OANDA Review 2023

/ 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


Demo Account

Beginner Friendly

Award Winning
MT4, TradingView, AutoChartist
$5,000 welcome bonus with a deposit of $500
Wire Transfer, Neteller, Credit Card, Swift, Skrill
and 7 more

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.


  • 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.


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

OANDA US offers a spread-only account plus a core pricing solution. As the name suggests, traders pay just the spread with the spread-only account, while with the core pricing option, investors pay a reduced spread plus a fixed commission which starts at $50 per million.

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.


The maximum leverage available to US traders is 1:50. Margin rates vary between assets with a full breakdown available on the OANDA Corporation website. Note, negative balance protection is not provided.

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


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.

OANDA trading platform ratings

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:

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.

OANDA metatrader review
MetaTrader 4

Other Platforms & Tools

There are several other helpful trading tools available at OANDA:

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.

OANDA mobile trading review
FxTrade App

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:

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:

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.

OANDA margin call calculator
OANDA News Stream

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).


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


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

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.

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

OANDA Details

Minimum Trade $0
Regulated By CFTC, NFA
Islamic Account No
Mobile Apps FxTrade, MT4
Margin Trading Yes
Volatility Index No
Spot Trading Yes
Perpetual Swaps No
AI / Machine Learning No
Robo Advisor No
P2P Trading No
Negative Balance Protection No
VPS Hosting No
Tournaments No
Demo Competitions No
Managed Accounts No
Market Maker Yes
Auto Trading EAs
Social Trading No
Guaranteed Stop Loss Yes
Stock Exchanges
  • Australian Securities Exchange
  • CAC 40 Index France
  • DAX GER 40 Index
  • Dow Jones
  • Euronext
  • FTSE UK Index
  • Hang Seng
  • London Stock Exchange
  • Nasdaq
  • Russell 2000
  • Copper
  • Corn
  • Gold
  • Palladium
  • Platinum
  • Silver
  • Wheat

Forex Trading Details

GBPUSD Spread 3.4
EURUSD Spread 1.6
EURGBP Spread 1.7
Assets 70

Cryptocurrency Trading Details

Crypto Spread $100
Crypto Lending No
Crypto Staking No
Crypto Mining No
Crypto Auto Market Maker No
Crypto Coins
  • AAVE
  • BCH
  • BTC
  • ETH
  • LINK
  • LTC
  • PAXG
  • SOL
  • UNI

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 OANDA With Similar Brokers
OANDA IG Group Forex.com Just2Trade
Rating 4.5 4.4 4.5 3.5
Markets Forex Forex, ETFs, CFDs, indices, shares, commodities, cryptocurrencies, options, futures, spread betting Forex, CFDs, Stocks, Indices, Commodities, Cryptos, Futures, Options Stocks, ADRs, ETFs, futures, options, commodities, bonds
Demo Account Yes Yes Yes Yes
Minimum Deposit $0 £250 $100 $100
Minimum Trade $0 0.1 lots $1 0.01
Bonus $5,000 welcome bonus with a deposit of $500 No Up to $2,000 for professional accounts
Education Yes Yes Yes No
Platforms MT4, TradingView, AutoChartist MT4, AutoChartist, TradingCentral MT4, MT5, TradingView, AutoChartist, TradingCentral MT4, MT5, TradingCentral
Leverage 1:30 EU, 1:200 Global 1:30 1:200 1:5 to 1:20
Payment Methods 12 6 8 20
Visit Visit Visit Visit Visit
Review OANDA
IG Group

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 Group Forex.com Just2Trade
CFD No Yes Yes Yes
Forex Yes Yes Yes Yes
Stocks Yes Yes Yes Yes
Commodities Yes Yes Yes Yes
Oil No Yes Yes Yes
Gold Yes Yes Yes Yes
Copper Yes Yes No No
Silver Yes Yes Yes Yes
Corn Yes No No No
Crypto Yes Yes Yes Yes
Futures No Yes Yes Yes
Options No Yes Yes Yes
ETFs No Yes No Yes
Bonds Yes Yes No Yes
Warrants No Yes No No
Spreadbetting No Yes No No
Volatility Index No Yes No No

OANDA vs Other Brokers

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


The most popular OANDA comparisons:

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  3. Oanda vs FXPro
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.