AuthorBy Björn Michels
Updated: August 5, 2022

Trading with a reputable online broker is a crucial factor for success in the international markets. At Forex Malaysia, we help you find the broker that suits your trading needs.

Each year we spend thousands of hours testing brokers by opening accounts, testing their platforms, and rating them according to a set of over 200 metrics. We deposit real money with the brokers to ensure that the products and user experience they advertise are consistent with reality.

We have found that the best way for traders to choose a broker is to compare brokers side-by-side. The comparison tool below allows you to compare two brokers based on their ratings and features.

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Overall Rating
Min. Deposit
Regulation
Trading Desk Type
Trading Instruments
Forex Pairs
Crypto Pairs
Pros
Cons
Regulation
Trading Conditions
Trading Platforms
Deposit & Withdrawal
Education & Research
Assets Available
Customer Service
% Lose with this broker
Leverage
Spread
Hedging
Scalping
Account Types
Islamic Account
Trading Platforms
Funding Methods
Trading Commission
11110.54.25/ 5 USD 0FCA Regulated BrokersASIC BrokersMonetary Authority of SingaporeInvestment Industry Regulatory Organization of CanadaBritish Virgin Islands Financial Services CommissionThe Seychelles Financial Services AuthorityMarket MakerForex, Indices, Commodities, Metals, Cryptocurrencies, Stock CFDs454
  • Well regulated
  • Tight spreads
  • Low minimum deposit
  • Good for beginners
  • Limited currency pairs
Read Review 111115/ 5 111104/ 5 11110.54.5/ 5 11110.54.5/ 5 11110.54.5/ 5 1110.503.5/ 5 1110.503.5/ 5 73.5%200:10.10 pips Core, fxTrade Basic, fxTrade Professional, MT4 Basic, MT4 Professional, MT4 Tokyo Server, Premium, Premium Core, Spread Pricing, Standard, Standard, Swap-free MT4, MT5Bank Transfer, Visa, Mastercard, Skrill, Neteller4 USD / lot
11110.54.48/ 5 USD 100CySEC Regulated BrokersFCA Regulated BrokersLabuan Financial Services AuthorityFinancial Services Conduct AuthorityThe Seychelles Financial Services AuthoritySTPForex, Indices, Metals, Bonds, Futures, Cryptocurrencies, Stock CFDs628
  • Tight spreads
  • Well regulated
  • Fast and free withdrawals
  • Limited base currencies
Read Review 111104/ 5 111115/ 5 11110.54.5/ 5 11110.54.5/ 5 111115/ 5 11110.54.5/ 5 111104/ 5 73%500:10 pips Classic, Pro, VIP MT4, MT5Visa, Mastercard, Bank Transfer, Neteller, Skrill, SticPay, Fasapay, Unionpay, NganLuong, WebMoney, Paypal4 USD / lot

At Forex Malaysia, we help traders find the broker that suits their trading needs. In many cases, the best way to achieve this is to compare brokers side-by-side.

To compare Tickmill and Oanda, we used the same factors we use when reviewing brokers: The trust and regulation of the broker, the trading platform, the costs and trading conditions, and the level of education and market analysis available at the broker.

Does Tickmill or Oanda have a better trust and regulation rating?

Trust and regulation are some of the most important factors to consider when choosing a Forex broker. Trust in the Forex trading business is almost entirely founded upon regulation. We spend many hours evaluating the safety of each broker by delving into their fine print and confirming each one of their regulatory licences on the online registers. The more top-tier authorities a broker is regulated by, the higher its trust rating.

In our comparison, we found that Oanda holds four Tier 1 and no Tier 2 licences, and Tickmill holds one Tier 1 and one Tier 2 licences.

 

Can I trust Oanda?

Yes as Oanda was founded in 1996 and is regulated by ASIC, B.V.I FSC, FCA, IIROC, MAS and FSA-Seychelles.

 

Can I trust Tickmill?

Yes as Tickmill was founded in 2014 and is regulated by CySEC, FCA, FSCA, LFSA and FSA-Seychelles.

 

Based on these findings, Oanda earned a higher trust rating than Tickmill.

Does Tickmill or Oanda have lower costs?

Another important aspect we consider when comparing brokers is the cost of trading. When evaluating trading costs, we always consider the minimum deposit required to open an account and the ongoing trading costs, including the spreads and commissions. When calculating trading costs, we measure the cost to trade one lot of EUR/USD using the broker’s account with the lowest minimum deposit. The cost includes both the spread and any commission charged. 

Not all brokers publish their trading costs, so we often open accounts and trade on their platforms to verify the spreads and commissions. Based on our reviews, we found that Tickmill has overall lower trading costs than Oanda. 

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Broker
Trading Conditions
Base Currencies
EURUSD (Standard)
Trading Cost (Standard)
EURUSD (Best)
GBPUSD (Best)
USDJPY (Best)
Commission
Oanda
111104/ 5
USD, EUR, SGD, HKD
1.00 pips
USD 10
0.10 pips
0.10 pips
0.10 pips
USD 0
Tickmill
111115/ 5
USD, EUR, GBP, PLN
0.00 pips
USD 4
0.10 pips
0.30 pips
0.10 pips
USD 4

 

Does Tickmill or Oanda offer a better choice of trading platforms?

Traders want Forex brokers to offer them a choice of trading platforms, so we give brokers who offer multiple platforms higher ratings. Trading platforms we consider include MetaTrader4, MetaTrader5, cTrader and proprietary mobile and web-based platforms. 

In this case, Tickmill offers support for MT4 and MT5 and Oanda offers support for MT4 and MT5. 

Do the brokers offer copy trading?

Copy trading is a great option for beginner traders who can’t trade full-time or lack experience with Forex trading. In this case both Oanda and Tickmill offer copy trading.

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Broker
Platform Choice
Copy Trading
Platforms
Oanda
11110.54.5/ 5
Tickmill
11110.54.5/ 5

 

Which broker offers a better choice of trading instruments?

A variety of CFD instruments – and a large range of CFDs for each instrument category allow traders more opportunities for profitable trading. The best brokers will have thousands of CFDs to trade, covering all these instrument categories. We found that Tickmill offers a greater range and depth of instruments to trade than Oanda. Tickmill offers 62 Forex pairs to trade and Oanda offers 45 Forex pairs to trade.

And what about Cryptocurrencies?

In this case, Tickmill offers 8 cryptocurrencies while Oanda offers 4 cryptocurrencies. So if you want to trade cryptocurrencies, we advise trading with Tickmill.

Which broker offers better deposit and withdrawal processes?

Although brokers may have reasonable trading fees, many traders are caught out by the high non-trading fees charged by some brokers, including deposits and withdrawals. Traders want to be able to deposit and withdraw funds quickly and cheaply. Most brokers have multiple funding methods with zero fees for making deposits, but some brokers make it more expensive and take longer to process withdrawals. 

We rate brokers more highly that process withdrawals within 24 hours by multiple withdrawal methods and without charging processing fees. We found that Oanda charges a withdrawal fee and Tickmill does not. Overall, Oanda has better deposit and withdrawal processes than Tickmill. 

Which broker offers better educational support?

We often find that brokers offer very little in the way of educational materials, forcing traders to use other third-party sites or self-educate elsewhere. Beginner traders need well-structured, well-presented materials in multiple formats to get a good start at trading. More experienced traders also benefit from webinars led by experts in the field and advanced trading strategy sections with new trading ideas. 

Tickmill has better educational support than Oanda. Both Oanda and Tickmill offer educational support for more experienced traders.

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Broker
Beginner Course
Advanced Course
Oanda
Tickmill

 

Which broker offers better market analysis materials?

To successfully predict the price movements of an instrument, traders will need access to frequent market research and analysis. We find that research and market analysis are always better when they are produced in-house and updated frequently. Third-party resources don’t show the same expertise in trading ideas, so we place a strong emphasis on frequent in-house updates. Some brokers also often offer interactive webinars where traders can learn from experts in the field. 

We found that Tickmill offers better research analysis than Oanda and that both Oanda and Tickmill offer frequent webinars.

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Broker
Economic Calendar
Autochartist
Trading Central
Trading View
Free VPS
Oanda
Tickmill

 

Our overall Verdict on Tickmill

A trustworthy broker with MT4 and MT5 support and two of the lowest-cost trading accounts in the industry, Tickmill provides a perfect trading environment for serious beginners and more experienced traders. However, although Tickmill is regulated by the Labuan FSA, Malaysian traders will be onboarded through Tickmill’s Seychelles-based entity, which offers less protection.

Tickmill provides two commission-based accounts with low spreads (0.0 pips on the EUR/USD) and some of the lowest commissions in the industry. A standard account is also available, with no commission and spreads starting at 1.6 pips on the EUR/USD. Education and market analysis are both excellent and experienced traders will appreciate the wide range of currency pairs.

Overall, while Tickmill’s standard account is more expensive than other similar brokers, the two low-cost commission accounts make it an excellent choice of broker for Metatrader users looking for a new broker.

Our overall Verdict on Oanda

A popular broker in Malaysia, OANDA has a comprehensive education suite, no minimum deposit requirements, low trading fees, and a great mobile trading app. However, Malaysian traders may be concerned that OANDA’s global entity has very little regulatory oversight and that they are not offered negative balance protection. 

Traders may also be disappointed by the relative lack of financial instruments and high withdrawal fees, but OANDA offers support for both the MT4 and MT5 platforms in addition to a great range of trading tools and detailed market analysis. 

Despite the poor regulatory oversight and small range of trading instruments, OANDA is a good all-round broker. It has a decent Islamic trading account and the low fees will attract many traders. And with the introduction of MT5 support, we expect that the number of trading instruments will increase in the near future. 

Which broker has the highest overall rating?

Tickmill has an overall rating of 4.48 and Oanda has an overall rating of 4.25. For more detail please read our reviews of Tickmill and Oanda.

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Trading Forex and CFDs is not suitable for all investors and comes with a high risk of losing money rapidly due to leverage. 75-90% of retail investors lose money trading these products. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

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