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Written by Braden Chase Edited by Besedilo desno Fact Checked by Tomislav Turcin

6 March 2025

25 January 2023

Page Summary

In a nutshell

The US-based forex broker OANDA has been on the market for 20 years and is one of the top brokers in recent times. It allows its customers to use index, commodity, CFD, and forex trading all over the globe. In the following review of OANDA, you will find detailed information about regulations, accounts, fees, trading platforms, and much more.

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76.4% of retail investor accounts lose money when trading CFDs with OANDA. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

OANDA Review and Insights

The following brief history about the OANDA Corporation will help you better understand our OANDA trader review. This firm started small in 1995 as one of the first providers of free currency exchange rate information over the web. In 2001, it launched fxTrade, one of the first fully automated online currency trading platforms, offering spot forex trading to its customers.

Now in 2025, OANDA is one of the most reliable online forex brokers on the market. It gives its customers access to a wide range of trading instruments, depending on the division and jurisdiction. For example, OANDA Corporation (US division) offers approximately 76 trading instruments, including 68 forex pairs and 8 cryptos. [Note: Instrument availability varies by division.] It also provides corporate FX services, currency management solutions, and data on exchange rates for international business.

OANDA is headquartered in the United States, with international offices in cities such as London and Tokyo. The OANDA Group operates 8 international financial hubs and serves customers from more than 196 countries. OANDA has licenses from leading regulatory jurisdictions, including the United States (CFTC/NFA), the United Kingdom (FCA), Australia (ASIC), Singapore (MAS), Japan (FSA), and Canada (IIROC). [Note: Regulatory conditions vary by division.]

The company allows spread betting, but this is available only to OANDA Europe customers living in the Republic of Ireland or the United Kingdom.

Note: Although not widely highlighted in reviews, OANDA’s fxTrade platform, launched in 2001, was the first fully automated forex trading platform, contributing to its leadership in the market.

1. Fees & Spreads

OANDA has a transparent spread structure that varies by division and has been customized to its respective locations. It also has certain non-trading fees, such as overnight funding. [Note: Fees may differ by division and account type.]

No matter if you’re searching for prices in the United States, Europe, the Philippines, or Singapore, OANDA remains competitive across its divisions. For example, OANDA Corporation (US division) offers spreads similar to leading firms like FxPro and FXCM. [Note: Spreads vary by division and jurisdiction.]

Remember that OANDA spreads differ from many other brokers because there is no dealing desk. That means analyzing spreads individually might not offer a clear result since several other aspects can influence the price of trades in a timeframe. [Note: Spread conditions vary by division.]

Leverage

You can trade on margin at OANDA, but if you are a retail client, you should know that regulators determine the maximum leverage in your area, which varies by division. For example, in OANDA Corporation (US division), the maximum leverage for retail clients is 50:1 for major forex pairs, as set by the CFTC. [Note: Leverage limits vary by division and jurisdiction.] You are free to use less leverage, but you cannot use more leverage than legally allowed in your area.

Always remember that trading on margin might increase your profits, but it can also amplify your losses. A recommended approach is to use stop-loss orders to limit potential losses when leveraging.

Other Fees

When it comes to fees, OANDA is transparent and highly competitive across its divisions. Notably, OANDA instituted an inactivity fee, with policies varying by division; for example, OANDA Corporation (US division) charges a $10 USD fee per month after 12 months of inactivity. [Note: Inactivity fee details and durations may vary by division.]

Another aspect worth mentioning is that OANDA offers no deposit bonus for signing up in most regions. However, it might be a good idea to check the latest news on financing charges on the official OANDA website for your specific division.

2. OANDA Account Opening

There is no minimum deposit required to open an account with OANDA Corporation (US division), allowing you to start with any amount, though funds are needed to begin trading. [Note: Account opening conditions may vary by division.]

Account Types

At OANDA, in OANDA Corporation (US division), you have access to multiple account types, including Standard and Premium accounts, with no minimum deposit needed to open an account, though funds are required to trade. This standard account might disappoint experienced traders with significant capital due to limited features. Still, the advantage is that each trader benefits from approximately 76 trading instruments, including 68 forex pairs and 8 cryptos (no precious metals in the US division). [Note: Account types and instrument availability may vary by division.]

Demo Account

The demo account at OANDA, in OANDA Corporation (US division), provides customers with access to the main features of a standard account and is available for as long as you need it. [Note: This is a unique offering, though availability may vary by division.] The demo login details are almost the same as for live account holders, making this practice account useful for familiarizing yourself with the market and OANDA’s amenities. You can upgrade to a live account with ease when you feel comfortable with tools like currency heat maps, backtesting, and volume indicators. [Note: Feature availability may vary by division.]

3. OANDA Withdrawals and Deposits

Deposit and withdrawals with OANDA are user-friendly, especially for beginners, in OANDA Corporation (US division). [Note: Processes may vary by division.]

Methods of Payment

More and more day traders search for direct withdrawal and deposit systems. With your OANDA account, in OANDA Corporation (US division), you can use any of the following methods of payment:

PayPal
Bank wire transfer
Credit & debit cards

You can always use the guides on OANDA’s website to understand more about the process for your specific division.

Minimum Initial Deposit

OANDA has no minimum deposit to open an account in OANDA Corporation (US division), which is rare among forex brokers. The smallest lot size is 1 unit of the standard currency of the quote, and OANDA offers nano-lots along with a useful lot size calculator. [Note: Deposit and lot size conditions may vary by division.]

Withdrawals

OANDA’s customer service team, in OANDA Corporation (US division), will help you overcome any withdrawal issues you encounter. Additional payment methods are available depending on your country; for example, China residents can use Bpay and UnionPay. We recommend checking the OANDA website for further information specific to your division. [Note: Withdrawal options and fees may vary by division.]

Keep in mind that you might have to pay for withdrawal costs. The fees for bank transfers can range from approximately 20 to 35 euros, depending on the division and currency conversion. You also benefit from one free card withdrawal per month. [Note: Fee structures may vary by division.]

Customer testimonials for OANDA indicate that most traders are satisfied with the payment methods and transfer processes. [Note: Experiences may differ by division.]

4. Trading Platform

Traders can use OANDA’s applications and desktop software, including MetaTrader 4, in OANDA Corporation (US division). Frequent updates are provided to enhance the customer experience. [Note: Platform availability and updates may vary by division.]

OANDA Trade (formerly fxTrade) represents the primary trading platform that OANDA offers in OANDA Corporation (US division). It is a user-friendly system, simple to understand, and easy to use with robust analytics and tools. [Note: Platform features may vary by division.]

Traders can use charts to trade or explore complex order types (including trailing stops, buy, or sell orders) on OANDA’s platforms, in OANDA Corporation (US division). Account analytics are accessible at any time. The trading software features charts powered by TradingView, which are useful for professional and advanced studies. [Note: Charting provider and features may vary by division.] Additionally, users can access news feeds, watch lists, and economic analysis. Live or historical exchange rates are easy to understand. [Note: Feature availability may vary by division.]

A notable drawback of the OANDA Trade platform (formerly FxTrade), in OANDA Corporation (US division), is its design, with some tools considered less modern or user-friendly. For example, economic analysis, news, and related content may open in separate browser windows rather than within the platform. [Note: Platform design and feature integration may vary by division.] The order book functionality is accessible within the platform, not externally. Speed tests indicate that OANDA meets industry standards for execution rates and server times.

The OANDA Trade platform provides tools suitable for traders of varying experience levels, offering a range of useful features and analytics. [Note: Feature availability may vary by division.]

FxTrade API Libraries

Opening a live or demo account with OANDA, in OANDA Corporation (US division), allows access to automated trading via the FxTrade API. Online Python tutorials can help you understand how to use the API with tradable instruments. Automated trading enables executing more trades than manual methods and participating in multiple markets simultaneously. In OANDA Corporation (US division), you can trade 68 forex pairs and 8 cryptos (including bitcoin via Paxos). Other divisions may offer CFDs on oil and gold, but binary options are not supported by any OANDA division. [Note: Tradable instruments and features vary by division.]

You can customize notifications for entering or exiting positions. You can also pre-program strategies using OANDA’s API tools, which provide extra time to analyze tick data, download historical data, and develop successful strategies. [Note: Tool availability may vary by division.]

If you’re a technophile or professional trader, the FxTrade API libraries, in OANDA Corporation (US division), enable you to:

Look at historical and current market data;
Submit orders, including take-profit and stop-loss;
Check previous trading transactions;
Perform risk-free tests with a demo account;
Add trade requests;

[Note: API features and capabilities may vary by division.]

MetaTrader4

If you don’t prefer the desktop platform, OANDA allows you to use MetaTrader 4 (MT4) in OANDA Corporation (US division). Reviews indicate it complies with industry standards, offering watch lists, professional charting, trade automation with ‘expert advisor’ (EA) plugins, chart profiles, saved layouts, swap rates, and live or monthly exchange rates within the charts section. [Note: Platform features may vary by division.]

A potential challenge is that creating EAs can be complex, particularly for inexperienced traders unfamiliar with the MQL4 programming language. Additionally, audible notifications, while customizable, may be disruptive for some users.

We like the following trading tools at OANDA:

MotiveWave – This technical analysis and professional charting platform offers over 250 built-in indicators/studies and 30 integrated trading approaches, providing a user-friendly and high-performance trading suite.
Oanda Market Reports – Powered by Autochartist, this tool provides a concise market summary, with email notifications before daily analysis begins. It monitors asset movement and offers a reliable outlook for the forex markets over the next two days.

Other efficient features include strategy creation, indicators, and a forex order book. Hedging is permitted in some OANDA divisions (e.g., OANDA Europe), but not in OANDA Corporation (US division) due to regulatory restrictions. Short and long positions can be analyzed on the MT4 platform where allowed. [Note: Feature availability varies by division.]

Keep in mind that OANDA supports various third-party integrations, such as algorithmic trading tools, though specific platforms like the Seer trading system are not widely confirmed. MT5 is not available in OANDA Corporation (US division) but is offered in other divisions (e.g., UK, Japan). [Note: Platform options may vary by division.]

Mobile Apps

For traders on the move, the OANDA Trade mobile app (formerly FxTrade), in OANDA Corporation (US division), facilitates entering or exiting positions. It is compatible with a wide array of mobile devices, including iOS and Android. [Note: Device compatibility may vary by division; Windows Phone 8 is no longer supported.]

Using your web login details, you can access forwarding rates, download historical quotes, and trade instruments available in your division. In OANDA Corporation (US division), this includes 68 forex pairs and 8 cryptos, while other divisions (e.g., OANDA Europe) allow CFD trading on indices like Nasdaq or FTSE 100. The app offers a straightforward design, supporting trading instruments, complex order types, spread history, and account insights. [Note: Tradable instruments and features may vary by division.]

You can trade directly from charts, utilize price overlays, or apply charts with indicators, with customizable display styles to suit your trading technique. The app also provides financial reports, economic calendars, and news. [Note: Feature availability may vary by division.]

The platform undergoes regular maintenance to keep instrument lists updated, and issues are addressed promptly. The mobile app ensures a seamless transition from the desktop version. [Note: Update frequency and support may vary by division.]

5. Markets And Products

A day trader can access various products through OANDA, depending on the division.

In OANDA Corporation (US division), traders can access 68 currency pairs and 8 cryptocurrencies via Paxos. Other divisions, such as OANDA Europe, offer CFDs on forex pairs, indices (e.g., UK 100, DE40), commodities (e.g., Brent Crude Oil), metals (e.g., Gold, Silver), bonds, and single-stock CFDs (over 1,500 shares). [Note: Available markets and products vary by division.]

Accepted Countries

OANDA serves traders in many countries, including the United States (OANDA Corporation, CFTC-regulated), Australia, Canada, the United Kingdom, Singapore, Hong Kong, Japan, and the European Union (via OANDA Europe, FCA-regulated). Restrictions may apply in certain regions, such as Belgium, due to local regulations. [Note: Availability varies by division and local laws.]

Trading Hours

Trading hours at OANDA align with global financial markets. For OANDA Corporation (US division), trading is available from approximately 5:00 PM ET on Sunday to 5:00 PM ET on Friday, subject to daylight savings changes. [Note: Trading hours may vary by division, with regions like Asia Pacific offering overlapping market access.]

6. Research

OANDA provides comprehensive research offerings in OANDA Corporation (US division).

OANDA offers transparent access to historical average exchange rates in OANDA Corporation (US division). Analyzing long, short, and open position ratios is efficient, with access to yearly and monthly averages, as well as historical swap rates. This enables reliable trading research. [Note: Research tools and data availability may vary by division.]

OANDA sources its news reports from providers like MarketPulse (in-house) and Dow Jones FX Select, covering policy commentary, trend analysis, and breaking news. Leverage and margin calculators are also available to estimate potential profits and losses. [Note: News sources and tool availability may vary by division.]

A noted drawback is that identifying research resources on the platform can be somewhat challenging for some users. [Note: Platform navigation may vary by division.]

7. Customer Service

The customer service team at OANDA, in OANDA Corporation (US division), is knowledgeable and responsive, though response times may vary.

Traders value fast and reliable customer service. Reviews indicate that many customers appreciate OANDA’s multilingual support, available in multiple languages. Email support is accessible at all times, except during holiday trading hours, while phone support and live chat are available during trading hours (approximately 5:00 PM ET Sunday to 5:00 PM ET Friday). Additional information for your location can be found on the official OANDA website. [Note: Support availability and methods may vary by division.]

Customer service is available in:

English
German
Spanish
Italian
French
Portuguese
Russian

A noted drawback from customer reviews is that response times can be slower than expected at times. The team remains polite and aims to assist with any challenges. [Note: Experience may vary by division.]

8. Education

Educational resources at OANDA, in OANDA Corporation (US division), are comprehensive and cater to various experience levels.

OANDA provides a range of trading and research tools through its educational offerings, accessible via OANDA Academy in OANDA Corporation (US division). These resources include:

Webinars covering topics from beginner to advanced levels, such as ‘Getting Started in Trading’ and ‘Fibonacci Retracements and Clusters: An Advanced Look at Trend Formation.’
Interviews offering strategies and trading plan tips from experienced traders.
Articles tailored for traders of all experience levels.
Tutorials on various trading topics, including data feeds, correlations, and trading cryptocurrencies like bitcoin, as well as comparing recent live spreads for analysis.

[Note: Educational resources and availability may vary by division.]

9. Safety

OANDA, regulated by top-tier authorities across its divisions, provides a secure trading environment. In OANDA Corporation (US division), your trading activity and personal information are protected using advanced encryption technology. [Note: Security measures may vary by division.]

Regulations At OANDA

Given the presence of unethical brokers, using a regulated and licensed broker is essential. OANDA’s commitment to regulatory transparency enhances its reliability. OANDA is regulated in:

The United States by the Commodity Futures Trading Commission (CFTC)
Canada by the Investment Industry Regulatory Organization (IIROC)
The United Kingdom by the Financial Conduct Authority (FCA)
Australia by the Australian Securities and Investment Commission (ASIC)
Singapore by the Monetary Authority of Singapore (MAS)
Japan by the Financial Services Agency (FSA)

Account protection varies depending on the division where you hold your account. [Note: Protection levels and regulatory benefits differ by jurisdiction.]

OANDA complies with regulatory standards across its divisions to minimize the risk of scams and fraud. In OANDA Corporation (US division), negative balance protection is provided under CFTC rules, though slippage protection depends on market conditions. Other divisions may offer additional safeguards. [Note: Protection features may vary by division.]

10. Bottom Line

Customer support at OANDA, in OANDA Corporation (US division), is generally responsive and helpful, though response times may vary. [Note: Support experience may vary by division.]

For those assessing whether OANDA is a reliable forex broker, consider the following…

OANDA receives positive scores in reviews and ratings. [Note: Ratings may vary by division.]

OANDA offers a user-friendly platform, a range of products (e.g., 68 forex pairs and 8 cryptos in OANDA Corporation (US division)), competitive fees (e.g., 1.4 pips EUR/USD on standard accounts), and professional trading tools. [Note: Products, fees, and tools may vary by division.]

Areas for improvement include customer service response times, which may not meet expectations for traders prioritizing fast support, as noted in some reviews. [Note: Experience may vary by division.]

Overall, OANDA provides a reliable trading experience for customers globally, with offerings tailored to various regions. [Note: Trading experience varies by division.]

OANDA User Reviews and Trading Experience

Share your personal story and trading experience with OANDA. Feel free to post your comment below to contribute to the wider trading community.

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Disclaimer

Braden Chase

Braden Chase is an investor, trading specialist, and former research specialist for Forex.com who helps aspiring investors develop the confidence and habits they need to make an income from the market. Braden has served as a registered commodity futures representative for domestic and internationally-regulated brokerages and has also spoken & moderated numerous forex and finance industry panels across the globe.

OANDA Review – Insights Revealed From a Trader’s Perspective