OANDA
OANDA Review 2024
Secure, regulated, and tested by TradingCraft
Top Rated Broker at TradingCraft
Recommended for Beginners
Quick summary of OANDA
OANDA is a well-regarded choice for traders looking for a trustworthy platform, thanks to its years of experience, top-tier regulations, and user-friendly tools. Whether you’re trading forex or commodities, OANDA delivers with tight spreads and no minimum deposit requirements. The platform also shines for its advanced charting tools and educational resources, making it ideal for both beginners and seasoned traders.
OANDA
4.7
/5
Overall score
Regulation and Safety
Safe
Stock fee
Average
CFD Trading Charge (indices)
Low
Withdrawal fee
$0
Trading Platforms
Web and Mobile
74% of retail investor accounts lose money when trading CFDs with this provider.
Pros
User-friendly Platform
No minimum deposit requirement
Strong regulation
Cons
Higher fees for less frequent traders
Limited asset classes
Somewhat Limited Customer Support
Account opening
Score: 4.5/5
Opening an account with OANDA is quick and easy, with a fully online process that takes just a few minutes. There’s no minimum deposit requirement, making it beginner-friendly. OANDA offers a range of account types, including standard, premium, and demo accounts. The onboarding is smooth, with straightforward identity verification.
Pros
Fast
Seamless Onboarding
No minimum deposit (regional differences may apply)
Cons
Limited advanced account features
What is the minimum deposit required to start trading with OANDA?
The minimum deposit at OANDA is $0.
Account types
Standard Account
Ideal for beginner to intermediate traders, this account type offers access to all of OANDA’s platforms with no minimum deposit required.
• Access to over 68 FX pairs, along with commodities, indices, and metals.
• Spread-only and core pricing available.
• Platforms include OANDA Web, OANDA Mobile, MetaTrader 4, and TradingView.
• 24/5 customer support.
No dedicated relationship manager or other exclusive benefits.
Elite Trader Account
Suited for high-volume traders, this account requires a minimum balance of $20,000 and comes with dedicated support, free wire transfers, and premium services like market insights.
• Designed for high-volume traders with a minimum trading volume of $10 million.
• Provides rebates starting from $5 per million traded.
• Offers additional perks like a dedicated relationship manager, free wire transfers, priority service queues, and more.
Spread-only and core pricing available, with the ability to save up to 34% in trading costs.
Demo Account
OANDA’s demo account offers a realistic trading environment by providing access to real-time market data, allowing traders to practice with live prices and spreads without risking real money. Users are equipped with virtual funds, which can be replenished to ensure continuous practice. The demo account supports multiple platforms, including OANDA WebTrader, mobile apps, MetaTrader 4 (MT4), and TradingView, giving users a chance to familiarize themselves with different interfaces. Unlike other brokers, OANDA’s demo account does not expire, allowing unlimited time for practice and strategy testing, making it ideal for both beginners and advanced traders.
While the demo account closely mirrors live trading, it’s important to note that there can be minor differences in execution and conditions since there’s no slippage or execution risk with virtual funds.
Corporate Account
For businesses, offering tailored solutions and a variety of services depending on company needs.
How to open your account
Opening an account with OANDA is simple and can be done completely online. Here’s a step-by-step guide to help you through the process
1 - Visit OANDA’s Website: Head to the OANDA website and click on the “Open an Account” button, which is usually located at the top of the homepage.
2 - Choose Your Account Type: You’ll be prompted to select the type of account you want to open. OANDA offers Standard, Premium, and Corporate accounts, as well as a demo account for practice trading.
3 - Fill Out Personal Information: Provide your basic details such as name, email, phone number, country of residence, and other personal information required for account setup.
4 - Verify Your Identity: As part of regulatory requirements, OANDA will ask you to verify your identity. You’ll need to upload documents like a passport, driver’s license, or national ID card, along with a proof of residence, such as a utility bill or bank statement.
5 - Set Up Account Preferences: Choose your base currency, leverage, and preferred trading platform. OANDA supports a variety of platforms like OANDA’s proprietary platforms and MetaTrader 4 (MT4).
6 - Fund Your Account: Once the account is verified, you can fund your account using a variety of deposit methods including bank transfer, credit card, or e-wallets. Keep in mind, the minimum deposit for some regions may differ.
7 - Start Trading: After funding, you’re ready to begin trading! Log into your account and access the trading platform to start executing trades.
OANDA; create account
74% of retail investor accounts lose money when trading CFDs with this provider.
Fees
Score: 4.3/5
OANDA offers a transparent and user-friendly fee structure, with no hidden charges for trading on various platforms. The broker generally does not charge deposit fees, which makes it appealing for cost-conscious traders. However, some fees do apply depending on trading activity and withdrawal methods.
Pros
Low overall trading fees
Competitive spreads
No deposit fees
Cons
Inactivity fee
Some withdrawals fees are high
Overall, OANDA provides a competitive fee structure, especially for active traders
OANDA pricing models
OANDA offers a transparent and competitive fee structure, with a couple of different pricing models for traders to choose from.
Spread only
Commission + core spread
Deposit Fees
OANDA does not charge any deposit fees. Whether you’re funding your account via bank transfers, credit or debit cards, or e-wallets like Skrill or Neteller, OANDA covers the fees for these transactions on their end. However, it’s important to note that your payment provider (such as your bank or e-wallet service) may still apply their own fees, which are outside OANDA’s control.
Withdrawal Fees
For withdrawal fees at OANDA, the costs vary depending on the currency and withdrawal method used:
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Bank Transfers/Wire Withdrawals: Typically, there’s a fee of around $20 for most currencies like USD, CAD, EUR, GBP, and AUD. The first withdrawal of the month is free, but additional withdrawals usually incur fees.
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Debit Card Withdrawals: No fees are applied for debit card withdrawals in many regions for the first transaction each month, but subsequent transactions typically come with a $15 fee.
Commission + Core pricing
vs spread only
Below is a table that shows the pricing differences between OANDA’s two main account types: Spread-Only Pricing and Core Pricing. The table highlights the spreads and commissions for some currency pairs
Safety
Score: 4.6/5
OANDA provides a secure trading environment, regulated by top authorities like the FCA and ASIC. With features like two-factor authentication (2FA) and negative balance protection for retail clients, OANDA ensures traders’ safety across its platform.
Pros
Strong regulation
Investor protection schemes
Two-Factor Authentication
Cons
Limited protection for cryptocurrencies
OANDA’s Regulatory Status
OANDA is a well-regulated broker, operating under the supervision of several top-tier financial authorities. It is regulated by the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC), and the Monetary Authority of Singapore (MAS), among others. These regulatory bodies enforce strict guidelines to protect traders, ensuring transparency, fund safety, and compliance with high operational standards.
Is OANDA a safe place to trade?
To ensure a brokerage is secure, we recommend verifying some key factors:
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Investor Protection: OANDA provides strong protections, regulated by the FCA in the UK and other authorities, offering compensation schemes based on region.
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Regulation: OANDA is regulated by major financial bodies including FCA, ASIC, and MAS, ensuring strict oversight.
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Established Reputation: Founded in 1996, OANDA is a trusted broker with millions of clients worldwide and a solid industry reputation.
The section below allows you to explore the specific investor protections OANDA offers based on your region. By selecting a country or region from the dropdown, you can view detailed information
OANDA provides negative balance protection for retail clients in certain regions, such as the European Union and the UK, ensuring they cannot lose more than their initial deposit when trading CFDs. However, it is important to note that professional clients are not covered by this protection, which means they face greater risk in volatile market conditions.
OANDA also does not offer specific investor protection for cryptocurrency traders, leaving digital asset traders without the same safeguards as those involved in traditional markets.
Two-Factor Authentication (2FA)
OANDA offers two-factor authentication (2FA) as an extra layer of security for its clients. With 2FA, users are required to provide two forms of identification before accessing their accounts, typically a password and a verification code sent via SMS or generated by an authentication app.
This helps protect against unauthorized access, ensuring that even if a password is compromised, the account remains secure. OANDA’s implementation of 2FA is especially useful for traders seeking peace of mind in securing their accounts from potential hacking attempts.
Encryption and Data Protection
OANDA takes encryption and data protection seriously, employing industry-standard security protocols to ensure that clients’ personal and financial information is protected. All communication between users and the OANDA platform is encrypted using SSL (Secure Socket Layer) technology, which helps to prevent data interception by unauthorized parties.
Additionally, OANDA uses robust encryption techniques to safeguard stored data, ensuring that sensitive information is kept safe from cyber threats. This comprehensive approach to data security is designed to protect both personal and trading data across all platforms.
Safety Considerations for OANDA Users
While OANDA maintains strong regulatory oversight and implements various security measures, it’s important for users to be aware of some limitations. For instance, professional traders are not covered by negative balance protection, meaning they are exposed to higher risks during volatile market conditions.
Furthermore, OANDA does not offer specific investor protection for cryptocurrency trading, as crypto-assets are not regulated in the same way as traditional financial products. Retail clients, however, benefit from protections such as negative balance protection and deposit safety measures, depending on the region.
You can read more about OANDA’s safety features and investor protection on their official security page.
74% of retail investor accounts lose money when trading CFDs with this provider.
Deposit and withdrawal
Score: 3.9/5
Depositing and withdrawing funds with OANDA is a straightforward process, offering a variety of payment methods like bank transfers, credit/debit cards, and e-wallets. OANDA does not charge fees for most deposits.
However, withdrawal fees vary depending on the method and region, with some methods incurring higher costs. Currency conversion fees may also apply if your account and transaction currencies differ.
Pros
No deposit fees
Multiple deposit options
Simple withdrawal process
Cons
Potential Currency conversion fees
Withdrawal fees for some methods
Primary currencies
OANDA primarily operates accounts in several base currencies, allowing clients to avoid conversion fees by choosing a currency that matches their deposits and withdrawals.
For regions like the UK and Europe, OANDA allows clients to hold accounts in GBP or EUR, helping to eliminate the need for USD conversions. This flexibility is especially beneficial for clients who trade primarily in their local currency.
The most common base currencies available on OANDA’s platform include USD, EUR, GBP, AUD, CAD, CHF, HKD, JPY, and SGD, depending on the region. By selecting a primary currency that matches the currency of your deposits, traders can minimize or avoid currency conversion fees, which are typically applied when there is a mismatch between the deposit currency and the account currency.
OANDA Deposits
OANDA does not apply any fees for most deposit methods
OANDA allows deposits through various methods, including bank transfers, credit/debit cards, and electronic wallets like PayPal. Notably, OANDA does not charge deposit fees for most payment methods, which is advantageous for traders.
However, your payment provider might impose its own fees, so it’s worth double-checking with them. The speed of the deposits can vary—credit card and e-wallet deposits are generally processed instantly, while bank transfers may take a couple of business days.
OANDA withdrawals
When it comes to withdrawals, OANDA charges different fees based on the method and region. For example:
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Bank Transfers are typically free for certain regions but can have a fee of around $20 in others.
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Credit/Debit card withdrawals may take up to 5 business days, and fees depend on your country.
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Electronic wallets like PayPal offer a quick and convenient option but may also incur fees based on your country and the transaction.
There’s no minimum deposit requirement at OANDA, but depending on the withdrawal method, a minimum withdrawal amount may apply. For example, bank withdrawals usually require a minimum amount, and fees can vary for international transfers. Additionally, currency conversion fees may apply if your withdrawal is in a currency different from your account’s base currency.
74% of retail investor accounts lose money when trading CFDs with this provider.
OANDA Mobile app
Score: 4.6/5
OANDA’s mobile app is available on both iOS and Android, offering users a smooth and intuitive experience. It allows traders to access various assets such as forex, commodities, and indices, monitor portfolios, and view real-time market updates. Features like customizable watchlists, advanced charting tools, and push notifications make it suitable for both beginners and more experienced traders.
Pros
User-Friendly
Secure
Comprehensive Features
Cons
Limited Customization
Our test was conducted on an iPhone 15 running iOS, and we tested the app in English language.
The OANDA mobile app supports a wide range of languages including English, Spanish, French, German, Italian, Chinese (Simplified), Japanese, Korean, and Russian, among others.
Design and experience
The OANDA mobile trading platform provides a well-structured and sleek interface, making navigation seamless even for beginners. The app includes charting tools and indicators, as well as real-time data, ensuring traders can analyze the markets effectively. Though the platform is robust, users might find customization options slightly limited.
Overall, OANDA’s mobile app is perfect for traders who prioritize accessibility and efficiency while on the move. It simplifies the trading experience without sacrificing key functionality.
OANDA - Mobile trading platform
Security
The OANDA mobile app offers a high level of security for users, including industry-standard encryption that ensures all personal and financial data is protected during transactions and communication. Additionally, users can enable two-factor authentication (2FA), which adds an extra step to secure logins.
However, it is worth noting that OANDA does not currently offer biometric authentication methods such as Face ID or Touch ID, which some users might expect for added convenience and security. Despite this, the app still provides robust security, making it a reliable platform for traders concerned about protecting their accounts.
Functionality
The app is designed to offer seamless access to global financial markets, with features like real-time price alerts, charting tools, and access to multiple asset classes, including forex and CFDs. Traders can execute trades directly from the app, manage their portfolios, and track market updates on the go. Key features like push notifications and customizable charts allow users to stay updated and make informed decisions.
Account Management:
OANDA’s mobile app simplifies account management, giving users full control over their accounts. Users can easily deposit and withdraw funds, monitor account balances, and review trade history from within the app.
The app supports multiple deposit methods and offers a user-friendly interface, making it easy to manage both live and demo accounts. Additionally, users can switch between different account types with just a few taps, making the app versatile for all trading needs.
74% of retail investor accounts lose money when trading CFDs with this provider.
Web trading platform
Score: 4.2/5
OANDA’s web trading platform is a feature-rich tool that caters to both beginner and experienced traders alike, providing access to a wide range of CFD markets, including forex, indices, commodities, metals, and even cryptocurrencies. The platform integrates advanced tools that help users navigate the complexities of trading, offering both ease of use and flexibility.
Pros
Fairly Advanced Trading Tools
User-Friendly Interface
Safe
Cons
Limited Customization
The OANDA platform supports a wide range of languages including English, Spanish, French, German, Italian, Chinese (Simplified), Japanese, Korean, and Russian, among others.
Desktop app vs. Web platform
OANDA offers both a desktop application and a web-based platform, each designed for different user preferences. Here’s a comparison:
Desktop application
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Advanced Features: The desktop version of OANDA offers more powerful trading tools, including the ability to set up multiple monitors, more sophisticated charting capabilities, and more comprehensive customizations.
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Performance: Desktop apps typically offer better performance due to their ability to leverage local hardware resources, which is beneficial for traders who rely on speed and want to avoid potential browser-based limitations.
Web platform
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Accessibility: The web app can be accessed from any browser, making it ideal for traders who value flexibility and mobility. It’s suitable for users who switch between different devices, whether at home or on the go.
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Simplicity: The web app is more streamlined, which may be appealing to beginners. It lacks some of the advanced features found on the desktop app but compensates with ease of access and a straightforward interface.
OANDA - Web trading platform Home Screen
Security
OANDA ensures a high level of security for traders by implementing several essential protective measures. The platform is regulated by top-tier financial authorities, including the FCA (Financial Conduct Authority) in the UK, the ASIC (Australian Securities and Investments Commission), and the NFA (National Futures Association) in the U.S. These regulations ensure that OANDA complies with stringent standards for safeguarding client funds and maintaining the integrity of the financial markets.
However, OANDA does not currently offer biometric security options like Face ID or Touch ID for its mobile app, which could be a downside for traders who prioritize these features. Two-factor authentication (2FA) is supported, adding an additional layer of security when accessing accounts and performing critical operations. This is especially valuable in preventing unauthorized access.
Functionality
OANDA’s platform offers broad functionality tailored to a diverse set of traders. The platform provides access to a wide range of markets, including forex, indices, commodities, bonds, and cryptocurrencies (depending on the region). With a seamless interface, traders can switch between asset classes easily, making it a convenient tool for both short-term and long-term trading strategies.
The platform’s integration with TradingView offers advanced charting capabilities, enabling traders to perform detailed technical analysis. Users can choose from a wide range of chart types, apply indicators, and customize their layouts to suit their trading strategies.
Customization and Advanced Trading Tools
OANDA allows traders to customize their experience with a range of advanced trading tools. From chart layouts to indicators, users can tailor the platform to match their trading style. The ability to save chart templates and set up personalized watchlists is particularly useful for traders who need to monitor specific assets frequently.
For more advanced traders, the platform supports algorithmic trading through MetaTrader 4 (MT4), which allows users to automate their strategies using Expert Advisors (EAs). This feature is especially valuable for those looking to backtest strategies or engage in high-frequency trading. Additionally, OANDA’s API offering allows developers to integrate their own applications or trading systems, adding another layer of customization.
74% of retail investor accounts lose money when trading CFDs with this provider.
Product Selection on OANDA
Score: 3/5
OANDA provides a solid selection of trading products, though it focuses primarily on forex and CFDs, making it a strong choice for those specializing in currency trading and derivatives. Here’s a breakdown of OANDA’s product offerings
Forex
OANDA is best known for its extensive range of currency pairs. Traders can access over 70 major, minor, and exotic currency pairs. With competitive spreads and access to real-time market data, OANDA is a favorite among forex traders globally. The ability to choose between Spread-Only and Core Pricing gives traders flexibility depending on their trading volume and strategy.
CFDs
OANDA offers CFDs on indices, commodities, bonds, and metals. This allows traders to speculate on price movements without owning the underlying asset. Some of the available indices include major global benchmarks like the S&P 500, FTSE 100, and NASDAQ. Commodity traders can choose from a variety of products like crude oil, natural gas, and gold.
Metals
For those looking to diversify into precious metals, OANDA offers CFDs on gold, silver, platinum, and palladium. These instruments allow traders to speculate on the price movements of metals, which can be a safe haven during volatile times.
Bonds
OANDA provides access to bonds through CFDs, including the U.S. 10-year Treasury note and other government bonds. This gives traders exposure to fixed-income instruments without directly buying bonds.
Cryptocurrency (Limited Availability)
OANDA offers cryptocurrency trading, but it’s only available in select regions. For UK clients, OANDA provides crypto trading through “OANDA Crypto,” which is FCA-registered and offers access to over 63 cryptocurrency pairs, including Bitcoin, Ether, and Ripple. This service was launched in 2024 following OANDA’s acquisition of the crypto exchange Coinpass
In the U.S., OANDA offers access to cryptocurrencies via a partnership with Paxos Trust Company, a regulated blockchain infrastructure platform . However, crypto trading isn’t available in every country OANDA operates in.
Make sure to check if this service is available in your region before considering OANDA for cryptocurrency trading.
Disclaimer: Investing in cryptocurrencies comes with a very high risk, and there is no guarantee of protection if things go wrong. Be fully prepared to lose all the money you invest, as cryptocurrency investments typically do not have the same safeguards as other financial products.
Stocks
OANDA offers access to real stocks, including more than 2,200 shares from major global markets like the US, UK, Germany, and Spain. They provide no commissions on US shares for accounts in EUR, PLN, and other supported currencies. Investors can use advanced tools to filter stocks, view live prices, and analyze market data. The platform offers a user-friendly experience with both web and mobile access, making it easier to invest in real shares globally.
For more details, you can visit OANDA’s stock trading page here.
Leverage on OANDA:
How It Works and What to Know
Leverage on OANDA allows traders to control larger positions with a smaller capital investment. For example, with 30:1 leverage, $1 in your account can control $30 in the market. This can increase potential profits but also magnifies risks, making it crucial for traders to manage their risk effectively. OANDA’s leverage options vary by region due to regulatory guidelines, with caps like 30:1 for major currency pairs in the EU and 50:1 in the U.S. OANDA also provides risk management tools, such as margin calls and negative balance protection, to help traders avoid excessive losses when using leverage.
74% of retail investor accounts lose money when trading CFDs with this provider.
Some of this content has been translated and may not be suitable for all recipients. Additionally, certain products may be restricted in your region. Please note that some information might have changed or could be inaccurate. Updates may have occurred since the review was written. Always verify the latest details before making decisions.
FAQ
Does OANDA offer negative balance protection?
Yes, OANDA provides negative balance protection for retail clients in certain regions, such as the UK and the European Union. This means that you cannot lose more than your initial deposit when trading CFDs. However, professional clients and those in other regions may not have this protection, so it’s important to check the terms based on your location.
What types of accounts does OANDA offer?
OANDA offers several account types, including a Standard Account for everyday traders, a Premium Account for high-volume traders with extra perks like tighter spreads and dedicated support, and a Demo Account for beginners who want to practice with virtual funds. Corporate accounts are also available for businesses looking to trade through OANDA.
Can I automate trades with OANDA?
Yes, OANDA supports automated trading through the MetaTrader 4 (MT4) platform. Traders can use Expert Advisors (EAs) to automate trading strategies, helping them execute trades based on pre-set criteria without manual intervention. Additionally, OANDA’s API allows developers to build custom trading solutions.
How does OANDA handle overnight financing or swap fees?
OANDA applies swap fees (also known as overnight financing fees) when positions are held overnight. These fees are based on the interest rate differentials between the two currencies in a forex pair or the carrying cost of CFDs. You can view OANDA’s swap rates on their platform, and the fee is charged or credited depending on the direction of your trade.
Does OANDA offer Islamic accounts?
Yes, OANDA offers Islamic accounts for traders who comply with Sharia law. These accounts operate without swap or interest fees, ensuring that trading activities align with Islamic principles. Traders interested in an Islamic account should contact OANDA’s support to set up the appropriate account type.