OANDA Review 2023
- DayTrading Review Team
OANDA will serve traders looking for a trustworthy broker with a beginner-friendly platform, best in class research and straightforward account opening. The $0 minimum deposit makes it especially attractive to newer traders and those on a budget.
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 has proven 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.
and 3 more
OANDA offers 68 currency pairs, more than most forex brokers, covering majors, minors and exotics. The OANDA Trade platform also offers powerful technical analysis tools while average execution speeds are fast at 12 ms.
Over 1600 shares are available from leading stock exchanges, including blue chip firms like Apple and Meta. There are also no commissions on US stocks and traders benefit from free expert insights and market reports.
Speculate on popular financial assets covering forex, commodities, indices, metals and bonds. Clients can trade CFDs on the award-winning MT4 platform or the firm's beginner-friendly web trader.
OANDA offers trading on leading cryptocurrencies, including Bitcoin. We rate the low fees which start at 0.25% and that you can place trades in the app hassle-free.
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. The UK 100 is available from just 1 point and the GBP/EUR from 0.8 pips.
- 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
- Oversight from tier-one regulators make the broker a reliable and trustworthy broker
- The guaranteed stop loss order (GSLO) is a useful risk management tool not available at many alternatives
- We found the OANDA web platform easy to learn and rated the sophisticated charting tools
- The brand has an excellent reputation and 25 years experience with a string of awards
- No restrictions on trading strategies with scalping, hedging and netting permitted
- The $0 minimum deposit will appeal to newer traders
- With 68 forex pairs the broker will serve active forex traders
- Spreads are tight and there are zero hidden fees
- There is a narrow range of payment methods with no PayPal
- High-volume traders get limited fee rebates or perks
- Weekend customer support isn't available
- Social and copy trading tools aren't supported
In this review of OANDA, our experts assess the broker’s trading accounts, fee structure, platform features and more. We also consider how the brokerage compares to alternatives when it comes to market research, education and payment methods. Find out if OANDA is safe and trustworthy.
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.
Is OANDA Regulated?
OANDA is a heavily regulated broker with an excellent reputation. This should provide peace of mind to traders.
Retail investors can be assured of negative balance protection and segregated client funds. EU and UK traders also have access to investor compensation funds in the event of broker insolvency. The UK Financial Services Compensation Scheme (FSCS), for example, covers traders up to £85,000.
The brokerage is regulated by:
- UK Financial Conduct Authority (FCA)
- Australian Securities and Investments Commission (ASIC)
- Canadian Investment Regulatory Organization (CIRO)
- Malta Financial Services Authority (MFSA)
- Monetary Authority of Singapore (MAS)
- Japanese Financial Services Agency (FSA + FFAJ)
- British Virgin Islands Financial Services Commission (BVI FSC)
Importantly, our team did not find any evidence of major security breaches or scams during their research. However, we did find a few reports of clone firms trading under the OANDA brand name, so make sure you sign up with the correct entity.
OANDA offers a Standard Account with access to all instruments and a choice of pricing models. This includes 68 forex pairs and CFDs on indices, energies, metals, and bonds.
We particularly rate the no minimum deposit, which makes the broker accessible to beginners. OANDA’s minimum lot size is one unit of the base currency of the quote.
The performance dashboard is also a useful feature not found at many alternatives. This is a good way to monitor your trades and overall returns.
On the negative side, there is no swap-free account for Muslim traders, which can be found at many alternatives, including AvaTrade.
Seasoned traders may also be disappointed by the lack of a loyalty program for high-volume traders, though a professional account is available upon request.
How To Open A Live Account
I found it straightforward to sign up for an OANDA account. It only took me 8 minutes to follow a few steps:
- Enter your email address in the application form, create a password and review and agree to the T&Cs
- Click ‘Fill Out The Form Manually’
- Add your personal details in the following screen (name, date of birth, citizenship, document type, and ID number)
- Provide your mobile number and verify your registration with an SMS code
- Complete your address details, country, and city of birth
- Confirm your tax residency details including the relevant identification number
- Submit the application
You will need to verify your identity and residency by uploading a copy of your passport, driving license, or alternative government-issued document. Once approved, you can deposit funds into your live account and start trading.
OANDA has a competitive pricing structure, offering a choice of spread-only trading or tighter spreads with a low commission.
The spread-only option will appeal to beginners, with a single cost to consider. When we used OANDA, we were offered competitive spreads of 0.8 pips on the EUR/USD and 1.1 pips on the USD/JPY. This compares well to other brokers, such as FXCM and FxPro.
The commission-based account will serve active traders. Again, fees are low with spreads from 0.1 pips plus a $40 commission per million traded. Upon testing, we received spreads of 0.1 pips on both the EUR/USD and USD/JPY.
On the negative side, there is a $10 monthly inactivity fee, though this doesn’t kick in for 12 months.
Traders should also note that there may be a currency conversion fee if the instrument you are trading is denominated in a different currency than your account.
Finally, overnight fees apply for open positions held after 5:00 pm (ET), which is fairly standard.
We have reviewed dozens of brokers and OANDA offers a fairly narrow selection of funding methods. Clients can load their account with credit/debit cards and wire transfers, however there is a limited choice of popular e-wallets like PayPal.
For the fastest processing times, we would recommend Visa and Mastercard payments, which offer near-instant funding. We found that wire transfers are much slower and can take up to five working days.
When we used OANDA, we 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:
- Log in to the client area and select ‘Deposit’ from the dashboard interface
- Choose the trading account you want to add funds to from the dropdown menu
- Choose a payment method, such as a wire transfer or bank card
- Follow the on-screen instructions to complete the payment (this will vary by method; you will need to add card details for example)
- Review the payment information and confirm the request
Note that a $1000 deposit limit applies if you have not verified your personal information.
Assets & Markets
OANDA does not offer the largest suite of trading products, but there is enough for most retail traders to build a diverse portfolio and speculate on popular financial markets. You can trade 120 instruments through CFDs.
The selection of currency pairs is particularly strong, with over 65 assets available. This is more than most online brokers.
You can trade:
- Bonds – Trade 6 government bonds including the UK 10-year Gilt and US 5-year T-note
- Stocks – Over 1600 shares including big US companies like Amazon, Tesla, Netflix and Meta
- Indices – Speculate on 15 major global indices including the FTSE100, S&P500, DE30 and ASX200
- Forex – Trade 68 major, minor, and exotic currency pairs including EUR/USD, USD/CAD, AUD/JPY and GBP/USD
- Commodities – Speculate on over 12 precious metals, energies, and soft commodities including Brent crude oil, wheat, gold and silver
OANDA is classified as a market maker, or dealing desk broker. Market makers create liquidity in the market, and in return add a small markup to the buy and sell price of a security.
Our team were particularly impressed with the fast order execution speeds on the broker’s proprietary platform, with an average of 12 milliseconds. We consider anything below 100 milliseconds good.
OANDA offers leveraged trading in line with regulatory requirements. For example, EU clients can trade forex up to 1:30 and commodities up to 1:10.
Traders will need to turn to offshore brokers for higher leverage, though this often comes with fewer safeguards. We also recommend beginners approach high leverage with caution, as losses can be magnified.
While using OANDA, we found that a margin call will be issued if your account balance falls to 50% of the margin requirement.
Platforms & Apps
The broker’s bespoke program is a web-based solution with powerful charting features and customization. There is also mobile app compatibility.
MetaTrader 4 (MT4), on the other hand, offers download, web browser, and mobile app access. This is one of the most used trading platforms in the world, thanks to its intuitive design and powerful analysis tools.
After testing the platforms, TradingView stood out for its user-friendly visuals and simple navigation. I would opt for the MetaTrader 4 platform if you want to trade from charts and conduct technical analysis.
The OANDA web terminal is a better pick for beginners, with straightforward access through popular internet browsers. My only issue with the terminal is that it feels a little clunky. Some functions, such as the latest news, also take a couple of minutes to load.
We have pulled out some of our favorite features of the different platforms below.
OANDA Trade Web
- Access to depth of market data (DoM)
- Instant snapshot views of pending orders and current open positions
- Integrated market movers heat map with real-time news stream and insights
- Full suite of risk management parameters including guaranteed stop-loss orders (GSLOs)
- Performance behavior analytics and portfolio data overview with trade journal integration
- Advanced analysis tools including position ratios, news aggregator, and order book overlay
- Full personalization of the trading terminal with the option to create multiple profiles with drag-and-drop windows
- Backtest strategy ideas using historical data or view currency heat maps to evaluate opportunities
- 12 different alert/notification settings based on a pre-defined strategy, indicator, or price conditions
- Access 100+ in-built technical indicators and 50+ integrated drawing tools with customizable settings
- Up to eight charts open at a time in a single layout for technical analysis and the option to pinpoint entry and exit points on charts
- Access 30+ in-built technical indicators and drawing tools
- Trade directly from charts using one-click trading with nine timeframe views
- Automate trading strategies using Expert Advisors (EAs). You can build your own algorithms and trading bots, or choose from an existing library
- Integrate the proprietary MT4 plugin to access enhanced analysis tools such as automated alerts for pattern development and intraday market scanning
How To Place A Trade On OANDA Web
I thought it was straightforward to place a trade on the OANDA Web platform. The order screen was simple to follow, with risk parameters available.
- Click the buy or sell icons above the chart (blue/red) to open the new order screen
- Highlight the order type (market, limit or stop)
- Use the arrows to increase/decrease the number of units to trade
- Review the trade value and margin requirements (these will change as you input the order size)
- Add stop loss or take profit prices (optional)
- Click ‘Submit’ to confirm the order
We have evaluated hundreds of brokers and OANDA offers one of the best selections of additional tools to enhance the trading experience.
This includes a spread calculator, lot size calculator, additional MT4 indicators, Dow Jones FX Select news bulletins, technical analysis from Autochartist, and advanced charting from TradingView.
Clients will also appreciate the margin call calculator, leverage calculator, live FX rates, and monthly average exchange rates information.
I have focused on some of the tools I found the most useful below.
TradingView charting is compatible with OANDA’s web terminal and offers some of the best functionality in terms of indicators, drawing tools and graphs.
One of the most competitive features is the choice of 11 customizable charts, which is significantly more than the three available within the MT4 terminal.
We were also pleased to see a partnership with Autochartist, which provides chart pattern identification with 24-hour market monitoring.
We found the tool relatively easy to use, with automated alert functionality for emerging patterns and correlating signals. We found this especially useful for viewing real-time market volatility.
We also rated the economic overlay function offered by OANDA, which offers real-time updates of economic announcements that may influence your positions.
Alerts and notifications can be set up directly within the trading terminal or mobile app.
Education & Research
OANDA offers high-quality education for aspiring traders. Though not as extensive as the likes of eToro, 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.
We 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.
On the negative side, there are no integrated tutorial videos or more interactive learning mediums. The articles are also quite text-heavy which may deter some beginners.
OANDA offers a demo account. We appreciated that the free trial provides access to all trading platforms and up to $100,000 in virtual funds.
Importantly, there is no time limit on the demo account. Many brokers we review automatically close the simulator account after 30 or 60 days, but we prefer unlimited demo accounts so we can continue testing strategies alongside our real-money account.
How To Open A Demo Account
It only took me a couple of minutes to register for a demo account at OANDA. To get started:
- Click the ‘Demo’ icon found on the top right of the broker’s website
- Add your name, email address, and telephone number in the pop-out
- Review and agree to the T&Cs
- Click ‘Open Demo Account’
- Activate your account via the link sent to your registered email address
OANDA does not offer a welcome bonus. However, we don’t consider this a major drawback – trading promotions are prohibited by several regulators. We never recommend picking a broker based on their bonus deals.
On the negative side, the lack of fee rebates or exclusive perks for high-volume traders is disappointing compared to alternatives. The only offer available is the option to request a rebate for up to three months of inactivity fees if you restart trading with the brand.
I appreciated the reliable and responsive customer service at OANDA.
Customer support is available via phone 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 the live chat is the fastest way to get help. I received a response within three minutes each time I tested the broker.
To speak to OANDA:
- New Customers – info@email@example.com
- Existing Customers – firstname.lastname@example.org
- Telephone Number (Existing Customers) – Poland (+48) 799366830, Malta (+356) 20345018, Spain (+34) 910479707, France (+33) 182884361 and Germany (+49) 6995019607
- Telephone Number (New Customers) – Poland (+48) 799399910, Germany (+49) 6995019606, Spain (+34) 911120029, France (+33) 184131722, Italy (+39) 0684009607 and Netherlands (+31) 203233130
Company Details & History
OANDA was established in 1996 in Delaware, by Dr Michael Stumm and Dr Richard Olsen. The brand become the first company to publish stock exchange rate information online for no fee with several financial firms registering for access to the system.
OANDA was acquired by CVC Capital Partners in 2018 before acquiring TMS Brokers to enhance its presence in the Eastern European and Baltic markets.
The European and UK subsidiary has an office presence in five locations including in the UK, Poland, Malta, and Germany.
The current executive team include Gavin Bambury (CEO), Kurt vom Scheidt (COO), and Emmanuel Coulon (CTO).
OANDA Group has been recognized with several global accolades including the Brokerage House of the Year at the Invest Cuffs awards and Best Forex and CFD Broker at the TradingView awards.
OANDA trading hours vary by market, though trading is available from Sunday 10:00 pm to Friday 10:00 pm (GMT).
You can look at trading times for specific instruments by selecting the ‘Check Conditions’ icon on the product page list. For example, the EUR/USD currency pair can be traded Monday to Thursday between 12:00 am to 10:58 pm and 11:05 pm to 12:00 am and Fridays from 12:00 am to 10:55 pm. The DE 30 index, on the other hand, is available between 02:16 am and 9:59 pm.
Clear information regarding holiday trading hours and market closure dates is also available on the broker’s website. This includes upcoming public holidays and company announcements.
OANDA is a hugely respected and top-rated broker. Experienced traders will appreciate the powerful trading platforms, additional tools, and competitive fee structure.
The unlimited demo account, no minimum deposit and good education also make the brokerage a great option for beginners.
OANDA accepts traders from Australia, Thailand, Canada, United Kingdom, South Africa, Singapore, Hong Kong, India, France, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar and most other countries.
Traders can not use OANDA from United States.
|Regulated By||FCA, ASIC, MFSA, MAS, CIRO, FFAJ, BVI|
|Mobile Apps||OANDA Trade, MT4|
|AI / Machine Learning||No|
|Negative Balance Protection||Yes|
|Auto Trading||Expert Advisors (EAs) on MetaTrader|
|Guaranteed Stop Loss||Yes|
CFD Trading Details
Forex Trading Details
Cryptocurrency Trading Details
|Crypto Auto Market Maker||No|
Compare OANDA with similar brokers that accept traders from your location. Among available brokers these are the most similar to OANDA:
IG Group – IG is an award-winning broker that has an excellent reputation globally. The brand-US offers spread betting, CFD and forex trading across a comprehensive suite of markets. IG is also multi-regulated, provides a great trading app and has 50 years experience.
Go to IG Group
Just2Trade – Just2Trade is a reliable multi-regulated broker registered with FINRA, NFA and CySEC. The company has 155,000 clients from 130 countries and stands out for its huge suite of instruments and additional features, including a social network, robo advisors and a funded trader programme.
Go to Just2Trade
Kwakol Markets – Kwakol Markets is a Nigerian headquartered broker with strong regulatory oversight in Australia and Canada. A great selection of asset classes are available, including synthetic products that simulate realistic market activity. Clients can trade on the MT4, MT5 and cTrader platforms, as well as a copy trading solution whereby a fee is only paid on profitable trades.
Go to Kwakol Markets
OANDA Comparison Table
|OANDA||IG Group||Just2Trade||Kwakol Markets|
|Markets||Forex, Stocks, Commodities, Crypto||CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread Betting||Stocks, ADRs, ETFs, Futures, Options, Commodities, Bonds||CFDs, Forex, Stocks, Indices, Commodities, Crypto|
|Minimum Trade||$0||0.01 Lots||0.01 Lots||0.01 Lots|
|Regulators||FCA, ASIC, MFSA, MAS, CIRO, FFAJ, BVI||FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA||CySEC, NFA, FINRA, Bank of Russia||ASIC, FINTRAC|
|Bonus||–||–||Up to $2,000 for professional accounts||–|
|Platforms||MT4, MT5, TradingView, AutoChartist||MT4, AutoChartist, TradingCentral||MT4, MT5, TradingCentral||MT4, MT5, AutoChartist|
|Leverage||1:30||1:30 (Retail), 1:250 (Pro)||1:20||1:1000|
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||IG Group||Just2Trade||Kwakol Markets|
OANDA vs Other Brokers
Compare OANDA with any other broker by selecting the other broker below.
The most popular OANDA comparisons:
Is OANDA A Good Broker?
OANDA is a good broker. 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?
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.
Our experts also did not uncover any reports of scams or malpractice associated with the broker.
Does OANDA Have Low Fees?
OANDA offers lower-than-average trading fees. Traders can choose from spread-only pricing or a tighter spread alongside a competitive commission.
When we used OANDA, we were offered the EUR/USD with a 0.8 pip spread or a 0.1 pip spread with a $40 commission per million.
Does OANDA Have A Mobile App?
OANDA offers a proprietary mobile app which facilitates on-the-go trading and straightforward account management. We rated the custom charting and access to historical price quotes. The application is available on Apple and Android devices.
Alternatively, MetaTrader 4 is available from the Apple App Store and Google Play.
For Specific Countries
- OANDA Website
- OANDA FCA License
- OANDA ASIC License
- OANDA CIRO License
- OANDA MFSA License
- OANDA MAS License
- OANDA BVI FSC License
The writing and editorial team at DayTrading.com use credible sources to support their work. These include government agencies, white papers, research institutes, and engagement with industry professionals. Content is written free from bias and is fact-checked where appropriate. Learn more about why you can trust DayTrading.com
|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 has proven 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.|