Oanda is a great platform for UK traders, but if you are looking to switch there are some solid options for UK traders – IG, Pepperstone, XTB, Vantage Markets and CMC are all our top picks.
Top 5 Oanda Alternatives for UK Traders
If you’re a UK trader currently using Oanda, there are some alternative platforms that may offer similar or even better experiences. Our top picks are Pepperstone, IG, CMC, Vantage Markets and XTB. Each has its own set of advantages and disadvantages, and in this article we will analyse the top broker alternatives to Oanda, and you can take your pick!
Best Oanda Alternatives for UK Traders
The best Oanda alternatives are:
Best All-Round Alternative Pepperstone
Best Alternative for Market Variety: IG
Best Alternative for Beginners: XTB
Best Alternative for Spread Betting: CMC
Best Alternative for Customer Service: Vantage
Scalpers, Algo Traders, Low-Cost Trading
Low fees, simple set-up quick and easy to launch and start trading.
75.5% of retail investor accounts lose money when trading on margin with this provider
Multi-Asset Traders, Education Seekers
Loads of instruments (17,000+) to trade – kind of like an all you can eat buffet.
69% 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.
Intuitive platform experience with 11,000+ assets
Great FX spreads and super beginner-friendly.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74% 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.
Security-Conscious Forex Traders
Great regulation and security overall a good choice for the risk-conscious
83% 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.
Flexible Account Types, Scalpers
Solid all-rounder with multiple account options – kind of a ‘Pepperstone Lite’ although very solid in it’s own right with excellent customer support.
70.5% of retail investor accounts lose money when trading CFDs and Spread Bets with this provider.
What Makes a Good OANDA Alternative?
OANDA excels at a few things: they have a great beginner-friendly platform, a wide range of platforms to choose from (TradingView, a proprietary platform & MT5), and competitive spreads. Meeting all three of those requirements would have been a challenge a few years ago, but new entrants and existing ones have stepped up to challenge Oanda’s incumbent position.
We evaluated Oanda alternatives by analysing their core benefits and assessing whether an alternative exists and, if so, whether it is better. We assessed alternative brokers against the following criteria:
- How beginner-friendly it is: Can you open an account, open the platform and start trading quickly and easily?
- Platform integrations: One thing Oanda excels at is being a ‘plug-and-play’ broker, able to integrate with multiple platforms, including MT5 & TradingView.
- Spreads/fees: We needed to ensure the broker was not a rip-off compared to Oanda’s current tight spreads.
So let’s see who makes the cut:
Best Oanda Alternatives List
1. Pepperstone: Best Overall Oanda Alternative
Why Pepperstone is the Best Oanda Alternative:
Pepperstone has everything you like about Oanda plus a little more. If you’re looking for tight spreads, Pepperstone’s Razor account starts from 0.0 pip spreads. If you like TradingView integration or MetaTrader integration, tick that box too. Pepperstone even offers MT4 & cTrader – even more than OANDA – and they are currently equally rated at 4.6/5 stars on TradingView itself (see below).
Pepperstone: Platforms, Spreads and Easy to Use
Open a Razor account for spreads starting at 0.0 and get started with TradingView or Metatrader just like Oanda.
75.5% of retail investor accounts lose money when trading on margin with this provider
Why Pepperstone is better than Oanda
- Platform range
Beyond just MetaTrader and TradingView, Pepperstone offers cTrader for algorithmic trading – going a step further than OANDA in terms of strategy capabilities for traders. Even if you automate your trades on TradingView, this is still possible with Pepperstone, and having one more platform to try out is never a bad thing.
- Fantastic spread pricing
We’ve said it before, but the Razor account is a big deal. It gives you access to raw spreads sourced from top-tier liquidity providers. They only charge a small commission (£2.25 each way) rather than facing variable market spreads every day, not knowing what you’re going to get! Well worth it if you are a scalper / lower timeframe trader.
Who Should Choose Pepperstone over Oanda?
- Scalpers & Algo Traders:
If you rely on execution speeds and minimal spread costs, Pepperstone is made for you. - Beginners who want to trade on a variety of platforms
If you want to trade on TradingView on your phone, but cTrader on your desktop (for some reason!?) then at least you have the option to do that with Pepperstone. - Algo traders
The introduction of cTrader as a platform opens up a world of cBots / algo trading that you probably never knew was possible. This is truly a step up in terms of capabilities for traders.
My Bottom Line on Pepperstone
If you are really looking for a step up from Oanda, not just an alternative, then Pepperstone gives you that option like no other broker on this list. Better platform variety, algorithmic trading options with cTrader, tighter spreads with a Razor account, and keeps the same great features like TradingView integration. Pepperstone is a step up, not a sidestep.
£10 Minimum Deposit
Best for Forex
Pepperstone is a Melbourne-based broker that offers an excellent range of assets in the financial trading markets, including CFD's for commodities, shares, ETFs and more.
73-89% of retail investor accounts lose money when trading on margin with this provider.
2. IG: Second-Best Oanda Alternative
IG is a beast; we haven’t ranked it first purely because it’s like comparing a Ferrari to a Range Rover. If you really want to trade something that is a cut above the rest, then IG is a broker without comparison. The largest range of tradable assets (16,000+) vs OANDA’s 4000+ insruments, a wide range of platforms like TradingView, MetaTrader, and its own excellent webtrader, as well as tight spreads across all instruments. This is truly the Ferrari of the trading world.
IG: Might be too much for intermediate traders but worth learning
IG has thousands of tradable assets to choose from and it’s frankly a beast compared to any other broker, but it’s worth considering if you are truly looking for a step up..
69% 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.
Why Choose IG over Oanda?
- Wider asset variety
Compared to Oanda’s 1,500+ instruments, IG’s 16,000+ can feel like a lot. You will essentially be trading the same things, but now you have options. - Spreads
IG and OANDA have roughly comparable spread costs of 0.6 pips, which is why it makes a great, simple switch for both professional and beginner traders. - Education:
IG’s educational offering – IG Academy – is frankly one of the greatest broker educational offerings we’ve seen, with videos, webinars, courses, the whole range and all free.
Who Should Switch to IG?
- Traders Who Value a Reputable Brand:
With a long history and a rock-solid regulatory framework, IG gives you peace of mind. - Stock Traders / Those Looking for Variety:
If you like switching from GBP/USD to Apple/Nvidia shares to a niche Chinese stock, all in the same afternoon, IG gives you that option seamlessly. - Traders looking to Develop Skills:
Beginners or experienced traders looking to refine skills will appreciate IG’s top-tier learning resources.
My Bottom Line on IG
If you want to hop into a Ferrari instead of your Range Rover, give IG a chance. It might be too much – too large an asset variety, too many things to pay attention to, too much education, etc. But here at Trading Brokers, we think that’s a good thing; now you have options – I mean, you are reading an alternatives list after all.
No Minimum Deposit
Best for Stocks
IG offers 17,000+ trading instruments and combines robust regulation with cutting-edge platforms like ProRealTime, TradingView, and L2 Dealer.
70% 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.
3. XTB: Best Beginner-Friendly OANDA Alternative
XTB is an alternative that makes sense. If you are looking for something you can switch to quickly and with minimal hassle, XTB is a great option. They offer CFD trading and even ISAs, so they have a great way to invest and trade.
XTB: Great Beginner Option
With both ISAs and trading – the xStation5 platform is easy to get started and a nice smooth transition from Oanda’s platform.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 73% 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.
Why XTB is a Great Oanda Alternative:
- Easy Onboarding:
Going from opening an account to placing your first trade is super simple. XTB’s platform is light and easy to understand and use. - ISAs:
Offering a step above Oanda, XTB offers ISAs, which may seem strange but hey – Trading 212 does it, so if it’s good enough for them…
Who Should Switch to XTB:
- Tradevestors:
If you want to trade and invest on the same platform, XTB (along with IG) offers something Oanda doesn’t: access to a Stocks and Shares ISA. XTB even goes beyond this with a Cash ISA too. - Absolute Beginners:
XTB is simple and easy to start trading, even alongside Oanda if you’re not ready yet to make the switch. - Traders Who Want Simplicity:
Straightforward pricing and a clean interface mean fewer distractions.
My Bottom Line on XTB
It doesn’t have the variety of IG, nor the spread efficiency of Pepperstone Razor accounts, but it has the simplicity and sheer delight factor of using their proprietary platform, something that Oanda-users will thoroughly enjoy.
No Minimum Deposit
Best for Investing
XTB offers a proprietary platform with incredible trading resources & educational material in an easy-to-use, low cost trading environment. Perfect for currency traders.
73% of retail investor accounts lose money when trading CFDs with XTB Limited. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
4. CMC: Best Spread Betting Alternative
CMC is another large broker on this list with over 12,000+ instruments. It’s a great broker for UK traders who enjoyed spread betting on Oanda but are now looking for a step up. CMC offers CMC Spectre – a dedicated spread betting product and the best in the business (apart from IG, who invented the thing).
CMC: Best Spread Betting Alternative
CMC is a monster for spread betting. If you are serious about spread betting, then this is your broker. .
75% 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.
Why Switch to CMC from Oanda
- More instruments:
12,000+ instruments vs Oanda’s 1,400+ make the maths clear… CMC should be your best bet when looking for instruments to trade. - MT4 & TradingView available
Having both MetaTrader and TradingView available makes switching easier for beginners. - Spread betting dedication
CMC are dedicated to spread betting more than OANDA want to be – if you are looking for ways to trade tax-free, then look no further than CMC’s Spectre…
Who Should Switch to CMC
- Spread Bettors:
If you are keen on spread betting, then this is probably the best option/alternative for you. - Cost-sensitive Traders:
Whilst Oanda is decent on spread costs (0.6 pips average) CMC matches, in in some cases is more competitive like EUR/USD 0.5 pip spreads. - Traders Looking for Great Platforms:
Whilst we found their platform slightly difficult – see our CMC review – other people like thematic trading and have said they loved it. So we suggest you try it yourself.
My Bottom Line on CMC
CMC makes for a great OANDA alternative, providing equal or better spreads in most cases. Whilst their platform offering is often complicated for beginner traders, the asset range, and low fees that CMC provides makes it not just a great OANDA alternatve but generally an all-reound great broker.
No Minimum Deposit
Best for Forex Variety
CMC is a leading CFD & Spread Betting platform in the UK, founded in 1989, it is truly one of the oldest and greatest platforms for trading forex CFDs with the widest range of forex pairs of any major broker.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% 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.
5. Vantage: Solid All-Round Alternative
Vantage is a great alternative to both Oanda and Pepperstone. It’s neither better nor worse than Oanda, but it does offer something Oanda doesn’t, and it provides the same level of platform quality and experience.
Vantage Markets: Dependable and Accessible Broker
Vantage is a broker that offers nearly exactly the same as Oanda, but if excels with it’s own Raw ECN account.
70.5% of retail investor accounts lose money when trading CFDs and Spread Bets with this provider.
Why Vantage is a Great OANDA Alternative
- Flexible Accounts:
Vantage offers both a Standard STP (spread-only) account and a Raw ECN (0.0 pips + commission) account. If you prefer simple all-inclusive spreads, pick Standard. If you’re a scalper or high-frequency trader who wants those razor-thin spreads, go Raw ECN. - Tight Spreads on Raw ECN:
With the Raw account, I’ve seen spreads on EUR/USD at near zero, which is perfect for scalping and EA strategies. Execution speeds are quick too. - Good Educational Material:
While not as clear or comprehensive as IG’s, Vantage provides market updates, trading guides, and some basic tutorials. Enough to compete with Oanda’s level of educational content
Who Should Switch to Vantage?
- Budget-friendly scalpers:
If you love the idea of 0.0 pip spreads with a small commission for scalping the Raw ECN account is a great fit. - Those looking for a clean platform experience:
If you are a fan of Oanda’s clean platform design then Vantage is the closest fit on our list – it’s clean and clear of clutter.
My Bottom Line on Vantage
Vantage provides a great Raw-ECN account, similar to Pepperstone’s Razor account, offering more competitive spreads and better execution for forex trades. Whilst it may not have IG’s education or CMC’s spread betting dedication, it is a great all-round option.
£100 Minimum Deposit
Best for Service
Vantage Markets in a seasoned provider of both CFD & Spread Betting tools with a range of over 1000+ instruments to trade
70.5% of retail investor accounts lose money when trading CFDs and Spread Bets with this provider.
How to Switch From OANDA as a UK Trader
- Open a Demo Account:
Start by signing up for a free demo account with your chosen broker. This helps you practice with virtual funds and get comfortable with the platform’s interface and features. - Install MT4 or your preferred platform:
MT4, TradingView, or cTrader (all are available with Pepperstone accounts). Download it from your broker’s website or the official respective sites. - Go through onboarding / KYC
KYC is a regulatory must for FCA-regulated brokers in the UK. Get all the respective documents like utility bills, passport docs and other relevant documents to make this quick and easy. - Close your Oanda account
Withdraw your funds and close your account. There are no withdrawal fees with OANDA, so you should receive your balance in full. - Start Trading
When you’re ready, open a live account, verify your documents, deposit funds, and start trading with real capital.
FAQs
What is the best Oanda alternative?
Pepperstone offers the tightest spreads on the Razor account and integrates with a variety of platforms, making it the best Oanda alternative.
Which broker has a platform similar to Oanda’s?
Vantage Markets has the same clean interface that’s reminiscent of Oanda.
Are there better brokers than Oanda?
Yes, IG & CMC in particular are better than Oanda. They offer more instruments to trade, offer a wide variety of platforms to integrate with, and are equally competitive on fees/spreads.
Are there withdrawal fees for switching from Oanda / What is the Process?
No, OANDA has no withdrawal fees. They will not know that you switched brokers. The process is not like closing a bank account. You will need to withdraw the balance and re-deposit it into your preferred broker.
Is Pepperstone better than Oanda?
Pepperstone offers a Razor account that has lower spreads than Oanda but charges a £4.5 commission. If you trade more frequently or in higher volumes, then Pepperstone is better than Oanda. Pepperstone also offer more integrations than Oanda, with MT4 and cTrader options that Oanda doesn’t have. So yes, Pepperstone is a more versatile and cheaper broker than Oanda.
Which is better IG or Oanda?
IG has more instruments to trade (over 16,000) vs Oanda’s 1,700 instruments, and IG offers more proprietary platforms than Oanda. IG is considered a great alternative and offers some features that are better than Oanda’s, such as ISA offerings and better CFD trading with more instruments to trade.
Is CMC better than Oanda?
They are completely different brokers. Both offer CFD trading – with CMC offering over 12,000 instruments (similar to Trading 212), but CMC is designed for professional trading with an award-winning platform and complex spread betting options. CMC and OANDA serve two fundamentally different places in the market.
Final Thoughts
If you are looking for serious, professional-grade broker alternatives to Oanda then Pepperstone, IG, CMC, XTB and Vantage markets are the best options.
- Pick Pepperstone if ultra-low costs are your current concern.
- Choose IG if you’ d like a wider range of instruments to trade.
- Go with XTB if you’d like a simple platform experience and ISA options.
- Select CMC if spread betting is important to you.
- Opt for Vantage if you don’t want to lose the same clean platform that you experienced on Oanda.
Ultimately, choosing a broker alternative is a personal choice, but we’ve researched and looked high and low – OANDA is a fantastic broker – but there are definitely options that are equal to, and in some cases better than, what they offer in certain areas.
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