OANDA US Review 2023

/ 5
OANDA US is #4 in our broker rankings.

We recommend OANDA for US traders seeking a user-friendly platform with premium market research and a straightforward joining process. OANDA is a particularly good pick if you want a heavily regulated broker with a secure trading environment.

- DayTrading Review Team
CFDs are not available to residents in the United States.

OANDA is a popular brand offering exceptional execution, low deposit requirements and advanced charting and trading platform features. The top-rated brand has over 25 years of experience and is regulated by trusted agencies, including the NFA/CFTC. Around the clock support is available, alongside flexible contract sizes and automated trade executions.


Demo Account

Beginner Friendly

Award Winning
MT4, TradingView, AutoChartist
Forex, Crypto
Wire Transfer, Debit Card, Visa, Mastercard, ACH Transfer

Forex Trading

OANDA offers 68 forex pairs, more than many alternatives. The broker's in-house platform also offers impressive execution speeds and a suite of advanced charting and analysis tools.

Crypto Trading

Speculate on the world's biggest cryptos by market cap. Commissions are lower than many peers starting at 0.25%. Clients can spot trade cryptocurrencies on Paxos's itBit exchange through the OANDA platform via OANDA’s partnership with Paxos. Users can trade digital currencies in a few taps through the iOS and Android mobile app.


  • Best US Broker 2023 - DayTrading.com
  • 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

  • Industry-leading platforms including MT4 and TradingView
  • The OANDA web platform offers advanced price charts and graphs
  • Reliable, trustworthy and secure brand with authorization from tier-one regulators
  • API facilitates access to 25 years of historical data and rates from 200+ currencies
  • Feature-rich app with 50 indicators, 11 drawing tools and 9 charting styles
  • Wide selection of instruments including 68 forex pairs
  • Transparent pricing structure with no hidden charges
  • Low minimum deposit for beginners
  • US clients accepted

✗ Cons

  • Customer support not available on the weekend

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

In this review of OANDA, we assess the suite of trading assets, deposit and withdrawal methods, demo account, safety, and more. Our experts also share their verdict on 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 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). We consider this a promising sign that OANDA is a legitimate, trustworthy broker.

Minimum Deposit

OANDA has historically stuck to requiring no minimum 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.

Importantly, fees compare well to alternatives. This makes the broker a good option if you want to keep trading costs down.

Other Trading Fees

The firm charges an inactivity fee. But fortunately, this effective tax will only affect those who do not place any trades for at least one year. This is a much longer period than most rivals and we don’t consider it a major drawback.

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.

On the downside, negative balance protection is not provided. Whilst fairly common among US brokers, this does raise the risks – you may lose more than your account balance if the markets move against you.

With this in mind, utilize stop-loss orders to limit potential losses. We rate that the broker’s selection of trading platforms also offer a range of risk management alerts and tools.

Leveraged trading in foreign currency contracts or other off-exchange products on margin carries a high level of risk and may not be suitable for everyone.

OANDA Platforms


Our OANDA Trade 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 OANDA Trade 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.

OANDA Trade 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. In our experience, this affords you more time to download historical data, analyze tick data and craft effective strategies.

For experienced traders and technophiles, the 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 Expert Advisors (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

Our experts appreciated the several additional helpful trading tools available at OANDA:

On the downside, MetaTrader 5 (MT5) is not available. This is a drawback for traders that prefer the latest and more powerful software from MetaQuotes.

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 OANDA Trade 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

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.

When we used OANDA, we appreciated that 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 other user reviews.

Account Types

OANDA offers a Standard account solution with both spread-only pricing or reduced spreads plus commissions, plus an 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.

Elite Trader Program

This is an attractive scheme for high-volume traders. Clients that trade at least $10,000,000 per month can qualify for cash rebates of between $5 and $17 per million. This can save traders up to 34% on trading fees.

There is also a selection of other useful rewards, including a relationship manager, free VPS, free wire transfers, API support, plus a subscription reimbursement on TradingView’s advanced packages.

Users can join the Elite Trader scheme through a simple registration form.

Demo Account

In conducting our demo account review, we were quick to find an impressive perk to the free practice account. Whilst many forex brokers offer a practice download for a limited period, OANDA’s 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).

Detailed Benefits

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

Detailed Drawbacks

Despite the advantages 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 EST – 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 response times were relatively slow in our tests. Nonetheless, hotline staff remained polite and helpful when we used OANDA, 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, 68 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 negative side, while using 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 US only accepts traders from United States.

Payment Methods

OANDA US Details

Minimum Trade 0.01 Lots
Regulated By NFA, CFTC
Islamic Account No
Mobile Apps iOS, Android + Web Trader
Margin Trading Yes
Margin Rate 2%
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 Expert Advisors (EAs) on MetaTrader
Social Trading No
Inactivity Fee $0
Guaranteed Stop Loss No

Forex Trading Details

GBPUSD Spread 3.4
EURUSD Spread 1.6
EURGBP Spread 1.7
Assets 65+

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
  • UNI

Compare OANDA US

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

  1. 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
  2. Forex.com – Forex.com boasts a global reputation with multiple awards and 20+ years experience. Regulated in the US, EU, UK and Canada they provide a huge range of markets, not just forex, and offer competitive fees on a cutting-edge platform. The brand also provides a suite of additional tools, from performance analytics and SMART Signals to advanced charts and strategy builders.
    Go to Forex.com
  3. 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

OANDA US Comparison Table

Compare OANDA US With Similar Brokers
OANDA US IG Group Forex.com Just2Trade
Rating 4.5 4.4 4.5 3.5
Markets Forex, Crypto CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread Betting Forex, Spot Metals Stocks, ADRs, ETFs, Futures, Options, Commodities, Bonds
Demo Account Yes Yes Yes Yes
Minimum Deposit $0 $0 $100 $100
Minimum Trade 0.01 Lots 0.01 Lots 0.01 Lots 0.01 Lots
Bonus Active Trader Program With A 15% Reduction In Costs Up to $2,000 for professional accounts
Education Yes Yes Yes No
Platforms MT4, TradingView, AutoChartist MT4, AutoChartist, TradingCentral MT4, MT5, TradingView, eSignal, AutoChartist, TradingCentral MT4, MT5, TradingCentral
Leverage 1:50 1:30 (Retail), 1:250 (Pro) 1:50 1:20
Payment Methods 5 6 8 20
Visit Visit Visit Visit Visit
IG Group

Compare Trading Instruments

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

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

OANDA US vs Other Brokers

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


The most popular OANDA US comparisons:

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Article Sources

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 a popular brand offering exceptional execution, low deposit requirements and advanced charting and trading platform features. The top-rated brand has over 25 years of experience and is regulated by trusted agencies, including the NFA/CFTC. Around the clock support is available, alongside flexible contract sizes and automated trade executions.
CFDs are not available to residents in the United States.