Oanda UK Review 2024

Last updated Mar 1, 2024
Логотип Oanda UK
4.1/5
76.6% of retail investors lose money when trading CFDs with this broker
Nikolay Zavarov - Author
Nikolay Zavarov
Author
Andrey Bondarenko - Editor
Andrey Bondarenko
Editor

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

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 GBP
Spreadfrom 0.5 points
Max Leverage1:30
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

Rating:5/5

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
Oanda CA review
Current review
Oanda JP review
Oanda review
Oanda SG review
Oanda EU review

Regulation in the United Kingdom

Oanda, recognized for its reliability as a Forex broker, also boasts robust regulation in the United Kingdom. Operating under OANDA Europe Limited, registered in England (number 7110087), the broker is authorised and regulated by the Financial Conduct Authority (FCA) under the number 542574. This regulation underscores their commitment to adhering to the highest financial conduct and client protection standards.

In the UK, traders working with Oanda are afforded significant protection measures. One key aspect is the Financial Services Compensation Scheme (FSCS). Under this scheme, eligible clients of Oanda may be entitled to compensation in the unlikely event of the firm's default or insolvency. The FSCS can cover investments up to a specific limit, providing traders additional security and peace of mind.

Additionally, Oanda adheres to strict financial standards and operational practices, including maintaining sufficient capital reserves and segregating client funds from the company's finances. This segregation ensures client funds are protected and can be returned during the company's insolvency.

Account Opening

Rating:4.5/5

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

Oanda requires applicants to provide specific personal and financial details during application. This includes:

  1. Name: Full legal name for identity verification.
  2. Address: Current residential address.
  3. Date of Birth: To confirm legal age for trading.
  4. National ID or Tax Number: For identification and tax purposes.
  5. Employment Details: Information about your current employment status and nature of work.
  6. Financial Information: Details about your financial status and capabilities.
  7. Trading Experience: Your background in trading to assess suitability for different trading options.

Oanda employs an Electronic Identification (EID) process for UK residents. This involves matching the details provided during registration with credit file information to confirm identity. It's important to note that this process does not include checking or accessing your credit score.

After submitting your application, Oanda may request additional supporting information or clarification via email. It's crucial to monitor your email closely, including the junk folder, for any communication from Oanda’s Onboarding team. This applies even if you have passed the EID process, as the team may need to confirm or clarify details on your application.

Uploading your documents is a part of the process, but it does not complete the registration. A member of the Onboarding team will review your application. They will then contact you via email for any further details or to inform you that your account has been approved and is ready for funding.

Verification

The verification process is a critical step in ensuring a trading account's security and regulatory compliance. For clients considering Oanda, it’s essential to understand the requirements and procedures involved in the verification phase.

Certain applicants may be asked to provide additional documents for verification purposes, including:

  1. Proof of Identity: Valid documents include a passport, national ID card, or driving license. These should be high-resolution, clear, colour images of both the front and back. The entire document must be visible, and Oanda cannot accept expired documents, copies of copies, black and white copies, partial copies, or altered copies with blocked or blurred information.

  2. Proof of Address: Acceptable documents include bank or credit card statements, utility bills from regulated providers (such as gas, water, landline telephone, broadband, and television services), or government-issued photo identification (if another photo ID is provided as proof of identity). These documents must be recent (issued within the last three months or as per the issuing frequency), clearly showing the client’s name, address, issuer, and issue date. Oanda also accepts screen grabs of online accounts if they include the URL.

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

Rating:3/5

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, a professional account with increased leverage options, and the opportunity for spread betting. However, it's essential to acknowledge the lack of diversity in trading account options. Specialized accounts, such as swap-free accounts, cent accounts, fixed spread accounts, and investment-focused accounts like PAMM or copy trading, are unavailable. 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:

Standard
Account CurrencyGBP, USD, EUR, AUD, CHF, SGD, HKD, CAD, JPY
Minimum Deposit1 £
Trading PlatformsMetaTrader 4TradingViewfxTrade
Spreadfloatingfrom 0.5 pipsfor EURUSD~ 0.8 pips
Commission per Trade
Trading AssetsForexIndicesPrecious MetalsEnergy CarriersAgricultural CommoditiesBonds
Opened Positions
Leverage1:1-1:30
Margin Call / Stop Out100% / 50%
Order ExecutionSTP
Demo Account
Islamic Account
Register

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

Oanda offers a Professional Trading Account tailored to experienced traders seeking higher leverage. This account type, designed for those with a strong background in trading, provides enhanced trading capabilities but comes with a reduced level of protection compared to a standard retail account.

To qualify for Oanda's Professional Account, applicants must meet at least two of the following criteria:

  1. Trading History: The applicant should have executed at least 40 opening CFD or FX trades last year, with a notional value of at least €50,000 (equivalent to at least 10 significant trades per quarter over the previous year).

  2. Portfolio: The applicant needs to have an investment portfolio exceeding €500,000.

  3. Position in the Financial Sector: The applicant must have at least one year of professional experience in the financial sector in a position that requires knowledge of FX and CFD trading.

Spread Betting

Spread Betting with Oanda allows traders to take tax-free positions on various markets. This form of trading is beautiful in the UK, where it is exempt from stamp duty and capital gains tax. Oanda provides a dedicated spread betting sub-account, allowing traders to engage in this activity.

Spread betting is accessible from the UK's capital gains tax and stamp duty. However, tax laws may vary based on individual circumstances and may change.

Commissions

Rating:3.5/5

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

Inactivity Fee

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

The fee is 10 GBP. 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

Rating:4/5

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.

Methods of Account Funding

Account funding at Oanda is available through the following methods.

Payment SystemCurrenciesDeposit FeeOperation Limit
Faster PaymentsFaster Payments
GBP
0%
up to 10000 GBP
BACSBACS
GBP
0%
CHAPSCHAPS
GBP
0%
SwiftSwift
USDEURAUD
0%
SEPASEPA
EUR
0%
VisaVisa
USDEURAUD
0%
MastercardMastercard
USDEURAUD
0%

When funding an account with Oanda, traders can enjoy a fee-free deposit experience as Oanda does not charge any fees for account funding. However, it's important to note that credit card providers or banks may apply additional charges, such as transaction or service fees. The processing time for deposits varies, with credit and debit card transactions being immediate. At the same time, bank transfers can take anywhere from one to five business days, depending on the transfer method.

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
USDEURAUD
0.5%
VisaVisa
USDEURAUD
0%
MastercardMastercard
USDEURAUD
0%

Withdrawals at Oanda are subject to specific timelines and conditions. Credit/debit card withdrawals can only be initiated one day after the deposit and take an average of one to three business days to process, following the clearing of all debit card deposits. The card provider may require additional time beyond Oanda's standard processing period. While Oanda does not charge fees for card withdrawals, the card issuer might impose a fee. Withdrawals are often divided to match original deposit transactions and may arrive in separate batches.

In Europe, withdrawals by bank transfer are typically processed within one to two business days, whereas international withdrawals can take up to five business days. The financial institution may require additional processing time. Importantly, withdrawals must be processed to bank accounts registered under the same name and address as the Oanda account and in the same currency as the original deposit.

Markets and Products

Rating:3.2/5

Oanda offers diverse trading products, including various currency pairs, a range of cryptocurrencies, and commodities. While it does not provide stock 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 TradersMax. Leverage for Pro Traders
Forex
1:30
1:100
Precious Metals
1:20
1:100
Energy Carriers
1:10
1:50
Agricultural Commodities
1:10
1:30
Indices
1:20
1:100
Bonds
1:5
1:50

Trading Platforms

Rating:4.5/5

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

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.

OANDA Trade
OANDA 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

Analytics

Rating:5/5

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

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 you to check average exchange rates and convert 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

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.

MarketPulse
MarketPulse

Education

Rating:4.5/5

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

Rating:5/5

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 provides one contact number for traders in the United Kingdom:

  • +44 020 3151 2050

You can reach OANDA's support team from 21:00 GMT on Sunday to 23:00 GMT on Friday. These dedicated hours ensure that assistance is readily available for British traders during the active trading periods.

Email

Oanda Pros and Cons

Advantages

  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.

Disadvantages

  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.

Conclusion

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 UK76.6% of retail investors lose money when trading CFDs with this broker
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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