Verdict

/ 5

OANDA review

trusted

By azeshan

Updated on Nov 22, 2024

9 mins read

13 customer reviews

Overview

ABOUT OANDA Supported Countries Despite OANDA’s global presence, OANDA Corporation exclusively serves clients from the United States. Customer Service Rating OANDA is rated “average” with 3.2-star ratings on...

See full overview for OANDA

ABOUT OANDA

Supported Countries

Despite OANDA’s global presence, OANDA Corporation exclusively serves clients from the United States.

Customer Service Rating

OANDA is rated “average” with 3.2-star ratings on 396 customer reviews on Trustpilot. This average rating suggests the broker’s satisfactory performance. Hence, its clientele is comfortable with the quality of trading services rendered by the broker.

On the positive side of OANDA forex reviews, longtime clients applaud the broker for the quality of its company’s customer service, its swift withdrawal process, and its analytical trading tools. Some reviews considered the absence of a stop loss feature a plus to be risk-conscious and trading efficient.

On the other side, however, some traders expressed displeasure with the sudden closure of their accounts and withdrawal hitches. Others also complained about the unavailability of local customer support phone lines.

Despite the negative reviews, it’s important to note that OANDA constantly works to improve its platform’s functionality and its services to its clientele in various regions. Hopefully, these bad OANDA broker reviews will soon be history.

OANDA TRADING INFORMATION

OANDA Trading Platforms

OANDA supports its clients with the MT4 trading platforms, including their associated mobile, and web-based applications.

MetaTrader 4

OANDA MT4 is a widely used trading platform, not only for Forex but also for other instruments such as commodities and cryptocurrency. It is renowned for its auto trading features, including algorithmic trading and strategy backtesting with expert advisors. The platform boasts a built-in library of over 50 indicators and tools, analytical tools, algorithmic trading capabilities, customizable alerts, and access to the MetaTrader market and MQL4 community.

OANDA’s Mobile Trading Platform

The OANDA app provides mobile support for both OANDA’s best forex trade platforms MT4 on Android and iOS devices. While some features differ between the mobile app and web-based platform, such as reduced time frames and fewer charting options, traders can still manage existing orders, calculate profits and losses, and trade on charts available on the mobile app. This OANDA’s app reviews remain positive with users finding it intuitive.

OANDA’s Web Trading Platform

OANDA Web Trading platform offers traders an intuitive interface with a suite of advanced technical analysis tools including orderbook position ratios, and a news aggregator with a search function. Furthermore, the OANDA trading platform comes with a sophisticated charting package so traders can access in-depth drawing and charting tools.

This OANDA review also discovered that there are Tutorials and guides available to help traders learn about trading principles like how to limit when trading the financial markets.

Trading View

TradingView is a leading online platform that provides advanced charting tools, social networking capabilities, and real-time data for traders and investors. It offers customizable charts and technical analysis with advanced trading capabilities, one of the world’s largest platforms.

Social sharing is a community where users can share insights, strategies, and discuss market trends. The feature allows traders and investors to publish trading ideas, annotate charts with their insights, and share them with other users. This social aspect of TradingView adds a unique dimension, bridging the gap between data analysis and community-driven insights.

TradingView also has a mobile app that is optimized for both smartphones and tablets. The app allows traders to monitor markets, analyze trends, and engage with the community, all from the convenience of their mobile devices.

With an intuitive interface, real-time data synchronization, and a suite of analytical tools, the TradingView mobile app ensures that traders remain connected and informed, regardless of where they are.

OANDA MT4 Platform

The OANDA trading platform you choose should depend on your trading needs, the assets you intend to trade, and preference for algorithmic trading capabilities. While both platforms offer a blend of functionality and performance, OANDA MT4 is user-friendly and more intuitive.

So, choose MT4 if you prefer a reliable, time-tested platform with robust charting tools and support for hedging.

Trading Denominations

Base currencies accepted are the United States dollar, the Japanese yen, the Canadian dollar, and the Australian dollar among other units.

OANDA broker offers a range of trading currency options to its clientele. Here is a list of the major trading currencies on OANDA:

EUR, USD, GBP, CAD, CHF, JPY, AUD, CZK, HUF, NZD, SEK, SGD, DKK, NOK, PLN, TRY, ZAR, CNH, DKK, HUF, MXN, PLN, SEK, THB, ZAR, HKD, NOK, SAR, XAG, XAU, BTC, BCH, ETH, and LTC.

Leverage on OANDA

OANDA leverage ratios will depend on the country in which you are trading and your account type. For United States for Major Currency Pairs is 50:1, Minor Currency Pairs is 33.3:1 and for Crosses 20:1.

Deposits and Withdrawals

We made an OANDA money transfer review and gathered that on the OANDA platform, traders can enjoy seamless deposits and withdrawals by using any of the available methods and base currencies. These methods include ACH, Debit Visa cards, and Wire transfers.

When withdrawing via wire transfer OANDA will charge a fee on these transactions and funds will take 1-5 days to arrive.

Please note that OANDA only allows withdrawal through funding sources. This implies that depositions made via Debit Visa cards can only be withdrawn via that same card.

All withdrawals are also subject to the broker’s hierarchy rules of withdrawing the total sum deposited by each means in a set order. Once these rules are adhered to, trading on OANDA will be seamless.

OANDA PROMOTIONS, BONUSES, AND CONTESTS

Traders can also access OANDA promotions once they sign up with the broker as an Elite trader terms and conditions apply. If you meet requisite trading volumes, you get access to benefits, including spread or OANDA commission rebates, assignment to a “dedicated relationship manager,” API support, free VPS and wire transfers, and discounted access to third-party platforms.

LEARNING RESOURCES OFFERED BY OANDA

OANDA offers a series of learning resources, including articles, guides, and videos that are available to both new and experienced investors. They offer educational videos and live interactive webinars designed to tackle different parts of trading.

Additionally, the broker also offers a spreads calculator to help traders calculate their spread. The calculator also lets traders see how Oanda spreads have changed over time. The OANDA demo account is also a great way to practice what you learn without risking anything.

However, this OANDA review discovered that the resources are a little disorganized and require some getting used to. The educational materials on OANDA are split into three subsections: Getting Started, Tools and Strategies, and Capital Management. The Getting Started section covers the basic aspects of Forex, such as leverage and margin. The Tools and Strategies section covers analysis and market predictions, while the Capital Management section covers risk management and how to apply it in real market conditions. You can learn more about this in their blog.

COMPANY STRUCTURE

OANDA Corporation Licenses and Regulatory Compliance

Since its inception in 1996, OANDA Corporation has been registered with CFTC/NFA.

OANDA Corporation

This subsidiary is a registered Retail Foreign Exchange Dealer (RFED) in the U.S. and is subject to the U.S. Commodity Futures Trading Commission (CFTC) regulations. It is also a Forex Dealer Member (FDM) of the National Futures Association with registration number NFA # 0325821.

Regulatory Compliance

As mentioned earlier, OANDA Corporation is regulated by the U.S. Commodity Futures Trading Commission (CFTC) and is a member Firm of the NFA (Member ID: 0325821)

These regulatory bodies ensure that OANDA operates with transparency, fairness, and compliance with applicable Trading Information

2 Factor Authentication (2FA)

The broker uses this feature to protect its clientele’s account and funds from unauthorized access. Traders, however, have to enable the 2FA feature to enjoy this protection.

Comprehensive, Cutting-Edge Security

OANDA has invested significant resources into creating comprehensive security coverage to ensure your data is kept secure and private. With an internal security team, partnerships with multiple industry-leading security firms, and round-the-clock monitoring by a security operations center, the broker ensures that its platform is inaccessible to third parties.

FINAL THOUGHTS

In conclusion, OANDA is a reputable name in the forex market with a rating of 3.76/5; the broker sets itself apart with top-notch trade execution and transparency. The user-friendly platforms make it a good match for novice and experienced traders. Furthermore, the broker offers a low competitive spreads and accepts clients in the United State. Users get access to an extensive range of educational materials, including videos and webinars designed for any stage of experience.

However, OANDA’s range of product offerings is relatively limited compared to its competitors, which is reflected in its ratings. Although its regulatory provisions are impressive, additional clientele protections would be desirable. Consider comparing the broker with other brokers to get the value. You can explore the best forex brokers on our site for reviews on all the Forex brokers.

Disclaimers:

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.

OANDA CORPORATION IS A MEMBER OF NFA AND IS SUBJECT TO NFA’S REGULATORY OVERSIGHT AND EXAMINATIONS. HOWEVER, YOU SHOULD BE AWARE THAT NFA DOES NOT HAVE REGULATORY OVERSIGHT AUTHORITY OVER UNDERLYING OR SPOT VIRTUAL CURRENCY PRODUCTS OR TRANSACTIONS OR VIRTUAL CURRENCY EXCHANGES, CUSTODIANS OR MARKETS

Trading in digital assets, including cryptocurrencies, is especially risky and is only for individuals with a high risk tolerance and the financial ability to sustain losses. OANDA Corporation is not party to any transactions in digital assets and does not custody digital assets on your behalf. All digital asset transactions occur on the Paxos Trust Company exchange. Any positions in digital assets are custodied solely with Paxos and held in an account in your name outside of OANDA Corporation. Digital assets held with Paxos are not protected by SIPC. Paxos is not an NFA member and is not subject to the NFA’s regulatory oversight and examinations.

Leveraged trading in foreign currency contracts or other off-exchange products on margin carries a high level of risk and may not be suitable for everyone. We advise you to carefully consider whether trading is appropriate for you in light of your personal circumstances. You may lose more than you invest. Information on this website is general in nature. We recommend that you seek independent financial advice and ensure you fully understand the risks involved before trading. Trading through an online platform carries additional risks.

Affiliate receives a commission for accounts opened through the link on this page.

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

OANDA is among the few international online forex brokers that accept U.S. clients.
The broker’s trading platforms are unique with features of various valuable tools and resources, including the famous Dow Jones Forex Select news and trading calculators.
OANDA does not require a fixed initial deposit on the standard account.
OANDA’s trading research offerings are excellent and uncommon for a retail trading platform.
The broker’s web-based platforms feature TradingView, an advanced financial visualization platform

Cons

OANDA’s financial offerings have some irregularities that may only suit some traders
-Trading on OANDA may incur several fees, including a monthly inactivity fee

General details

Type of accounts

Unlimited Demo Accounts

Standard Accounts

Trading platforms

Execution Model

NDD

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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Overall verdict
Trading
Minimum deposit
Maximum leverage
Fees
Withdrawal fee
Deposit fee
Safety
Top-tier regulators
Investor protection

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3.9

/ 5
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/ 5
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24/7 instant money withdrawal

4.2

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4.5

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100$
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FCA, CFTC, NFA, CIRO, CIMA, CYSEC
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Fullerton Markets

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24/7 instant money withdrawal

3.9

/ 5
3.8

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100$
1:500
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N/A
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4

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FSP
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eToro US

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4.3

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FCA, CFTC, NFA, SEC
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OANDA review

Overview

ABOUT OANDA

Supported Countries

Customer Service Rating

OANDA TRADING INFORMATION

OANDA Trading Platforms

MetaTrader 4

OANDA’s Mobile Trading Platform

OANDA’s Web Trading Platform

Trading View

Trading Denominations

Leverage on OANDA

Deposits and Withdrawals

OANDA PROMOTIONS, BONUSES, AND CONTESTS

LEARNING RESOURCES OFFERED BY OANDA

COMPANY STRUCTURE

OANDA Corporation Licenses and Regulatory Compliance

OANDA Corporation

Regulatory Compliance

2 Factor Authentication (2FA)

Comprehensive, Cutting-Edge Security

FINAL THOUGHTS

Disclaimers:

Pros

OANDA is among the few international online forex brokers that accept U.S. clients.

The broker’s trading platforms are unique with features of various valuable tools and resources, including the famous Dow Jones Forex Select news and trading calculators.

OANDA does not require a fixed initial deposit on the standard account.

OANDA’s trading research offerings are excellent and uncommon for a retail trading platform.

The broker’s web-based platforms feature TradingView, an advanced financial visualization platform

Cons

OANDA’s financial offerings have some irregularities that may only suit some traders

-Trading on OANDA may incur several fees, including a monthly inactivity fee

General details

Customer reviews

Accounts

Type of Trading Accounts

Tradable instruments

Frequently asked questions

OANDA compared with alternative brokers