
OANDA Review 2023
Your capital is at risk. Spreadbetting only available in UK.
Please Note: In our review of OANDA, we focused on the services provided by OANDA Global Markets Ltd (www.oanda.com/bvi-en/), authorized and regulated by the British Virgin Islands Financial Services Commission. We conducted our tests using the MetaTrader 4 and MetaTrader 5 platforms. Some features and services may vary depending on where you reside.
The OANDA Group has multiple subsidiaries that are licensed to offer products to clients around the globe. The OANDA subsidiary with whom a client contract depends on their country of residence. Each subsidiary provides different products via different platforms, so clients will experience OANDA differently depending on their country of residence.
CFDs are not available in the United States and Spreadbetting only available in the UK.
The Big Picture
Founded in 1996, OANDA is a leading multinational broker offering trading in CFDs on forex, indices, commodities, bonds, and cryptocurrencies. Four platforms are available to clients: OANDA Trade web, OANDA Trade desktop, MetaTrader 4, and the OANDA mobile app. OANDA has 8 corporate entities across the globe and is overseen by multiple top-tier regional regulators.
Key Takeaways in 2022
- We evaluated OANDA across nine categories (Trust/Stability, Fees, Tradable Instruments, Account Types, Deposit/Withdrawal, Research, Customer Support, Education, Platform/Tools).
- OANDA excelled in the category of research with high-quality content from in-house analysts in article, video, and podcast formats. Third-party resources such as news from Dow Jones and analysis from Autochartist round out the offering.
- Beginners can benefit from outstanding educational materials and demo accounts.
- Advanced traders will appreciate the range of advanced platforms and can also take advantage of API access.
What Sets OANDA Apart from Other Brokers?
OANDA offers a larger range of trading platforms and tools than most brokers. Educational and research materials are also above average for the industry. OANDA is one of the most widely regulated brokers globally and one of only a small minority of forex and CFD brokers that offer their services in the United States.
What types of traders are a good fit for OANDA?
OANDA can cater well to both beginners and advanced traders. The OANDA Trade web platform is highly intuitive and a good fit for beginners. Experienced traders can benefit from the wide range of tools and research available. OANDA Global Markets has a professional account type available that allows for a higher level of leverage.
OANDA Pros and Cons
Pros | Cons |
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Your capital is at risk. Spreadbetting only available in UK.
About the Author
How Do We Rate?
☑️ Regulations | FCA (United Kingdom), ASIC (Australia), CFTC (United States), IIROC (Canada), FSA(JP) (Japan), FSC (Belize), MAS (Singapore), MFSA (Malta) |
🗺 Supported Languages | English, Spanish, German, Chinese |
💰 Products (CFD) | Currencies, Commodities, Indices, Stocks, Crypto |
💹 Max Leverage | 1:30 (FCA), 1:30 (ASIC), 1:50 (CFTC), 1:45 (IIROC), 1:25 (FSA(JP)), 1:200 (FSC), 1:20 (MAS), 1:30 (MFSA) |
🖥 Trading Desk Type | Market Maker |
📊 Trading platforms | MT4, MT5, Oanda fxTrade |
Your capital is at risk. Spreadbetting only available in UK.
OANDA is one of the largest and oldest brokers in the forex industry and is overseen by 8 regulators across the globe. Clients of OANDA Global Markets Ltd benefit from segregated funds and leverage of up to 1:200. We found OANDA to be highly transparent in how it is regulated, client fees, and the company’s background.
This section will cover how the different entities of OANDA are regulated and how this impacts you as a trader. We rate regulators on a scale of 1 to 3, with 1 reflecting the highest level of trust.
- OANDA Europe Limited is authorized and regulated by the UK Financial Conduct Authority (FCA), reference number 542574. We rate FCA as a Tier 1 regulator.
- OANDA Corporation is a registered Futures Commission Merchant and Retail Foreign Exchange Dealer with the US Commodity Futures Trading Commission (CFTC) and a member of the National Futures Association (NFA) reference number 0325821. We rate CFTC and NFA as Tier 1 regulators.
- OANDA (Canada) Corporation ULC is regulated by the Investment Industry Regulatory Organization of Canada (IIROC). We rate IIROC as a Tier 1 regulator.
- OANDA Asia Pacific Pte Ltd (Co. Reg. No 200704926K) holds a Capital Markets Services Licence issued by the Monetary Authority of Singapore (MAS). We rate MAS as a Tier 2 regulator.
- OANDA Australia Pty Ltd is regulated by the Australian Securities and Investments Commission (ASIC) ABN 26 152 088 349, AFSL No. 412981. We rate ASIC as a Tier 1 regulator.
- OANDA Japan Co., Ltd. is registered with the Institute Financial Futures Association of Japan (FFAJ), subscriber number 1571. We rate FFAJ as a Tier 2 regulator.
- OANDA Europe Markets Limited is authorized and regulated by the Malta Financial Services Authority (MFSA) as Category 3 Investment Services Licence Holder to provide services to the residents in the European Union. We rate MFSA as a Tier 2 regulator.
- OANDA Global Markets Ltd is authorized and regulated by the British Virgin Islands Financial Services Commission (FSC), number: SIBA/L/20/1130. We rate FSC as a Tier 3 regulator.
Why is it important to know where your broker subsidiary (entity) is regulated?
Different regulators provide different levels of protection. For example, OANDA clients in the United Kingdom benefit from the oversight of the Financial Conduct Authority (FCA). The FCA requires that clients have negative balance protection, which means they cannot lose more than their deposit.
In addition, when trading with a broker authorized by the FCA, client funds are also protected by the Financial Services Compensation Scheme (FSCS). The FSCS protects investments of up to £85,000 if a firm becomes insolvent. By contrast, a trader working with a broker entity regulated offshore would not necessarily have these benefits.
The table below breaks down the protections and benefits by entity, regulator, and region.
Entity | OANDA Europe Ltd. | OANDA Corporation | OANDA Australia Pty Ltd. | OANDA (Canada) Corporation ULC | OANDA Asia Pacific Pte Ltd. | OANDA Japan Co., Ltd. | OANDA Europe Markets Ltd. | OANDA Global Markets Ltd. |
Country/Region | UK | US | Australia | Canada | Singapore | Japan | Malta | British Virgin Islands |
Regulation | FCA | CFTC, NFA | ASIC | IIROC | MAS | FFAJ | Malta FSA | BVI FSA |
Segregated Funds | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
Negative Balance Protection | Yes | No | No | No | No | No | Yes | No |
Account Insurance | Yes | Yes | No | Yes | No | No | Yes | No |
Standard Leverage | 1:30 | 1:50 | 1:30 | 1:50 | 1:20 | 1:25 | 1:30 | 1:200 |
Regulatory requirements are subject to change. We gathered the data listed above in May 2022.
Stability and Transparency
In our tests for the Trust category, we also cover factors relating to stability and transparency. Here, we focus on how long the broker has been in business, the size of the company, and how transparent they are in terms of information being readily available.
OANDA was founded in 1996, making it one of the oldest forex brokers. According to its LinkedIn page, the company is headquartered in New York and has 201-500 employees.
In our research, OANDA showed a good level of transparency in its regulatory status, with a listing of all regulators on the About Us page.
Charges are clearly outlined on the Fees page. The Terms of Use document can be found in the website’s footer.
OANDA’s history and senior management are covered in-depth on the About Us page. Overall, we rated OANDA as having a high level of transparency, better than average for the industry.
Fees
OANDA provides spreads that range from average to competitive. Swap fees and account-related fees are standard for the industry. An inactivity fee and a fee for withdrawals via bank wire are two that traders should be aware of.
Trading Fees
We tested the spreads at OANDA across different asset classes using the OANDA Trade web platform at 8 AM GMT and 2 PM GMT on July 20th, 2022. We made our tests at two different times to allow greater perspective. 8 AM GMT is the London open when there is a great deal of liquidity in the forex market and tighter spreads in currency pairs. 2 PM GMT is during the New York trading session.
Instrument | Spread AM | Spread PM |
EUR/USD | 1.3 Pips | 1.2 Pips |
GBP/JPY | 2.6 Pips | 2.2 Pips |
Gold | 40 Pips | 48 Pips |
Light Crude Oil | 4 Pips | 3 Pips |
Dow 30 | 2 Pips | 1.5 Pips |
Dax 40 | 1.7 Pips | 1.7 Pips |
Swap Fees
Swap fees (the cost of holding a position overnight) were average at OANDA.
In the table below, you can see the Swap Long (the cost/credit of holding a buy position overnight) and the Swap Short (the cost/credit of maintaining a sell position overnight) for one full-sized contract. A full-sized contract is 100,000 units of the base currency (the first currency quoted in the pair). We recorded the data on May 27th.
Instrument | Swap Long | Swap Short |
EUR/USD | Charge of $3.18 | Credit of $1.11 |
GBP/JPY | Credit of $0.25 | Charge of $2.44 |
Non-Trading Fees
OANDA Global Markets Ltd charges an inactivity fee of £10 per month for accounts that have been dormant for 12 months.
Are Fees at OANDA Competitive?
OANDA’s spreads range from average to competitive in some cases. Swap fees and non-trading fees are average for the industry. Overall, we rate OANDA’s fees as slightly better than average.
Platforms and Tools
OANDA shines in this category, with a range of proprietary and third-party platforms available. Clients can choose between the OANDA Trade web platform, the OANDA Trade desktop platform, MetaTrader 4 and the OANDA mobile app. The selection is better than average for the industry.
Clients can choose between two desktop platforms (OANDA Trade Desktop and MetaTrader 4), the web-based OANDA Trade Web, and the OANDA mobile app for Android and iOS.
OANDA Trade Web Platform
The range of order types on the OANDA Trade web platform is impressive. Standard order types such as market, limit, and stop-loss are available. It is possible to set time in force conditions; you can set your limit of stop-loss order to expire after a set time, for example, 2 days or 1 week.
In addition, trailing stop-loss orders and guaranteed stop-loss orders (GSLO) are also available. GSLOs are similar to standard stop-loss orders, but they differ in that they guarantee to close your trade at a specified price for an additional fee. The fee varies based on the instrument traded and can be seen on the order window.
Alerts and 1-click trading are not available on the OANDA Trade web platform, but they are available on the OANDA mobile app. Overall, we rate this web platform as better than average for the industry, with a robust range of features and solid charting.
OANDA Trade Desktop Platform
OANDA’s desktop platform has the same strong range of order types as the web platform. Charting has 24 indicators, 9 drawing tools, 9 time frames, and 10 chart types. One of the most useful advantages of the charts is that you can adjust the candlesticks to bid, ask, and mid. This adjustment is not possible on the mobile application. 1-click trading and trading from the chart are available. Clients have the flexibility of trading sizes of just 1 unit.
The platform includes analytical tools designed to identify trading strengths and weaknesses using behavior patterns. The software uses the past six months of trading statistics and is available on live accounts only.
We rate the OANDA Trade desktop platform as powerful and feature-rich. However, the look and feel are a bit dated, and it is not as intuitive as the OANDA Trade web platform. The desktop platform is available in English, Spanish, Portuguese, French, Italian, German, Japanese, Chinese, and Russian.
MetaTrader 4 Desktop
OANDA offers MetaTrader 4 for desktop, which includes advanced functions such as copy trading and automated trading.
MetaTrader 4 is available in 39 languages, from Arabic to Vietnamese. The platform provides popular features such as:
- Alerts. This feature allows traders to be updated when an instrument reaches a specific price level. Alerts can be delivered via audio, email, or push notification to a mobile device.
- Watchlists. Traders can set up a list of their favorite instruments and follow live quotes in a Market Watch panel.
- 1-click trading. This feature allows traders to execute orders with a single click and no secondary confirmation. Being able to place a trade with a single click saves time and is especially useful for short-term traders.
- Trading from the chart. MT4 also allows users the convenience of trading directly from the chart.
MetaTrader also delivers when it comes to the range of available order types. The platform offers the following order types:
- Market Order. This is an order to buy or sell an instrument at the current best available price.
- Limit Order. This is an order to buy or sell an instrument at a specified price or better.
- Stop Loss Order. This is an order to buy or sell an instrument that is triggered when the price reaches a specified level.
- Trailing-Stop Order. This is a stop-loss order that can be set at a defined percentage or dollar amount away from an instrument’s current market price. It is used to secure profits when you are in a winning trade, while not having to exit the position.
Charting features are robust. MetaTrader 4 offers:
- 30 technical indicators. These include classic trend indicators, volume indicators, and oscillators.
- 23 analytical objects. These include lines, channels, Gann, and Fibonacci tools.
- 9 time frames Each instrument can be displayed in multiple time frames, from one minute to one month.
- 3 chart types. Traders can choose between Bar Charts, Japanese Candlestick Charts, and Line Charts.
MetaTrader is also popular due to its copy trading and automated trading features.
- Trading Signals. Signals in MetaTrader 4 allow users to copy other traders’ activity in real-time automatically.
- Automated trading. MetaTrader 4 allows users to develop, test, and apply Expert Advisors (EAs). EAs are programs that monitor and trade markets using algorithms. They find opportunities according to set parameters and then either create a notification or automatically open a trade.
The MetaTrader 4 desktop platform is one of the most feature-rich and popular trading platforms globally. It does not have the most beautiful interface, and it does require some time and effort to learn, but that is typical of advanced platforms.
OANDA Mobile App
OANDA’s mobile app has an intuitive and user-friendly interface. The same range of standard and advanced order types seen on the web and desktop platforms are available on the app. The layout is customizable, so you can see your favorite instruments and adjust the size of charts to suit your preference.
The charting within the app is solid and has the following features:
- 16 time frames, ranging from 5 seconds to one month.
- 8 chart types, including Japanese candlesticks, Heikin Ashi, and OHLC (open-high-low-close).
- 16 overlays, from Bollinger Bands to exponential moving averages.
- 17 indicators, including MACD (moving average convergence/divergence) and RSI (relative strength index).
- 13 drawing tools, from pivot points to Fibonacci retracements.
Unlike the web interface, 1-click trading and alerts are available via the app. Real-time news from Dow Jones and an economic calendar are also built-in. Two-factor authentication (2FA) is available to add an extra level of security when you sign in to OANDA’s trading platforms from either your computer or mobile device. If you need to top up your account on the go, it is possible to add funds via mobile.
The app is available in English, German, Japanese and Chinese.
Order Execution
OANDA acts as principal and not as an agent when executing client trades and acts as the sole execution venue. OANDA group companies look to the execution venues available to them for the pricing, hedging, and execution of orders.
Tradable Instruments
OANDA offers a strong range of forex, index, commodity, and bond CFDs. CFDs on cryptocurrencies and CFDs on shares are available in some regions. Overall, we rate the range of tradable instruments at OANDA as better than average
What are CFDs?
CFDs (Contract for Differences) are financial derivative products that allow traders to speculate in various markets without owning the underlying assets. Tradable instruments at OANDA Global Markets Ltd include the following assets:
- 45 CFDs on Currency Pairs. A currency pair combines two different currencies, with the value of one currency quoted against the other. For example, EUR/USD, which reflects the value of the euro measured in dollars.
- 19 Index CFDs. An index is a basket of trading instruments used to gauge a market sector, stocks within an exchange, or a country’s economy.
- 10 Commodity CFDs. Commodities are raw products, such as gold, oil, and metals.
- 228 CFDs on stocks. These include 50 CFDs on Spanish stocks, 100 CFDs on German stocks, 28 CFDs on Dutch stocks, and 50 CFDs on French stocks. A stock is a security that represents partial ownership of a corporation. Keep in mind that when trading stock CFDs you are speculating on the price of a stock without actually taking ownership of the underlying company.
In the tables below, you can see a selection highlighting the variety of instruments available at OANDA:
CFDs on Forex Major Pairs | CFDs on Forex Minor Pairs |
GBP/USD | USD/CHF | EUR/USD| USD/JPY | AUD/USD | USD/CAD | NZD/USD | AUD/SGD | EUR/AUD | GBP/JPY |
CFDs on Energies | CFDs on Metals |
Natural Gas | Brent Crude Oil | WTI Crude Oil | Silver | Copper | Gold |
CFDs on Indices | CFDs on Stocks |
Japan 225 | Germany 40 | India 50 | Adidas | Hermes | Telefonica |
Your capital is at risk. Spreadbetting only available in UK.
Customer Support
OANDA offers customer support 24/5 via live chat and phone. Support via email is 24/7. We received fast and helpful responses in our tests. We rate support at OANDA as better than average for the industry.
We tested customer support with a wide variety of queries, ranging from inactivity fees to the order types available. Chat support responded within seconds, and emails were typically responded to within one business day. Via phone, we also received good support from industry-savvy agents.
If you do not have a demo or live account, customer support via chat is harder to access, and it is necessary to navigate several questions from a chatbot. However, once you have an account and select chat from within the client portal, it typically takes only a short time to receive a response.
Customer Service Languages |
Chinese | Spanish | English | German |
Deposits & Withdrawals
Deposits and withdrawals at OANDA Global Markets Ltd can be made via bank transfer, credit card, and debit card. In some regions, clients can use alternative methods such as digital wallets. Processing times are relatively fast for the industry. While deposits are free, there is a fee for withdrawals via bank transfer.
The tables below break down the fees and processing times for each deposit and withdrawal method.
Deposits
Deposit Method | Fees | Processing Time |
Credit and debit card | 0 | Immediate |
Bank wire and bank transfer | 0 | One to three business days for domestic wire transfers. Up to five business days for international wire transfers. |
Skrill | 0 | Up to 1 business day |
Neteller | 0 | Up to 1 business day |
Note: While OANDA does not charge deposit fees, you may be charged by your payment provider or bank when depositing funds into your account.
Withdrawals
Withdrawal Method | Fees | Processing Time |
Credit and debit card | 0 | 1 to 6 business days. |
Bank wire transfer | 20 | 1 to 5 business days |
Skrill | 0 | Up to 1 business day |
Neteller | 0 | Up to 1 business day |
OANDA returns all funds to the same source. If, for instance, you deposited using a credit card, you would need to withdraw funds back to that same card.
Account Types and Terms
The account opening process at OANDA is fully digital and can be completed within a short time via the company website. OANDA Global Markets Ltd offers demo, standard and Islamic accounts.
Account Application
To open an individual account at OANDA Global Markets Ltd , prospective clients must provide their personal details, citizenship, home address, employment status. Finally, clients must verify their identity (passport, national ID card, or driving license) and address (bank statements, utility bill, or government-issued photo ID). Available base currencies are EUR, HKD, SGD, AUD, CHF, and USD.
Demo Accounts
OANDA offers demo accounts that clients can use across all of its platforms. Demo accounts are especially important for beginners as they allow them to practice their strategies and get comfortable with the trading platform without risking any real money.
The demo account features live quotes and simulates live market conditions in assets such as forex and CFDs on commodities, indices, and stocks. Once users have gotten up to speed on a demo account, they can easily switch to a live account.
Islamic Accounts
OANDA offers a swap-free Islamic account that adheres to the principles of Sharia law.
Leverage
One of the reasons traders are attracted to the forex markets is the high degree of available leverage. Leverage is the use of borrowed funds to increase the size of your trading positions beyond what would be possible using only the cash in your account.
For example, OANDA Global Markets offers leverage of up to 1:200. This means you can control up to $200,000 in positions with a $1,000 account. Leverage is often described as a ‘double-edged sword’ as it can hurt you as much as it helps you. Traders must remember that it can amplify both their profits and their losses.
*OANDA does not accept new European clients at the moment.
Supported Countries
OANDA takes clients from the majority of countries globally. However, clients are not accepted from China, India, North Korea, and Iran.
Your capital is at risk. Spreadbetting only available in UK.
OANDA shines in the area of research, with industry-leading analysis available from the MarketPulse website and news from Dow Jones. A strong flow of frequently updated content is available in written, video, and podcast formats. OANDA also provides analysis from third-party provider Autochartist.
OANDA’s news and research portal, MarketPulse.com, offers insightful analysis covering both fundamental and technical analysis across forex, indices, commodities, and cryptocurrencies. The Week Ahead articles keep traders abreast of upcoming economic events and what to expect. Other articles and videos are more technical, and traders can get ideas from chart patterns and support and resistance levels.
OANDA clients can also stay informed with the Dow Jones FX Select news feed. This provides real-time news, data, and insights from a global team of business news reporters and editors. The feed can be accessed from OANDA’s web, desktop, and mobile platforms and is available in a variety of languages.
Education
OANDA has an impressive range of educational offerings, from platform tutorials to live webinars with industry experts. The volume and quality of the materials are better than average for the industry.
OANDA’s educational resources include the basics, such as a demo account and platform tutorials. They also go further to offer a wide variety of educational articles, videos, and live webinars.
The education section is broken down into 4 categories.
- Getting started. This section features content covering order types, charts, and trading terminology.
- Tools and strategies. Fundamental and technical analysis concepts are explained in this section.
- Capital Management. Here the focus is on how to protect and manage your funds using margin, leverage, and stop-loss orders.
- Live and recorded webinars. These include topics such as risk management, Fibonacci, and platform tutorials.
While the quality of the content is good, the organization of materials could be improved, for example, by adding progress tracking.
The Bottom Line
OANDA is a pioneer in the world of forex and CFD trading, with over 25 years of experience.
Many regional entities of OANDA are overseen by top-tier regulators, making it one of the safer brokers. Fees are not rock bottom but, on balance, better than average for the industry. OANDA outshines most rivals in the area of platforms, with choices that can suit everyone from beginners to highly sophisticated traders. Research and educational materials are also better than average and can cater to various experience levels. Reliable customer support rounds out a good overall offering from this broker.
FAQ
Your capital is at risk. Spreadbetting only available in UK.
Headquarters Country | United States |
Foundation Year | 1996 |
Regulations | FCA (United Kingdom), ASIC (Australia), CFTC (United States), IIROC (Canada), FSA(JP) (Japan), FSC (Belize), MAS (Singapore), MFSA (Malta) |
Publicly Traded | No |
Number Of Employees | 200+ |
Trading Desk Type | Market Maker |
Trading platforms | MT4, MT5, Oanda fxTrade |
Restricted Countries | Turkey, Barbados, Burkina Faso, Congo, Cuba, Ghana, Jamaica, Jordan, North Korea, Morocco, Nicaragua, Nigeria, Iran, Iraq, Democratic Republic of the Congo, Afghanistan, Cayman Islands, Senegal, Albania, Trinidad and Tobago, Somalia, Yemen, Botswana, Uganda, Syria, Cambodia, Vanuatu, Mauritius, Libya, Myanmar, Pakistan, Haiti, South Sudan, Sudan, Bahamas, Zimbabwe |
Supported Languages | English, Spanish, German, Chinese |
Max Leverage | 1:30 (FCA), 1:30 (ASIC), 1:50 (CFTC), 1:45 (IIROC), 1:25 (FSA(JP)), 1:200 (FSC), 1:20 (MAS), 1:30 (MFSA) |
Deposit Options | Wire Transfer, Credit Card, Skrill, Neteller, Debit Card |
Withdrawal Options | Wire Transfer, Credit Card, Skrill, Neteller, Debit Card |
Cryptocurrencies | Bitcoin Cash, Bitcoin, Litecoin, Ethereum |
Products (CFD) | Currencies, Commodities, Indices, Stocks, Crypto |
Demo Account | Yes |
Islamic Account | Yes |
Segregated Account | Yes |
Managed Account | No |