Oanda UK - Is It a Good Broker in 2024?

Your capital is at risk.
Share this:
Editorial Note: While we adhere to strict Editorial Integrity, this post may contain references to products from our partners. Here's an explanation for How We Make Money. None of the data and information on this webpage constitutes investment advice according to our Disclaimer.

Are you looking to venture into online forex trading in the UK?

Oanda UK is a leading forex trade broker that has been trusted for decades. Not only have generations committed their hard-earned money to Oanda, but also gained invaluable trading knowledge to increase their returns. In such tumultuous times of inflation due to post-pandemic recovery, you need a transparent, seasoned broker.

Oanda UK - General Information

Open an account
Your capital is at risk.

Oanda UK is a reliable forex trading partner, but will all of its impressive capabilities suit every investor's needs in the current economic climate? Here is what UK traders need to know about Oanda UK before deciding whether or not it suits them:

  • 💰 Account currency:

    USD, EUR, HKD, SGD


  • 🚀 Minimum deposit:

    No minimum


  • ⚖️ Leverage:

    Up to 1:40


  • 💱 Spread:

    From 0 p for currency pairs


  • 🔧 Instruments:

    FX, Indices, CFDs, Bullion, Commodities


  • 💹 Margin Call / Stop Out:

    Stop Out - 50%


Oanda UK Pros and Cons

👍 Pros

0 minimum deposit

Multiple trading platforms

Access to over 60 trading pairs

Wide range of trading instruments

Numerous education and research resources

👎 Cons

Average customer service

Limited research tools

Oanda UK Review

Oanda UK is a versatile trading platform that allows investors to access competitive pricing on a wide variety of indices, commodities, cryptocurrencies, bonds, and metals CFDs. Oanda UK accommodates MetaTrader 4 and MetaTrader 5, all of which have both mobile and web apps, making them convenient for the modern trader. Additionally, these two platforms already have a great reputation among global, professional traders, and assure ease of use with unlimited tools.

Oanda UK Minimum Deposit

Oanda UK has a minimum deposit of $0 for UK residents.

Oanda UK Leverage

Leverage means that a forex trader is allowed to enter int trades larger than their account balance. A trader trading with leverage can also trade without depositing the full value of the trades they wish to open. Although this can lead to large profits, it can also result in massive losses. Therefore, this option is best reserved for professional traders and is fully supported by Oanda.

Is Oanda UK Regulated? Is This Сompany Safe?

Oanda UK is regulated by the Financial Conduct Authority (FCA License No.:542574). Since 1996, it has operated legitimately under government approval and with perfect legal documentation. Oanda UK is dedicated to providing UK forex traders with the best value for their money.

Oanda UK takes extra steps to ensure the safety of its clients by keeping forex traders’ funds in accredited, globally recognized banks. Oanda also prioritizes globalizing its services as much as possible to boost worldwide access and hence global forex liquidity.

Oanda also hires an international professional accounting firm to make sure that all financial data and documentation are submitted to regulators on time, and to prove that the specified capital levels required are duly maintained. With Oanda, you do not have to be worried about getting involved in a shady scheme.

Oanda does everything possible to keep its clients safe.

Oanda UK - Fees

Oanda UK charges fees according to a spread-only pricing strategy. The fees are built into the spread, with 0.9 pips being the average spread cost during peak trading hours.

Commission charges are converted to the account home currency depending on the financial situation at the time. Withdrawal and forex fees are relatively low, making Oanda one of the most accessible brokers. But traders have to pay a small inactivity fee if their account is not used to make any trades for 12 months straight.

Oanda Spread and Fees Explained

Summary: Is Oanda UK a Good Broker?

Oanda UK is regulated, government-approved, and trusted by the UK and global forex traders. Its relatively low fees and $0 minimum deposit make it comfortable for new traders, while its array of assets and tools makes it convenient for seasoned traders. All the years of experience Oanda UK has garnered also make it the perfect partner to accompany you through the financial crises the UK faces today.

We can never eliminate risk, but we can always reduce it by cleverly employing all the resources available to us, the first being having a great broker like Oanda UK.

FAQ

Is Oanda UK Good for Beginners?

Yes, Oanda UK has a minimum deposit requirement of $0, easily accessible knowledge on trading resources, and platforms with shallow learning curves.

Does Oanda UK Take Commission?

Yes, Oanda takes a fixed commission per trade.

How Much Do You Need to Start Trading with Oanda?

Although there is no minimum deposit, traders can only trade up to 50% of their net worth.

What Are Oanda UK Withdrawal Fees?

Oanda UK does not charge fees for withdrawals made by credit or debit cards.

Team that worked on the article

Mikhail Vnuchkov
Author at Traders Union

Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.

The area of responsibility of Mikhail includes covering the news of currency and stock markets, fact checking, updating and editing the content published on the Traders Union website. He successfully analyzes complex financial issues and explains their meaning in simple and understandable language for ordinary people. Mikhail generates content that provides full contact with the readers.

Mikhail’s motto: Learn something new and share your experience – never stop!

Olga Shendetskaya
Author and editor at Traders Union

Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.

Olga has extensive experience in writing and editing articles about the specifics of working in the Forex market, cryptocurrency market, stock exchanges and also in the segment of financial investment in general. This level of expertise allows Olga to create unique and comprehensive articles, describing complex investment mechanisms in a simple and accessible way for traders of any level.

Olga’s motto: Do well and you’ll be well!