Oanda US Review 2024

Last updated Mar 1, 2024
Логотип Oanda US
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 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 USD
Spreadfrom 0.5 points
Max Leverage1:50
Trading Assets
  • Forex
  • Cryptocurrency
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
Current review
Oanda AU review
Oanda CA review
Oanda UK review
Oanda JP review
Oanda review
Oanda SG review
Oanda EU review

Regulation in the USA

Oanda Corporation, renowned for its reliability in the Forex market, operates with robust regulatory oversight in the United States. Oanda adheres to stringent financial and operational standards as a registered Futures Commission Merchant and Retail Foreign Exchange Dealer with the Commodity Futures Trading Commission (CFTC). This compliance ensures a high level of integrity and accountability in its services.

Moreover, Oanda's membership in the National Futures Association (NFA), an independent self-regulatory organization, further solidifies its commitment to upholding the best practices in the financial industry.

One of the critical aspects of Oanda's regulatory framework in the U.S. is the protection offered to traders. This includes adherence to the CFTC's rules regarding segregating client funds. Oanda must keep clients' funds in separate accounts, ensuring that these funds are not used for the firm's operating expenses or other purposes. This segregation provides a significant layer of security for traders' investments.

While the United States does not have a Forex-specific compensation scheme like some other countries, the regulatory environment ensures high safety and transparency for traders. The regulatory framework protects traders from fraud and abusive practices, fostering a trustworthy trading environment.

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.


When registering for an account with Oanda, applicants are required to provide comprehensive personal and financial details. The information necessary during the application process includes:

  • Name
  • Address
  • Date of Birth
  • Social Security Number (SSN)
  • Employment Details
  • Financial Information
  • Bankruptcy Status
  • Trading Experience

Oanda employs an electronic identification system (EID) to verify your identity. This process matches the details you provide with those in your credit file. Importantly, this does not involve checking or viewing your credit score.

After submitting your application, Oanda may contact you within 24-48 hours for further supporting information or clarification. Regularly check your email and junk folder; they must be periodically checked following your application submission.

Even if you pass the EID, stay vigilant for potential communication from Oanda's Onboarding team, who may require confirmation or additional details regarding your application.


In cases where electronic identification is unsuccessful, you will need to provide additional documentation:

  • Proof of Identity: A valid, government-issued photo identification showing your photo, name, and date of birth. It must remain valid for at least three months from submission. Ensure the full page of the document is visible, with all details legible and your face identifiable.
  • Proof of Address: If your photo ID does not include your current residential address, a personal bill or statement issued in your name to your residential address is required. This document should be dated within three months of submission. P.O. boxes or business addresses are not acceptable.

Additional Documentation

In certain circumstances, you might be asked to provide further documentation:

  • Social Security Number (SSN): A legible, signed, and scanned image of your SSN card may be requested for validation purposes.
  • Notarized Documentation: In rare instances, such as cases of suspected fraud or a security freeze on your data, copies of your proof of identity and address might be required. These can be notarized by a Notary Public and available via your state's Secretary of State website.

Uploading documents does not complete the registration. A member of the Oanda Onboarding team will review your application and contact you via email for any additional details or to confirm the approval and readiness of your account for funding.

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 offers only one trading account type, catering to most traders' needs. Oanda introduces the Elite Trader Program for high-volume traders, providing additional benefits for those with a monthly trading volume exceeding $10 million.

Trading Accounts

Oanda offers only one type of trading account:

Account CurrencyUSD, EUR, GBP, CHF, CAD, AUD, JPY, HKD, SGD
Minimum Deposit1 $
Trading PlatformsMetaTrader 4TradingViewfxTrade
Spreadfloatingfrom 0.5 pipsfor EURUSD~ 0.8 pips
Commission per Trade
Trading AssetsForexCryptocurrency
Opened Positions
Margin Call / Stop Out100% / 50%
Order ExecutionSTP
Demo Account
Islamic Account

This 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.

Elite Trader Loyalty Program

The Elite Trader Loyalty Program caters to high-volume traders and provides exclusive benefits and rewards.

FeatureStandard AccountElite Trader
Minimum Volume Trading RequirementFrom $10M
Rebate per Million TradedFrom $5
Number of FX Pairs6868
Dedicated Relationship Manager
Trading PlatformsOANDA Web, Mobile, Tablet, TradingView, MT4OANDA Web, Mobile, Tablet, TradingView, MT4
Monthly TradingView Subscription Reimbursement
Unlimited Free Wire Transfers
Core Pricing + Commissions
Spread-Only Pricing
API Trading
24/5 Support
Variable Contract Sizes (as low as 1 unit)
MT4 Open Order IndicatorUpdates every 20 minutesUpdates every 5 minutes
Priority Service Queues

Account holders can earn interest on unused margin when it exceeds $10,000, providing an incentive to keep funds in the account.


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 and 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

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.


Elite Trader members can receive a trading discount of up to 34% on trading volume of $10M or more per month.

TierMonthly Volume Requirement (US$)Rebate per Million TradedAverage Savings
Tier 110M-49M5.0010%
Tier 250M-249M7.0014%
Tier 3250M-499M10.0020%
Tier 4500M-1B15.0030%
Tier 51B+17.0034%

Deposit and Withdrawal


OANDA offers efficient financial transactions. Debit card and wire transfer options are available, with debit card withdrawals taking 1-3 business days and wire transfers 1-5 business days. However, it's important to note that cryptocurrency and e-wallet funding or withdrawals are not supported.

Methods of Account Funding

When it comes to funding your OANDA account, you have several options to choose from.

Payment SystemCurrenciesDeposit FeeOperation Limit
Bank TransferBank Transfer
Automated Clearing House (ACH)Automated Clearing House (ACH)
up to 50000 USD
Credit and Debit CardsCredit and Debit Cards
up to 20000 USD
Note: you cannot deposit cryptocurrencies directly into your spot crypto account. Only funds can be deposited.

Deposit Processing Time

  • Debit Cards: Immediate processing.
  • ACH: Immediate for Instant ACH (starting at 50% of the requested deposit amount) for transfers equal to or less than $1000. Up to 6 business days for regular ACH processing.
  • Wire Transfer: One to three business days for domestic wire transfers. Up to five business days for international wire transfers.

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
Credit and Debit CardsCredit and Debit Cards

At present, direct withdrawals of cryptocurrencies are not possible. Cryptocurrencies stored in a Paxos wallet must be sold, and the funds can then be withdrawn.

Withdrawal Processing Time:

  • Debit Card: Withdrawals via debit card typically take 1-3 business days to process. Please note that your card provider may impose fees for this transaction.

  • Wire Transfer: Withdrawals usually take 1-5 business days. It's important to know that your bank may apply fees to the transfer.

Markets and Products


OANDA offers trading options in Forex and cryptocurrencies. Due to regulatory limitations, the broker does not provide CFD trading for commodities, indices, and stocks.

What markets are available?

The following CFDs are available for trading on Oanda:

  • 68 currency pairs
  • 8 cryptocurrencies

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 Traders

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. For Forex trading, traders based in the US are allowed to use a maximum leverage of 1:50.

Trading Platforms


The availability of platforms like MetaTrader 4 and OANDA Trade 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


OANDA Trade is an Android and iOS mobile application that has earned recognition for its high-quality technology, speed, and reliability.

A significant advantage of OANDA Trade 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 OANDA Trade 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 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 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 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.




At OANDA, US traders can access a wealth of educational resources to enhance their trading skills. The broker offers a variety of webinars and workshops conducted by market analysts, helping traders improve their understanding of the market.


OANDA hosts informative webinars covering live market analysis, premium trading strategies (for live account holders), and leveraged trading. These sessions are designed to inform traders about market trends and strategies.

Oanda Webinars
Oanda Webinars


The broker's blog is valuable for traders seeking insights and knowledge to make informed decisions. It provides in-depth analysis and tools for better trading decisions.

  • Articles & Resources: OANDA offers a range of articles and educational materials covering various aspects of trading, from technical analysis to trading with leverage. Traders can expand their knowledge and skills through these resources.

  • Tools & Strategies: OANDA equips traders with tried and tested tools for intelligent trading. These resources help traders build robust trading strategies and conduct market analysis effectively.

  • Market Analysis: The broker provides market analysis and commentary, offering insights into key events that should be on traders' watchlists. This information is crucial for informed decision-making, from geopolitics to general market trends.

  • OANDA Views: Traders can access views and insights from OANDA's business leaders and experts. These perspectives cover various financial topics and market events, providing valuable insights for traders.

Oanda Blog
Oanda Blog

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. The support team is available from Sunday to Friday.

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

Phones and Working Hours

OANDA provides two contact numbers for traders in the United States:

  • +1 212 858 7690
  • 1 877 626 3239

You can reach OANDA's support team from 16:00 ET on Sundays to 18:00 ET on Fridays. These dedicated hours ensure that assistance is readily available for US-based 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, OANDA Trade.

  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 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.

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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