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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

trusted
By azeshan
Updated on Aug 29, 2024
|
14 mins read

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
Countries
+214
Devices
Max insured
Yes
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

  • 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
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

Customer reviews

Read real reviews from traders all over the world:

M
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.
C
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
4
Margin Call
50%
Locked Margin Level
2%
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
4
Margin Call
50%
Locked Margin Level
2%
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
69
Cryptocurrencies
8

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.

OANDA compared with alternative brokers

To see the full broker review click “See review”, to see the complete table and compare more brokers visit our Comparison page.

  • Overall verdict
  • Trading
  • Minimum deposit
  • Maximum leverage
  • Fees
  • Withdrawal fee
  • Deposit fee
  • Safety
  • Top-tier regulators
  • Investor protection
OANDA
  • Exceptional Execution
  • US Clients
  • Scalping
  • 3.9
    / 5
  • 4
    / 5
  • N/A
  • 1:50
  • 4.1
    / 5
  • N/A
  • N/A
  • 3.5
    / 5
  • CFTC, NFA
  • Yes
  • See review
Forex.com
  • Specialized trading accounts
  • 24/7 instant money withdrawal
Start trading
Risk Warning
  • 4.2
    / 5
  • 4.5
    / 5
  • 100$
  • 1:50
  • 4
    / 5
  • $0
  • $0
  • 4.5
    / 5
  • FCA, CFTC, NFA, CIRO, CIMA, CYSEC
  • Yes
  • See review
  • 3.9
    / 5
  • 3.8
    / 5
  • 100$
  • 1:500
  • 4.1
    / 5
  • N/A
  • N/A
  • 4
    / 5
  • FSP
  • Yes
  • See review
  • 4.1
    / 5
  • 4.3
    / 5
  • 10$
  • 1:30
  • 4
    / 5
  • 5$
  • 0$
  • 4.1
    / 5
  • FINRA, ASIC, CYSEC, FCA,
  • Yes
  • See review
  • 4
    / 5
  • 4.3
    / 5
  • N/A
  • N/A
  • 3.8
    / 5
  • N/A
  • N/A
  • 4.3
    / 5
  • FCA, CFTC, NFA, SEC
  • Yes
  • See review
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