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Oanda Review 2024

Last updated Jun 18, 2024
Oanda is trusted. Tested via live trading.

Highlights of Oanda

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Register71-76.6% of retail investors lose money when trading CFDs with this broker
Countries of registration:
Trading Assets
ForexIndicesCryptocurrencyStocksPrecious MetalsEnergy CarriersSoft CommoditiesBonds
Trading Platforms
MetaTrader 5MetaTrader 4TradingViewfxTrade
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Oanda is an international Forex and CFD broker regulated by leading financial authorities such as ASIC, FCA, and CFTC.

Oanda stands out with its high-quality analytics and a variety of educational materials, making it suitable for traders of any experience level. Tight spreads and a wide range of trading assets, including currencies, indices, and commodities, cater to diverse client needs. Advanced trading platforms, such as MetaTrader 4 and 5, as well as Oanda's proprietary fxTrade platform, provide convenience and functionality for trading.

Pros and Cons of Oanda


  1. Regulated by leading financial authorities around the world.
  2. Tight spreads.
  3. Diverse markets and products.
  4. Advanced trading platforms.
  5. Quality analytics.
  6. Extensive learning section.


  1. Limited trading account types.
  2. Inactivity fee.
  3. High swaps.

Oanda Broker Overview

Foundation Year2001
Official Websitehttps://www.oanda.com
Regulated in CountriesUnited States, Australia, Canada, United Kingdom, Japan, British Virgin Islands, Singapore, PolandMore Details
Minimum Deposit
  • 1 USD
  • 1 EUR
  • 1 AUD
  • 1 CHF
  • 1 SGD
  • 1 HKD
Spreadfrom 1.6 points
Max Leverage1:200
Trading Assets
  • Forex
  • Indices
  • Cryptocurrency
  • Stocks
  • Precious Metals
  • Energy Carriers
  • Soft Commodities
  • Bonds
Trading Platforms
  • MetaTrader 5
  • MetaTrader 4
  • TradingView
  • fxTrade
Email Support
  • frontdesk@oanda.com
  • moneytransfer@oanda.com
Hotline Phones
Social Media

The history of Oanda Corporation began in 1996 when Dr. Michael Stumm and Dr. Richard Olsen decided that internet trading should be accessible to everyone. Initially, Oanda Corporation promoted applied ASP services, but since 2001, it has shifted to providing brokerage services.

Today, the broker has seven major centers and clients in nearly two hundred countries. Oanda's clients can trade currencies, indices, commodities, and precious metals.

Oanda Review Summary

Our broker evaluations are based on a transparent and objective methodology. We strive to provide you with a comprehensive and honest review so that you can make an informed decision. Continue reading for a detailed overview of the Oanda broker.

Reliability and Regulation


Oanda is one of the most reliable and regulated Forex brokers. The broker is licensed to operate in several countries and is also a member of the following regulators:

Legal EntityRegulatorReview
Oanda US review
Oanda AU review
Oanda CA review
Oanda UK review
Oanda JP review
Current review
Oanda SG review
Oanda EU review

Account Opening


The registration process at Oanda is relatively simple and well-structured. Each step is detailed, providing clear instructions for the user. Account opening is possible directly from the homepage, which is convenient and time-saving.

The flexibility regarding the minimum deposit is also impressive, allowing traders to start trading with any amount they are comfortable with.

However, in some cases, additional documents may be required to verify identity, which can prolong the account opening process. Even considering this, opening an account with Oanda is user-friendly and convenient.

Official Website

Oanda's official website is available in many world languages. The language choice depends on the region you live in and the jurisdiction in which the broker can offer its services in your area.

Oanda Official Website
Oanda Official Website

For residents of some countries, there are restrictions on the services provided:

  1. Financial spread betting is only available to United Kingdom and Ireland residents.

  2. Residents of the USA cannot trade Contracts for Difference (CFDs), use leverage over 1:50, or use the hedging function in the MT4 terminal.

  3. Residents of Canada cannot trade palladium.


You can initiate the registration process and access your Client Area directly from the homepage by clicking the "Start Trading" button.

First, the broker will ask you to complete a "Country/Region" form.

Start of registration with Oanda
Start of registration with Oanda

Next, you need to fill out a personal data questionnaire:

  • Name and surname in English;
  • Date of birth;
  • Country of birth;
  • Email;
  • Mobile phone number;
  • Choose and answer a Security Question.
Personal data questionnaire for Oanda
Personal data questionnaire for Oanda

The third step of registration requires you to:

  • Fill out the form with your country of residence;
  • Provide an identification number;
  • Answer whether you are a tax resident of another country.
Citizenship questionnaire on Oanda
Citizenship questionnaire on Oanda

Then, you will need to write your full residential address.

Oanda Address Profile
Oanda Address Profile

In the following questionnaire, you need to indicate:

  • Employment status (employed, self-employed, retired, student, unemployed);
  • Financial details (annual income, source of income, amount of savings).
Questionnaire on employment status and financial data on Oanda
Questionnaire on employment status and financial data on Oanda

The last step of registration on Oanda is simply to review and confirm the filled details:

  • Name and surname;
  • Date of birth;
  • Residential address.

Sometimes, the broker requires traders to provide additional documents to verify their identity. It takes 1 to 2 working days to check these documents. The client is notified about the account opening via email.

The email address will be the login to the personal cabinet, and the trader will choose the password independently after the broker approves the account.

The login page for the Client Area portal.oanda.com.

The broker will also email you the details of your MetaTrader 4 trading account.


If you plan to trade with an amount exceeding 9000 USD, you will need to verify your identity and residential address. To do this, upload in the personal cabinet:

  • A scan or photo of your international passport;
  • A scan or photo of a bank statement from the last three months confirming your name and address.

All deposit restrictions will be lifted when the Oanda team reviews the uploaded documents. You will receive a notification about this by email.

Oanda verification documents upload page
Oanda verification documents upload page

Client Area Overview

In Oanda's client area, you can:

  • Open a new trading account for MT4 or MT5;
  • Deposit and withdraw funds;
  • Change personal data and verify your account;
  • Make trading reports for any period;
  • Contact the broker's support team.
Oanda's client area
Oanda's client area

Minimum Deposit

There is no specific minimum deposit size at Oanda. This means you can start trading with any amount you consider acceptable.

Account Types


Oanda offers a variety of account types designed to meet most traders' needs. However, it is essential to note the absence of cent accounts, fixed spread accounts, and investment accounts such as PAMM or copy trading accounts. This is because, while the primary needs of traders are met, some specific types of accounts that may be important for certain categories of traders are not available.

Trading Accounts

Oanda offers two types of trading accounts:

StandardSwap Free
Account CurrencyUSD, EUR, AUD, CHF, SGD, HKDUSD
Minimum Deposit1 $1 1 $
Trading PlatformsMetaTrader 5MetaTrader 4TradingViewfxTradeMetaTrader 5MetaTrader 4TradingView
Spreadfloatingfrom 0.5 pipsfor EURUSD~ 0.8 pipsfloatingfrom 1.6 pips
Commission per Tradeper 1 lot~ 3.5 $
Trading AssetsForexIndicesCryptocurrencyStocksPrecious MetalsEnergy CarriersSoft CommoditiesBondsForexIndices
Opened Positions
Margin Call / Stop Out100% / 50%
Order ExecutionSTP
Demo Account
Islamic Account

Both accounts provide flexibility in choosing the trading platform and access to various assets for trading.

Demo Account

Oanda offers a demo account for traders to test their skills with unlimited virtual funds and without a time limit for their use. Trading is conducted with actual market prices and current spread values. To register for a demo account, one must complete a form similar to that used for opening a real account.


The Swap-free or Islamic account is an option for traders who do not wish or are unable, due to religious reasons, to pay swap fees - the commission for carrying over a position to the next trading day.

Let's consider the terms of the Swap-free account.

Trading Platforms
  • MetaTrader 4
  • MetaTrader 5
Minimum Deposit1 USD
Account CurrencyUSD
Maximum Leverage1:200
ExecutionMarket Execution
SpreadFrom 1.6 points
Stop Out Level50%
  • 13 currency pairs
  • 13 CFDs on stock indices
Minimum Order Volume (lots)0,01
One-Click TradingAvailable
Trading with AdvisorsAllowed

To open a Swap-free account, contact Oanda's support service.


Oanda collaborates with reliable partners to provide Virtual Private Server (VPS) services, which ensure a dynamic trading experience with low latency and improved stability.

  1. BeeksFX is one of the largest VPS providers for Forex, with data centers in New York and London. VPS services from BeeksFX provide some of the lowest latencies in retail Forex trading, ensuring precision in trade entries and exits.

  2. Liquidity Connect is a leading provider of Infrastructure as a Service (IaaS) technology, supporting enterprise operations on global financial markets with a focus on low latency. They offer VPS, ultra-low latency connections to liquidity providers, bridge providers, and fintech providers from Equinix in LD4 (London) and NY4 (New York). Additionally, they offer hosting and white-label services for MT4/5 brokers, cTrader servers, and broker VPS, as well as cybersecurity tools to mitigate DDoS attacks and secure remote management (VPN).

If you want to learn more, you can write to vps@oanda.com.



The broker offers comparatively low spreads and does not charge fees for deposits or withdrawals. However, an inactivity fee and significant swap rates may increase the overall cost of trading for some traders.

Spreads and Swaps

Oanda provides competitive spreads for its clients. For instance, the average spread for the EUR/USD currency pair is 0.8 pips, which is relatively low compared to most other brokers. Nevertheless, swap rates can be significant and vary depending on the currency pair and the direction of the position.

AssetAverage spreadSwap longSwap short
AUDUSD1.2 pips-6.30 pips-0.22 pips
EURUSD0.8 pips-6.63 pips0.96 pips
GBPUSD1.6 pips-3.40 pips-2.38 pips
NZDUSD1.6 pips-3.64 pips-3.40 pips
USDCAD1.4 pips-1.70 pips-4.03 pips
USDCHF1.5 pips7.29 pips-13.18 pips
USDJPY1.6 pips12.43 pips-18.36 pips

Swaps and spreads are dynamic values. You can view the current swap values here - link, and the spread values at this link.

Inactivity Fee

The broker charges an inactivity fee if no trading activity has occurred on an account for 12 months.

The fee is 10 USD. The inactivity fee stops being charged if:

  • there are no funds left in the account;
  • the account has been closed;
  • the client has resumed trading activities.

If a client resumes trading, they may request a refund of the inactivity fees charged for up to three months.

Deposit and Withdrawal


Oanda provides clients with flexible and convenient conditions for conducting financial transactions, but it is necessary to consider potential payment system fees and currency exchange costs.

Deposit and Withdrawal Terms

  1. Oanda does not charge any fees for deposits or withdrawals. However, fees may be applied by the payment systems through which the financial transactions are processed.

  2. The broker imposes no limits on the amounts for deposits or withdrawals. Funds can be transferred in any global currency. However, make a deposit or withdrawal in a different currency than that of your trading account. You should consider any commission the payment system may charge for the currency exchange.

Methods of Account Funding

Account funding at Oanda is available through the following methods.

Payment SystemCurrenciesDeposit FeeOperation Limit

Withdrawal Methods

Withdrawals can only be made via the same method used for deposit. The processing time for the withdrawal request depends on the transfer currency and the withdrawal method.

Payment SystemCurrenciesWithdrawal FeeOperation Limit
1.7%+ 20 USD

In different countries, the fees for withdrawing funds vary, but typically, the first withdrawal to a debit card is free, with a subsequent fee of 20 units. For other withdrawal methods, the payment amount depends on the account currency.

Markets and Products


Oanda offers a broad range of products, including currency pairs, stocks, cryptocurrencies, and commodities, making it a versatile choice for most traders.

What markets are available?

The following CFDs are available for trading on Oanda:

BrokerIC MarketsOandaPepperstone
Precious Metals7320
Energy Carriers534
Soft Commodities8416

Maximum Leverage

The maximum leverage offered by Oanda varies depending on the market and product. Here is an overview of the maximum leverage relative to the market for Oanda:

Trading InstrumentMax. Leverage for Retail TradersMax. Leverage for Pro Traders
Precious Metals
Energy Carriers
Soft Commodities

Please note that the leverage levels may change based on the regulatory requirements of the trader's region, and Oanda complies with local regulations, which may impose lower maximum leverage levels.

Trading Platforms


The availability of platforms like MetaTrader 4 and 5, fxTrade, and integration with TradingView provides traders with extensive capabilities for their trading activities. The functionality of each platform is impressively diverse and deep, allowing for meticulous analysis and the development of complex trading strategies.

MetaTrader 4 and 5

Oanda offers the classic MetaTrader 4 and MetaTrader 5 terminals in various versions. On the broker's website, versions for Windows and mobile applications for Android and iOS can be downloaded. Trading on Forex and CFD markets is also possible directly from a web browser.

Trading PlatformMetaTrader 4MetaTrader 5
Operating SystemsWindows, Android, iOS, WebWindows, Android, iOS, Web
Pending Orders4 types6 types
Programming LanguageMQL4MQL5
Built-in Indicators and Tools30 indicators + 2000 free indicators in the marketplace38 indicators + 44 analytical objects
Economic CalendarYesYes
Trading ReportsEnglish onlyAll supported languages
64-bit Multithreading TechnologyNoYes
Level II PricingNoYes

As a market maker, Oanda executes all trades on its platforms without additional costs, rejections, or requotes. The platform also features its own minute-by-minute industry news feed.

MT4 web terminal on Oanda
MT4 web terminal on Oanda


fxTrade is Oanda's mobile application for Android and iOS, which has rightfully earned recognition for its high-quality technology, speed, and reliability.

A significant advantage of fxTrade is its integration with MetaTrader 5. The app allows you to access all your accounts using a single-tap login feature, eliminating the need to sign in repeatedly.

After installing the app, press the "One-Tap Sign-In" button and enter your standard OANDA credentials (not MT5 or MT4). This redirects you to a page displaying all your accounts.

Starting trading in the fxTrade app is straightforward and user-friendly. You can browse numerous available instruments and look for the most likely trades. Setting risk and profit parameters is quickly done in the order terminal, and you can monitor the chart even while placing your trade.


fxTrade is a powerful and easy-to-use application for trading in financial markets, aimed at providing an optimal trading experience for traders of various levels.

Integration with TradingView

TradingView is a popular social trading platform that allows traders to view thousands of charts, analyze market trends, and share ideas with other users worldwide. It is a meeting place for traders and investors to exchange opinions and trading ideas in real-time.

A key feature of TradingView is the large array of technical analysis tools and indicators that can be used to create complex trading strategies. The platform supports trading across various financial markets, including Forex, stocks, indices, futures, and cryptocurrencies.

Technical Analysis on TradingView
Technical Analysis on TradingView

Oanda's integration with TradingView allows traders to leverage the benefits of this platform, including the ability to trade directly from TradingView charts. This means traders can access deep market analysis, extensive graphic analysis tools, and a community of traders without leaving the Oanda platform.

Oanda on TradingView
Oanda on TradingView



The Oanda broker's analytical section offers many tools to aid traders in making well-informed decisions.

Premium Tools for MetaTrader

Oanda provides premium tools for MetaTrader platforms, including trade alert management, keyboard trading, a mini-terminal, tick chart trading, and more. These augment the already available MetaTrader features, such as expert advisors, custom indicators, and scripts.

Mini Terminal MT4
Mini Terminal MT4


Autochartist automatically recognizes chart patterns and model quality indicators for intraday market analysis. The tool can be an advisor on MT4 and MT5 platforms and a web application accessible through MetaTrader.

Autochartist on the MetaTrader
Autochartist on the MetaTrader

Currency Converter

The Oanda currency converter allows checking average exchange rates and converting all major world currencies. OANDA's rates are based on data from significant market participants.

Oanda Currency Converter
Oanda Currency Converter

Currency Correlation Table

Oanda offers a currency correlation table, enabling a quick assessment of the relationships between various currency pairs. The correlation coefficients in the table help determine the degree of correlation between two currency pairs.


MarketPulse is an award-winning news and analysis service from Oanda that delivers deep insights into macroeconomic aspects, technical analysis, and Forex news. It includes detailed technical reports on major currency pairs, commodity markets, global indices, and an economic calendar.




Oanda’s educational offerings cater to new and experienced traders, providing a comprehensive learning experience in leveraged trading, market analysis, and practical trading techniques.

Trading Resources

Oanda provides a wealth of trading resources, essential for enhancing trading skills and developing innovative strategies. The resources cover various aspects of trading, including:

  • Leveraged trading: An introduction to leverage concepts in trading, helping traders understand the differences and nuances of other trading forms.
  • Fundamental analysis: This section explains the importance of fundamental analysis in trading and how it influences trading decisions.
  • Technical analysis: An essential tool for traders, this part delves into how technical analysis works and its application in trading strategies.
  • Indicators and oscillators: Exploring the role of indicators and oscillators in leveraged trading, highlighting their importance in market analysis.
OANDA Trading Resources
OANDA Trading Resources

Webinars and Workshops

  • Webinars: Oanda regularly hosts webinars where traders can register to learn about various trading topics. Market experts lead these sessions and cover a range of subjects, from live market analysis to advanced trading strategies.
  • Trading workshops: Aimed at improving trading skills, these workshops are conducted by experienced market analysts. They offer a mix of webinars and events, focusing on practical trading skills and market insights.
  • Live Market Analysis: These webinars provide insights into the market trends of major forex and CFD trading instruments, aiding traders in making informed decisions.
  • Premium Webinar Series: Exclusively available to live account holders for a limited time, these premium webinars delve into advanced trading strategies using technical tools and indicators.
OANDA Trading Workshops
OANDA Trading Workshops

Customer Support


Oanda offers various communication channels, allowing clients to choose the most convenient option, and the support service operates at times suitable for most regions. Many positive user reviews confirm the staff's professionalism and the solutions' effectiveness.

How to contact support?

Oanda provides a dedicated client support portal where answers to the most common questions related to trading and the broker's services can be found. The support team's working hours depend on the trader's region, but generally, it is available from Sunday to Friday, considering different time zones.

Support can be contacted via interactive chat, phone, or email.

Phones and Working Hours

RegionContact NumberWorking Hours
Australia+61 2 8046 6258From 8:00 AEST Monday to 10:00 AEST Saturday
Canada+1 416 593 9436, 1 877 626 3239From 16:00 ET Sunday to 18:00 ET Friday
Taiwan+886 2 7737 4432From 17:00 AST Sunday to 19:00 AST Friday
Singapore+65 6579 8289From 5:00 SGT Monday to 7:00 SGT Saturday
Macau+853 6825 8512From 17:00 AST Sunday to 19:00 AST Friday
United Kingdom+44 020 3151 2050From 21:00 GMT Sunday to 23:00 GMT Friday
USA+1 212 858 7690, 1 877 626 3239From 16:00 ET Sunday to 18:00 ET Friday



Oanda is an excellent choice for traders seeking a reliable and regulated broker with competitive spreads and various trading assets.

With quality analytics and diverse educational materials, Oanda suits beginners and experienced traders.


Is Oanda legit?

Yes, Oanda is a legitimate broker regulated by leading financial authorities such as ASIC (Australian Securities and Investments Commission), FCA (Financial Conduct Authority) in the UK, and CFTC (Commodity Futures Trading Commission) in the USA.

Which country is Oanda from?

Oanda is originally from the United States, with its headquarters located in New York. It also operates globally with offices in various countries.

Is Oanda an ECN broker?

No, Oanda is not classified as an ECN (Electronic Communication Network) broker. Oanda operates as an STP (Straight Through Processing) broker.

How does Oanda make money?

Oanda makes money primarily through the spreads on trades, which is the difference between the buy and sell prices of an asset. Additionally, Oanda may charge overnight financing fees (also known as swap fees) for positions held overnight.

Is Oanda good for beginners?

Yes, Oanda is considered good for beginners due to its user-friendly platforms, comprehensive educational resources, and reliable customer support. The availability of a demo account also helps beginners practice trading without risking real money.

Does Oanda offer a demo account?

Yes, Oanda offers a demo account that allows users to practice trading with virtual funds. This is beneficial for both beginners and experienced traders who want to test new strategies.

How can I open an account with Oanda?

To open an account with Oanda, you need to visit their website and complete the online registration form. You will be required to provide personal information, verify your identity, and submit any necessary documents as part of the account opening process.

How can I delete my Oanda account?

To delete your Oanda account, you need to contact Oanda's customer support team. They will guide you through the process and ensure that your account is closed properly.

What is the minimum deposit for Oanda?

Oanda does not have a minimum deposit requirement for its accounts, allowing traders to start with any amount they are comfortable with.

What is the maximum leverage on Oanda?

The maximum leverage on Oanda varies depending on the regulatory jurisdiction and the asset being traded. Generally, it ranges from 1:20 to 1:200 for major currency pairs.

How do I deposit funds in an Oanda account?

You can deposit funds into your Oanda account using various methods such as bank transfers, credit/debit cards, and electronic wallets like Neteller and Skrill.

How do I withdraw money from Oanda?

To withdraw money from Oanda, log in to your account, go to the withdrawal section, and choose your preferred withdrawal method. Follow the instructions to complete the withdrawal process. Methods include bank transfers, credit/debit cards, and electronic wallets.

Does Oanda provide VPS?

Yes, Oanda provides Virtual Private Server (VPS) services for its clients.

Is Oanda suitable for scalping?

Yes, Oanda is suitable for scalping. It allows scalping strategies and offers competitive spreads that are beneficial for short-term trading.

Is Oanda suitable for auto-trading?

Yes, Oanda is suitable for auto-trading. It supports automated trading through platforms like MetaTrader 4 and MetaTrader 5, which allow the use of expert advisors (EAs) for automated trading strategies.

Is Oanda suitable for hedging?

Yes, Oanda is suitable for hedging. The broker allows hedging strategies, enabling traders to open multiple positions in the same or opposite direction.

Is Oanda suitable for spread betting?

Yes, Oanda is suitable for spread betting, but this service is typically available to clients in the UK and Ireland due to regulatory constraints.

Visit Oanda71-76.6% of retail investors lose money when trading CFDs with this broker

Nikolay is an experienced specialist in financial markets and co-founder of IamForexTrader. He has been successfully trading Forex since 2014 and has been actively involved in the cryptocurrency market since 2017.

He develops investment strategies adaptable to any level of experience and has been actively investing in stocks, bonds and ETFs since 2018.