Oanda Canada Review 2024

Last updated Mar 1, 2024
Логотип Oanda CA
Trading CFDs carries high risks. You may lose all invested funds
Nikolay Zavarov - Author
Nikolay Zavarov
Andrey Bondarenko - Editor
Andrey Bondarenko

For trading on the Forex and CFD markets, the broker Oanda offers a unique trading platform, which, according to company representatives, ensures the high-quality execution of transactions without dealer intervention and without the use of algorithmic programs that operate in the broker’s favour.

In this review, we will discuss the advantages and disadvantages of the Oanda broker and examine trading accounts and platforms, commissions, terms, and customer reviews of the company.

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 CAD
Spreadfrom 0.5 points
Max Leverage1:50
Trading Assets
  • Forex
  • Indices
  • Precious Metals
  • Energy Carriers
  • Agricultural Commodities
  • Bonds
Trading Platforms
  • 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 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
Current review
Oanda UK review
Oanda JP review
Oanda review
Oanda SG review
Oanda EU review

Regulation in Canada

In Canada, Oanda is regulated by the Canadian Investment Regulatory Organization (CIRO), a respected entity that oversees investment brokers and trading activities in the country. This regulation ensures that Oanda adheres to strict financial standards and operational guidelines, providing traders with a secure and trustworthy trading environment.

One of the critical aspects of this regulation is the protection of customer accounts. Oanda (Canada) Corporation ULC's clients benefit from the protection the Canadian Investor Protection Fund (CIPF) offers. This fund is designed to safeguard investors' assets in the unlikely event of the broker's insolvency. The CIPF ensures that the traders' investments are protected, with coverage up to a specific limit, providing additional security and peace of mind for traders.

Furthermore, CIRO's online advisor check database, called CIRO AdvisorReport, allows traders to verify investment advisors' credentials and regulatory compliance. This tool enhances transparency and enables traders to make informed decisions about their trading partners.

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.


The registration process for an OANDA (Canada) Corporation account is open to residents of Canada who possess either a valid Social Insurance Number (SIN) or a valid Canadian visa entry document. However, it's important to note that the services are not available to residents of Alberta, as the company does not offer accounts in this region.

The application form for an OANDA account will require the following details:

  • Full Name
  • Residential Address
  • Date of Birth
  • Social Insurance Number (SIN)
  • Employment Details
  • Financial Information, including bankruptcy status
  • Trading Experience

It's important to understand that uploading the required documents does not signify the completion of the registration process. After submission, the application undergoes a review by the Onboarding team. Applicants will be contacted via email for any additional information needed or to confirm the approval of the account. Once approved, the account is then ready for funding.


Opening an account with OANDA requires a thorough verification process to ensure the security and authenticity of its users. This process is crucial in safeguarding both the broker and the traders.

Required Documents for Identity Verification

To confirm your identity, OANDA requires one of the following unexpired, government-issued photo identifications:

  • Driver's License
  • Provincial ID Card
  • Passport
  • Permanent Resident Card
  • Citizenship Card

Alternatively, you can provide one of the following documents, issued within the last three months, to confirm your name, address, and date of birth:

  • Utility Bill (e.g., electricity, water, telecommunications)
  • Canada Pension Plan (CPP) Statement
  • Property Tax Assessment issued by a municipality
  • Investment Account Statements (e.g., RRSP, GIC)

Confirming Financial Account

For the verification of your financial account, OANDA requires a legible photocopy, scanned, or electronic image of one of the following documents:

  • Bank Statement
  • Credit Card Statement
  • Loan Account Statement (Mortgage)
  • Processed (cleared) Cheque by a financial institution

These documents must be recent, issued explicitly within the last three months, and must clearly show that the account is held in your name.

Client Area Overview

In Oanda's client area, you can:

  • Open a new trading account;
  • 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 provides a singular trading account catering to a broad spectrum of traders' requirements. While the broker does offer a demo account and an Elite Trader Program, there is a notable absence of diverse trading account types and specialized options such as swap-free accounts. This limitation might be significant for certain traders seeking specific account features.

Trading Accounts

Oanda provides only one type of trading account:

Account CurrencyCAD, USD, EUR, GBP, AUD, CHF, SGD, HKD, JPY
Minimum Deposit1 CA$
Trading PlatformsMetaTrader 4TradingViewfxTrade
Spreadfloatingfrom 0.5 pipsfor EURUSD~ 0.8 pips
Commission per Trade
Trading AssetsForexIndicesPrecious MetalsEnergy CarriersAgricultural CommoditiesBonds
Opened Positions
Margin Call / Stop Out100% / 50%
Order ExecutionSTP
Demo Account
Islamic Account

Demo Account

Oanda offers a demo account for traders to test their skills with unlimited virtual funds and without a time limit. 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.

Elite Trader Program

The Elite Trader program by OANDA is a specially tailored offering for high-volume traders, providing exclusive benefits and incentives. This program rewards active traders by enhancing their trading experience and reducing costs.

Exclusive Benefits of the Program

  • Reduced trading costs. Members can enjoy up to a 34% reduction in trading costs through cash rebates.
  • Dedicated relationship manager. Elite traders are assigned a dedicated relationship manager to ensure expedited handling of requests and personalized service.
  • Access to third-party platform discounts. Members receive exclusive discounts on third-party platforms, including popular ones like TradingView. This benefit enhances the trading experience by providing access to advanced tools and analytics.
  • VIP content and events. The program offers access to VIP content and special events, providing insights and opportunities not readily available to regular traders.

Qualification Criteria

To qualify for the Elite Trader program, traders must meet a minimum trade volume requirement of US$10,000,000 each calendar month. This criterion aligns with the program's focus on high-volume trading and ensures that the benefits are directed toward the most active participants in the trading community.



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-2.20 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

Rebate Program

Oanda offers a tiered rebate program to benefit traders based on their monthly trading volume. This program comprises five distinct tiers, each offering increasing rebates and savings as the trading volume escalates.

Here's a breakdown of the program tiers and their respective benefits:

TierMonthly Volume Requirement (US$)Rebate per Million Traded (CA$)Average Savings
Tier 110M - 49M5.0010%
Tier 250M - 249M7.0014%
Tier 3250M - 499M10.0020%
Tier 4500M - 999M15.0030%
Tier 51B+17.0034%
Note: The "Monthly volume requirement" is denominated in US dollars, and the "Rebate per million traded" is provided in Canadian dollars (CA$).

Inactivity Fee

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

The fee is 10 CAD. 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. It would help if you considered 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
Bank TransferBank Transfer
up to 50000 CADup to 50000 USDup to 50000 EUR
up to 50000 CADup to 50000 USDup to 50000 EUR

There is a lifetime deposit limit of $1000 (CAD) for PayPal accounts that are not verified.

Bank wire transfer deposits take 1-3 business days, while PayPal deposits take 2-6 business days.

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
Bank TransferBank Transfer

The processing times for withdrawals vary based on the method used. Card withdrawals typically take 1-3 business days, but the debit card provider may require additional time. It's important to note that withdrawals to debit cards can only be initiated one day after the deposit and are processed after all debit card deposits have cleared. For wire transfers, whether domestic or international, the usual processing time ranges from two to five business days. However, the total time to receive funds may be extended due to additional processing by the financial institution involved.

Markets and Products


Oanda offers diverse trading products, including various currency pairs, a range of cryptocurrencies, and commodities. While it does not provide stock and cryptocurrency trading options, its array of CFDs across different markets still presents a comprehensive choice for many traders.

What markets are available?

The following CFDs are available for trading on Oanda:

  • 45 currency pairs
  • 15 stock indices
  • 3 metals
  • 3 energy carriers
  • 4 soft commodities
  • 5 bonds

Maximum Leverage

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

Trading InstrumentMax. Leverage for Retail Traders
Precious Metals
Energy Carriers
Agricultural Commodities

Trading Platforms


The availability of platforms like MetaTrader 4 and fxTrade and integration with TradingView provide 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

Oanda provides the classic MetaTrader 4 (MT4) platform, known for its user-friendly interface and advanced trading features. MT4 is available in various versions to cater to different user needs, including downloadable versions for Windows and mobile applications for both Android and iOS devices. Additionally, traders can access Forex and CFD markets directly through a web browser version of MT4.

As a market maker, Oanda ensures all trades on MT4 are executed without additional costs, rejections, or requotes. The platform also features a minute-by-minute industry news feed, keeping traders informed about the latest market developments.

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. 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. 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 the MT4 platform 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 effectiveness of the solutions.

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.

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

Phones and Working Hours

OANDA offers two contact numbers specifically for traders located in Canada:

  • +1 416 593 9436
  • 1 877 626 3239

You can reach OANDA's support team from 16:00 ET on Sunday to 18:00 ET on Friday. These dedicated hours ensure that assistance is readily available for Canadian traders during the active trading periods.


Oanda Pros and Cons


  1. Strict Regulation. Oanda is regulated by leading financial authorities worldwide, ensuring high security.

  2. Tight Spreads. Oanda offers competitive and transparent spreads.

  3. Advanced Trading Platforms. Oanda supports MetaTrader 4 and its proprietary platform, fxTrade.

  4. Quality Analytics. Automatic pattern recognition, advanced tools for MetaTrader, a currency converter, and other resources are provided.

  5. Extensive Learning Section. Oanda offers rich educational materials and resources, including webinars, videos, and articles.


  1. Limited Account Types. Oanda offers only one standard type of account, which may not be suitable for traders with different needs.

  2. Inactivity Fee. An inactivity fee may be charged if the account is not used for an extended period.

  3. High Swaps. Oanda has relatively high swap rates, which could reduce the profitability of long-term trades.


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. However, the lack of account variety and high swaps may be drawbacks for specific categories of traders.

Visit Oanda CATrading CFDs carries high risks. You may lose all invested funds
Nikolay Zavarov - Author
Nikolay ZavarovAuthor

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.

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