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OANDA Review

Edited by: Louis Schoeman

Oanda Review

Overall OANDA is considered a low risk, with an overall Trust Score of 93 out of 100. They are licensed by ten Tier-1 Regulators (highly trusted), zero Tier-2 Regulators (trusted), zero Tier-3 Regulators (average risk), and zero Tier-4 Regulators (high risk). The broker offers five different retail accounts: Standard, Core, Swap-Free, Premium, and Premium Core Account. 

 

OANDA Review – 13 key points quick overview:

  1. ☑️Overview
  2. ☑️At a Glance
  3. ☑️OANDA Account Types
  4. ☑️How To Open an Account
  5. ☑️Deposit & Withdrawal Options
  6. ☑️Trading Instruments & Products
  7. ☑️ Trading Platforms and Software
  8. ☑️OANDA Spreads and Fees
  9. ☑️Leverage and Margin
  10. ☑️Educational Resources
  11. ☑️OANDA Pros & Cons
  12. ☑️Security Measures
  13. ☑️Conclusion

 

Overview

Overview

OANDA, founded in 1996 by Dr. Michael Stumm and Dr. Richard Olsen, is a leading online forex brokerage firm.  

The company initially aimed to make foreign exchange rates publicly available online, but with increased interest in forex trading, it developed and introduced its retail trading platform in 2001.  

The broker emphasizes fair dealing and transparency, eliminating conflicts of interest among market makers. Its regulatory compliance across numerous countries gives global traders confidence.

OANDA has gained a reputation for customer service, trading platforms, and commitment to new features.  

Today, it serves a diverse global clientele and offers trading on various financial assets, including currencies, indices, precious metals, commodities, and bonds.  

With advanced tools and charting capabilities, the broker continues to improve its trading environment to meet the changing demands of knowledgeable traders. 

 

What are the funding options available with OANDA?

They accept various financing methods, including credit/debit cards, wire transfers, and several e-wallets.

 

Is OANDA good for beginner traders?

Indeed, OANDA offers an easy-to-use interface and instructional resources, making it suitable for beginners.

 

At a Glance

🗓 Established Year1996
⚖️ Regulation and LicensesIIROC, ASIC, CFTC, NFA, FCA, FFAJ, JFSA, MAS, MFSA, BVI FSC
🪪 Ease of Use Rating5/5
📞 Support Hours24/5
💻 Trading PlatformsFxTrade, MetaTrader 4, MetaTrader 5, OANDA platform
🛍 Account TypesStandard, Core, Swap-Free, Premium, Premium Core
🤝 Base CurrenciesUSD, EUR, HKD, SGD
📊 SpreadsFrom 0.1 pips
📈 LeverageUp to 1:888 (depending on region/regulation)
💸 Currency Pairs48+; major, minor, and exotic pairs
💳 Minimum Deposit0 USD
🚫 Inactivity FeeYes, 10 USD after 12 months of inactivity
🗣 Website LanguagesEnglish, Chinese (Simplified), Chinese (Traditional), French, Spanish, Portuguese, Vietnamese, Thai, Malay, Indonesian
💰 Fees and CommissionsSpreads from 0.1 pips, commissions from $35
✅ Affiliate ProgramYes
🏦 Banned CountriesNone indicated
✔️ ScalpingYes
📉 HedgingYes
🎉 Trading InstrumentsForex, indices, commodities, metals, shares, energies, cryptocurrencies
🎖 Open an Account👉 Click Here

 

OANDA Account Types 

OANDA Account Types 

StandardCoreSwap-FreePremiumPremium Core
✅ AvailabilityAll; suited to casual tradersAll; suited to beginners and casual tradersAll; ideal for Muslim tradersAll; ideal for more experienced tradersAll; ideal for beginners, casual traders, and experienced traders
🛍 MarketsAllAllAllAllAll
💸 CommissionsNone; only the spread is charged$40 per 1 million USD tradedNone; only the spread is chargedNone; only the spread is charged$35 per million USD traded
💻 PlatformsAll, MT4 and 5 premium includedAll, MT4 and 5 premium includedAll, MT4 and 5 premium includedAll, MT4 and 5 premium includedAll, MT4 and 5 premium included
📊 Trade SizeFrom 0.01 lotsFrom 0.01 lotsFrom 0.01 lotsFrom 0.01 lotsFrom 0.01 lots
📈 LeverageUp to 1:888Up to 1:888Up to 1:888Up to 1:888Up to 1:888
💰 Minimum Deposit0 USD0 USD0 USD0 USD0 USD
🎖 Open an AccountOpen AccountOpen AccountOpen AccountOpen AccountOpen Account

Standard Account

The Standard Account caters to a diverse user base with a user-friendly interface and competitive spreads starting at 0.6 pips. It offers no fees, flexibility, access to MetaTrader 4 and 5, and OANDA’s trading platform, making it suitable for both new and experienced traders. 

 

Core Account

The broker offers The Core Account, offering narrower spreads starting at 0.1 pips and a $40 fee per million transacted, perfect for companies dealing in large volumes and offering similar instruments to the Standard Account on MetaTrader 4 and 5. 

 

Swap-Free Account

The Swap-Free Account adheres to Islamic financial standards, excluding overnight interest, making it suitable for traders seeking Sharia-compliant accounts.

It offers spreads at 1.6 pips and no commissions, respecting religious limits but allowing access to trading instruments based on interest. 

 

Premium Account

The Premium Account, aimed at high-volume traders, has a minimum balance of $20,000. It offers competitive spreads starting from 0.7 pips with no commission costs.  

Furthermore, traders benefit from powerful tools, specialized customer service, and additional bonuses like priority assistance and free withdrawals. 

 

Premium Core Account

The Premium Core Account is a professional trading platform with a minimum balance of $20,000 and strong trading volumes, offering narrow spreads and a cheaper fee rate of $35 per million transacted, along with premium features like trading tools and VIP support. 

 

Demo Account

The Demo Account offers risk-free training with unlimited access to trading platforms, real-time market data, and powerful charting tools, making it perfect for novice and experienced traders to practice without financial risk. 

 

Professional Account

The Professional Account caters to experienced traders with specific qualifications. It offers leverage choices of up to 200:1, based on trading experience and financial background, and those with a thorough understanding of Forex and CFD trading risks. 

 

How does OANDA’s pricing model work?

The broker offers two price models: spread-only and core pricing plus commission. Your trading needs determine the price model you choose.

 

Does OANDA offer accounts for high-volume traders?

Yes, OANDA’s Elite Trader account is particularly tailored to high-volume traders, with premium features and benefits.

 

How To Open an OANDA Account 

To register an account, follow these steps: 

Step 1 – Go to the Official Website

First, navigate to the OANDA website and select “Create an Account” or “Start Trading.” This will usually be a prominent button on the homepage. 

How To Open an OANDA Account Step 1

Step 2 – Follow The Sign-Up Steps

After opting to start the procedure, you will be prompted to select your country of residency, a vital factor in establishing parameters for regulatory requirements. 

How To Open an OANDA Account Step 2

Step 3 – Follow The Prompts & Questions

Next, You will provide basic personal information such as your complete name, email address, a secure password, and a security question for later account recovery. 

During the procedure, OANDA will request further personal information, such as your date of birth, residence address, and contact phone number. 

How To Open an OANDA Account Step 3

 

OANDA Deposit & Withdrawal Options 

💳 Payment Method🏛 Country⚖️ Currencies Accepted⏰ Processing Time
Local TransfersAllMulti-currency1 – 5 days
Debit CardAllMulti-currencyInstant – 3 days
Credit CardAllMulti-currencyInstant – 3 days
Bank WireAllMulti-currency2 – 5 days
Bank TransfersAllMulti-currency2 – 5 days
SkrillAllMulti-currency1 day
NetellerAllMulti-currency1 day
Mobile Bank TransfersAllMulti-currency1 – 5 days
International e-WalletsAllMulti-currency1 – 5 days

Deposit Methods:

Bank Wire

✅Log into your trading account and go to the “Deposit” or “Funding” section. 

✅Select “Bank Wire Transfer” from the options, and you will be provided OANDA’s bank account details (beneficiary, account number, SWIFT code, and so on). 

✅Make a wire transfer through your bank, online, or by visiting a branch in person. Fill out the OANDA bank details completely and correctly. 

✅To guarantee that your money is correctly credited, provide your account number in the transfer reference or note. 

✅Bank wire deposits may take several business days to complete and appear in your trading account. 

 

Credit or Debit Card

✅Log in to your trading account and navigate to the “Deposit” or “Funding” area. 

✅Select “Credit Card” or “Debit Card” as your method. 

✅Enter your card information, including the card number, expiration date, and CVV code (found on the back). 

✅Specify the amount you want to deposit, ensuring it meets minimum deposit limitations. 

✅Confirm the transaction; deposits made with credit/debit cards should instantly show in your trading account. 

 

Cryptocurrency Wallets

OANDA may not accept payments directly from crypto wallets, although select locations may cooperate with third-party payment processors to allow cryptocurrency deposits. 

✅Determine whether OANDA accepts cryptocurrency deposits in your exact area. 

✅If accessible, search the “Deposit” or “Funding” section for an appropriate cryptocurrency. 

✅Follow the instructions on the website and input your selected crypto wallet address for the transfer. 

 

e-Wallets or Payment Gateways

✅Log in to your account and proceed to the deposit section. 

✅Select your preferred e-wallet or payment gateway (such as PayPal, Skrill, or Neteller). 

✅OANDA often provides instructions to log into your e-wallet account to approve and finish the deposit. 

✅Funds transferred via e-wallets frequently show in your trading account balance quickly. 

 

Withdrawal Methods:

Bank Wire

✅Navigate to the “Withdraw” section of your trading account. 

✅Select “Bank Wire Transfer” and input the banking details for your account. 

✅Please state how much you plan to withdraw. Keep in mind that there may be a minimum withdrawal amount. 

✅Examine all of the facts before validating the withdrawal request. 

✅Bank withdrawals may take up to several business days to complete. 

 

Credit or Debit Cards

✅Navigate to the “Withdraw” section of your account. 

✅Choose the “Credit Card” or “Debit Card” option. 

✅OANDA’s policy typically limits withdrawals to the amount originally deposited by card. Any earnings beyond this amount would necessitate a different withdrawal method. 

✅Enter your desired withdrawal amount. 

✅Submit the withdrawal request and card withdrawals will be handled promptly. 

 

e-Wallets or Payment Gateways

✅Select your preferred e-wallet (PayPal, Skrill, or Neteller). 

✅Provide the e-wallet account details associated with your profile. 

✅Enter your desired withdrawal amount and submit your request. 

✅OANDA frequently processes withdrawals to e-wallets promptly. 

 

Are third-party withdrawals allowed with OANDA?

No, OANDA only accepts withdrawals from accounts in the trader’s name.

 

Is it possible to deposit in different currencies with OANDA?

Yes, OANDA accepts deposits in several currencies.

 

Trading Instruments & Products 

OANDA offers the following trading instruments and products: 

➡️Forex – The broker provides 48 currency pairings, including major, minor, and exotic ones. Traders may interact with the broad and liquid forex market, taking advantage of cheap spreads and a leverage ratio of up to 1:888. 

➡️Indices – With 18 indices accessible, OANDA allows you to access global equity markets without buying individual equities. Indices measure the aggregate value of top-performing firm shares, providing more market exposure. 

➡️Metals – Traders can trade two metal items, often gold and silver, which are considered safe-haven assets and can be used to hedge against inflation or market fluctuations. 

➡️Shares – Additionally, OANDA provides over 1,200 share CFDs, allowing traders to bet on the price fluctuations of individual company stocks without the requirement for actual ownership, with leverage of up to 1:20. 

➡️Commodities – Ten commodities are accessible, including energy, agricultural, and soft goods. Economic, political, and environmental variables can influence these marketable commodities, providing diversity beyond FX and stocks. 

➡️Cryptocurrencies – Moreover, OANDA supports trading 18 different cryptocurrencies, allowing you to participate in this relatively new and volatile asset class that has received much attention due to its potential high returns and diversification benefits. 

 

Can I trade indices on OANDA?

Yes, many worldwide indexes are accessible for trading.

 

Are exotic currency pairs available for trading?

Yes, OANDA provides a variety of exotic currency pairs in addition to major and minor pairs.

 

OANDA Trading Platforms and Software 

Trading Platforms and Software 

MetaTrader 4

The broker offers clients access to the popular MetaTrader 4 (MT4) platform, known for its powerful technical analysis tools, broad charting capabilities, and active community for automated trading systems.  

They provide this platform as a desktop program, offering instant and market execution order types and features seasoned traders rely on. 

 

MetaTrader 5

The broker has integrated MetaTrader 5 (MT5) into its platform portfolio, retaining its charting and analytical tools while expanding into more markets and offering a wider range of order types and displays.  

MT5’s enhanced user interface and support for a wider range of technical indicators also benefit clients. 

 

OANDA Platform

The OANDA platform, developed in-house, offers a simplified trading experience for traders, available via web browser and desktop application.  

It aligns with execution transparency and provides essential charting tools for market navigation, making it an ideal choice for those seeking a simplified trading experience. 

 

FxTrade

OANDA’s FxTrade is a customizable and visually appealing platform designed for active traders seeking functionality and a better visual trading experience, featuring numerous chart displays, trade management tools, and an economic calendar. 

 

Does OANDA’s platform have a mobile version?

Yes, the broker has a mobile app accessible for both iOS and Android.

 

Is API trading supported on OANDA?

Yes, OANDA supports API trading for more complex trading methods.

 

OANDA Spreads and Fees 

Spreads and Fees 

Spreads

The spread-based pricing system aims to enhance market transparency and competition. Standard Accounts offer an all-inclusive spread at 0.6 pips, while Core Accounts have narrower spreads at 0.1 pips, catering to larger volume traders seeking cost savings.  

The range of spread products reflects OANDA’s commitment to providing personalized solutions for traders with varying trading styles and methods. 

 

Commissions

The broker charges a fixed commission fee of $40 per million USD for Core Accounts, equivalent to $8 per ordinary lot. Premium Core Accounts have a slightly lower fee of $35 per million USD transacted.  

This structure aligns with traders who execute high quantities, ensuring competitive transaction costs and lower spreads. 

 

Overnight Fees

The broker charges rollover or swap fees for overnight positions based on the interest rate differential between traded currencies. These industry-standard fees represent the expense of keeping positions open after trading.  

OANDA’s Swap-Free Account eliminates these fees per Islamic financial standards, but Muslim traders may face fines for holding long-term indexes. 

 

Deposit and Withdrawal Fees

The broker waives deposit and withdrawal fees to offer a seamless trading experience, allowing traders to fund their accounts without additional expenses.  

However, withdrawals may incur charges, particularly for bank wire transfers, which can cost up to 20 units of the trader’s base currency. The framework encourages cost-efficient banking activities and easy access to trading money. 

 

Inactivity Fees

OANDA charges a $10 monthly penalty for dormant accounts, promoting active trading. If a trader’s account has no activity for a year, the fee serves as a reminder to stay active and manage their accounts to avoid fines. 

 

Currency Conversion Fees

The broker charges currency conversion fees for transactions in currencies other than the account’s base currency, applicable to deposits and withdrawals.  

This structure aligns with OANDA’s global reach, catering to foreign clients who may trade in multiple currencies and require currency conversions as part of their trading and capital management plans. 

 

Is there a fee for real-time data?

No, real-time market data is provided at no additional expense.

 

Does OANDA charge a commission on trades?

They provide both commission-free and commission-based account options.

 

Leverage and Margin 

The leverage and margin policy aims to provide traders with flexibility in their trading strategies while controlling risk. Leverage is a method of trading larger quantities with little investment, known as margin.  

For example, with a 30:1 leverage, you can control a transaction worth up to $30 for every dollar margin in your account, increasing earnings and losses. Margin is the real amount needed to maintain an open trade position, set aside from your account balance as a good-faith deposit.  

No minimum margin deposit is required to start a trading account with OANDA, but the amount available determines the size of the transactions.  

Margin requirements reflect the minimum balance required to keep a deal active. If your account goes below this threshold, you will receive a margin call, requiring you to deposit more funds or cancel holdings. If you fail to meet these requirements, a margin closeout may occur. 

 

Can I change my leverage with OANDA?

Yes, OANDA offers flexible leverage that can be changed in the account section.

 

Does OANDA restrict leverage per region?

Yes, OANDA offers leverage according to the region of traders and the relevant regulatory entity under which they fall. For instance, leverage for UK/EU clients is restricted to 1:30.

 

Educational Resources 

The broker offers the following educational resources: 

➡️Introduction to Leverage Trading – OANDA’s leverage trading materials outline using borrowed funds to increase market exposure, highlighting the potential for increased earnings and losses. They also provide an overview of leverage’s historical context, associated risks, and regulations to protect traders. 

➡️Fundamental Analysis – The platform offers fundamental analysis guidance for traders, guiding them in collecting and evaluating market data, and understanding economic indicators and events that can influence market prices, which is crucial for those relying on the country’s economic health rather than just price fluctuations. 

➡️Technical Analysis – OANDA provides technical analysis materials to help traders forecast market moves by analyzing previous price data and chart patterns, enabling them to use various charting tools and indicators in their trading methods. 

➡️Indicators and Oscillators – OANDA teaches traders to use indicators and oscillators to identify trading opportunities, make informed decisions, and determine entry and exit locations in a market, thereby enhancing their trading skills. 

➡️Webinars and Events – OANDA provides live, interactive webinars and events, covering platform training and market research to help traders stay updated on the latest trends and trading tactics, offering interactive learning opportunities. 

 

Are the educational materials OANDA offers updated regularly?

Yes, the broker regularly updates its instructional content to suit market movements.

 

Does OANDA offer any webinars?

Yes, OANDA provides frequent seminars on a wide range of trading subjects.

 

OANDA Pros & Cons 

✔️ Pros❌ Cons
Clients gain from direct market access without any broker influenceOANDA specializes primarily in forex and CFDs, with a smaller portfolio of directly traded stock assets than competitors
Platforms such as MT4, MT5, and bespoke platforms are available to meet the needs of traders of all skill levels and stylesIf your account is idle for a prolonged length of time, OANDA will charge an inactivity fee
A large library of instructional resources, webinars, and market research helps traders improve their knowledge and abilitiesOANDA's spreads can be larger at times than those of other discount brokers, especially during moments of market volatility
OANDA is regulated by top-tier financial agencies (FCA, ASIC, IIROC, CFTC/NFA, and others)Although OANDA offers stop-loss orders, it does not give guaranteed stop losses (GSLOs)
OANDA allows clients to quickly diversify their portfolios by trading forex, indices, precious metals, commodities, and bondsWhile OANDA provides a wide range of research options, the depth of these might differ depending on your area and legislation
OANDA uses a spread-only pricing methodology on most account types while charging competitive commissions on others
OANDA offers comprehensive charting packages, technical indicators, and analytical tools to help you make educated decisions
Provides multilingual, multi-channel assistance that is recognized for its quality and response to client questions

 

Security Measures 

OANDA is a leading financial services firm that uses robust security measures to protect its clients’ financial information. Top authorities like the CFTC and NFA regulate it, ensuring stringent financial standards and frequent supervision.  

The broker also employs multi-factor authentication and password protection to prevent unauthorized access and protect clients’ personal and financial data.  

The Financial Services Compensation Scheme (FSCS) offers UK traders up to £85,000 in financial protection if the business fails to meet its financial obligations.  

OANDA’s platform offers safe trading features like stop-loss orders and is accessible through web, desktop, and mobile applications. The platform uses advanced encryption technology to protect personal and transaction data. 

 

Are funds segregated at OANDA?

Indeed, OANDA holds customer funds in separate accounts from its own operations funds.

 

Does OANDA have a history of security breaches?

No, there have been no known incidences of security breaches impacting OANDA.

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Conclusion 

Overall, OANDA is a forex and CFD broker that offers a complex trading experience with user-friendly tools, making it suitable for traders of all skill levels. Its regulatory compliance with top-tier agencies like the CFTC, NFA, and FCA demonstrates its commitment to trader security and fund protection.  

Faq

OANDA protects clients’ personal and financial information by utilizing modern encryption technology and adhering to regulatory standards. 

Withdrawals at OANDA are normally processed within 1 to 5 business days, while the actual duration varies depending on the withdrawal method and banking institution rules.

OANDA does not need a minimum deposit, so traders can begin trading with whatever amount they choose.

Yes, OANDA offers a demo account allowing traders to practice trading with virtual money on all its platforms. 

Yes, OANDA is regarded as a secure broker since multiple top-tier agencies license it and employ robust security measures such as multi-factor authentication. 

OANDA allows you to trade various products, including Forex, indices, commodities, CFDs, and cryptocurrencies. 

Yes, OANDA provides trading of multiple cryptocurrencies through a collaboration with a specific crypto service provider. 

OANDA is based in the United States and has international offices in Canada, the United Kingdom, Australia, and Singapore. 

OANDA offers multilingual customer service by live chat, email, and phone, with a skilled team ready to assist with inquiries. 

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