According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
- No minimum
- MetaTrader4
- FSC (BVI)
- ASIC
- IIROC
- FCA
- CFTC
- NFA
- 1997
Our Evaluation of OANDA
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
OANDA is a moderate-risk broker with the TU Overall Score of 6.8 out of 10. Having reviewed trading opportunities offered by the company and reviews posted by OANDA clients on our website, Traders Union expert Anton Kharitonov recommends users to thoroughly analyze pros and cons before opening an account with this broker as not all clients are satisfied with the company, according to reviews.
OANDA is the optimal broker for experienced traders and professionals. However, it should be noted that the broker focuses primarily on English-speaking clients.
Brief Look at OANDA
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.
- Minimum deposit from 1 dollar.
- A large selection of the most popular trading instruments.
- Several reliable and reputable financial regulators.
- Inconvenient and poorly functioning site.
- Lack of cent accounts.
- Lack of bonus programs.
TU Expert Advice
Financial expert and analyst at Traders Union
The OANDA broker has substantial experience in the Forex market. The company has managed to earn a reputation as a reliable broker who provides its clients with decent trading conditions. The company has only two types of accounts, as well as the ability to open a demo account for novice traders. It does not have cent accounts.
OANDA offers a wide range of trading instruments as well as three trading platforms (MetaTrader 4, WebTerminal MT4, MT5).
The broker's website can hardly be called convenient and functional, which creates some inconvenience for clients.
- You value transparency as Oanda provides transparent pricing and execution, minimizing hidden fees and potential conflicts of interest. This transparency can help traders make informed decisions and manage their trading costs effectively.
- You prefer a regulated broker as Oanda is regulated by multiple reputable authorities, including the US Commodity Futures Trading Commission (CFTC), the Financial Conduct Authority (FCA) in the UK, and the Australian Securities and Investments Commission (ASIC).
- You have high leverage requirements as Oanda offers a maximum leverage of 1:200, which may not meet the high leverage requirements of some traders. If you require higher leverage for your trading strategy, you may need to consider alternative brokers that offer such options.
- You are looking for bonus programmes as Oanda does not offer bonus programs, which may be a consideration for traders who seek promotional incentives or additional earning sources as part of their trading experience.
OANDA Trading Conditions
Your capital is at risk. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. A high percentage of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
| 💻 Trading platform: | MetaTrader 4, WebTerminal MT4, MT5, fxTrade |
|---|---|
| 📊 Accounts: | Standard, Core, Swap-free, Premium, Premium Core |
| 💰 Account currency: | USD, EUR, HKD, SGD |
| 💵 Deposit / Withdrawal: | Visa, Mastercard, Skrill, Neteller and various Alternate Payment Methods |
| 🚀 Minimum deposit: | No |
| ⚖️ Leverage: | Up to 1:200 |
| 💼 PAMM-accounts: | No |
| 📈️ Min Order: | 0,01 lot |
| 💱 EUR/USD spread: | 0,15 pips |
| 🔧 Instruments: | FX, Indices, Bullion, Commodities, Crypto |
| 💹 Margin Call / Stop Out: | Stop Out - 50% |
| 🏛 Liquidity provider: | J.P. Morgan, Deutsche Bank AG, Royal Bank of Canada |
| 📱 Mobile trading: | Yes |
| ➕ Affiliate program: | Yes |
| 📋 Order execution: | Market Execution |
| ⭐ Trading features: | Advisors; Availability of a demo account; A large number of training materials. |
| 🎁 Contests and bonuses: | No |
The OANDA broker provides relatively favorable conditions to its clients. The minimum deposit for a Standard account is $0 and for a Core account it’s $40. The spread size depends on the specific trading instrument (for currency pairs - the minimum is 0 pips (percentage in points). The minimum trade volume is 0.01 lot for all types of accounts. Leverage depends on the specific trading instrument, and the maximum value is 1:200.
OANDA Key Parameters Evaluation
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Trading Account Opening
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:
Also, other useful functions will be available in the personal account:
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Account settings.
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Account management.
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Regulations and rules for the broker.
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Technical support and assistance of a personal manager
Regulation and safety
OANDA 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 28 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 |
Financial Conduct Authority | United Kingdom | Up to £85,000 | Tier-1 |
 BVI FSC |
British Virgin Islands Financial Services Commission | British Virgin Islands | No specific fund | Tier-2 |
 ASIC |
Australian Securities and Investments Commission | Australia | No specific fund but has stringent consumer protection | Tier-1 |
 NFA |
National Futures Association | United States | No specific fund | Tier-1 |
 CFTC |
Commodity Futures Trading Commission | United States | No specific fund | Tier-1 |
 CIRO |
Investment Industry Regulatory Organization of Canada | Canada | CAD 1,000,000 | Tier-1 |
 MAS |
Monetary Authority of Singapore | Singapore | No specific fund | Tier-1 |
 FFAJ |
Financial Futures Association of Japan | Japan | No specific fund | Tier-1 |
OANDA Security Factors
| Foundation date | 1997 |
| Negative balance protection | Yes |
| Verification (KYC) | Yes |
Commissions and fees
The trading and non-trading commissions of broker OANDA have been analyzed and rated as Low with a fees score of 8/10. Additionally, these commissions were compared with those of the top two competitors, Pepperstone and FOREX.com, 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 | Pepperstone | FOREX.com | |
| EUR/USD min, pips | 0,1 | 0,5 | 0,7 |
| EUR/USD max, pips | 0,5 | 1,5 | 1,2 |
| GPB/USD min, pips | 0,1 | 0,4 | 0,9 |
| GPB/USD max, pips | 0,5 | 1,4 | 1,4 |
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 | Pepperstone | FOREX.com | |
| Commission ($ per lot) | 3,5 | 3 | 5 |
| EUR/USD avg spread | 0,15 | 0,1 | 0,2 |
| GBP/USD avg spread | 0,2 | 0,15 | 0,4 |
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 | Pepperstone | FOREX.com | |
| Deposit fee, % | 0 | 0 | 0 |
| Withdrawal fee, % | 0 | 0 | 0 |
| Withdrawal fee, USD | 0-15 | 0 | 0 |
| Inactivity fee ($, per month) | 0 | 0 | 15 |
Account types
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:
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.
Deposit and withdrawal
OANDA 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.
- Minimum deposit below industry average
- Bank card deposits and withdrawals
- No withdrawal fee
- Bank wire transfers available
- Only major base currencies available
- Limited deposit and withdrawal flexibility, leading to higher costs
- USDT payments not accepted
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 | Pepperstone | |
| Bank Wire | Yes | Yes | Yes |
| Bank card | Yes | Yes | Yes |
| PayPal | Yes | Yes | Yes |
| Wise | No | No | No |
| BTC | Yes | No | No |
What are OANDA base account currencies?
A wide range of base account currencies minimizes the need for currency conversion, potentially reducing transaction costs for clients worldwide. OANDA supports the following base account currencies:
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.
Markets and tradable assets
OANDA offers a limited selection of trading assets compared to the market average. The platform supports 129 assets in total, including 68 Forex pairs.
- Copy trading platform
- Passive income with bonds
- Indices trading
- 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 | Pepperstone | |
| Currency pairs | 68 | 60 | 90 |
| Total tradable assets | 129 | 2800 | 1200 |
| Stocks | Yes | Yes | Yes |
| Commodity futures | Yes | Yes | Yes |
| Crypto | Yes | Yes | Yes |
| Stock indices | Yes | Yes | Yes |
| Options | No | Yes | No |
Investment 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 | Pepperstone | |
| Bonds | Yes | No | No |
| ETFs | No | Yes | Yes |
| Copy trading | Yes | No | Yes |
| PAMM investing | No | No | Yes |
| Managed accounts | No | No | No |
Trading platforms & tools
OANDA 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.
- Free VPS for uninterrupted trading
- One-click trading
- Strategy (EA) Builder is available
- Trading bots (EAs) allowed
- 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 | Pepperstone | |
| MT4 | Yes | No | Yes |
| MT5 | Yes | No | Yes |
| cTrader | No | No | Yes |
| TradingView | Yes | Yes | Yes |
| Proprietary platform | Yes | Yes | Yes |
| NinjaTrader | No | No | No |
| WebTrader | Yes | Yes | Yes |
Key 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 | Yes |
| Alerts | Yes |
| Trading bots (EAs) | Yes |
| One-click trading | Yes |
| Scalping | Yes |
| Supported 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 | Pepperstone | |
| Trading Central | No | No | No |
| API | Yes | No | Yes |
| Free VPS | Yes | No | Yes |
| Strategy (EA) builder | Yes | No | Yes |
| Autochartist | Yes | No | Yes |
Mobile apps
OANDA 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.
- Indicators supported
- Solid iOS user feedback, with a rating of 4.8/5
- Mobile alerts 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 | Pepperstone | |
| Total downloads | 1,000,000 | 10,000,000 | 100,000 |
| App Store score | 4.8 | 4.7 | 4.0 |
| Google Play score | 3.4 | 4.4 | 4.0 |
| Mob. 2FA | Yes | Yes | Yes |
| Mob. Indicators | Yes | Yes | Yes |
| Mob. Alerts | Yes | Yes | Yes |
Education
Information
To help the trader, the OANDA website has a separate section, which contains various analytical tools, as well as online training courses and video courses. These materials can be useful for both novice and professional traders.
It is possible to trade on a demo account to test the trading systems.
Customer support
Information
The support service provides technical and operational support 24/5.
Advantages
- Support in your account
- Feedback form
- Telephone support
Disadvantages
- 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:
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by phone, as indicated on the website;
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by email;
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by filling out a feedback form.
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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/20/1130 |
| Official site | oanda.com |
| Contacts |
1 877 626 3239, 13000 62632
|
Comparison of OANDA with other Brokers
| OANDA | Eightcap | XM Group | RoboForex | Exness | FxPro | |
| Trading platform |
WebTrader, MetaTrader4, Mobile platforms, MetaTrader5 | MT4, MT5, TradingView | MT4, MT5, MobileTrading, XM App | MT4, MT5, R MobileTrader, R StocksTrader, R WebTrader | Exness Trade App (mobile), Exness Terminal (web), MetaTrader5, MetaTrader4 | MT4, MobileTrading, MT5, cTrader, FxPro Edge |
| Min deposit | No | $100 | $5 | $10 | $10 | $100 |
| Leverage |
From 1:1 to 1:200 |
From 1:30 to 1:500 |
From 1:1 to 1:30 |
From 1:1 to 1:2000 |
From 1:1 to 1:2000 |
From 1:1 to 1:500 |
| Trust management | No | No | No | No | No | No |
| Accrual of % on the balance | No | No | No | 10.00% | No | No |
| Spread | From 0 points | From 0 points | From 0.8 points | From 0 points | From 0 points | From 0 points |
| Level of margin call / stop out |
No / 50% | 80% / 50% | 100% / 50% | 60% / 40% | 60% / No | 25% / 20% |
| Order Execution | Market Execution | Market Execution | Market Execution | Market Execution, Instant Execution | Market Execution, Instant Execution | Market Execution |
| No deposit bonus | No | No | No | No | No | No |
| Cent accounts | No | No | No | Yes | Yes | No |
Detailed Review of OANDA
OANDA (“Olsen AND Associates”) is an American broker that has been in the financial services market for over 25 years. The company's activities cover traders almost all over the world. The company has a wide range of trading instruments.
A few numbers about the OANDA broker, which will help a trader to choose a reliable broker:
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More than one million clients worldwide.
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More than 25 years of experience in the foreign exchange market.
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The minimum investment amount is USD 1.
OANDA is a decent broker that focuses on working with professional traders.
It is a financial services broker in the Forex market. The company focuses its customers' attention on safety, as evidenced by the availability of licenses from four regulators. The broker also has an extensive network of representative offices and offices worldwide, with its central office in New York. The liquidity providers are reputable banking institutions such as J.P. Morgan, Deutsche Bank AG, and the Royal Bank of Canada.
The company's clients have the opportunity to choose from three trading platforms: MetaTrader 4, WebTerminal MT4, MT5. The mobile application allows you to trade in the financial market using a smartphone running iOS and Android operating systems. Moreover, users of mobile devices have access to the useful "OANDA Alerts" feature, which informs traders about market changes and sentiment.
Useful OANDA broker services:
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Currency correlation charts.
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Training courses and video tutorials.
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Economic calendar and news calendar.
Advantages:
Possibility of passive investment using the Fx Manager service.
Availability of three convenient platforms.
A large number of training materials, videos, and online courses.
Minimum deposit from 1 US dollar.
A wide range of trading instruments.
Availability of a demo account.
The broker has no restrictions on the choice of strategies available to a trader. Hedging and locking orders are allowed. There is a trailing-stop available. There is no information on the minimum duration of the trade retention on the site.
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