Verdict

/ 5

OANDA review

trusted

By azeshan

Updated on Nov 6, 2024

14 mins read

13 customer reviews

Overview

OANDA Trading has established itself as one of the most trusted global forex brokers. Founded in 1996, OANDA has a long-established reputation in the world of currency trading....

See full overview for OANDA

OANDA Trading has established itself as one of the most trusted global forex brokers. Founded in 1996, OANDA has a long-established reputation in the world of currency trading. Here, we’re providing an in-depth analysis of one of the world’s leading brokers. In our review, we’re going to delve into every detail of OANDA’s offerings, leaving no element unturned.

We’ve assessed OANDA in every area of key criteria. This includes every detail from regulation, and trading tools to account types, cost, and approach to research and education. By the end of this OANDA review, you’ll be equipped with the knowledge needed to start trading with OANDA.

TL;DR

OANDA is a globally regulated forex broker.
OANDA is known for having a user-friendly interface and offering multiple trading platforms.
Available trading platforms include OANDA’s proprietary platforms, plus third-party platforms like MT4 and TradingView.
With OANDA, traders can engage in forex, CFDs, and crypto, although crypto isn’t available in all regions.
Pricing is generally competitive, but not the most economical. Certain fees can be high.
It offers a user-friendly trading platform, support for third-party platforms like MT4 and TradingView, and a range of trading products, including forex, CFDs, and cryptocurrencies (in some regions).
OANDA offers a range of educational tools and research. Its MarketPulse hub is a top-level resource for new and experienced traders.
Traders who are seeking a wide range of tradable products might consider a different broker.

Criteria	Rating
Regulation and Licensing	5/5
Trading Platforms and Tools	4/5
Account Types and Trading Conditions	3/5
Research and Education	4/5
Customer Support	4/5
Trading Costs	3/5
Funding Options	4/5

OANDA: The Forex Broker in Focus

What is OANDA Best Known For?

OANDA has been a globally recognized and trusted presence in the forex trading industry for more than 25 years. They are an award-winning broker with accolades from around the world. And, today, OANDA has regulated entities in the world’s top financial markets.

The longevity and global market reach are testaments to OANDA’s reputation. OANDA has a strong regulatory track record, being licensed by multiple Tier-1 jurisdictions. These include the ASIC, FCA, CFTC, and others to ensure transparency and client security.

On the topic of security, we suggest learning more about the best forex VPS to ensure the safest, most reliable connection that caters to the needs of forex traders.

OANDA review, best known for. — **Image Credit: OANDA**
**With a strong regulatory track record and being licensed by many Tier-1 jurisdictions, it’s easy to see how OANDA is able to offer innovative currency trading solutions.**

Features

A feature that sets OANDA apart is how they cater to forex traders of all levels, from novice to experienced. OANDA offers a suite of features that include the OANDA trading platforms. OANDA clients can choose from the OANDA Mobile, OANDA Web, or their third-party platforms TradingView, and MetaTrader 4.

OANDA Web and OANDA Mobile are known for their user-friendly, intuitive interface that’s fully customizable. TradingView offers top-tier charting tools and is included for one year with an OANDA account. Forex traders who choose MetaTrader 4 (MT4) benefit from its powerful charting and analysis capabilities.

Moving beyond their trading platforms, OANDA’s offerings span a diverse range of trading products. At the top of the list is forex, but CFDs and Cryptocurrencies (regional availability) are also on the list.

OANDA also maintains comprehensive educational resources for its clients. Webinars, courses, platform tutorials, and other educational resources are available for clients to explore. We found these resources to be more than adequate for new forex traders, and also robust enough for experienced traders.

Clients who sign up are privy to OANDA’s research and analysis offerings. The daily articles, analysis updates, and podcasts help traders stay informed and up-to-date on financial markets. We’ve found OANDA’s research offerings to be a great asset, and one not often seen with retail trading platforms.

Customers can contact OANDA via live chat, email, or phone from 4 pm Sunday through 6 pm Friday (EST). OANDA has somewhat mixed reviews for customer support, which is a factor we’ll discuss in more detail.

Funding options include debit cards, ACH, and bank wire transfers. Withdrawals can be made via debit card or ACH only.

Now that we’ve covered the basics of OANDA features, let’s look closer at the pros, cons, and criteria evaluation.

OANDA Review of the demo account. — **Image Credit: Oanda Demo Account**
**With OANDA, you can easily track market pulse, set preferences, and trade different currency pairs.**

Pros

Strong Regulatory Standing

OANDA’s regulatory standing is something we consider a differentiator that sets it apart from many of its competitors. At the current time, OANDA operates in eight regulated markets. This includes the OANDA Corporation, which operates in the US and is regulated by CFTC/NFA. OANDA also operates under the FCA, ASIC, and FSA, among others.

This strong regulatory track record speaks volumes about OANDA’s adherence to transparency and high industry standards.

High-Quality Research and Analysis

OANDA stands out for its trading research and analysis offerings. With access to OANDA’s MarketPulse hub, traders are able to tap into some of the most valuable research and analysis in real-time. For those who are not familiar with MarketPulse, it is a vault of articles, analytics, videos, podcasts, and research. It’s an extremely valuable tool that’s a great perk of trading with OANDA.

User-Friendly Trading Platforms

Our OANDA review found the trading platform to offer an intuitive interface with a suite of advanced technical analysis tools. We also discovered informative tutorials and guides for traders who want to learn more about trading principles. These types of features make OANDA user-friendly for all levels of traders.

Cons

Limited Range of Tradable Products

OANDA offers features that place it in the top tier, but its range of trading products isn’t one of them. Its range of trading products includes forex and CFDs, with cryptocurrency being available in some markets. Still, we consider this selection to be somewhat limited compared to its competitors.

Pricing Not the Most Competitive

OANDA’s trading costs could be more competitive overall. In general, the broker’s costs and fees are low enough. However, the fee structure for inactivity, withdrawals, etc, is higher than average. If fee structure is important to you, we recommend comparing the fee structure of several brokers before committing to OANDA.

Proprietary Platform Trails Industry Leaders

Our review found both pros and cons to OANDA’s proprietary platform. First, it deserves credit for being user-friendly, with rich features. It has all the necessary tools, bells, and whistles. However, we discovered a few pain points that need improvement. For example, on OANDA’s web platform, some features require opening additional browser windows. It seems like a minor detail, but one that could prove to be distracting or irritating.

Criteria Evaluation

Regulation and Licensing (5/5)

Regulation and licensing is an area where OANDA rises above its competitors. They offer an iron-clad regulatory standing, with licenses from the CFTC/NFA, FCA, ASIC, FSA, FSC, IIROC, PFSA, and MAS.

Within the eight regulated markets that OANDA operates is the OANDA Corporation, operating in the US. The OANDA Corporation, regulated by the CFTC/NFA, allows forex trading for US residents. This, on its own, is another feature that sets OANDA apart. Many forex brokers don’t want anything to do with US clients due to stringent regulations.

Trading Platforms and Tools (4/5)

OANDA offers a respectable suite of trading platforms and tools. These include OANDA Web and OANDA Mobile as their proprietary platform. These platforms are robust enough, however, there’s room to update them and make them more competitive in the industry.

Additionally, they offer support for MetaTrader 4 (MT4) and TradingView. MT4 is a custom-built bridge that offers MT4’s top-tier analysis and charting, combined with OANDA’s structure. Key features of MT4 include automated trading strategies, with the ability to back-test your trading strategies. Additionally, there are charts that include more than 50 built-in indicators, plus thousands that are accessible via third party.

OANDA’s partnership with TradingView is a notable asset for forex traders. With this partnership comes robust analytical tools and charts for efficient, informed trading. Having this integration means that trades can be made without the need to switch between platforms for real-time information.

Account Types and Trading Conditions (3/5)

In our experience, this area is what we have found to be OANDA’s weakest point. The range of account types is somewhat limited. Account types offered include Standard, Core, and Premium. The Standard account is suitable for all levels and types of traders.

The Core account is more targeted toward expert advisors and high-frequency traders. Details that set the Core account apart are the $40 per million commission and spread from 0.1. For the other account types, there is a $0 commission and a spread of 0.8. The Premium Account is designed for high-volume traders. All Premium accounts must be verified and have both balance and trade requirements.

One more thing to keep in mind is that OANDA’s trading conditions can vary depending on the regulating entity. It’s important to understand the range and limitations of tradable products for each.

OANDA review, additional resources, criteria evaluation — **Image Credit: Market Pulse**
**There’s a wealth of information on MarketPulse courtesy of OANDA for smarter trading decisions.**

Research and Education (4/5)

We feel that OANDA deserves a decent score for research and education. Its MarketPulse hub is a highly valuable resource filled with analysis updates, industry articles, podcasts, and more. Our only real complaint about MarketPulse is that the collection of podcasts and videos isn’t well organized.

In addition to MarketPulse, OANDA offers on-site analytics tools and a guide to getting started with OANDA’s API. This is in addition to one-click access to real-time industry news.

Customer Support (4/5)

OANDA offers customer support through live chat, email, and phone. In the past, this was limited to phone support, so there have been some improvements made. OANDA’s phone support is only available from Sunday evening through Friday evening Eastern Standard Time.

Customer reviews for OANDA’s support are generally positive, with praise for responsiveness and knowledgeable help team. On the downside, some customers have cited delays in receiving help or having their questions answered.

Still, we have noticed that OANDA is committed to continually improving how they serve their clientele. The fact that they’re forward-thinking here earns them bonus points.

Trading Costs (3/5)

OANDA sits in the middle of the road in terms of trading costs and fees. They don’t have the highest fees and trading costs that we’ve seen, but we wouldn’t label them as competitive.

Customers are charged a monthly inactivity fee of $ 10 USD after 12 months. This fee will be charged monthly until activity resumes or the account is closed. Accounts with a zero balance are also exempt from the inactivity fee. Withdrawal fees lean toward the higher side, especially if you’re making multiple withdrawals per month.

Funding Options (4/5)

The funding options offered by OANDA are reasonably standard for the industry. Funds can be added via debit cards backed by Visa or Mastercard, bank wire transfers, and ACH payments.

The fastest funding method is a debit card, which will land in your account almost instantly. The downside to debit funding is the $20,000 monthly maximum. Wire transfers and ACH payments have significantly higher thresholds but also take longer to process. ACH deposits are available up to $50,000 per transaction, and wire transfers are unlimited.

It’s important to note that OANDA does not accept any form of third-party payment.

Community Reviews and Expert Recommendations

We turned to the world of forex traders for their opinions of OANDA. Overall, the feedback is generally positive, with review sites like Trustpilot showing a rating of 4.1 stars. While there are some hits to customer support, the majority of community reviews praise the support offered by OANDA.

The quality and usability of the OANDAs interface are mentioned, as is access to TradingView. The research and analysis tools are repeatedly mentioned as being helpful, especially for those just starting in forex trading.

Expert reviews echo similar sentiments, although some expert takes are slightly less generous with their assessments. Expert recommendations for OANDA almost always mention the robust regulatory standing. The ancillary fees are mentioned as a downside, as are the limitations for the US market. OANDA’s limited range of tradable products also doesn’t go completely unnoticed.

However, before you rely on community reviews, it’s important to do your own research using reputable sources. There are individual trading needs and preferences that need to be considered. These might not align with what the community at large has to say.

Pricing

There are two main pricing models offered by OANDA – spread only and their Elite Trader Program. The spread-only model is simplified, with the commission being factored into the spread. This is a good plan for new or lower-volume traders.

The Elite Trader Program offers volume-based rebates, a relationship manager, free wire transfers, and more. There are five tiers to this program, based on a monthly volume requirement. The lowest monthly volume requirement is $10 million USD. A $10,000 client deposit is required to qualify for the Elite Trader Program.

Where to Find OANDA

I’s easy to open an account and explore OANDA’s trading platforms. A demo account is available, offering a glimpse into OANDA and its resources.

Alternatives to OANDA

There are many benefits to choosing OANDA as a forex broker, however, it’s not for everyone. Depending on your trading level, goals, and preferred tools, other options might be more suitable.

IG Group

Like OANDA, IG Group is a leading global forex broker. IG’s standout features are its advanced trading platforms and zero commission on US and UK shares. IG offers tight spreads and is available in 17,000 markets. They currently offer forex, indices, crypto, and more.

Saxo Bank

Saxo Bank is a Danish investment bank, offering top-level trading experience. Saxo Bank is a broker that performs above average in most areas. They offer a range of more than 71,000 financial instruments and strong analysis tools. Saxo provides three platforms to choose from, each designed for a specific type and level of trader.

CMC Markets

CMC Markets is a global forex broker that is known for its user-friendly platform. They offer packages for both new traders and experienced traders. With a range of educational resources, CMC Markets stands out for new traders who are just getting their feet wet.

FOREX.com

FOREX.com is a popular choice for forex traders who value having a wide range of options. Forex offers more account types than the average forex broker and a great range of trading tools. Forex is a good choice for more advanced traders who want to explore different strategies.

Final Thoughts

OANDA has established itself as a long-standing leader in forex trading. In this OANDA review, we’ve explored every aspect of OANDA, finding areas where it excels, and others that could use improvement.

OANDA caters to a wide range of trading styles.
The OANDA proprietary platform is easy to use. MT4 and TradingView platforms offer features for diverse trading styles.
OANDA offers MarketPulse. Traders can find analysis updates, industry news, and a range of educational materials.
OANDA is considered middle of the road for pricing.
Compared to others, OANDA offers limited trading products.
OANDA does allow forex trading with US clients.

Always evaluate your own individual needs and preferences when choosing a forex broker. OANDA is one of many, and while a good choice, a different option might be better for you.

Those new to forex trading might benefit from learning more about forex for beginners or discovering new forex strategies.

TopBrokers is an online platform that features the best forex brokerage firms all in one place. We take an in-depth approach to researching each broker and trading platforms to provide expert insights. Our goal is to empower traders to make informed decisions when choosing a broker. TopBrokers serves every trader, from seasoned pros to aspiring day traders.

We encourage you to learn more about TopBrokers reviews where you can find extensive research and analysis on the leading Forex brokers online today.

Countries

+214

Devices

Max insured

Yes

Our Verdict

3.9

/ 5

See our process of evaluating brokers

Commissions & Fees

4.1

/ 5

Deposit & Withdrawal

/ 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

Strong Regulatory Standing
High-Quality Research and Analysis
User-Friendly Trading Platforms

Cons

Limited Range of Tradable Products
Pricing Not the Most Competitive
Proprietary Platform Trails Industry Leaders

General details

Type of accounts

Unlimited Demo Accounts

Standard Accounts

Trading platforms

Execution Model

Deposit currency

USD

EUR

JPY

GBP

AUD

CHF

CAD

HKD

SGD

Regulatory complience

CFTC

NFA

Deposit payment systems

Withdrawal payment systems

Support Languges

English

Spanish

Italian

Chinese

Portuguese

Autotrading

Zulutrade MT4 EA MT5 EA TradingView

Contact details

[email protected]

Customer reviews

Read real reviews from traders all over the world:

Matthew Davis

30 January 2023

Advantages: Auto trading is supported, good trading conditions for novice traders

Disadvantages: Not so many CFDs

Lack of CFDs is the only disadvantage that I managed to notice, but I think that overall, this broker isn't bad at all. I'd say that it's a good option for novice traders, and it's not that hard to profit with auto trading there. Even if you won't choose that strategy, trading conditions there are great, compared to other traders, so I believe you won't be disappointed if you choose that broker.

Callum Wade

7 October 2022

Advantages: Training materials Quick and convenient withdrawal of earnings without commissions Fast verification High-quality analytics

Disadvantages: None

In general, if you look at it in comparison with other brokers, then they are very good in this office. There are quite favorable conditions, a convenient conclusion (it's still good that there is a bank of its own), many options for exactly how to trade. The main thing is to have a head on your shoulders and attentiveness. With all my desire, I cannot agree with a lot of negative reviews, a good and reliable broker.

See all 13 customers reviews

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 50:1. Additionally, the account is commission-free, and the spreads for the EUR/USD start at just 1.0 pips.
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.

Standard Account - OANDA

Scalping

Trading with expert advisers

Trailing stop

Trading Platforms

METATRADER 4 Meta Trader 4 Mobile OANDA FxTrade

Deposit currency

USD

EUR

JPY

GBP

AUD

CHF

CAD

HKD

SGD

Trading instruments

Forex

1:50

Number of currency pairs: 19

AUD

USD

JPY

GBP

CHF

CAD

HKD

SGD

ZAR

CZK

DKK

HUF

NOK

NZD

PLN

SEK

TRY

MXN

THB

Cryptocurrencies

Stop Out

50%

Minimum position size

1 unit

Maximum position size

10 million units

Execution type

market

Spread type

Floating

Decimal places

Margin Call

50%

Locked Margin Level

Commission

1.2 pips

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

Demo account - 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: 16

AUD

CAD

CHF

EUR

GBP

HKD

NZD

SGD

TRY

USD

ZAR

CZK

SEK

DKK

THB

NOK

Cryptocurrencies

Stop Out

50%

Minimum position size

1 unit

Maximum position size

10 millions units

Execution type

instant

Spread type

Floating

Decimal places

Margin Call

50%

Locked Margin Level

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:

Forex
Crypto

The range of tradable instruments the broker offers varies across different regions due to the
varying OANDA regulations in each region. For instance, in the US, Forex is
available, with a selection of over 69 currency pairs. US customers can also trade
Cryptocurrencies are offered through Paxos. Paxos is a separate legal entity from OANDA.”.

Currencies

Cryptocurrencies

Frequently asked questions

Find the right answer to your question below.

Is OANDA a regulated forex broker?

Yes, OANDA is a regulated forex broker with licenses with the top global authorities. These include the FCA (UK), ASIC (AUSTRALIA), and the CFTC (US), among others. OANDA is known and respected for being robustly regulated.

When choosing a forex broker, it’s essential to choose one that is regulated. This ensures the broker follows best industry practices. Regulation is also essential for client protection and is a key feature new traders must look for.

For new traders who are feeling less than comfortable with their money on the line, mastering forex forecasts can help you gain confidence.

What trading platforms does OANDA offer?

Clients are offered OANDA’s proprietary platform in both web and mobile versions. Additionally, OANDA also supports MetaTrader 4 and TradingView platforms, each catering to different trader preferences. Potential clients can explore the range of platform offerings on OANDA’s website.

What account types and trading conditions does OANDA offer?

There are two account types offered by OANDA. The options include a spread-only account and the Elite Trader account. The spread is only commission free, but the Elite Trader offers tighter spreads. With Elite Trader there are minimum deposit and monthly volume requirements.

What research and educational resources does OANDA provide?

MarketPulse Hub is the primary resource of research and educational materials from OANDA. Daily industry articles, podcasts, videos, and a range of educational materials can all be accessed through MarketPulse.

How good is OANDA's customer support?

Overall, OANDA receives above-average marks for its customer support, although there are outliers. Responsiveness and a knowledgeable support team are highlights mentioned in reviews. Occasionally, there are complaints about responsiveness and problem resolution.

OANDA’s customer support is available via live chat, email, and phone support.

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