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Risk Warning: OANDA Corporation is regulated by the CFTC/NFA. OANDA is a member Firm of the NFA (Member ID: 0325821). CFDs are not available to residents in the United States.

3.9
/ 5

OANDA review

Updated on Апр 1, 2024
|
11 mins read

Overview

OANDA, established in 1996 as an FX rate provider in Delaware, USA, has expanded to become a multi-service financial company offering retail CFD trading, Forex data services for...
See full overview for OANDA
Countries
+20
Devices
Our Verdict
3.9
/ 5
Commissions & Fees
4.1
/ 5
Deposit & Withdrawal
4
/ 5
Customer Support
4.2
/ 5
Account Opening
3.6
/ 5
Regulation & Safety
3.5
/ 5

Our 5-step process of verification and evaluation — How do we obtain information?

 

General inspection — 30%

Trading experience — 30%

Technical audit — 20%

Collective experience from collaborations with the broker — 10%

Interviews with real traders — 10%

 

See the entire process here.

Pros

  • Accepts U.S. Clients: OANDA is among the few international online forex brokers that accept U.S. clients. This is noteworthy as many U.S. clients rarely have the opportunity to trade on licensed platforms while in their homeland. 

  • Unique Platform Design: The broker’s forex and CFD trading platform are unique, with features of various valuable tools and resources, including the famous Dow Jones Forex Select news and trading calculators.

  • Unique Trading Features: OANDA’s desktop and web-based platforms feature TradingView, an advanced financial visualization platform, which is a significant advantage. This helps both novice and experienced traders make informed trading decisions.

  • Excellent Trading Research Offering: OANDA’s trading research offerings are excellent and uncommon for a retail trading platform. This platform includes economic analysis, real-time news feeds, calendars, and advanced data analytics.

  • Seamless Registration Process: Opening an account on OANDA is straightforward, and the broker does not require a fixed initial deposit on the standard account.

Cons

  • Service Irregularities: OANDA’s financial offerings have some irregularities that may only suit some traders. For instance, negative balance protection is not available for U.S. clients, which means they may owe the broker money if their account balance is negative. Also, guaranteed stop-loss orders (GSLO) are not offered for U.S. or U.K. clients. Moreover, in the U.S., CFDs on individual stocks, ETFs, or industry sectors are unavailable, and customers are limited to CFD currency pairs.

  • Ancillary Fees: Several ancillary fees are associated with OANDA’s services, including a monthly inactivity fee, fees for deposits/withdrawals, bank wire transfers, and multiple debit card withdrawals in the same month.

  • Limited Customer Service Support: OANDA’s customer support is limited since it is only available on weekdays. As a result, if a trading glitch occurs over the weekend, brokers must wait until the beginning of the week to report or seek assistance.

General details

Type of accounts
Unlimited Demo Accounts
Standard Accounts
Execution Model
Deposit currency
USD
EUR
JPY
GBP
AUD
CHF
CAD
HKD
SGD
NZD
TRY
Regulatory complience
CFTC
NFA
Deposit payment systems
Withdrawal payment systems
Support Languges
English
Spanish
Italian
Chinese
Portuguese
Autotrading
Contact details

Customer reviews

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score
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/ 5
0 reviews

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Accounts

Type of Trading Accounts

OANDA forex brokers cater to both beginners and more experienced traders alike. These accounts include:

  • Standard Account: This account offers access to all tradable instruments, with no minimum deposit required and leverage of up to 200:1. Additionally, the account is commission-free, and the spreads for the EUR/USD start at just 1.0 pips.
  • Core Account: With this account, traders can enjoy significantly tighter spreads than the Standard Account, starting as low as 0.2 pips for the EUR/USD pair. The account charges a reasonable commission of 4 USD per lot. The minimum deposit required to open a Core Account is 5000 USD, and the maximum leverage allowed is 200:1.
  • Swap-Free Account: This is also a commission-free account but with wider spreads than the Standard Account, starting at 1.6 pips for the EUR/USD pair since no interest is paid or received. This account only supports USD as the base currency, but other than that, it is similar to the Standard Account. To open a swap-free account, traders must first open a Standard Account and then contact OANDA’s customer service to request the change.
  • Demo Account: This OANDA forex review gathered that the broker’s demo account accurately simulates the conditions of the Standard Account and comes with a virtual balance of 100,000 USD. Traders can continue to use the demo account indefinitely if they request it from OANDA’s customer service.
US Clients- OANDA
Trading Platforms
METATRADER 4 OANDA FxTrade Meta Trader 4 Mobile
Deposit currency
USD
EUR
JPY
GBP
AUD
CHF
CAD
NZD
HKD
SGD
TRY
Trading instruments
Forex
1:50
Cryptocurrencies
Execution type
market
Spread type
Floating
Decimal places
4
Other
Swap free
VIP account
Phone trading
Scalping
Hedging
Spread type
Trading with expert
Trading 24 hours a day
Trailing stop
Interest on free balance
Mailing the documents
Exceptional Execution - OANDA
Scalping
Trading with expert advisers
Trading 24 hours a day
Trailing stop
Trading Platforms
METATRADER 4 OANDA FxTrade Meta Trader 4 Mobile
Deposit currency
USD
EUR
JPY
GBP
AUD
CHF
CAD
HKD
SGD
Trading instruments
Forex
1:50
Number of currency pairs: 11
AUD
CAD
CHF
EUR
GBP
HKD
NZD
SGD
TRY
USD
ZAR
1:50
Cryptocurrencies
Execution type
market
Spread type
Floating
Decimal places
4
Other
Swap free
VIP account
Phone trading
Scalping
Hedging
Spread type
Trading with expert
Trading 24 hours a day
Trailing stop
Interest on free balance
Mailing the documents
Tradable instruments

Tradable instruments on OANDA trading platforms include:

  • Precious metals
Currencies
N/A
Bonds
N/A
Indices
N/A
Commodities
N/A
Stocks
N/A
Options
N/A
Frequently asked questions

Find the right answer to your question below.

Is OANDA available to U.S. clients?

Yes, OANDA is among the limited number of brokers operating within the United States, and it falls under the regulatory supervision of the NFA and the CFTC.

What fees does OANDA charge?

OANDA applies a monthly fee of 10 units of the base currency for accounts that have been inactive for 12 months. Additionally, the broker has distinct fees for multiple deposits and withdrawals via bank wire transfers and debit cards.

What is OANDA Withdrawal Fee?

OANDA does impose a withdrawal fee of $20 for bank/wire transfers, but no fees are charged for withdrawals made through debit or credit cards.

Is OANDA legit?

Yes, OANDA is well-regulated in different regions. The watchdogs ensure that the investments of the broker’s clients are safe and secure.

OANDA compared with alternative brokers

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