OANDA Review 2023

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Available in United States

Our Rating

4.5
/ 5

OANDA is #4 in our broker rankings.

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 offers 70 forex pairs with two competitive pricing models and a substantial welcome deposit bonus

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Regulated

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Demo Account

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Beginner Friendly

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Award Winning

Minimum Deposit $0

Trading Platforms MT4, TradingView, AutoChartist

Instruments Forex

Bonus Offer $5,000 welcome bonus with a deposit of $500

Account Currencies USD, EUR, GBP, CAD, AUD, JPY, CHF, HKD, SGD

Payment Options Wire Transfer, Neteller, Credit Card, Swift, Skrill
and 7 more

All OANDA Details

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Forex Trading

Take positions on major, minor and exotic currency pairs with competitive trading conditions.

Stocks Trading

Speculate on major stocks and indices via leveraged CFDs.

CFD Trading

Speculate on popular financial assets with leading tools and market insights.

Crypto Trading

Speculate on the world's biggest cryptos by market cap

Spread Betting

OANDA offer spread betting via OANDA Europe Ltd to UK and Ireland residents only. Trade over 100 assets with no commission and no minimum trade size.

Awards

• Best US Broker 2023 - DayTrading.com
• Best Trading Tools winner
• (Online Personal Wealth Awards 2021)
• Awarded highest overall client satisfaction
• (Investment Trends 2021 US Leverage Trading Report, Margin Forex)
• Awarded highest client satisfaction for mobile platform/app
• (Investment Trends 2021 US Leverage Trading Report, Margin Forex)
• Voted Most Popular Broker 2021
• (TradingView Broker Awards)
• Voted Best Forex and CFD Broker 2021
• (TradingView Broker Awards)

OANDA Corporation is a regulated trading broker and market maker. The online brokerage offers opportunities in popular financial markets, including forex. OANDA also facilitates leveraged trading with tight spreads and no minimum deposit.

In this 2023 review, we look at OANDA’s list of trading assets, deposit and withdrawal methods, demo account, and more. Find out whether to open a live account today.

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.

About OANDA

Before we get bogged down in the facts and figures of this broker review, it can help to first paint a picture of where OANDA started.

OANDA’s launch dates back to 1996, making it one of the early online forex brokers. Today, the brand is well established in retail trading circles, offering a long list of forex instruments, global corporate FX data services, plus currency management solutions.

US traders can also benefit from spreads starting at 0.0 pips, cash rebates or commission markdowns, plus periodic welcome bonuses. Perks and trading conditions will depend on your account and trading activity, details of which we have broken down further below.

And despite failing to get a mention in many OANDA review forums, the FxTrade platform, launched in 2001, was actually the first fully automated forex trading platform.

OANDA Corporation is regulated by the National Futures Association (NFA) and Commodity Futures Trading Commission (CFTC).

Minimum Initial Deposit

OANDA has historically stuck to requiring no minimum initial deposit. It ensures aspiring day traders and those with limited capital do not have to deposit more than they can afford as they find their feet. It has also made the brand popular in forex broker reviews.

Spreads & Commissions

Other Trading Fees

The firm introduced an inactivity fee in September 2016. Fortunately, this effective tax will only affect those who do not place any trades for at least two years.

It is also worth keeping an eye on the official website for any changes to overnight (rollover) fees, also known as financing charges.

Leverage

It is also worth highlighting that whilst you could potentially increase earnings, trading on margin can amplify losses. With this in mind, utilize stop-loss orders to limit potential losses. The broker’s selection of trading platforms also offer a range of risk management alerts and tools.

OANDA Platforms

FxTrade

Our FxTrade review was pleased with the broker’s in-house platform, available as a free download or via major web browsers. Our experts found the system is well designed and easy-to-use, offering a multitude of tools and analytical features. Clients can trade directly from charts. Investors also benefit from complex order types, such as buy, sell, plus trailing stops.

Account analytics are also at your disposal. In addition, the financial trading software includes charts from MultiCharts, which allow for advanced and sophisticated studies and display styles. On top of that, you get watch lists, news feeds, plus economic analysis. Accessing historical and live exchange rates is also straightforward.

On the downside, the platform lacks an ultra-modern look and some functions are awkward to use. Instead of being able to open news announcements, forums and economic analysis on the platform, they open as web pages in separate browsers. Again, you open OANDA’s order book outside the application. This can all prevent a smooth trading experience at times.

Speed tests show server times and execution rates are industry standard.

The conclusion – the FxTrade platform caters to the needs of most traders. A decent selection of tools and features are available and it’s relatively easy to pick up for beginners.

FxTrade API Libraries

A subscription to OANDA also means you can explore automated trading. API python tutorials can be found online to help you get the most out of your API instruments. Automated trading essentially allows you to execute more trades than you could manually.

Notifications can be created for when you enter and exit positions and pre-programming your criteria can be done with the aid of Algo Labs. This affords you more time to download historical data, analyze tick data and craft effective strategies.

For experienced traders and technophiles, the FxTrade API libraries can help with the following:

• Access current and historical market data
• Stop-loss, take-profit or entry orders
• Access past trading transactions
• Risk-free testing
• Trade requests

MetaTrader 4

If OANDA’s desktop platform doesn’t appeal, you have the option of the MetaTrader 4 (MT4) download, web-based solution, or mobile app. The industry-standard platform offers advanced charting, watchlists, plus trade automation via an ‘Expert Advisor’ (EA) plugin.

Traders can also save layouts and chart profiles. In addition, users can see swap rates and view live and monthly exchange rates from within the platform. Drawing up a forex order book, indicators and potential strategy are also quick and easy. For those wanting to hedge, it is not prohibited. You can also view both long and short positions on the MT4 platform.

On the downside, creating or amending EAs can be challenging. This is especially true for new traders who may be unfamiliar with the programming language. And whilst the audible alerts can be annoying, there are customizability options, not to mention a mute button, so we can let that drawback slide.

Other Platforms & Tools

There are several other helpful trading tools available at OANDA:

• TradingView – An industry leader in user-friendly technical analysis tools. TradingView users benefit from rich market data with intuitive drawing tools.
• MotiveWave – This professional charting and technical analysis platform offers more than 250 built-in studies/indicators and 30 built-in trading strategies.
• Market Reports – Powered by AutoChartist, this tool provides a summary of financial markets. An email is sent to traders before they start analysis for the day ahead. Importantly, Market Reports provide a technical outlook of the forex markets for the next 48 hours.

Note, MetaTrader 5 (MT5) is not available.

Mobile Apps

If you are frequently on the move, being able to enter and exit positions from your mobile or tablet device can prove useful. Those looking for an OANDA mobile and iPad review will be impressed with the capabilities of the FxTrade mobile platform. The application also provides integration with a range of devices, from iPhones to the Windows Phone 8.

Once you have your web login details, you can download historical quotes, battle with spot and forward rates and start speculating on popular trading assets. The platform is straightforward to navigate and the sleek design allows for a stress-free experience.

There is access to OANDA’s trading instruments, spread history, account analytics, as well as complex order types. Clients also retain the ability to trade directly from charts with one-click trading, plus indicators and price overlays. Users also have the option to tweak display styles to find a format that compliments their trading style.

As a bonus, the news, economic calendars, and financial announcements all open with ease from inside the app. This makes gauging market sentiment easier. In addition, there is regular maintenance to ensure instrument lists are up to date. This also means any issues and glitches are swiftly remedied.

Overall, their mobile offering allows for a hassle-free transition from the desktop application.

Note, clients can also speculate on popular financial markets using the MT4 mobile app.

OANDA Payment Methods

An increasing number of day traders are looking for straightforward deposit and withdrawal systems. Fortunately, you can make deposits and withdrawals to your OANDA account using:

• Debit cards (Visa & Mastercard)
• Automated Clearing House (ACH)
• Bank wire transfer

Available base currencies: USD, EUR, HKD, SGD,CAD, AUD, JPY, CHF, GBP.

The official website guides you through the payment process and the customer service team can help with any withdrawal problems.

Overall, OANDA traders are content with the current money transfer options, as demonstrated by user reviews.

Account Types

OANDA offers a Standard account solution with both spread-only pricing or reduced spreads plus commissions, plus an Advanced Trader Loyalty account with spread-only pricing or reduced spreads. The premium solution requires an account balance of $10,000 but comes with a dedicated relationship manager, unlimited free wire withdrawals, and priority service queues, among other perks.

The Standard account is a good option for beginners while seasoned traders and those with serious trading capital may benefit from the Advanced Trader Loyalty program.

Demo Account

OANDA demo account reviews are quick to highlight an impressive perk to the free practice account. Whilst many forex brokers offer a practice download for a limited period, OANDA’s FxTrade demo account is available for as long as traders need to hone their strategy and build their confidence. The paper trading account can also be opened via popular social media messaging platforms.

Once you have your demo login details, you have nearly all the same functionality as live account holders. Funded with simulated money, the practice account is the ideal way to get familiar with market conditions and test drive OANDA as a potential broker.

Once your confidence has grown with volume indicators, currency heat maps and backtesting, you can then upgrade to a live account.

Additional Features

OANDA offers an impressive list of additional features. Their learning portal/trading academy, for example, offers:

• Webinars – Online videos cover a host of subjects, from ‘Getting Started in Trading’ to more advanced topics, such as ‘Fibonacci Retracements and Clusters: An Advanced Look at Trend Formation.’
• Interviews – Learn from experienced traders as they discuss a range of topics, from trading plans to strategy.
• Articles – These detailed articles appeal to investors of all experience levels.
• Tutorials – Tutorials can help users with a range of topics, including reading data feeds and identifying correlations. In addition, you can learn how to start scalping and compare recent live spreads. All of which may help increase your intraday trading salary.
• Referrals – A lucrative referral scheme that benefits both the referee and referer. Note, this promotion is not always available – check the official site for the latest details.

As well as the above, OANDA provides straightforward access to historical average exchange rates. Viewing open and long-short positions and ratios is also quick and easy. Furthermore, monthly and yearly averages, plus historical classic interest rates can be found.

You can also benefit from news reports from a range of sources on OANDA. These include MarketPulse, where you will find breaking news, trend analysis, plus policy commentary. In addition, there is straightforward access to margin and leverage calculators to help you establish potential profit and loss.

The only downside is that with so many resources available, locating them can be a bit of a minefield.

Safety & Security

With an increase in cybercrime, digital security has become a prominent concern. So, is OANDA a reliable broker? Fortunately, personal data and trading activity are kept secure. They do this by using high-tech, sophisticated encryption technology. Two-factor authentication is also available on some of the broker’s trading platforms.

OANDA Regulation

In recent years, some traders have fallen victim to unscrupulous brokers. This makes selecting a licensed and regulated brokerage all the more important. OANDA’s proactive approach to regulation should bring peace of mind to customers.

OANDA Corporation is regulated by the Commodity Futures Trading Commission and the National Futures Association (Member ID: 0325821).

Benefits

This 2023 OANDA review found several key benefits to opening a live trading account:

• Products – As an active day trader, a range of products often means more opportunities. With OANDA, you get access to 68 major and minor currency pairs,
• Regulation – As outlined above, OANDA impresses with regulatory oversight from a number of bodies. This should help reduce concerns over frauds and scams.
• Applications – Clients can use OANDA’s proprietary desktop software and platforms like MetaTrader 4. Developers also regularly implement updates.
• Direct chart trading – Clients can enter and close positions directly from live charts, available on all of the broker’s trading terminals.
• No minimum account size – This allows you to open accounts with as little as $1, making it ideal to test and develop intraday strategies.
• Demo account – Traders get a lengthy free trial and it’s easy to download the MetaTrader 4 demo account. You can then open positions and get your head around average exchange rates live. You can also practice with guaranteed stop losses and a load more useful tools.
• Additional features – Scalping and hedging strategies are permitted on the broker’s trading platforms. Profit calculators, depth of market data, and comprehensive quote lists are also provided.

Drawbacks

Despite the pros of registering with OANDA, there are also some downsides:

• Limited additional protection – Whilst OANDA does comply with regulatory standards, extra slippage and deposit protections could further benefit online traders, particularly in volatile markets. In addition, more could be done in terms of negative balance protection.
• Slow customer service – In a business where time is money, OANDA’s sometimes slow customer service could hamper and frustrate active traders and beginners.
• Disorganised resources – On the positive side, OANDA offers a multitude of educational and trading resources, from webinars to news feeds. However, these resources are somewhat disorganised and are sometimes only available after launching external web pages.
• Missing instruments – Traders looking for binary options will be disappointed. In addition, copy trading and live signals aren’t available.
• ECN – OANDA is not an ECN broker, it is a market maker. This means traders may find tighter spreads with competitors.

Trading Hours

OANDA’s trading hours coincide with global financial markets. Trading is available from approximately 17:00 on a Sunday to 17:00 on a Friday UTC – 5.

Contact & Customer Support

Every platform glitch and account issue can cut into profits. Therefore, having fast and effective customer support is important. Fortunately, OANDA trading reviews are quick to highlight the company offer 24/5, multilingual support.

Apart from holiday trading hours, you can contact the broker’s customer service team via email around the lock (frontdesk@oanda.com). Alternatively, live online chat and telephone support are available during trading hours.

• Toll free contact number in Canada and the United States: 1 877 626 3239
• United States: 212-252-2129

The live chat team are available in English, Spanish and Mandarin.

Support via WhatsApp, Telegram and Skype is not available. With that said, OANDA US can be found on Facebook, Twitter, LinkedIn, Instagram and YouTube.

It is also worth highlighting that some negative customer reviews pointed out response times can be slow. Nonetheless, hotline staff remained polite and helpful upon testing, endeavouring to use their support website and archives to answer questions fully.

Overall then, users can trade confidently knowing effective support is on hand, regardless of location and time zone.

OANDA Verdict

So, is OANDA a good forex broker? Well, they score highly in many broker ratings and traders’ reviews. They offer a straightforward setup, competitive pricing, 70 forex assets, not to mention sophisticated trading platforms. So, even when you compare OANDA vs FXCM and other well-known brokers, the firm still impresses.

On the downside, when we used OANDA we found there is room for improvement in terms of customer service. Ultimately though, this OANDA review found that the company remains an attractive proposition to traders from all over the world.

Accepted Countries

OANDA only accepts traders from United States.

Payment Methods

• Wire Transfer
• Swift
• Neteller
• Credit Card
• Skrill
• JCB Card
• PayNow
• Cheque
• ACH Transfer
• Visa
• Mastercard
• TransferWise

OANDA Details

Forex Trading Details

Cryptocurrency Trading Details

Compare OANDA

Compare OANDA with similar brokers that accept traders from your location. Among available brokers these are the most similar to OANDA:

1. IG Group – IG-US offer spread betting, CFD and Forex trading across a range of markets. They are FCA regulated, boast a great trading app and have over 47 year track record of excellence.
   Go to IG Group
2. Forex.com – Forex.com boast a global reputation. Regulated in the UK, EU, US and Canada they offer a huge range of markets, not just forex, and offer tight spreads on a cutting edge platform.
   Go to Forex.com
3. Just2Trade – Just2Trade offer high-tech trading on stocks and options with some of the lowest prices in the industry.
   Go to Just2Trade

OANDA Comparison Table

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.

OANDA vs Other Brokers

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	Visit	OANDA offers 70 forex pairs with two competitive pricing models and a substantial welcome deposit bonus 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 offers 70 forex pairs with two competitive pricing models and a substantial welcome deposit bonus 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.