Advertising DisclosureWe're committed to the highest standards of editorial integrity. Still, it's crucial to recognize that some products we mention come from our partners.

Here's an insight into how we make money. While we strive to be comprehensive, the compensation we receive can influence the products, companies, or services we showcase and review. Not all available options may be featured on this page.

OANDA US Review 2024

Dan Blystone
Updated: Nov 28, 2023
Overall Rating
  • Trust
  • Fees
  • Platforms and Tools
  • Tradable Instruments
  • Customer Support
  • Research
  • Deposit and Withdrawal
  • Account Types and Terms
  • Education
  • How Did We Test and Rate This Broker?
    When trading forex and CFDs, understanding a broker's strengths and weaknesses is essential. We developed a proprietary rating system, which is the result of extensive research and hands-on evaluation by our expert reviewers. With a rigorous approach, our reviewers manually assess each broker, investing more than 50 hours per review, checking and testing the broker while analyzing over 250 variables to simplify the broker selection process for you. The categories we evaluate include trustworthiness, trading platforms, customer support, regulatory oversight, spreads, fees, the variety of instruments offered, education, and research tools. This unique rating system is specifically developed to ensure that the assessment is based on firsthand knowledge and experience. By dedicating a significant amount of time to each review, our team of experts can provide in-depth insights and help you make well-informed decisions when choosing the broker that best suits your trading goals.

    This review covers OANDA US. If you are not a US citizen, please visit the OANDA review.

    Our Take on OANDA US

    Founded in 1996, OANDA is an award-winning multinational broker. The company’s global entities are authorized by multiple top-tier regulators. OANDA sponsors the New York Red Bulls and has announced FC Barcelona star Robert Lewandowski as its new brand ambassador.

    At this time, United States clients can trade 69 currency pairs. Retail customers can also access eight popular crypto assets via a separate account. CFDs are not available in the United States. OANDA clients in the US can use multiple platforms: OANDA Web, MetaTrader 4, TradingView, and the OANDA mobile app.

    Recommended in 6 best broker guides: 
    US Brokers | Zero Spread | MT4 | TradingView | Scalping | No Deposit Bonus

    OANDA Pros and Cons

    Pros Cons
    • $0 minimum deposit
    • Choice of accounts to accommodate different trader profiles
    • Impressive range of trading platforms
    • Variable contract sizes, as low as 1 unit
    • High-quality research and educational materials
    • Fast order execution
    • API access *
    • Limited range of tradable Instruments
    • No negative balance protection for US clients

    OANDA Highlights for 2024

    • OANDA US is regulated by the stringent NFA and CFTC.
    • The broker excelled in the area of platforms, with a wide variety of powerful options to choose from.
    • Research is another area of strength with high-quality analysis, news, and tools.
    • The range of tradable instruments for US clients is relatively small compared with what is offered by OANDA internationally.
    • Beginners can benefit from demo accounts and reliable customer support.
    • Advanced traders can take advantage of lower trading costs and a dedicated relationship manager via the Elite Trader account type.

    What Sets OANDA US Apart?

    OANDA offers a broader range of trading platforms and tools than most brokers. The available research materials are also at an industry-leading level. A pioneer in the forex industry, it is one of the most widely regulated brokers globally. OANDA also distinguishes itself as one of a small number of forex brokers offering services in the United States.

    Who is OANDA US for?

    OANDA can cater well to both novice and advanced traders. The OANDA Web platform is intuitive and a good fit for beginners. Experienced traders in the US can elect to sign up for the Elite Trader account, allowing them to benefit from cash rebates, free wire transfers, and access to professional third-party platforms.

    In this review of OANDA, we focused on the United States entity (OANDA Corporation), found at OANDA Corporation is a registered Futures Commission Merchant and Retail Foreign Exchange Dealer with the Commodity Futures Trading Commission (CFTC) and a National Futures Association (NFA) member. We conducted our tests using a Standard Account via the OANDA Web platform.

    *The REST v20 API is a free service offered to clients with a computer programming background to connect their software to OANDA trading servers and conduct trading activities instead of using OANDA’s trading platforms.

    OANDA US Main Features

    ☑️ RegulationsCFTC (United States), NFA (United States)
    🗺 Supported Languages
    English, Spanish, Chinese
    💰 ProductsCurrencies, Crypto
    💵 Min Deposit$0
    💹 Max Leverage1:50 (CFTC), 1:50 (NFA)
    🖥 Trading Desk TypeMarket Maker
    📊 Trading PlatformsProprietary, MT4, TradingView
    💳 Deposit OptionsWire Transfer, ACH, Visa, Mastercard
    💳 Withdrawal OptionsWire Transfer, Visa, Mastercard
    🤴 Demo AccountNo
    🗓 Foundation Year1996
    🌎 Headquarters CountryUnited States
    Risk DisclosureCFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

    OANDA US Full Review


    How Did We Test the Broker's Trustworthiness?
    Assessing a broker's trustworthiness with your funds is vital. To help you make the right decision, we carefully checked each broker's regulatory license and examined how well they protect traders. Moreover, we looked at the broker's stability by studying their business history, corporate structure, and industry experience. Finally, we thoroughly reviewed all of the broker's legal documentation, including terms, conditions, and fees, and evaluated their transparency based on our analysis. Our hands-on approach ensures that even novice traders have the knowledge they need to make smart decisions.
    trust chart

    OANDA is one of the largest and oldest brokers in the forex industry, and multiple regulators across the globe oversee the operations of its entities. OANDA Corporation is regulated by the top-tier Commodity Futures Trading Commission (CFTC) and the National Futures Association (NFA). I found OANDA highly transparent in regulatory status, client fees, and the company’s background.

    OANDA Corporation on the National Futures Association (NFA) Register

    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.

    Why is it important to know where your broker subsidiary (entity) is regulated?

    Different regulators provide different levels of protection. OANDA clients in the United States do not have negative balance protection, and their funds are not segregated. OANDA Corporation holds client funds in the same bank account as operating funds because US regulations do not permit forex accounts to have segregated account status.

    In the unlikely event that OANDA Corporation becomes insolvent or files for protection under bankruptcy laws, clients may have only an unsecured claim against their deposited funds. OANDA Corporation would pay all debts to creditors before any unsecured claims in the event of liquidation.

    Entity OANDA Corporation 
    Country/Region US
    Regulation CFTC, NFA
    Segregated Funds No
    Negative Balance Protection No
    Account Insurance No
    Maximum Leverage 1:50

    Regulatory requirements are subject to change. I gathered the data listed above in September 2023.

    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 company’s size, and whether important information about the company is 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 my research, OANDA showed high transparency in its regulatory status, listing all regulators on the About Us page. There you can also find an in-depth coverage of OANDA’s history and senior management. The website breaks down costs on the Fees page. Traders can find the Terms of Use on the Legal Documents page.

    Overall, I rated OANDA as having a strong level of transparency, better than average for the industry.


    How Did We Test the Broker's Fees and Commissions?
    Broker commissions and fees can be challenging to understand. To simplify this for you, we carefully examined all the broker's fee-related documentation and presented it in a clear, easy-to-understand format. Furthermore, we conducted hands-on tests on spreads and commissions for the most common instruments during both London and New York trading sessions. We then compared these real-time test results to the market benchmark we've established through our extensive experience evaluating the industry.
    fees chart

    My hands-on tests showed that OANDA provides spreads that range from average to competitive. Swap fees and account-related fees are standard for the industry. Two notable expenses are an inactivity fee for dormant accounts and a fee for bank wire withdrawals.

    Trading Fees

    I tested the spreads at OANDA Corporation across different currency pairs using the OANDA Trade Web Platform platform. I performed the tests at 8:00 a.m. GMT and 4:00 p.m. GMT on 22 September 2023. 8:00 a.m. GMT is the London open when there is high liquidity in the forex market and tighter spreads in currency pairs. 4:00 p.m. GMT is during the New York trading session.

    Instrument Spread AM Spread PM
    EUR/USD 1.4 Pips 1.5 Pips
    GBP/USD 1.8 Pips 1.6 Pips
    USD/CHF 1.5 Pips 1.4 Pips
    USD/JPY 1.7 Pips 1.5 Pips
    GBP/JPY 3.9 Pips 2.7 Pips

    The figures above reflect spread-only pricing. Clients with Standard and Elite Trader account types can choose spread-only pricing or access lower spreads with commissions with a core pricing plus commission model. Traders can view the price sheet for the core pricing plus commission here.

    At OANDA US, swap fees (the cost of holding a position overnight) were average in my tests. 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). I recorded the data on 22 September 2023.

    Instrument Swap Long Swap Short
    EUR/USD Charge of $7.20 Credit of $1.22
    GBP/USD Charge of $3.59 Charge of $3.45

    Non-Trading Fees

    OANDA charges an inactivity fee of $10 per month for accounts that have been dormant for 12 months.

    Are Fees at OANDA Competitive?

    With a Standard account, I judged the fees at OANDA to be roughly average for the industry. Substantially lower costs are available via the Elite Trader account type, and clients can earn up to $17 in rebates per million units traded.

    Platforms and Tools

    How Did We Test the Broker's Trading Platforms?
    We understand that platforms play a crucial role in your trading experience. That's why we spent many hours testing the broker's web, desktop, and mobile trading platforms to gain a real understanding of their usability, functionality, and overall performance. From experimenting with different order types to testing execution speeds, charting, and other features, we thoroughly examined every aspect of these platforms based on our trading expertise, helping you make an informed choice.
    platforms chart

    OANDA excels in this category with a broad range of proprietary and third-party platforms. Clients can choose between the OANDA Web platform, MetaTrader 4, TradingView, and the OANDA mobile app. My evaluation indicated that this variety of platforms can cater to beginners and advanced traders.

    OANDA Web Platform

    The OANDA Web platform is well-designed and easy to navigate. It is also customizable, allowing you to change the layout to suit your preference. Multiple chart layouts are available, and traders can view up to 8 charts at once. This feature lets traders view charts across numerous instruments and timeframes on one screen.

    OANDA Web Platform


    OANDA Trade Web Platform Charts

    The platform features TradingView charts, which have over 100 indicators, over 50 drawing tools, 9 time frames, and 11 chart types. Users can also trade directly from the chart.


    OANDA Trade Web Platform Order Entry Panel

    The range of order types on the OANDA Web platform is impressive. Standard order types such as market, limit, and stop-loss are available. It is possible to select ‘time in force’ conditions, meaning that you can set your limit or stop-loss order to expire after a set time. In addition, trailing stop-loss orders are available.

    The OANDA Web platform also has built-in Order Book, Heatmap, and Position Ratios tools.

    OANDA Web Order Book

    The Order Book tool shows data on the open positions and orders of all the traders and investors using OANDA for a given instrument. This data can give traders a clue about the level of liquidity in the market at different price levels and where there may be strong support and resistance.

    OANDA Web Heatmap

    The Heatmap tool shows the major market movers, providing traders with ideas for interesting currencies to trade for the day.

    OANDA Web Position Ratios

    The Position Ratios tool shows the percentage of OANDA traders who are long and short in each currency pair. This is called sentiment data and it provides powerful insight into the psychology of a market. Traders can interpret the data in a variety of ways. Most commonly, it is understood that when an extreme percentage of traders are either long or short an instrument, a trend reversal may be imminent.

    Alerts and 1-click trading are not available on the OANDA Web platform. These features are available on MT4, the TradingView platform, and the OANDA mobile app.

    My Key Takeaways after Testing the OANDA Web Platform

    Having spent over two years reviewing the platforms of leading forex brokers, I rate OANDA Web as better than average. I appreciated its flexible order types, robust charting, and real-time news feed from Dow Jones. My experience trading forex showed me that sentiment data is an especially valuable indicator, so I was impressed to see the Position Ratios tool providing insights into the trading activity of OANDA’s large client base. The OANDA Web platform has a user-friendly UX that can accommodate beginners and also advanced proprietary features to satisfy experienced traders.


    TradingView Platform

    The TradingView platform offers one-click trading, trading from the chart, watchlists, market news, and trading ideas. Traders can easily place trades and manage open positions and pending orders from the platform.

    The industry-leading TradingView charts feature 11 time frames, 11 chart types, and over 100 technical indicators. A wide range of drawing tools, from trend lines to Fibonacci retracements, are also available.

    TradingView Order Entry Panel

    The range of available order types is excellent. Market orders, limit orders, stop-loss orders, and trailing stop-loss orders are available. Traders also have the option to apply time-in-force conditions such as Good-Til-Canceled (GTC).

    TradingView Ideas Stream

    Users can draw inspiration from the massive community active on TradingView with features such as the ideas stream. The TradingView platform has the rare combination of being powerful in its functionality and intuitive with a well-designed interface.

    My Key Takeaways after Testing TradingView

    My initial impression of the TradingView platform was that its design and usability are second to none. Compared to other brokers, I judged it to be one of the best browser-based platforms on the market. Advanced charting and order types are available, and the platform draws from the wisdom of the crowd with cutting-edge features like its ideas stream. With 1-click trading and trading from the chart, I rate TradingView as a platform that can cater to day traders and scalpers as well as longer-term investors.

    MetaTrader 4 Desktop

    MetaTrader 4 Desktop Platform

    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. The platform can deliver alerts via audio, email, or push notification to a mobile device.
    • Watchlists. Traders can create a list of their favorite instruments and follow live quotes in a market watch panel.
    • One-Click Trading. This feature allows traders to execute orders with a single click and no secondary confirmation. This feature enables traders to operate faster 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. Traders use market orders to buy or sell an instrument at the best current price.
    • Limit Order. Traders use limit orders to buy or sell an instrument at a specified price or better.
    • Stop Loss Order. Traders use stop-loss orders to buy or sell an instrument when its price reaches a specified level.
    • Trailing Stop Order. Traders use trailing stop-loss orders as a stop-loss order at a defined percentage or dollar amount away from an instrument’s current market price. Trailing stop orders allows traders to secure profits when they 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. Traders can choose from nine time frames, from one minute to one month.
    • 3 Chart Types. Traders can use 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.
    • Automated Trading. MetaTrader 4 allows users to develop, test, and apply Expert Advisors (EAs). EAs are programs that monitor and trade markets using algorithms.

    The MetaTrader 4 desktop platform is one of the most feature-rich and popular trading platforms. It does not have the most beautiful interface and requires some time and effort to learn, but that is typical of advanced platforms.

    My Key Takeaways after Testing MetaTrader 4

    The look and feel of MetaTrader 4 are a bit dated – I felt there is room for improvement in design and usability. But as one of the most popular trading platforms in the world and the only one offered by many forex brokers, I have spent a lot of time testing it.

    MT4 is actually very well-rounded and can do more than most competitors – with advanced charting, a complete range of order types, and popular features like 1-click trading, trading from the chart, and alerts. The advanced features of the desktop platform set it apart in that it enables traders to run and backtest automated strategies.

    Although it presents a steep learning curve, MT4 can cater to beginners. Meanwhile, its algorithmic trading capability and MAM/PAMM solutions can also accommodate professional traders and money managers.

    OANDA Mobile App

    OANDA Mobile App

    OANDA’s mobile app has an intuitive and user-friendly interface. The same range of standard and advanced order types on the OANDA Web platform is available on the app. The layout is customizable, so you can see your favorite instruments and adjust the size of the charts to suit your preferences.

    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, one-click trading and alerts are available via the app. Real-time news from Dow Jones and an economic calendar is 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 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.

    My Key Takeaways after Testing OANDA US Mobile App

    After two weeks of testing the OANDA Mobile app, I rate it as easy to use and feature-rich. The attention to detail is reflected in advanced settings like the ability to configure the daily candle start and end time. Compared with dozens of trading apps I have reviewed, I judged the design and usability of OANDA’s app as above average. With advanced order types, robust charting, real-time news, and alerts, this app is suitable for both beginners and advanced traders.

    Order Execution

    The US division of OANDA (OANDA Corporation) is a market maker broker. Market makers typically generate revenue through the bid/offer spread. Market makers attempt to match client orders to avoid trading directly in the market and increase their spread capture.

    Tradable Instruments

    How Did We Test the Broker's Tradable Instruments?
    For this section, we examined the broker's market offering, assessing the variety and depth of instruments and asset classes available for trading. Through our proprietary database, we then compared the results with other brokers. This comprehensive analysis allows you to determine if the broker offers the specific instruments and trading options you're looking for.
    tradable_instruments chart

    OANDA Corporation (the US entity of OANDA) offers clients a range of forex pairs and spot cryptocurrencies. Traders can access major, minor, and exotic currency pairs as well as popular cryptocurrencies via a separate account.

    *CFD trading is not allowed in the United States due to Securities and Exchange Commission (SEC) restrictions on over-the-counter (OTC) instruments. OTC trading is done directly between two parties without going through a financial exchange.

    OANDA Corporation offers trading in forex and a range of popular cryptocurrencies. At the time of this writing, clients can access the following tradable instruments:

    • 69 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.
    • 8 Cryptocurrencies. Major and minor coins, such as Bitcoin, Ethereum, and Uniswap.

    In the tables below, you can see a selection highlighting the variety of currency pairs available to US traders:

    Forex Major Forex Minor Forex Exotic
    Crypto Assets
    Bitcoin | Ethereum | Litecoin | Bitcoin Cash | PAX Gold | Chainlink | Uniswap  | Aave

    My Key Takeaways after Exploring OANDA US Tradable Instruments

    OANDA is one of a handful of brokers offering spot forex trading in the United States. After testing the available instruments at OANDA US for two weeks, I judged that it provides a good range of pairs to work with.

    United States traders can experience trading popular pairs like EUR/USD, more volatile minor pairs like GBP/JPY, and even exotic pairs like TRY/JPY. The option of trading popular spot cryptocurrencies in addition to forex is rare in the US and enhances the overall offering.

    Overall, the range of instruments can cater to beginners, and there is also enough variety to satisfy advanced traders.

    Customer Support

    How Did We Test the Broker's Customer Support?
    Traders often underestimate the importance of customer support, yet it proves to be a critical aspect during times of crisis. We put the broker's customer support to the test ourselves using all possible channels, such as chat, phone, and others. Our evaluation focused on the accessibility of live agents, as well as the helpfulness and professionalism of their responses. This way, we provide you with comprehensive insights into whether a broker can deliver full support when you need it most.
    customer_support chart

    OANDA offers customer support 24/5 via live chat and phone (212 858 7690). Support via email ( is 24/7. I tested and rated support at OANDA as better than average for the industry in light of its fast and helpful responses in dozens of tests.

    OANDA Support

    I tested customer support with various queries, ranging from platforms to tradable instruments. Chat support responded within seconds, and emails were typically responded to the same day or within one business day.

    Via phone, navigating a series of automated questions designed to segment callers was necessary, but ultimately I received good support from industry-savvy agents.

    US clients with forex trading accounts can access support from Sunday at 4:00 p.m. ET to Friday at 6:00 p.m. For spot cryptocurrency trading inquiries, the customer support team is available 24/7.

    Available Chat Support Languages 
    English | Spanish | Mandarin

    Deposits & Withdrawals

    How Did We Test the Broker's Deposit and Withdrawal Process?
    The deposit or withdrawal process can be tricky since you may encounter hidden fees or longer than expected processing time. To assess the broker's offerings, we examined their deposit and withdrawal options and conditions. Using our proprietary database, we then compared these results with those of other brokers.
    deposit chart

    Clients can deposit funds at OANDA Corporation via bank wire transfer, automated clearing house (ACH), and debit card, while withdrawals are available through bank wire transfer and debit card. Processing times are relatively fast for the industry. Deposits are free, but there is a fee for withdrawals via bank transfer.

    In the tables below I break down the fees and processing times for each deposit and withdrawal method.


    Deposit Method Minimum Deposit Maximum Deposit Fees Processing Time
    Debit Card None $20,000 USD per calendar month $0 Immediate
    Automated Clearing House (ACH) None $50,000 USD per deposit. No limit on number of deposits. $0 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.
    Bank Wire Transfer None None $0 One to three business days for domestic wire transfers. Up to five business days for international wire transfers.

    In the case of a deposit via debit card or bank wire transfer, your bank may charge you a service fee.

    Funds arriving via ACH need to be returned to the same bank when performing a withdrawal. Your bank may charge you a service fee.


    Withdrawal Method Fees Processing Time
    Debit Card $0 One to three business days
    Bank Wire Transfer USD $20 for the first withdrawal processed within each calendar month, and USD $35 for each additional withdrawal processed within the same calendar month. Between one and two business days within the US and up to five business days for international withdrawals

    For withdrawals via debit card, OANDA can process up to 100% of the original deposited amount back to a debit card. Traders can withdraw any trading profits or amount beyond this limit via another method.

    For withdrawals via bank wire, your bank may charge additional fees and take additional time to complete your withdrawal beyond OANDA’s standard processing time. I judged that OANDA’s withdrawal fees by bank wire are roughly average for the industry.

    Standard Account holders must pay withdrawal fees, but clients using the Elite Trader Account get unlimited free wire transfers.

    Account Types and Terms

    How Did We Test the Broker's Account Types and Terms?
    When it comes to achieving your trading goals, choosing the proper account is essential. We initiated our evaluation by personally opening an account with the broker, which allowed us to gain firsthand experience of the process and accurately asses, how fast and easy it is. In addition, we carried out an in-depth analysis of the account types and features offered by the broker, including spreads, maximum leverage, minimum deposits, and more. For a comprehensive comparison, we turned to our proprietary database and examined how this broker's account offerings and processes stacked up against other brokers.
    account chart

    The account opening process at OANDA Corporation is fully digital and can be completed within a short time via the company website. OANDA Corporation offers two account types to cater to different trader profiles: the Standard Account and the Elite Trader Account. Demo accounts are available across multiple platforms.

    The table below breaks down the key features of each account type.

    Feature Standard account Elite Trader 
    Minimum volume trading requirement None From 10M
    Rebate per million traded None From $5
    Dedicated relationship manager No Yes
    Monthly TradingView subscription reimbursement No Yes
    Unlimited free wire transfers No Yes
    Core pricing + commissions Yes Yes
    Spread-only pricing Yes Yes
    API trading Yes Yes
    24/5 support Yes Yes
    Variable contract sizes (as low as 1 unit) Yes Yes
    MT4 open order indicator Updates every 20 minutes Updates every 5 minutes
    Priority service queues No Yes

    Standard and Elite Trader Accounts both have access to the full range of 68 currency pairs and all four trading platforms (OANDA Web, OANDA Mobile, TradingView, and MetaTrader 4).

    The Elite Trader Account loyalty program has several attractive benefits:

    • Traders can earn cash rebates of US$5 to US$17 per million units traded – a reduction of up to 34% in trading costs
    • A dedicated relationship manager
    • Exclusive discounts on third-party platforms such as TradingView
    • VIP content and events.

    To qualify for the Elite Trader Account, OANDA clients must fill out an application form and meet a minimum trade volume requirement of US$10M each calendar month.

    Account Application

    Account application with the US entity of OANDA (OANDA Corporation)

    To open an individual account at the OANDA Corporation, prospective clients must answer the following questions.

    Personal details

    • Name, date of birth, mobile phone, citizenship, residential address.

    Employment and Financial Details

    • Company name, job title, industry, annual income, source of trading funds, personal net worth, liquid net worth.

    Trading Experience

    • Level of experience trading futures, FX, securities, and cryptocurrencies.
    • Whether you operate a commodity pool, a pooled investment vehicle, or act as an intermediary accepting funds from others, or if you will be trading on behalf of others.

    Verification of Identity

    • Fast track method using driver’s license and SSN/TIN.
    • Standard method with 3 forms of ID (Government-issued Photo ID, proof of address, and SSN or TIN).

    Nine base currencies (the currency in which your account is denominated) are available.

    Base Currencies

    Australian Dollar (AUD) | Canadian Dollar (CAD) | Euro (EUR) | British Pound (GBP) | Hong Kong Dollar (HKD) | Japanese Yen (JPY) | Singapore Dollar (SGD) | Swiss Franc (CHF) | US Dollar (USD)

    Cryptocurrency Accounts

    Only individual live trading accounts registered with OANDA Corporation can access spot cryptocurrency trading. Account activation is subject to approval by Paxos Trust, a New York-based company specializing in blockchain.

    When it comes to trading spot cryptocurrencies at OANDA US, there are some important differences to trading forex.

    • Spot cryptocurrencies can be traded via the OANDA mobile app only.
    • It isn’t possible to sell short cryptocurrencies.
    • Cryptocurrencies can be traded 24/7 with the exception of OANDA maintenance hours.

    Demo Accounts

    OANDA offers free demo accounts via the OANDA Trade web platform, the OANDA mobile app, and MetaTrader 4. Demo accounts are a boon for beginners, allowing 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 multiple forex pairs. Once users have gotten up to speed on a demo account, they can easily switch over to a live version.


    One of the reasons that traders are attracted to the forex markets is the high degree of available leverage. Leverage is using borrowed funds to increase the size of your trading positions beyond what would be possible using only the cash in your account.

    For US clients, OANDA offers a maximum of 1:50 in leverage. 1:50 leverage means that with $1,000 of funds in an account, a trader can take on up to $50,000 worth of market positions.

    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.


    How Did We Test the Broker's Research Tools?
    Research options offered by brokers may not be seen as the most important feature for some traders, but they can provide a competitive advantage. To assess the broker's research offerings, we personally explored and tested both proprietary and third-party tools and content, such as Fundamental and Technical Analysis, Market News, educational videos, and webinars. After evaluating the availability and quality of the overall research offering, we compared the results with our benchmark to provide a comprehensive analysis of the broker's research capabilities.
    research chart

    OANDA hits the mark 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 provided in written, video, and podcast formats.

    MarketPulse Website

    OANDA’s news and research portal,, 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 Market News

    News from Dow Jones is available from OANDA’s web, desktop, and mobile platforms. The global team of Dow Jones business news reporters and editors provides:

    • Real-time breaking news
    • Expert trend analysis
    • In-depth policy commentary

    OANDA US clients also have access to powerful third-party tools: AutoChartist, MotiveWave, and MultiCharts.

    • Autochartist automatically identifies chart patterns and key price levels and uses this information to predict the most likely direction of the trend.
    • MotiveWave provides advanced charting capabilities for strategy backtesting, strategy optimization, and replay mode.
    • MultiCharts is available via the OANDA Application Programming Interface (API) and offers high-definition charting, dynamic strategy backtesting, and EasyLanguage support.

    My Key Takeaways after Examining OANDA US Research Section

    I came away feeling like OANDA US checks all the boxes regarding research. Its decades of experience in the forex market are reflected in the high-quality analysis of MarketPulse writers. Traders can rely on fast updates on major news events and economic releases from the Dow Jones news feed.

    I was most impressed by the powerful proprietary research tools, including sentiment analysis, within the OANDA Web platform. The third-party research tools from MultiCharts and MotiveWave, enabling strategy backtesting and optimization, cater primarily to advanced traders. Meanwhile, trading ideas from Autochartist are easy for beginners to grasp.


    How Did We Test the Broker's Education Offering?
    Gaining knowledge about trading in the financial markets can make the difference between success and failure. To assess the broker's educational offerings, we personally tested and evaluated the quality of the content provided, considering its relevance for both novice and experienced traders. We explored the range of materials available, such as articles, videos, webinars, and courses. After evaluating the content's volume, update frequency, and overall quality, we compared the results with our benchmark to provide a well-rounded analysis of the broker's education offerings.
    education chart

    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 Education Section

    OANDA’s educational resources include a wide variety of educational articles, videos, and live webinars.

    The trading resources section on covers basics like leveraged trading to more advanced themes including technical analysis, indicators, and trading strategies. I liked that OANDA goes beyond theory and delves into practical topics like finding good entry and exit points for a trade.

    OANDA US Live Webinars

    Learning from industry experts in a live setting is one of the best ways of building a foundation of market knowledge. OANDA delivers in this area with live and recorded webinars spanning topics like risk management, Fibonacci, and platform tutorials.

    The Trade Tap blog is another great resource, providing clients with further market insights. Long-form articles tackle themes like Crypto Technical Analysis and How to use Divergence Analysis in Your Trading.

    The Bottom Line

    OANDA is a forex industry pioneer with over 25 years of experience. The company’s US entity is one of a small number of brokers providing US residents access to the spot forex market. With a $0 minimum deposit, the barrier to entry is low, and the range of available platforms and tools is excellent.

    While spreads for the Standard Account are about average for the industry, competitive trading costs are available with the Elite Trader account type. OANDA really shines in its offering of research and educational materials, which can cater to various experience levels. Reliable customer support rounds out a robust overall offering from this broker.


    The global headquarters of OANDA is situated in New York, the United States.
    Two top-tier authorities regulate Oanda in the United States, and we judge this well-established forex broker can be considered safe.
    OANDA makes money from the bid/offer spread, commissions, swap fees, and miscellaneous account fees.
    Funds can be deposited via bank wire, automated clearing house (ACH), and debit card.
    No minimum deposit or balance is required to open or maintain an OANDA account.
    Funds can be withdrawn via bank wire or debit card.
    Withdrawals via debit card take 1–3 business days, and withdrawals via bank wire take 1–5 business days.
    The maximum leverage for US clients is 1:50.
    ou can open an account by visiting the OANDA website –
    OANDA offers the OANDA Trade web platform, MetaTrader 4, TradingView, and the OANDA mobile app.
    There are no fees for withdrawals via debit card. For withdrawals via bank wire, a $20 fee is charged for the first withdrawal processed within each calendar month, and $35 is charged for each additional withdrawal processed within the same calendar month.
    With a demo account and quality educational resources, I rate OANDA as a suitable broker for beginners.
    Yes, OANDA offers free demo accounts via the OANDA Web platform, the OANDA mobile app, and MetaTrader 4.

    See OANDA US Full Information

    Headquarters CountryUnited States
    Foundation Year1996
    RegulationsCFTC (United States), NFA (United States)
    Publicly TradedNo
    Number Of Employees200
    Trading Desk TypeMarket Maker
    Trading PlatformsProprietary, MT4, TradingView
    Supported Languages
    English, Spanish, Chinese
    Min Deposit$0
    Max Leverage1:50 (CFTC), 1:50 (NFA)
    Deposit OptionsWire Transfer, ACH, Visa, Mastercard
    Withdrawal OptionsWire Transfer, Visa, Mastercard
    Time to Withdrawal2
    Time to Open an Account9
    Ethereum, Bitcoin, Litecoin, Bitcoin Cash, Chainlink, Uniswap
    Currencies, Crypto
    Demo AccountNo
    OCO OrdersNo
    Offers HedgingNo
    Automated TradingYes
    API TradingYes
    Guaranteed Stop LossNo
    Guaranteed Limit OrdersNo
    Guaranteed Fills / LiquidityNo
    Economic calendarYes
    Trading From ChartYes
    One-Click TradingYes
    Expert AdvisorNo
    Social TradingYes
    Trading SignalsYes
    Platform Languages
    English, Russian, French, Portuguese, Italian, Spanish, Chinese, Japanese, German
    24 Hours SupportYes
    Support During WeekendsNo
    Live ChatYes
    Daily Market CommentaryNo
    News (Top-Tier Sources)Yes
    Deposit FeeNo
    Withdrawal FeeYes
    Inactivity FeeYes

    About the Author

    Dan BlystoneBroker Analyst

    Dan Blystone began his career in the trading industry in 1998 on the floor of the Chicago Mercantile Exchange. Later Dan gained insight into the forex industry during his time as a Series 3 licenced futures and forex broker. He also traded at a couple of different prop trading firms in Chicago. Dan is well-equipped to recommend the best forex brokers due to his extensive experience and understanding of the brokerage industry.

    Why you can trust FX Empire

    At FXEmpire, we strive to provide unbiased, thorough and accurate broker reviews by industry experts to help our users make smarter financial decisions.

    Why you can trust FX Empire

    FXEmpire was founded in 2011, making us one of the first forex broker review sites. You can trust FXEmpire because of our thorough and unbiased review process. With over a decade of experience, we have a team of industry experts who conduct rigorous tests to ensure our reviews are accurate and unbiased. Our reviews are designed to bring clarity and confidence to the process of choosing a broker, and are based on objective criteria and measurable data. Our editorial team is composed of trading industry professionals and seasoned financial journalists, who ensure that our reviews are accurate and unbiased. Additionally, our review system is based on 9 core categories and over 250 distinct variables, which ensures that all aspects of a broker are considered before giving a final rating. So, you can trust FXEmpire to provide you with honest and informative reviews that will help you make an informed decision on which broker will best enable you to reach your financial goals.
    OANDA corporation is a member of NFA and is subject to NFA's regulatory oversight and examinations. However, you should be aware that NFA does not have regulatory oversight authority over underlying or spot virtual currency products or transactions or virtual currency exchanges, custodians, or markets.