financial regulations.
Reputation and Reviews: The platform has received generally positive reviews for its ease of use and innovative commission-free trading model, though it has faced some criticism regarding customer service.

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 .

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Product selection

Native token

Robinhood does not have a native token.

OANDA does not have a native token.

Earns

Robinhood does not offer staking or other earning options for cryptocurrencies. The platform is geared towards trading a select few cryptocurrencies .

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

NFT marketplace

Robinhood does not have an NFT marketplace.

OANDA does not have an NFT marketplace.

Cripto/debit card

Robinhood provides a debit card that can be used anywhere Mastercard is accepted .

OANDA does not provide a card for its clients .

Payment methods

Transfers

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

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

Mastercard

No, Robinhood does not accept Mastercard for deposits.

Yes, OANDA accepts Mastercard for deposits.

Wire transfer

Wise is not mentioned as a supported payment method .

Card

No, Robinhood does not accept credit/debit cards for deposits, but it offers a debit card for use .

Yes, OANDA accepts credit/debit cards .

Comparative table

Robinhood	Features	OANDA
Robinhood Crypto allows users to start trading with as little as $1, making it highly accessible to beginners and those with limited capital.	Minimum Trade	No minimum trade requirement, making it accessible for all traders.
The platform is known for its commission-free trading, which means users can trade cryptocurrencies without incurring additional costs, making it very cost-effective.	Trading and Transaction Fees	Competitive fees, but high withdrawal costs for bank transfers.
While the platform supports 15 cryptocurrencies, this number is relatively low compared to other exchanges that offer a broader range of digital assets.	Number of Cryptocurrencies	Supports 63 crypto trading pairs, offering good variety.
Robinhood does not support direct trading between different cryptocurrencies, limiting trading flexibility.	Crypto-to-Crypto Trading Pairs	Wide range of pairs available, enhancing trading opportunities.
The website is user-friendly and provides clear information, but it could benefit from more detailed explanations on certain services and policies.	Website Transparency	Highly transparent with detailed information about fees, regulations, and services.
Robinhood provides a debit card that can be used anywhere Mastercard is accepted .	Credit/Debit Card	OANDA does not provide a card for its clients .
Robinhood does not support external wallets, meaning users cannot transfer their cryptocurrencies off the platform, which is a significant limitation for those seeking more control over their assets.	Storage Offering	No dedicated crypto wallet service; relies on Paxos integration for custody.
The platform does not offer staking or rewards programs, which are features available on many other cryptocurrency exchanges.	Staking and Rewards	Does not offer staking or rewards programs.
Robinhood provides an excellent mobile and desktop trading experience, known for its seamless integration and user-friendly design.	Mobile App and Desktop	User-friendly mobile and desktop platforms with advanced charting tools.
Customer service has been a point of criticism, with reports of slow response times and limited support options, which can be frustrating for users needing immediate assistance.	Customer Service	24/7 support available, though response times can vary.
Deposits and withdrawals are straightforward, but the lack of support for transferring cryptocurrencies to external wallets remains a drawback.	Deposit and Withdraw	Multiple methods available but high fees for bank transfers.

Key features

Analysis tools

Robinhood offers advanced charting and screener tools, with in-depth charting, dozens of technical indicators, and market data from multiple sources. However, their crypto trading is separated into a different app, Webull Pay, which continues the same features .

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 .

Mobile APP

Yes, Robinhood has a highly rated mobile app that allows users to trade cryptocurrencies along with other assets .

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

Security

Robinhood is regulated by the SEC and FINRA, providing a high level of investor protection. They offer SIPC insurance for securities up to $500,000, including a $250,000 cash limit. However, they do not provide negative balance protection.

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.

Additional features

Robinhood provides commission-free trading on a selection of cryptocurrencies like Bitcoin, Ethereum, and Dogecoin through their mobile app. They offer a user-friendly platform with features such as instant deposits, real-time data, and access to margin accounts with Robinhood Gold. However, their crypto services are limited compared to specialized crypto exchanges .

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 .

Anonymity

Robinhood does not offer anonymous accounts. Users must provide personal details and complete verification steps .

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

Key points

Available cryptocurrencies

Robinhood supports trading in a limited number of cryptocurrencies. The available cryptocurrencies are Bitcoin (BTC), Bitcoin Cash (BCH), Bitcoin SV (BSV), Dogecoin (DOGE), Ethereum (ETH), Ethereum Classic (ETC), and Litecoin (LTC).

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).

User-friendliness

Robinhood offers a sleek and user-friendly mobile app that makes it easy for users to trade cryptocurrencies alongside other assets. The platform’s simplicity and commission-free trading are major advantages, though it lacks some advanced features and educational tools. Additionally, Robinhood does not allow users to withdraw their crypto holdings to external wallets, which could be a limitation for some traders .

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 .

Value for money

Robinhood is renowned for its commission-free trading, providing excellent value for money, especially for beginners. However, its limited cryptocurrency offerings and inability to transfer crypto out of the platform may limit its appeal for more advanced users.

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.

Countries of operation

United States (in most states) .

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

Best for

Robinhood is perfect for beginners and younger investors who want an easy-to-use, commission-free platform to trade a limited range of cryptocurrencies. Its integration with stock and ETF trading makes it convenient for those looking to diversify their investments.

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.

Account

Trading

Robinhood allows direct cryptocurrency trading with zero commissions, making it an attractive option for retail investors. However, it offers a limited range of cryptocurrencies compared to other platforms.

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.

Deposit and withdrawal

Robinhood allows deposits and withdrawals via bank transfers. The process is straightforward and free of charge, but the limited options can be a drawback for some users.

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.

Account opening process

Robinhood offers an easy and quick account opening process. Users complete an online application, provide personal information, and verify their identity. The process is fully digital and accounts are typically approved within a day.

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.

KYC required?

Yes, KYC is required at Robinhood. Users must submit personal identification documents and proof of address to verify their accounts.

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

Customer Service

Robinhood offers customer support primarily through email and in-app messaging. They have recently introduced phone support, but response times can vary. The support team is helpful, though some users report delays in getting issues resolved.

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.

Security

Which of these exchanges is for you?

Alejandro Borja

As an expert on our website, I recommend Robinhood Crypto for its ease of use and commission-free trading. It’s an excellent choice for beginners who want to start trading cryptocurrencies with minimal initial investment. However, be mindful of its limitations, such as the lack of support for external wallets and limited customer service. Overall, it’s a solid platform for those new to crypto trading, offering a straightforward and accessible entry into the market.

Xavier Tarrasó

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.

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How do we review crypto exchanges?

At Threenvest, we conduct a thorough review process to evaluate and rank the world’s leading crypto exchanges. Our goal is to offer an unbiased assessment, providing you with the information you need to make informed decisions on which ones best suit your needs. We strictly adhere to the guidelines of our editorial policy.

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 Robinhood vs OANDA [ 2024 ]

Robinhood

OANDA

Main points

Recommended for

Comparison of fees

Rating

Level

Brief explanation

Robinhood

OANDA

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 Robinhood and OANDA