Oanda vs XM Group 2026: A Detailed Comparison for Singapore Traders
Which broker is better for Singapore traders in 2026? Expert analysis across 12 categories.
Quick Verdict — Singapore Traders
Singapore’s forex market is one of the most sophisticated in Asia, and traders here demand brokers that combine robust regulation with competitive pricing. Oanda, with a score of 3.6/5, has long been a favourite among advanced traders for its powerful charting tools and transparent pricing. XM Group, scoring 4.7/5, has gained a strong following among Singaporeans for its low spreads, extensive product range, and user-friendly platforms. Both brokers are regulated by the Monetary Authority of Singapore (MAS), giving you peace of mind. Whether you are a day trader scalping the EUR/USD or a long-term investor, this comparison will help you decide which broker fits your local trading style, especially with support for SGD deposits via PayNow, bank transfer, and credit card.
Overall Scores Comparison
Trading Costs - Spreads & Commissions
| Instrument | Oanda | XM Group | Winner |
|---|---|---|---|
| EUR/USD avg spread | 0.09 pips + $3.5/lot | 0.0 pips + $3.5/lot | XM Group |
| XAU/USD (Gold) | $0.14 typical | $0.12 typical | XM Group |
| GBP/USD avg spread | 0.29 pips | 0.23 pips | XM Group |
| Standard acc spread | from 1.0 pips | from 0.8 pips | XM Group |
| ECN commission | $3.5/lot/side | $3.5/lot/side | Tie |
| Min deposit | $0 | $5 | Oanda |
For Singapore traders, trading costs are a critical factor. XM Group offers tighter average spreads, with EUR/USD from 0.6 pips on Standard accounts and 0.0 pips on Zero accounts (plus a small commission). Oanda’s spreads start around 0.9 pips on the same pair, but its variable spreads can be lower during high liquidity. Over 100 standard lots per month, XM’s Zero account can save you up to $300 SGD in spread costs compared to Oanda. However, Oanda charges no commission on standard accounts, making it cost-effective for lower-volume traders. Both brokers pass on no hidden fees for SGD deposits via PayNow or bank transfer.
Account Types Comparison
| Account Type | Oanda | XM Group |
|---|---|---|
| Standard account | ✓ | ✓ |
| ECN / Raw spread | ✓ | ✓ |
| Islamic (swap-free) | ✗ | ✓ |
| Demo account | ✓ | ✓ |
| PAMM / MAM account | ✗ | ✓ |
| Zero spread account | ✗ | ✓ |
| Copy trading | ✗ | ✗ |
| Min deposit | $0 | $5 |
Leverage Comparison - Singapore Traders
| Entity / Asset | Oanda | XM Group |
|---|---|---|
| Singapore (offshore) | Up to 1:100 | Up to 1:1000 |
| Forex major pairs | 1:100 | 1:1000 |
| Gold (XAU/USD) | 1:200 | 1:200 |
| Indices | 1:100 | 1:100 |
| Cryptocurrencies | 1:2 to 1:10 | 1:2 to 1:10 |
Trading Instruments - Assets Available
| Asset Class | Oanda | XM Group | Winner |
|---|---|---|---|
| Forex pairs | 90+ | 65+ | Oanda |
| Gold (XAU/USD) | ✓ | ✓ | Tie |
| Oil (WTI/Brent) | ✓ | ✓ | Tie |
| Stock indices | 25+ indices | 20+ indices | Oanda |
| Crypto CFDs | ✗ | 20+ | Oanda |
| Stocks / Share CFDs | ✗ | ✗ | XM Group |
| ETFs | ✗ | ✗ | Tie |
Platforms Comparison
| Platform | Oanda | XM Group |
|---|---|---|
| MetaTrader 4 (MT4) | ✓ | ✓ |
| MetaTrader 5 (MT5) | ✗ | ✓ |
| cTrader | ✗ | ✗ |
| TradingView | ✓ | ✗ |
| Expert Advisors (EAs) | ✗ | ✓ |
| Scalping allowed | ✓ | ✓ |
| Hedging allowed | ✓ | ✓ |
Both brokers cater to Singapore’s tech-savvy traders with top-tier platforms. Oanda offers its proprietary platform with advanced charting, 100+ indicators, and automated trading via API—ideal for sophisticated investors. XM Group provides MetaTrader 4 and 5, which are widely used in Singapore for their customisable scripts and copy trading. XM also offers a web-based platform and mobile apps. For traders who value depth of analysis, Oanda’s tools are superior; for those who prefer community-driven trading and EA support, XM’s MT4/5 ecosystem is more suitable.
Execution Quality - Speed & Slippage
| Factor | Oanda | XM Group | Winner |
|---|---|---|---|
| Execution model | ECN/STP | True ECN | XM Group |
| Avg execution speed | ~30ms | ~40ms | Oanda |
| Slippage | Very low | Very low | Tie |
| Requotes | Very rare | Very rare | Tie |
| Scalping allowed | ✓ | ✓ | Tie |
| EA / Bot trading | ✗ | ✓ | Tie |
Oanda offers No Dealing Desk (NDD) execution with no requotes, making it ideal for scalpers and algorithmic traders in Singapore. XM Group uses a combination of NDD and STP execution, with average execution speeds under 1 second. Both brokers have low slippage on major pairs. XM Group’s execution is generally more consistent during high volatility, while Oanda’s direct market access can lead to better fills on large orders. For high-frequency traders, Oanda’s API may offer an edge; for most retail traders, XM’s execution is more than sufficient.
Regulation & Safety for Singapore Traders
| Safety Factor | Oanda | XM Group |
|---|---|---|
| Primary regulator | FCA | ASIC |
| Top-tier regulated | ✓ | ✓ |
| Investor protection | ✓ | ✓ |
| Segregated funds | ✓ | ✓ |
| Neg. balance protection | ✓ | ✓ |
Both Oanda and XM Group hold Capital Markets Services (CMS) licences from the Monetary Authority of Singapore (MAS), ensuring they operate under strict local regulations. This means your funds are held in segregated accounts, and both brokers adhere to MAS’s client asset protection rules. Oanda is also regulated by top-tier bodies like the FCA and CFTC, while XM Group is regulated by CySEC and ASIC. For Singapore traders, MAS oversight provides a strong safety net, though Oanda’s additional tier-1 regulation may appeal to those trading larger sums.
Deposits & Withdrawals for Singapore
| Payment Method | Oanda | XM Group |
|---|---|---|
| Bank Wire Transfer | ✓ | ✓ |
| Visa / Mastercard | ✓ | ✓ |
| Skrill | ✗ | ✓ |
| Neteller | ✗ | ✓ |
| USDT / Crypto | ✗ | ✓ |
| Withdrawal time | 1 to 5 business days | Visa/Mastercard and e-wallets near-instant to 1-2 business days; bank wire several days |
Singapore traders enjoy seamless deposit options with both brokers. Oanda supports SGD deposits via PayNow, local bank transfer, and credit card, with no fees and instant processing. XM Group also accepts PayNow, bank transfer, and credit card, plus e-wallets like Skrill and Neteller. Minimum deposit: Oanda has no minimum for SGD accounts (USD accounts require $0), while XM Group requires SGD 5 for Standard accounts. Withdrawals are processed within 1 business day for both, with PayNow and credit card withdrawals typically faster. XM Group offers free withdrawals, while Oanda charges a small fee for wire transfers over SGD 10,000.
Islamic Accounts - Swap-Free for Singapore Muslims
| Islamic Account Feature | Oanda | XM Group |
|---|---|---|
| Swap-free available | ✗ | ✓ |
| Admin fee instead of swap | On some instruments | On some instruments |
| MT4 / MT5 supported | ✓ | ✓ |
| How to apply | Contact support | Contact support |
For Muslim traders in Singapore, both brokers offer swap-free Islamic accounts that comply with Sharia law. XM Group provides dedicated Islamic accounts with no swap or rollover charges on overnight positions, available on Standard and Zero accounts. Oanda offers a swap-free status upon request, but it is not automatically applied. XM’s process is more straightforward, with instant activation for eligible clients. Both brokers require that Islamic accounts are not used for arbitrage strategies. If you are a Muslim trader in Singapore, XM Group’s dedicated Islamic account is a more convenient choice.
Customer Support Comparison
| Support Feature | Oanda | XM Group | Winner |
|---|---|---|---|
| Live chat | ✓ | ✓ | Tie |
| Phone support | ✓ | ✓ | Tie |
| Email support | ✓ | ✓ | Tie |
| 24/7 support | ✗ | ✗ | Tie |
| Response time (chat) | <2 minutes | <3 minutes | Oanda |
Both brokers offer multilingual customer support with local Singapore phone numbers. XM Group provides 24/5 live chat, phone, and email, with a dedicated Singapore team available during market hours. Oanda offers 24/5 support via phone and email, with live chat available on its website. XM’s response times are slightly faster, averaging under 2 minutes for live chat, while Oanda’s email support can take up to 24 hours. For urgent issues, XM Group’s local support is more accessible for Singapore traders.
Mobile App Comparison
| Mobile Feature | Oanda | XM Group | Winner |
|---|---|---|---|
| iOS App Store rating | 4.5 stars | 4.3 stars | Oanda |
| Google Play rating | 4.3 stars | 4.2 stars | Oanda |
| Biometric login | ✓ | ✓ | Tie |
| Push notifications | ✓ | ✓ | Tie |
| Full charting on mobile | ✓ | ✓ | Tie |
| TradingView mobile | ✓ | ✗ | Oanda |
Education & Research Tools
| Resource | Oanda | XM Group | Winner |
|---|---|---|---|
| Video tutorials | 100+ videos | 50+ videos | Tie |
| Webinars (live) | Weekly | Monthly | Tie |
| Economic calendar | ✓ | ✓ | Tie |
| Market analysis | Daily | Basic | Oanda |
Real User Reviews - Trustpilot
Pros & Cons of Each Broker
Oanda
XM Group
Who Should Use Which Broker? - Singapore Guide
Choose Oanda if you...
- Are a sophisticated investor needing advanced charting tools and custom indicators.
- Prefer a broker with direct market access and no dealing desk execution.
- Trade large volumes and want to avoid commissions on standard accounts.
- Value additional tier-1 regulation from the FCA or CFTC alongside MAS.
Choose XM Group if you...
- Want lower average spreads and a wider product range including CFDs on stocks and commodities.
- Prefer MetaTrader 4/5 for EA trading and copy trading features.
- Need flexible deposit options including PayNow, credit card, and e-wallets.
- Are a Muslim trader looking for an easy-to-activate Islamic account.
FAQ - Oanda vs XM Group in Singapore
Final Verdict - Singapore 2026
For Singapore traders, XM Group emerges as the stronger choice overall, with a higher score (4.7 vs 3.6), lower spreads, and a more accessible platform ecosystem. Its support for PayNow, bank transfer, and credit card deposits in SGD simplifies local funding, while MAS regulation ensures safety. Oanda remains a solid option for sophisticated investors who need advanced analysis tools and direct market access. However, for most retail traders in Singapore—especially those starting out or trading moderate volumes—XM Group offers better value and a smoother trading experience. Consider your trading style: if you value customisation and transparency, go with Oanda; if you prioritise cost-efficiency and ease of use, choose XM Group.