OANDA Review 2024

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Written By
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Written By
Rebecca Holden
Rebecca is an investment writer and broker analyst. She has evaluated dozens of brokers and trading platforms. Rebecca formerly worked in e-commerce where she helped grow the online presence of some of the UK's largest brands.
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Edited By
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Jemma Grist
Jemma is a writer, editor and fact-checker focused on retail trading and investing. Jemma brings a unique perspective to the forex, stock, and cryptocurrency markets and works across several investment websites as a researcher and broker analyst.
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Fact Checked By
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James Barra
James is an investment writer with a background in financial services. He has worked as a management consultant, where he delivered large-scale operational transformational programmes at some of Europe's biggest banks. James authors, edits and fact-checks content for a series of investing websites.
Updated

4.3 / 5
OANDA is #108 in our CFD broker rankings.

OANDA will serve day traders looking for a trustworthy broker with a beginner-friendly platform, superb research and straightforward account opening. The $0 minimum deposit and excellent customer support makes it especially attractive to newer traders.

- Rebecca Holden, Reviewer

OANDA is an award-winning global broker, established in 1996. The hugely respected brand offers competitive trading accounts and serves clients from 196 countries. It remains a popular option with both beginners and experienced traders thanks to its user-friendly and sophisticated web platform, no minimum deposit and premium currency products and services. The company is also overseen by reputable regulators, including the FCA, ASIC and CIRO.

$0
OANDA Trade, MT4, TradingView, AutoChartist
CFDs, Forex, Stocks, Indices, Commodities, Crypto, Bonds, ETFs, Spread Betting
-
USD, EUR, GBP, CAD, AUD, JPY, CHF, HKD, SGD
Wire Transfer, Visa, Mastercard, Debit Card, Credit Card, Trustly, Skrill, Neteller

Forex Trading

OANDA offers 68 currency pairs, which is above the industry average. You can speculate on majors, minors and exotics, with spreads from 0.8 pips on popular pairs. There are no commissions and leverage is available up to 1:200. Average execution speeds are fast based on tests, at 12 milliseconds.

Stock Trading

OANDA expanded its suite of stocks in 2024 with more than 2,200 shares now available from leading stock exchanges, including blue chip firms like Apple and Meta. There are also no commissions on US stocks and day traders benefit from free insights and market reports from Dow Jones and Oanda’s MarketPulse research tool.

CFD Trading

You can speculate on popular financial assets covering forex, commodities, indices, metals and bonds. You can get started with $0 minimum deposit, making the broker a good pick for beginners. There’s also over 130 technical indicators available collectively in the MT4 and OANDA Trade platforms.

Crypto Trading

OANDA offers trading on leading cryptocurrencies, including Bitcoin. You can place trades in the app hassle-free and practice in the unlimited demo account. The broker offers guaranteed stop-loss orders to help protect you against crypto market volatility.

Spread Betting

OANDA offers spread betting via OANDA Europe Ltd to UK and Ireland residents only. You can trade over 100 assets with no commission and no minimum trade size. Spreads are also competitive. The FTSE 100, for example, is available from just 1 point and the GBP/EUR from 0.8 pips.

Awards

  • Best Trading Tools winner 2021 - Online Personal Wealth Awards
  • Awarded highest overall client satisfaction 2021 - Investment Trends US Leverage Trading Report, Margin Forex
  • Awarded highest client satisfaction for mobile platform/app 2021 - Investment Trends US Leverage Trading Report, Margin Forex
  • Voted Most Popular Broker 2021 - TradingView Broker Awards
  • Voted Best Forex and CFD Broker 2021 - TradingView Broker Awards

✓ Pros

  • The OANDA Trade web platform serves serious day traders, with 100+ technical indicators, an economic overlay and a Dow Jones news feed
  • OANDA recently improved its prop trading service, OANDA Labs Prop Trader, offering an 80% profit share to skilled traders
  • The guaranteed stop loss order (GSLO) is a useful risk management tool not available at many alternatives
  • There are no restrictions on short-term trading strategies with scalping, hedging and netting permitted
  • OANDA has enhanced its suite of stocks, now providing exposure to over 2,200 US and European shares
  • With 68 forex pairs and access to a premium MT4 upgrade, the broker will serve active forex traders
  • Oversight from tier-one regulators like the FCA and ASIC makes the broker reliable and trustworthy
  • The $0 minimum deposit will appeal to newer traders
  • Spreads are tight and there are zero hidden fees

✗ Cons

  • The range of payment methods trail competitors, only offering a handful vs the 10+ available at alternatives like AvaTrade
  • It's a shame that social and copy trading tools aren't supported for traders who want to explore other ways to trade
  • High-volume day traders get limited fee rebates or perks compared to leading brands
  • Weekend customer support and extended hours trading aren't available

In this review of OANDA, I assess the broker’s trading accounts, fee structure, platform features and more. I also consider how the brokerage compares to alternatives when it comes to market research, education and payment methods.

The OANDA Group has multiple subsidiaries who are licensed to offer products to clients around the globe. The OANDA subsidiary with whom a client contracts depends on their country of residence. Each subsidiary provides different products via different platforms, so clients will experience OANDA differently depending on their country of residence. Note, CFDs are not available to US traders.

Regulation & Trust

4.5 / 5

A key consideration for me when reviewing brokers is whether I can trust the firm to keep my funds safe and protect me from scams.

My research into OANDA uncovered a solid regulatory status and an excellent reputation, with a history spanning over 25 years. This gives me peace of mind and the assurance of a trustworthy broker.

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Rebecca Holden
Author

Founded in 1996, OANDA is a globally recognized foreign exchange firm and CFD broker. With multiple awards and no history of major security breaches or scams, OANDA has gained a strong reputation.

I’m also glad to see that retail investors can be assured of negative balance protection and segregated client funds, thanks to the top-tier oversight from several authorities.

EU and UK traders also have access to investor compensation schemes in the event of broker insolvency. The UK Financial Services Compensation Scheme (FSCS), for example, covers traders up to £85,000.

I’ve listed OANDA’s jurisdictional licenses below:

As you can see from my comparison table below, OANDA’s global regulatory status matches up well with that of its competitors.

Comparison of similar brokers 2024
OANDA IG Pepperstone
Regulator FCA, ASIC, KNF, MAS, CIRO, FFAJ, BVI FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA, FINMA FCA, ASIC, CySEC, DFSA, CMA, BaFin, SCB
Segregated Accounts Yes Yes Yes
Negative Balance Protection Yes Yes Yes
Visit Visit Visit Visit
Review Review Review Review

Accounts & Banking

4 / 5

OANDA offers a Standard Account with access to all instruments, with the option of a professional account for eligible clients.

On the negative side, there is no swap-free account for Muslim traders, which I’ve seen at many alternatives, including AvaTrade.

Competitive floating spreads are available from 0.8 pips on popular forex pairs, with zero commissions, making OANDA a good choice for casual and active traders alike.

Importantly, the $0 minimum deposit makes the broker accessible to beginners, especially when compared to similar brands:

Comparison of similar brokers 2024
OANDA IG Pepperstone
Minimum Deposit $0 $0 $0
Minimum Trade 0.01 Lots 0.01 Lots 0.01 Lots
Visit Visit Visit Visit
Review Review Review Review

Additionally, retail traders get access to the broker’s full suite of platforms, including MetaTrader 4 (MT4) and TradingView, as well as the broker’s proprietary solution, OANDA Trade.

💡

OANDA’s performance dashboard is also a useful feature not found at many alternatives. Use the handy downloadable account statements in your client dashboard to monitor your monthly trades and overall returns.

Performance dashboard at Oanda showing daily statement
Performance Dashboard

Deposits & Withdrawals

OANDA offers a fairly narrow selection of funding methods in comparison to other brokers I’ve assessed.

Clients can load their accounts with credit/debit cards and wire transfers, however, I found a limited choice of popular e-wallets like PayPal, which depend on your jurisdiction.

You can see from my comparisons below how OANDA trails behind top alternatives.

Payment Methods Comparison
OANDA Pepperstone AvaTrade
Payment Methods Credit Card, Debit Card, Mastercard, Neteller, Skrill, Trustly, Visa, Wire Transfer BPAY, Credit Card, Debit Card, Mastercard, Neteller, PayPal, POLi, Skrill, UnionPay, Visa, Wire Transfer Boleto, Credit Card, Debit Card, FasaPay, JCB Card, Mastercard, MoneyGram, Neteller, Perfect Money, Skrill, Swift, WebMoney, Western Union, Wire Transfer

For the fastest processing times, I’d recommend Visa and Mastercard payments, which offer near-instant funding. I found that wire transfers are much slower and can take up to 5 working days based on tests.

Nonetheless, I appreciated that there are no deposit or withdrawal fees, an advantage over many alternatives. The $0 minimum deposit requirement will also appeal to newer traders on a budget.

How To Make A Deposit

I found depositing money through the OANDA client terminal fast. To fund your account:

  1. Log in to the client area and select ‘Deposit’ from the dashboard interface
  2. Choose the trading account you want to add funds to from the dropdown menu
  3. Choose a payment method, such as a wire transfer or bank card
  4. Follow the on-screen instructions to complete the payment (this will vary by method; you will need to add card details for example)
  5. Review the payment information and confirm the request

Note that a $1000 deposit limit applies if you have not verified your personal information.

Bonuses & Promotions

OANDA does not offer a welcome bonus. However, I don’t consider this a major drawback since they are prohibited by several regulators.

I think it’s a shame, though, that there’s no loyalty program for seasoned or high-volume traders. This would be an excellent way for investors to get discounts on trades alongside membership perks.

That said, I would never recommend picking a broker based on their loyalty schemes or promotional deals.

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Rebecca Holden
Author

Demo Account

OANDA offers a demo account with up to $100,000 in virtual funds.

Importantly, there’s no time limit on the demo account, so you can continue testing strategies alongside your real money account. Many brokers automatically close demos after 30 or 60 days, so this is a standout feature for me.

Demo Account Comparison
OANDA Pepperstone Eightcap
Demo Account Yes Yes Yes
Time Limit Unlimited 30 days 30 days

Assets & Markets

3.5 / 5

Initially, I was a little disappointed during testing to find that market coverage varies significantly at OANDA depending on your jurisdiction.

For example, UK clients can only access around 120 instruments, whilst the European entity offers over 3,200.

Still, the selection of currency pairs is above the market average and the range of stocks and ETFs is particularly strong, especially given the broker’s continued strides to provide additional trading opportunities with new European shares introduced in 2024.

Overall, OANDA matches up well with top competitors:

Comparison of similar brokers 2024
OANDA IG Pepperstone
Instruments CFDs, Forex, Stocks, Indices, Commodities, Crypto, Bonds, ETFs, Spread Betting CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread Betting CFDs, Forex, Currency Indices, Stocks, Indices, Commodities, ETFs, Crypto, Spread Betting
Visit Visit Visit Visit
Review Review Review Review

I’ve summarized the available asset classes below:

I think some notable improvements could be made by introducing shares to more OANDA entities, including the UK. This will ensure greater market coverage for traders who are keen to build a diversified portfolio.

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Rebecca Holden
Author

Leverage

OANDA offers leveraged trading in line with regulatory requirements. For example, EU clients can trade forex up to 1:200, whilst the UK entity permits leverage up to 1:30. These are in line with similar brands, as per my comparison table below.

Comparison of similar brokers 2024
OANDA IG Pepperstone
Leverage 1:30 (Retail), 1:250 (Pro) 1:30 (Retail), 1:500 (Pro)
Visit Visit Visit Visit
Review Review Review Review

I strongly recommend beginners approach high leverage with caution, as losses can be magnified. Employing tools like stop-loss orders can help to minimize your risk.

Helpfully, a margin call will be issued by OANDA if your account balance falls to 50% of the margin requirement.

Execution

My research found that OANDA is a market maker, or dealing desk broker.

Market makers essentially create liquidity in the market, and in return add a small markup to the buy and sell price of a security.

I was particularly impressed with the fast order execution speeds on the broker’s proprietary platform, with an average of 12 milliseconds. I consider anything below 100 milliseconds good.

Fees & Costs

4 / 5

Trading Fees

OANDA’s single pricing structure consists of floating spreads with zero commissions.

My conclusion: The broker’s zero-commission pricing model keeps things simple for beginners who will only have the spread cost to consider.

With that said, the lack of raw pricing available at other competitors may be a drawback for high-volume or active traders looking for the lowest spreads.

When I tested fees, I was offered spreads from 0.8 pips on the EUR/USD and 1.1 pips on the USD/JPY. This compares well against similar accounts at FxPro and Pepperstone, but not so much with FXCM and IC Markets. You can see my cost comparisons of these brands below:

Fees Comparison on Standard MT4 Accounts
OANDA FXCM FxPro Pepperstone IC Markets
EUR/USD 0.8 0.7 1.4 1.0 0.8
USD/JPY 1.1 0.9 1.4 1.0 0.8
Commissions $0 $0 $0 $0 $0
OANDA popular forex pair spreads
FX Spreads

Non-Trading Fees

My tests uncovered a $10 monthly inactivity fee which kicks in after 12 months of inactivity. These are more favorable terms than some competitors, who often begin charging after only 3 months.

There may also be a currency conversion fee if the instrument you are trading is denominated in a different currency than your account.

Finally, overnight fees also apply for open positions held after 5:00 pm (ET), which is fairly standard.

Platforms & Tools

4.5 / 5

OANDA offers MetaTrader 4 (MT4) and a proprietary solution: OANDA Trade, which is powered by TradingView software.

What’s my verdict after testing both options?

All in all, OANDA stands up well against competitors when it comes to platform access, as you can see below.

Comparison of similar brokers 2024
OANDA IG Pepperstone
MetaTrader 4 Yes Yes Yes
MetaTrader 5 No No Yes
cTrader No No Yes
TradingView Yes No Yes
Auto Trading Expert Advisors (EAs) on MetaTrader Expert Advisors (EAs) on MetaTrader, build your own on ProRealTime Expert Advisors (EAs) on MetaTrader
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Review Review Review Review

OANDA Trade

Design & Usability

The OANDA Trade terminal features a simple design and easy navigation. The workspace features instant snapshot views of pending orders and current open positions, as well as the markets window.

I was able to access good customization features, with the option of creating multiple profiles and adjusting the workspace using drag-and-drop windows.

The terminal is also integrated well within the client dashboard, and I was able to easily navigate to other areas of my profile.

My only minor complaint is that the terminal feels a little clunkier than others that I’ve tested. Some functions, such as the latest news, also take a couple of minutes to load.

author image
Rebecca Holden
Author
OANDA Trade web platform workspace
OANDA Trade

Charting Tools

OANDA Trade’s interface is powered by TradingView, a widely used trading software with comprehensive charting and analysis tools.

There’s an impressive range of 100+ in-built technical indicators and 50+ drawing tools – easily rivalling the likes of MT4.

OANDA full-screen chart showing indicators menu
Indicators

I also like that you can have up to 8 charts open simultaneously in a single layout, which is ideal for serious technical analysts.

In addition, you get:

Order Types

I could execute market, limit and stop orders at OANDA, with the option to attach take profit and stop loss orders to each.

Additional risk management parameters are available including guaranteed stop-loss orders (GSLOs), which I strongly recommend utilizing, especially for beginners.

How To Place A Trade

Placing a trade on the OANDA Web platform was fairly straightforward, though not as seamless as MT4 in my view.

  1. Click the buy or sell icons above the chart (blue/red) to open the new order screen
  2. Highlight the order type (market, limit or stop)
  3. Use the arrows to increase/decrease the number of units to trade
  4. Review the trade value and margin requirements (these will change as you input the order size)
  5. Add stop loss or take profit prices (optional)
  6. Click ‘Submit’ to confirm the order

EURUSD trade order on OANDA Trade

MetaTrader 4

Design & Usability

In contrast to TradingView-powered terminals, MT4 features a more traditional design. That said, MT4 doesn’t compromise on customizability or user-friendliness.

Many traders find the platform exceptionally easy to grasp, with a clean interface and intuitive navigation features.

Charts and windows can be easily customized, and it’s easy to find chart tools using the integrated toolbars.

MT4 customized terminal workspace at OANDA
MetaTrader 4

Charting Tools

MT4 offers 30 customizable technical indicators and 31 drawing tools, plus 9 chart time frames.

Single-thread strategy testing is available, as well as the option to use Expert Advisors (EAs).

For dedicated algo traders, you can also access thousands of additional indicators and robots in the MQL4 marketplace.

Order Types

I was pleased to see that you can access the same order types at MT4 as you can with OANDA Trade:

You can set these parameters easily using the drop-down functions in MT4’s trade order window.

MT4 order showing order types menus - OANDA

Mobile App

OANDA Trade is also available via an intuitive mobile app which stands up well against other apps I’ve tested.

The design of the app feels sleeker than the web version. The interface is user-friendly, and I was able to navigate all functions easily. Customization is also very intuitive – I was able to adjust my chart sizes easily.

💡

Helpfully, you can set default parameters for trade orders, such as trade units and risk levels, to save time whilst on the go.

Unlike many other apps, OANDA Trade also lets you conduct technical analysis using 30+ technical indicators, 11 drawing tools and 9 chart types. Additionally, I was able to place orders directly from my charts.

Other excellent tools include signals, price alerts, a live newsfeed, an economic calendar, and the performance analytics dashboard.

Overall, I was thoroughly impressed with the functionality of the mobile app.

Beginners and more experienced traders alike should find sufficient tools for technical analysis, market research and account management whilst on the go.

OANDA Trade app showing charts, indicators and news
Mobile App

Additional Tools

I’ve evaluated dozens of brokers and OANDA offers one of the best selections of additional tools to enhance the trading experience.

There’s a spread calculator, live and monthly FX rates, technical analysis from Autochartist, and an MT4 premium upgrade.

I have focused on some of the tools I found the most useful below.

Autochartist

I was particularly pleased to see Autochartist technical analysis, which integrates seamlessly with the OANDA platform.

Autochartist essentially monitors the market to identify chart patterns and uncover potential trading opportunities.

There’s an automated alert function for emerging patterns and correlating signals, which is highly useful for viewing real-time market volatility.

Overall, I think any trader looking to elevate their technical analysis strategies should use this tool. It’s easy to install from the client area and, importantly, it’s free for all clients.

MT4 Premium Upgrade

Another standout feature is the MT4 premium package which is also available to download for free.

The upgrade connects you to OANDA’s premium research features, including content from Dow Jones, plus market sentiment and two event calendars.

Additionally, I was able to access 28 additional tools and indicators including a mini terminal, correlation matrix, market manager, and a session map.

💡

For those who prefer visuals like me, use the session map to view major trading sessions and economic data releases on a color-coded map, directly from your workspace.

MT4 session map tool at OANDA
MT4 Session Map

OANDA Labs Trader

OANDA has also introduced a prop trading program, OANDA Labs Trader, providing skilled traders with a funded account and an 80% share in profits.

This is fairly unique – not many day trading brokers offer such a program, and even fewer with the reputation and track record of OANDA.

Available through its British Virgin Islands-regulated entity, you will need to pass one of the firm’s eight challenges, which each consist of two phases and have various profit and risk objectives, including achieving a reduced 8% profit target in Phase 1 and a 5% profit target in Phase 2.

The minor downside is that the minimum entrance fee is $169, while some specialist prop trading firms we’ve evaluated, such as Audacity Capital, offer a lower fee of $129.

Still, for skilled day traders with limited funding, it’s an attractive scheme.

Research

4.3 / 5

Alongside the additional research tools in the MT4 premium upgrade, OANDA also offers comprehensive forex research tools within the platform.

The Dow Jones FX Select feature gives you live news bulletins, expert trend analysis and analyst commentary, all from one dashboard.

Additionally, the broker’s proprietary research portal, MarketPulse, is packed with news reports, technical insights, an economic calendar, plus podcasts and videos.

Both features are directly accessible from your platform workspace or client dashboard menu.

Dow Jones and MarketPulse news at OANDA
Dow Jones & MarketPulse

Education

4.3 / 5

OANDA also scores well when it comes to education, offering high-quality resources for aspiring traders.

Though not as extensive as the likes of eToro, I think there are plenty of resources to help you get the most out of your online trading experience.

Topics include fundamental and technical analysis, how to apply indicators and oscillators to trading and an introduction to trading with leverage.

I particularly rated the live market analysis webinars, which are hosted weekly with insights into forex, indices, commodities, and cryptocurrency markets. These events are available to customers with a live account only.

Forex webinars with expert analysts at OANDA
Webinars

On the negative side, I didn’t find any integrated tutorial videos or more interactive learning mediums. The articles are also quite text-heavy in my view, which may deter some beginners.

author image
Rebecca Holden
Author

Customer Support

4.5 / 5

My personal experience with OANDA’s customer support has been very positive.

Telephone support is available from Monday to Friday, 8:00 am to 8:00 pm (CET). This includes agents in English, Spanish, French, and German. Alternatively, you can contact the broker by email or online chat 24/5.

I find that live chat is the fastest way to get help. I received a response within 3 minutes each time I tested the broker. The email service was equally impressive, with responses received within 30 minutes on average during testing.

Here’s a breakdown of support methods:

Should You Trade With OANDA?

My extensive assessment has uncovered some notable reasons why beginners and experienced traders should trade with OANDA.

The $0 minimum deposit, unlimited demo account and zero-commission pricing will serve novices looking for a budget-friendly and flexible service.

Additionally, the advanced trading packages, best-in-class research and powerful trading platforms make OANDA a good choice for seasoned investors looking for reliable tools.

FAQ

Is OANDA A Good Broker?

Yes, OANDA is a good broker based on my evaluation. The firm is overseen by tier-one regulators, including the UK Financial Conduct Authority, has low trading fees, more than 65 forex pairs, plus excellent tools from MetaTrader, TradingView, Autochartist, and its in-house web platform.

Is OANDA A Reliable And Trustworthy Broker?

My research has found that OANDA is a trustworthy broker with strong regulatory credentials, thousands of clients, and multiple awards.

The broker also offers negative balance protection, segregates client funds, and facilitates access to compensation schemes (country-dependent) for retail investors.

I also didn’t uncover any reports of scams or malpractice associated with the broker.

Is OANDA Good For Day Trading?

OANDA is a very good broker for day trading. Its spreads are tight, helping to reduce costs for active day traders, while the web platform offers a superb selection of technical indicators and charting tools. OANDA also supports multiple day trading strategies and systems, including scalping and algo trading.

Does OANDA Have Low Fees?

Tests have found that OANDA offers lower-than-average trading fees. When I used OANDA, I was offered the EUR/USD with a 0.8 pip spread with zero commissions. That said, spreads are not the most competitive in the industry.

Does OANDA Have A Mobile App?

Yes, OANDA offers a proprietary mobile app which facilitates on-the-go trading and straightforward account management. I highly rated the custom charting and in-app research. The application is available on Apple and Android devices.

Top 3 Alternatives to OANDA

Compare OANDA with the top 3 similar brokers that accept traders from your location.

  1. IG – Founded in 1974, IG is part of IG Group Holdings Plc, a publicly traded (LSE: IGG) brokerage. The brand offers spread betting, CFD and forex trading across an almost unrivalled selection of 17,000+ markets, with a range of user-friendly platforms and investing apps. For 50 years, IG has maintained its position as an industry leader, excelling in all key areas for traders.
    Go to IG
  2. Pepperstone – Established in Australia in 2010, Pepperstone is a top-rated forex and CFD broker with over 400,000 clients worldwide. It offers access to 1,300+ instruments on leading platforms MT4, MT5, cTrader and TradingView, maintaining low, transparent fees. Pepperstone is also regulated by trusted authorities like the FCA, ASIC, and CySEC, ensuring a secure environment for day traders at all levels.
    Go to Pepperstone
  3. AvaTrade – AvaTrade is a leading forex and CFD broker, established in 2006 and regulated across 9 jurisdictions. Over 400,000 users have signed up with the broker which processes over 2 million trades each month. The firm offers multiple trading platforms, including MT4, MT5, and a proprietary WebTrader. 1250+ financial instruments are available for day trading, from CFDs to AvaOptions and now AvaFutures, alongside a comprehensive education center and multilingual customer support.
    Go to AvaTrade

OANDA Comparison Table

Compare OANDA With Similar Brokers
OANDA IG Pepperstone AvaTrade
Rating 4.3 4.4 4.8 4.9
Markets CFDs, Forex, Stocks, Indices, Commodities, Crypto, Bonds, ETFs, Spread Betting CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread Betting CFDs, Forex, Currency Indices, Stocks, Indices, Commodities, ETFs, Crypto, Spread Betting CFDs, Forex, Stocks, Indices, Commodities, ETFs, Bonds, Crypto, Spread Betting, Futures
Demo Account Yes Yes Yes Yes
Minimum Deposit $0 $0 $0
Minimum Trade 0.01 Lots 0.01 Lots 0.01 Lots 0.01 Lots
Regulators FCA, ASIC, KNF, MAS, CIRO, FFAJ, BVI FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA, FINMA FCA, ASIC, CySEC, DFSA, CMA, BaFin, SCB ASIC, CySEC, FSCA, ISA, CBol, FSA, FSRA, BVI, ADGM
Bonus
Education Yes Yes Yes Yes
Platforms OANDA Trade, MT4, TradingView, AutoChartist Web, ProRealTime, L2 Dealer, MT4, AutoChartist, TradingCentral MT4, MT5, cTrader, TradingView, AutoChartist, DupliTrade WebTrader, AvaTradeGO, AvaOptions, AvaFutures, MT4, MT5, AlgoTrader, TradingCentral, DupliTrade
Leverage 1:30 (Retail), 1:250 (Pro) 1:30 (Retail), 1:500 (Pro) 1:30 (Retail) 1:400 (Pro)
Payment Methods 8 6 11 13
Visit Visit Visit Visit Visit
Review IG
Review
Pepperstone
Review
AvaTrade
Review

Compare Trading Instruments

Compare the markets and instruments offered by OANDA and its competitors. Please note, some markets may only be available via CFDs or other derivatives.

Compare OANDA Trading Instruments
OANDA IG Pepperstone AvaTrade
CFD Yes Yes Yes Yes
Forex Yes Yes Yes Yes
Stocks Yes Yes Yes Yes
Commodities Yes Yes Yes Yes
Oil Yes Yes Yes Yes
Gold Yes Yes Yes Yes
Copper Yes Yes Yes Yes
Silver Yes Yes Yes Yes
Corn Yes No Yes Yes
Crypto Yes Yes Yes Yes
Futures No Yes No Yes
Options No Yes No Yes
ETFs No Yes Yes Yes
Bonds Yes Yes No Yes
Warrants No Yes No No
Spreadbetting Yes Yes Yes Yes
Volatility Index No Yes Yes Yes

OANDA vs Other Brokers

Compare OANDA with any other broker by selecting the other broker below.

 

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Customer Reviews

  4 / 5

This average customer rating is based on 3 OANDA customer reviews submitted by our visitors.

If you have traded with OANDA we would really like to know about your experience - please submit your own review. Thank you.

  3

It is not true that they allow traders from Panama. I had an account with them for several years, and one day they sent me a message (kind of rude, if you ask me) saying that they no longer accepted traders from my country and were closing my account.

DayTrading.com Notes

Thank you for pointing this out, we have updated our database to reflect that Oanda does not accept traders based in Panama any longer. We are sorry to hear that they closed your account with little regard for your long history with them. We hope that you were able to find a new broker that happily accepts your location.

✍ Luis Shirley | 🌐 Panama | January 26, 2024
  4

I use OANDA because it’s one of the few brokers I’ve seen to support a reliable web platform and guaranteed stop loss orders for risk management. I think a rebate program would be a nice addition though – I know other firms offer that.

✍ Steven | 🌐 Sweden | November 23, 2023
  5

Oanda gets my vote. One of the most reliable brokers out there. I can’t fault the trading platform and it also has guaranteed stop loss orders which I couldn’t find at many alternatives.

✍ Owen P | 🌐 Canada | November 14, 2023

Submit Your Own Review of OANDA

If you have experience trading with OANDA please share your personal review of the broker and what you think are strong and weak points. Thank you.

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OANDA is an award-winning global broker, established in 1996. The hugely respected brand offers competitive trading accounts and serves clients from 196 countries. It remains a popular option with both beginners and experienced traders thanks to its user-friendly and sophisticated web platform, no minimum deposit and premium currency products and services. The company is also overseen by reputable regulators, including the FCA, ASIC and CIRO.

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Article Sources

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