Traders Union has analyzed financial markets for over 14 years, evaluating brokers based on 250+ transparent criteria, including security, regulation, and trading conditions. Our expert team of over 50 professionals regularly updates a Watch List of 500+ brokers to provide users with data-driven insights. While our research is based on objective data, we recommend that users perform independent due diligence and consult official regulatory sources before making any financial decisions.
Learn more about our methodology and editorial policies.
OANDA Pros & Cons
- Minimum deposit starting at $1
- Broad selection of the most popular currency pairs
- Regulated by several reputable financial authorities
- Website is inconvenient to use and poorly optimized
- No cent account options for low-risk trading strategies
The name OANDA is an acronym for “Olsen & Associates” or “Olsen AND Associates”. It is registered in the United States and provides its clients with a wide range of financial services in most countries of the world. The company was founded in 1996 and is currently regulated in four jurisdictions. The main regulator of the broker is the UK Financial Conduct Authority (FCA). Oanda Canada is licensed by IIROC. The company has several significant awards to its credit, including a victory in the category "Best Forex Trading Technologies" from the UK Forex Awards, "Best Trading Platform" from FX Week, as well as "Best Customer Service" from the US Foreign Exchange Report.
TU Expert Verdict
OANDA demonstrates moderate stability and can suit certain traders. Its conditions are acceptable, and feedback is mixed but reasonable. In my own tests, it performed adequately, though it lacks the consistency of higher-rated companies.
OANDA User Reviews
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5-star
26%
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4-star
50%
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3-star
22%
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2-star
2%
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1-star
0%
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Commissions and Fees
Score:We evaluate brokers' fees and spreads by assessing the costs associated with Standard and ECN/Raw spread accounts, including commissions and spreads. Additionally, our evaluation considers extra fees such as deposit/withdrawal charges and inactivity fees. Learn the assessment criteria8 /10The trading and non-trading commissions of OANDA have been analyzed and rated as having Low fees, with a fees score of 8/10. Additionally, these commissions were compared with those of the top two competitors, FOREX.com and Venom by Cobra Trading, to provide the most comprehensive information.
- Low Forex trading fees
- Tight EUR/USD market spread
- No inactivity fee
- No deposit fee
- No withdrawal fee
- Complex fee structure
Trading Fees and Spread
Below, we evaluated and compared the trading commissions of OANDA with those of two competitors. We focused on the spreads and other transaction fees directly associated with executing trades (e.g commission per lot on an ECN account). This comparison aimed to provide a clear understanding of the cost efficiency of each broker.
Standard Account Spread
For Standard accounts, OANDA’s commissions are part of the floating spread, which varies with market conditions. Typical values are provided, but during high volatility, the spread may exceed these.
OANDA Standard spreads OANDA FOREX.com Venom by Cobra Trading EUR/USD min, pips 0.1 0.7 0.25 EUR/USD max, pips 0.5 1.2 0.5 GPB/USD min, pips 0.1 0.9 0.25 GPB/USD max, pips 0.5 1.4 0.5 RAW/ECN Account Commission And Spread
The spread on ECN/RAW accounts is market-based and fluctuates, with average values given during active hours. It may vary during volatility spikes. A commission per lot is also charged.
OANDA RAW/ECN spreads OANDA FOREX.com Venom by Cobra Trading Commission ($ per lot) The commission is the fee charged by the broker for trading one standard forex lot (100,000 units of the base currency). 3.5 5 1.5 EUR/USD avg spread 0.15 0.2 0.1 GBP/USD avg spread 0.2 0.4 0.1 Non-Trading Fees
We conducted a detailed analysis of the non-trading fees associated with OANDA. This review offers a comprehensive overview of the additional costs that may impact traders beyond regular trading activities.
OANDA Non-Trading Fees OANDA FOREX.com Venom by Cobra Trading Deposit fee, % The indicated amount does not include possible fees from payment systems and banks. 0 0 0 Withdrawal fee, % The indicated amount does not include possible fees from payment systems and banks. 0 0 0 Withdrawal fee, USD The indicated amount does not include possible fees from payment systems and banks. 0-15 0 0-100 Inactivity fee ($, per month) 0 15 0 -
Is OANDA Safe?
Score:We evaluate brokers' safety based on several key criteria. The highest value is placed on regulation, especially Tier 1 regulation, which ensures adherence to stringent standards set by top financial authorities like the FCA in the UK, CFTC in the US, CySEc and BaFin (EU) or ASIC (Australia). High scores are also given for participation in investor protection funds, which safeguard clients' funds in case of broker insolvency. Learn the assessment criteria10 /10OANDA has a safety score of 10/10, which corresponds to a High security level. The safest brokers are those with Tier-1 regulation, a long history (over 10 years in the market), and participation in investor compensation schemes.
- Tier-1 regulated
- Negative balance protection
- Regulated in the UK
- Track record over 29 years
- Strict requirements and extensive documentation to open an account
OANDA Regulators and Investor Protection Abbreviation Full Name Country of regulation Investor Protection Fund Regulation Level FCA UK
Full Name Financial Conduct Authority Country of regulation United Kingdom Investor Protection Fund Up to £85,000 Regulation Level Tier-1
BVI FSC Full Name British Virgin Islands Financial Services Commission Country of regulation British Virgin Islands Investor Protection Fund No specific fund Regulation Level Tier-2 ASIC
Full Name Australian Securities and Investments Commission Country of regulation Australia Investor Protection Fund No specific fund but has stringent consumer protection Regulation Level Tier-1 NFA
Full Name National Futures Association Country of regulation United States Investor Protection Fund No specific fund Regulation Level Tier-1 CFTC
Full Name Commodity Futures Trading Commission Country of regulation United States Investor Protection Fund No specific fund Regulation Level Tier-1 CIRO
Full Name Investment Industry Regulatory Organization of Canada Country of regulation Canada Investor Protection Fund CAD 1,000,000 Regulation Level Tier-1 MAS
Full Name Monetary Authority of Singapore Country of regulation Singapore Investor Protection Fund No specific fund Regulation Level Tier-1 FFAJ
Full Name Financial Futures Association of Japan Country of regulation Japan Investor Protection Fund No specific fund Regulation Level Tier-1 OANDA Security Factors Foundation date 1997 Negative balance protection YesVerification (KYC) Yes -
Account Types
Score:We evaluate a broker’s account offering by analyzing the range and suitability of available account types and how effectively they cater to different trader profiles and strategies. Our assessment covers the diversity of account options — including Standard, ECN/Raw, Cent, Swap-Free (Islamic), and VIP accounts — as well as the flexibility of trading conditions provided. Learn the assessment criteria.7.9 /10OANDA offers the following account options: Demo, Standard, ECN/Raw spread, Micro, Swap Free.
However, it does not provide a Cent account, which can be a disadvantage for beginners looking to practice with minimal risk.
- Forex account with Micro lots
- Demo account
- Standard account with balanced trading conditions
- No VIP account option
- No Cent account
OANDA account types vs top competitors OANDA Plus500 Trading.com Standard YesYesYesECN/Raw spread YesNoNoDemo YesYesYesCent NoNoNoMicro YesNoNoSwap Free YesNoNoVIP NoNoNoManaged NoNoNoOANDA accounts trading conditions
OANDA has two types of accounts. The Standard account is more suitable for a novice trader and the Premium account is for experienced professionals. The main differences are in the amount of the minimum deposit and the availability of additional services.
Account types:
Account Type Description Standard an account with a minimum deposit of $1. Spread type - floating, minimum spread for currency pairs is 1.1 pips. Stop Out level is 50%. Suitable for newcomers. Premium an account with a minimum deposit of 20 000$. Spread type - floating, minimum spread for currency pairs is 0.8 pips. Stop-out level is 50%. High volume traders. Core an account with a minimum deposit of $1. Spread type - floating, minimum spread for currency pairs is 0,2 pips. Stop-out level is 50%. Suitable for newcomers. Swap-free Spread type - floating, minimum spread for currency pairs is 1,6 pips. Stop-out level is 50%. Suitable for Traders who do not wish to pay or receive interest on their accounts. Premium Core an account with a minimum deposit of $ 20 000. Spread type - floating, minimum spread for currency pairs is 0.2 pips. Stop-out level is 50%. High volume traders. Also, the broker provides the opportunity to open a demo account so that the trader can test the trading conditions and learn the trading platform.
OANDA is a broker that is focused on experienced traders.
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Deposit and Withdrawal
Score:This section assesses the efficiency, speed, and affordability of brokers’ transaction processes, focusing on available methods, currencies, and fees. For further details, please refer to our data-focused methodology6.3 /10OANDA received a Medium score for the efficiency and convenience of its deposit and withdrawal processes.
OANDA provides a reasonable range of deposit and withdrawal options with moderate fees, in line with industry standards.
- Bitcoin (BTC) accepted
- Bank wire transfers available
- Low minimum withdrawal requirement
- No deposit fee
- Wise not supported
- Only major base currencies available
- Limited deposit and withdrawal flexibility, leading to higher costs
What are OANDA deposit and withdrawal options?
OANDA provides a basic range of deposit and withdrawal options, covering essential methods in line with industry standards. This set of options is sufficient for most traders, with available methods Bank Card, Bank Wire, PayPal, Neteller, BTC.
OANDA Deposit and Withdrawal Methods vs Competitors OANDA Plus500 Trading.com Bank Wire YesYesYesBank card YesYesYesPayPal YesYesNoWise NoNoNoBTC YesNoNoWhat are OANDA base account currencies?
A wide range of base account currencies minimizes the need for currency conversion, potentially reducing transaction costs. OANDA supports the following base account currencies: USD, EUR, HKD, SGD.
What are OANDA's minimum deposit and withdrawal amounts?
The minimum deposit on OANDA is $0, while the minimum withdrawal amount is $0. These minimums may vary depending on the chosen account type and payment method. For specific details, please contact OANDA’s support team.
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Markets and Tradable Assets
Score:The evaluation in this section is based on the TU methodology and reflects the total number and variety of tradable assets offered by the broker, including Forex currency pairs. It also considers the availability of passive income tools such as PAMM accounts, copy trading, and similar services. All information is obtained from publicly available sources and may change. Learn the assessment criteria6.8 /10OANDA offers a limited selection of trading assets compared to the market average. The platform supports 129 assets in total, including 68 Forex pairs.
- Crypto trading
- Passive income with bonds
- 68 supported currency pairs
- Limited asset selection
- No ETFs
Supported markets vs top competitors
We have compared the range of assets and markets supported by OANDA with its competitors, making it easier for you to find the perfect fit.
OANDA Plus500 Trading.com Currency pairs 68 60 69 Total tradable assets The total tradable assets listed include all available instruments, including CFDs. Due to regional restrictions, certain CFDs may not be offered in some countries. For example, cryptocurrency CFDs are banned in the UK, and the U.S. has restrictions on CFDs. 129 2800 69 Stocks YesYesNoCommodity futures YesYesNoCrypto Cryptocurrency CFDs are restricted or prohibited in certain regions due to regulatory limitations. These include the United Kingdom, China, Egypt, the United States and Canada. YesYesNoStock indices YesYesNoOptions NoYesNoInvestment options
We also explored the trading assets and products OANDA offers for beginner traders and investors who prefer not to engage in active trading.
OANDA Plus500 Trading.com Bonds YesNoNoETFs NoYesNoCopy trading YesNoNoPAMM investing NoNoNoManaged accounts NoNoNo -
Trading Account Opening
Score:We evaluated Trading Account Opening at OANDA by testing the registration process under real conditions, including opening an account and funding it with the minimum required deposit (but no less than $100). Our assessment considered whether onboarding was fully online, the average registration time, the speed of KYC verification, and how quickly traders could activate their accounts. Learn the assessment criteria.9 /10We successfully registered an account with OANDA in 10 minutes. The KYC verification was completed within 3 business days. The minimum deposit amount at OANDA is $0. This is one of the most accessible and hassle-free onboarding procedures on the market.
- Low minimum deposit requirement
- Fast registration time (up to 15 minutes)
- Fully online account opening process
- Account approval may require extra time depending on the documentation.
OANDA account opening OANDA Plus500 Trading.com Online Registration YesYesYesMinimum deposit $0 $100 $50 Mandatory KYC YesYesYesRegistration time (min) 10 20 KYC time (days) 3 3 2 Is OANDA available in my country?
If you are a citizen of United States, the broker accepts clients from your country.
Please note that availability may vary due to regulatory requirements, so we recommend confirming directly with the broker for the most accurate and up-to-date information.
Account opening details
To start trading with OANDA and receive compensation using the Traders Union rebate service, you need to do the following:
Register on the Traders Union website, then use the affiliate link and go to the broker's website. Then press the "Start Trading" or "Create Account" button.
Complete registration. To do this, you must specify your country of residence, first and last name (in Latin), email address, username, create a password, indicate the address of residence and phone number.
Also in your personal account, the following functions will be available to you:
- Trading account balance: OANDA personal account – Account balance.
- Access to the trading platform directly from your personal account: OANDA personal account –Trading platform.
Also, other useful functions will be available in the personal account:
- Account settings.
- Account management.
- Regulations and rules for the broker.
- Technical support and assistance of a personal manager
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Trading platforms & tools
Score:This section evaluates the quality and variety of trading platforms offered by the broker. It considers supported platforms, core features, device compatibility, and the availability of tools for automation, analysis, and different trading styles. Learn the assessment criteria9.3 /10OANDA received a score of 9.3/10, indicating a strong offering in terms of trading platforms and tools. The broker provides broad access to popular platforms and supports a variety of features designed to enhance both manual and automated trading.
- Trade directly from TradingView
- Trading bots (EAs) allowed
- Proprietary platform with unique features
- MetaTrader is available
- No access to cTrader and its advanced tools.
Supported trading platforms
OANDA supports the following trading platforms: MT4, MT5, TradingView, Proprietary platform, WebTrader. This selection covers the basic needs of most retail traders. We also compared OANDA’s platform availability with that of top competitors to assess its relative market position.
OANDA Plus500 Trading.com MT4 YesNoNoMT5 YesNoYescTrader NoNoNoTradingView YesYesYesProprietary platform YesYesYesNinjaTrader NoNoNoWebTrader YesYesYesKey OANDA’s trading platform features
We also evaluated whether OANDA offers essential trading features that enhance user experience, accommodate various trading styles, and improve overall functionality.
Supported features 2FA YesAlerts YesTrading bots (EAs) YesOne-click trading YesScalping YesSupported indicators 30 Tradable assets 129 Additional trading tools
OANDA offers several additional features designed to enhance the trading experience. These tools provide greater automation, deliver advanced market insights, and help improve trade execution.
OANDA trading tools vs competitors OANDA Plus500 Trading.com Trading Central Trading Central is a leading provider of investment research and financial market commentary. Integration with Trading Central offers traders advanced analytics, trading signals, and expert market insights, aiding in more informed decision-making. NoNoYesAPI YesNoNoFree VPS YesNoNoStrategy (EA) builder A Strategy or EA builder is a tool that allows traders to create and test their own automated trading strategies without requiring programming skills. YesNoNoAutochartist Autochartist is a market scanning tool that identifies trading opportunities by analyzing chart patterns and key price levels. YesNoNo -
Mobile Apps
Score:This section assesses the quality and functionality of the broker’s mobile trading apps. It takes into account app ratings, number of downloads, platform features such as two-factor authentication (2FA), mobile alerts, and technical indicators, ensuring traders can manage positions and monitor markets effectively from their smartphones. Learn the assessment criteria7.7 /10OANDA supports mobile trading, offering dedicated apps for both iOS and Android. OANDA received a score of 7.7/10 in this section, indicating a generally acceptable mobile trading experience.
- Solid iOS user feedback, with a rating of 4.8/5
- Supports mobile 2FA
- Indicators supported
- Weak user feedback on Android
We compared OANDA with two top competitors by mobile downloads, app ratings, 2FA support, indicators, and trading alerts.
OANDA Plus500 Trading.com Total downloads The parameter reflects the combined number of installations from both the Apple App Store and Google Play. It serves as an approximate indicator of the broker’s mobile trading app popularity and user adoption across platforms. 1,000,000 10,000,000 50,000 App Store score App store scores reflect the average user ratings of the broker’s mobile applications on the Apple App Store and Google Play. These ratings indicate user satisfaction based on criteria such as usability, stability, performance, and overall experience. 4.8 4.7 4.8 Google Play score 3.4 4.4 4.7 Mob. 2FA YesYesYesMob. Indicators YesYesYesMob. Alerts YesYesYes -
Customer Support
Score:We evaluated Customer Support at OANDA by opening a real account funded with the minimum required deposit (no less than $100) and contacting support to measure response time under real conditions. Our assessment considered contact channels, response speed, multilingual support, and availability hours. Learn the assessment criteria5.4 /10Customer support at OANDA is available, but response speed and service quality may vary. Some requests are handled efficiently, while others may require follow-ups.
During testing, response times were moderate, and communication depended on the complexity of the request. OANDA provides basic support functionality but does not stand out in overall service performance.
InformationThe support service provides technical and operational support 24/5.
- Support in your account
- Feedback form
- Telephone support
- Does not work on weekends
- Premium account holders are served on a priority basis, the rest on a general basis
- Lack of online charts
- It takes 3-4 days on average to receive an answer
You can contact support in the following ways:
- by phone, as indicated on the website;
- by email;
- by filling out a feedback form.
- by visiting a representative office
Support is available both on the OANDA website and in the personal account in the "Support" section.
Contacts Foundation date 1997 Registration address 140 Broadway, 46th Floor New York, NY 10005 USA Regulation FSC (BVI), ASIC, IIROC, FCA, CFTC, NFA Licence number:
SIBA/L/20/1130Official site oanda.com Contacts frontdesk@onada.com 1 877 626 3239, 13000 62632
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FAQs
How safe is trading with OANDA in terms of regulation and investor protection?
OANDA has a safety score of 10/10 and is regulated by several Tier-1 authorities, including the FCA (UK), ASIC, NFA, CFTC, CIRO, MAS, and FFAJ, as well as the Tier-2 BVI FSC. The broker offers negative balance protection, requires KYC verification, and some jurisdictions provide access to investor compensation schemes, such as up to £85,000 under the UK’s FCA and CAD 1,000,000 under Canada’s CIRO.
What commissions and fees does OANDA charge for forex trading?
According to this section, OANDA’s overall fees are rated low, with a fees score of 8/10 and no deposit, inactivity, or percentage-based withdrawal fees, though withdrawals can cost between $0 and $15. On Standard accounts, typical EUR/USD and GBP/USD spreads range from 0.1 to 0.5 pips, while RAW/ECN accounts show average spreads of 0.15 pips on EUR/USD and 0.2 pips on GBP/USD plus a $3.5 commission per lot.
What do user reviews say about OANDA’s overall service quality?
OANDA has a user satisfaction score of 8/10 based on 255 reviews, with most ratings being 4 or 5 stars and very few low-star reviews. According to user reviews, this indicates that overall feedback is mostly positive, although a minority of users report more neutral or slightly negative experiences.
What deposit and withdrawal options and limits are available at OANDA?
OANDA supports deposits and withdrawals via bank cards, bank wire, PayPal, Neteller, and BTC, with a minimum deposit and minimum withdrawal of $0, though these may vary by account type and payment method. The broker is rated Medium (6.25/10) for deposit and withdrawal efficiency, offers a low minimum withdrawal requirement, but does not support Wise or USDT and does not offer BTC as a base account currency.
Which trading platforms and tools does OANDA provide, according to user feedback and reviews?
OANDA offers MT4, MT5, TradingView, a proprietary platform, and WebTrader, and supports features such as 2FA, alerts, trading bots (EAs), one-click trading, scalping, and 30 built-in indicators across 129 tradable assets. It also provides additional tools like API access, free VPS, a strategy (EA) builder, and Autochartist, while cTrader and NinjaTrader are not available.
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