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

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

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.

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 Entity	Regulator	Review
OANDA Corporation OANDA Corporation	NFA NFA CFTC CFTC	Oanda US review
OANDA Australia Pty Ltd OANDA Australia Pty Ltd	ASIC ASIC	Oanda AU review
OANDA (Canada) Corporation ULC OANDA (Canada) Corporation ULC	CIRO CIRO	Oanda CA review
OANDA Europe Limited OANDA Europe Limited	FCA FCA	Oanda UK review
OANDA Japan Co., Ltd. OANDA Japan Co., Ltd.	JFSA JFSA	Oanda JP review
OANDA Global Markets Ltd OANDA Global Markets Ltd	BVIFSC BVIFSC	Oanda review
OANDA Asia Pacific Pte Ltd OANDA Asia Pacific Pte Ltd	MAS MAS	Oanda SG review
OANDA TMS Brokers S.A. OANDA TMS Brokers S.A.	KNF KNF	Current review

Regulation in Europe

In addition to its robust regulatory framework in Poland, Oanda is also rigorously regulated in several European countries, ensuring high standards of trader protection and financial integrity. As a broker operating in the European Union, Oanda adheres to the stringent directives of the Markets in Financial Instruments Directive (MiFID II), which provides a harmonized regulatory regime for investment services across the 31 European Economic Area member states.

One of the critical aspects of regulation under MiFID II is the requirement for brokers to offer a high level of client fund protection. This includes keeping client funds in segregated accounts, separate from the company's finances, which ensures that the trader's capital is protected during the broker's insolvency.

Moreover, Oanda Europe is part of the Investor Compensation Fund (ICF) in the countries where it operates. The ICF aims to secure the claims of covered clients against investment firms that are fund members, providing an additional layer of security. In case of a broker's failure, the ICF compensates traders, offering a safety net to their investments.

Additionally, Oanda Europe adheres to strict financial reporting and transparency requirements, ensuring a trustworthy and transparent trading environment. This comprehensive regulatory environment in Europe provides Oanda's clients with the assurance of trading with a broker that is reliable and consistently adheres to some of the highest standards of corporate governance and consumer protection in the world.

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.

Registration

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.

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

• Name and surname;
• Date of birth;
• Country of birth;
• Email;
• Mobile phone number;
• Choose and answer a Security Question.

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.

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

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).

The last step of registration on Oanda is 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 used to log into the Client Zone, and the trader will choose the password independently after the broker approves the account.

Verification

You will need to verify your identity and residential address. To do this, upload in the Client Zone:

• A scan or photo of your 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.

Client Zone 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.

Minimum Deposit

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

Oanda provides a limited selection of account types, primarily catering to the general requirements of most traders. Notably, the broker offers a singular retail trading account, a demo account for practice trading, and a professional account with increased leverage options. However, it's essential to acknowledge the lack of diversity in trading account options. Specialized accounts, such as swap-free accounts, cent accounts, or fixed spread accounts. This limitation means that while Oanda covers the basic needs of a broad range of traders, it might not fully accommodate the specific preferences or requirements of certain trader categories.

Trading Accounts

Oanda offers one type of trading account:

A standard account provides 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. 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.

Professional Account

The Professional Client status at OANDA offers distinct advantages for experienced traders who meet specific criteria. This status provides higher leverage options and enhanced protections.

Who Qualifies as a Professional Client?

Professional clients are defined as those with relevant trading experience and knowledge, enabling them to make informed decisions and understand the risks involved in trading. They are exempt from ESMA leverage restrictions.

Key Features for Professional Clients

1. Higher leverage: Up to 200:1 for EUR/USD and 100:1 for other currency pairs, CFD indices, and CFD commodities.
2. Negative balance protection: Up to €20,000, safeguarding against significant losses.
3. Segregation of funds: Client funds are kept separate from OANDA's funds for increased security.

Qualification Criteria for Professional Client Status

Professional Client status can be attained in three ways, with a minimum of two criteria needing to be met:

1. Trading experience. Transactions of significant value in various instruments or average frequency of at least 10 transactions per quarter over the last four quarters.

2. Size of financial portfolio. The portfolio includes cash worth at least EUR 500,000.

3. Professional experience. Minimum of one year’s professional experience in the financial sector.

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.

Inactivity Fee

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

The fee is 3 EUR. 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.

OANDA ensures efficient and secure processes for account funding and withdrawals, balancing ease of use and adherence to regulatory standards.

However, it's important to note that while OANDA provides various deposit options, along with instant fund crediting and secure transactions, there are limitations. Withdrawals are restricted to bank transfers, can take up to three days to process, and may incur a commission for multiple transactions within a month if the amounts are small.

Methods of Account Funding

Account funding at Oanda is available through the following methods.

Payment System	Currencies	Deposit Fee	Operation Limit
Swift	EURUSDGBP. . .show all	0%	—
Visa	EURUSDGBP. . .show all	0%	from 25 to 50000 EURfrom 25 USDfrom 25 GBP. . .show all
Mastercard	EURUSDGBP. . .show all	0%	from 25 to 50000 EURfrom 25 USDfrom 25 GBP. . .show all
Trustly	EURUSDGBP. . .show all	0%	from 25 EURfrom 25 USDfrom 25 GBP. . .show all

Credit and debit card payments are processed instantly, and there are no fees for credit card deposits on CFD accounts. OANDA ensures secure transactions by using PCI-DSS Level 1 certified providers.

Bank transfers are also an option for making the initial deposit. They usually take one to three business days to process, and there are no maximum limits and no fees.

Trustly is a quick, registration-free, and secure method for funding your account with instant bank transfers and no fees.

Withdrawal Methods

Payment System	Currencies	Withdrawal Fee	Operation Limit
Bank Transfer	EURUSDGBP. . .show all	0.5%	—

Withdrawals are exclusively conducted via bank transfer, a method chosen for reliability and safety. To initiate a withdrawal, clients must log in to their Client Zone and select the withdrawal option, providing their bank account number for the first transaction. The process typically takes up to three days to complete.

OANDA imposes a commission of 10 EUR for the second and subsequent withdrawals within a calendar month for amounts lower than 200 PLN (or its equivalent in EUR, GBP, CZK, or USD, calculated using the exchange rate of the National Bank of Poland on the date of the withdrawal instruction).

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:

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:

The availability of platforms like MetaTrader 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 5

OANDA's integration of MetaTrader 5 (MT5) marks a significant enhancement in trading technology for its clients. MT5, known for its advanced features and user-friendly interface, caters to novice and experienced traders. This platform stands out with its comprehensive technical analysis tools, enabling traders to utilize over 80 built-in indicators and analytical objects for detailed market analysis. Additionally, MT5 offers an extended range of timeframes, essential for various trading strategies, especially for short-term and scalping techniques. Its multi-asset platform allows trading in forex, stocks, and futures, providing traders with a versatile and dynamic trading environment.

Besides technical advancements, MT5 on OANDA offers exceptional algorithmic trading capabilities. The platform's powerful trading system comes with the MQL5 development environment, supporting automated trading strategies through Expert Advisors (EAs). This feature particularly benefits traders looking to automate their trading or test their strategy using historical data. Furthermore, MT5 enhances the trading experience with its advanced communication tools, enabling traders to stay updated with the latest financial news and market updates directly through the platform. With its innovative technology and user-centric features, MT5 on OANDA represents a robust solution for modern traders seeking a competitive edge in the financial markets.

fxTrade

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.

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 provides a comprehensive suite of analytical materials, though there's always room for expansion, such as more in-depth technical analysis or advanced forecasting tools. The current offerings are robust, catering to many traders' needs.

Daily Market News

OANDA's daily market news covers a broad spectrum of financial markets, including commodities, cryptocurrencies, equities, forex, indices, and shares CFDs. This section is regularly updated with the latest market trends and news, authored by OANDA News, ensuring traders are well informed about current market dynamics.

Live Quotes

The live quotes feature offers real-time pricing information across various asset classes. This tool is essential for traders who need up-to-the-minute price data to make informed trading decisions. Whether it's forex, indices, or commodities, the live quotes ensure traders can access the latest market prices.

Economic Calendar

OANDA's economic calendar is a valuable tool for traders who want to stay ahead of market-moving events. It lists essential economic releases and events that could impact the financial markets. This calendar is crucial for planning trades and understanding potential market reactions to global economic news.

OANDA's educational content is notably scarce compared with other brokers, with almost no dedicated educational materials available. The blog section, while informative, contains just a single guide for platform navigation, significantly lacking in variety and depth. This minimal approach to trader education disadvantages OANDA, especially for new traders who often seek comprehensive learning resources to enhance their trading skills and knowledge.

Blog

OANDA's blog offers a valuable resource for traders, though there is potential for expansion with more diverse educational content. The blog currently provides market insights, platform guides, and strategic partnerships.

OANDA's technical support, while accessible during crucial trading hours, does not offer round-the-clock assistance, which might be a limitation for traders operating in different time zones or those needing help outside of these hours. Furthermore, the absence of an online chat or messaging service could be seen as a drawback, especially in an era where instant digital communication is highly valued. This setup could lead to delays in receiving support or answers to urgent queries, which is a notable area for improvement in OANDA's customer service approach.

How to contact support?

Support can be contacted via interactive phone or email.

Phones and Working Hours

OANDA's support team is available from Monday to Friday, 8:00 to 20:00 Central European Time (CET), providing European traders with accessible assistance during crucial trading hours.

Email

• info.eu@oanda.com for prospective customers
• cxsupport@oanda.com for existing customers

Oanda Pros and Cons

Advantages

1. Strong reliability and stringent regulation across multiple jurisdictions, ensuring high client protection and financial integrity.
2. Competitive fee structure with no charges for deposits and withdrawals and low spreads on major currency pairs.
3. Efficient and secure account funding and withdrawal processes, adhering to regulatory compliance.
4. Extensive market and product offerings, catering to diverse trading preferences.
5. High-quality trading platforms with advanced functionality and integration with TradingView.
6. Comprehensive analytics provide valuable market insights and essential data for informed trading decisions.

Disadvantages

1. Limited diversity in account offerings.
2. Potential high swap fees for some currency pairs and an inactivity fee.
3. Limited educational resources with a sparse blog offering, not fully meeting the learning needs of traders.
4. Technical support is unavailable 24/7 and lacks instant digital communication options like online chat or messaging.

Conclusion

OANDA Europe best suits intermediate to advanced traders who value a regulated trading environment, diverse market access, and robust trading platforms. These traders will likely benefit the most from OANDA's offerings and may find the limited educational resources and support hours less of a concern. Beginners might need to supplement their learning with external resources.