Trusted by BrokerChooser
- Multiple top-tier regulation, including FCA in the UK, CIRO in Canada, and ASIC in Australia
- Founded in 1996
- Investor protection is £85k to UK, €20k to EU clients, CAD 1mn to Canadian, and $0 to other clients
- Clean track record: no major regulatory incidents or fines
👥 13,966 people picked this broker at AwardBroker in the last 6 months
Our take on Oanda
Oanda is a US broker that offers mainly forex trading, with EU clients also able to trade US stocks.
Oanda offers high-quality and easy-to-use trading platforms, and its research tools are also powerful, with numerous technical indicators and a great API offer. The account opening process is user-friendly and quick. It is a good choice for beginner investors.
On the downside, Oanda has a limited product portfolio, as US clients can trade only forex and CFDs, with stock trading available only to EU customers. It is not listed on a stock exchange and doesn't have a banking background, two factors that could boost its safety qualification. In addition, customer support is only available 24/5.
AwardBroker gave Oanda a 4.5/5 rating based on analyzing 600+ criteria and testing via opening a live account.
| ✅ Pro | ❌ Cons |
| ❖ Great trading platforms ❖ Outstanding research tools ❖ Fast and user-friendly account opening | ❖ Only FX and CFD available for most clients (stocks only in EU) ❖ No stock exchange listing and banking background ❖ Customer support is not 24/7 |
Co-Founder, CPO | Equity • Community Trader • Financial Market
“I recommend Oanda for forex traders who value a user-friendly platform and great research tools.”
Oanda summary
| 🗺 Country of regulation | USA, UK, Australia, Singapore, Canada, Malta, Japan, British Virgin Islands |
|---|---|
| 🛡️ Negative balance protection | Yes |
| 💰 FX commission per lot | No commission is charged |
| 💰 EURUSD spread | 1.0 |
| 💰 Inactivity fee charged | Yes |
| 💰 Withdrawal fee | $0 |
| 💰 Minimum deposit | $0 |
| 💵 Available base currencies | EUR, USD, GBP, AUD, CAD, CHF, HKD, JPY, SGD |
| 💵 Conversion fee of deposits in non-base currency | 0.5% mark-up |
| 💳 Deposit with bank card | Available |
| 👛 With electronic wallet | Available |
| 🕖 Time to open an account | 1-3 days |
| 🎮 Demo account provided | Yes |
| 💵 Number of currency pairs | 68 |
| 🛍️ Products offered | Stock, Forex, CFD, Crypto |
Oanda video summary
For a more comprehensive, in-depth look at the broker's services and features, simply expand on the sections below.
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Fees
Score: 4.1/5
Oanda has low forex and CFD fees. Withdrawal fees are low but not in all cases, while there's also a small inactivity fee.
| ✅ Pro | ❌ Cons |
| ❖ Low trading fees ❖ Low forex fees ❖ First card withdrawal each month is free | ❖ Inactivity fee ❖ High fee for wire withdrawals |
| Assets | Fee level | Fee terms |
|---|---|---|
| EURUSD | Low | The fees are built into the spread, 1 pip is the average spread cost during peak trading hours. |
| GBPUSD | Low | The fees are built into the spread, 1.5 pips is the average spread cost during peak trading hours. |
| S&P 500 CFD | Average | The fees are built into the spread, 0.3 points is the average spread cost during peak trading hours. |
| Inactivity fee | Low | £10 per month after one year of inactivity |
Oanda trading fees
Oanda trading fees are low.
Oanda leverage / Oanda margin requirements
The available leverage depends on your country of residence. For example, the maximum leverage is 50:1 for US customers. On the other hand, 30:1 is the maximum for EU customers.
Oanda interest rates (financing rates)
For positions held overnight, you have to pay interest. These are called financing rates. The value of the rate depends on a variety of factors, including daily rates, size of the position, chosen product, funding rates and so.
Overnight fees at Oanda usually range from -6% to 2%. These, however, change daily and some may fall outside the above ranges. At BrokerChooser, we incorporate these rates into our fee calculation.
We compared Oanda's fees with those of Pepperstone and FXCM, two similar brokers selected by our analysts. This selection is based on objective factors such as products offered, client profile, fee structure, etc. We also drew up a more detailed rundown of Oanda alternatives.
Forex fees
Oanda forex fees are generally low.
| Oanda | Pepperstone | FXCM | |
|---|---|---|---|
| FX commission per lot | No commission is charged | $3.50 commission per lot per trade | No commission is charged |
| EURUSD spread | 1.0 | 0.1 | 0.7 |
| GBPUSD spread | 1.5 | 0.2 | 1.0 |
| AUDUSD spread | 1.2 | 0.2 | 0.9 |
| USDJPY spread | 1.6 | 0.3 | 1.0 |
| USDCAD spread | 1.5 | 0.3 | 1.4 |
Some brokers provide pip calculators to help you assess and manage your risks. With a pip calculator, you can calculate the value of a pip in the currency you are trading.
Oanda unfortunately doesn’t have such tools. However, they provide a Spread Cost Calculator you can use to calculate your absolute spread cost annually. There’s also a Currency Pair Units Calculator that helps you calculate the number of maximum units you can trade with your available margin.
Oanda minimum lot size
At Oanda, the smallest available lot size is micro lots, which is 1,000 units of a given currency. This trading size is available on MetaTrader 4.
For a comprehensive comparison of forex fees charged by various brokers, use BrokerChooser's FX fee calculator.
CFD fees
Oanda has low CFD trading fees.
| Oanda | Pepperstone | FXCM | |
|---|---|---|---|
| S&P 500 CFD spread | 0.3 | 0.4 | 0.4 |
| Euro Stoxx 50 CFD spread | 0.9 | 1.6 | 1.9 |
| Apple CFD fees per $2,000 trade | $0.1 | $0.7 | $1.2 |
| Vodafone CFD fees per $2,000 trade | $1.1 | $2.2 | – |
Real stock fees
Oanda provides trading in real stocks only for EU clients.
For these users, trading in US stocks is commission-free on EUR accounts.
Crypto fees
For spot crypto trading, Oanda charges a fixed 0.25% fee, with a $0.01 minimum.
Non-trading fees
Oanda has low non-trading fees.
There is no account or deposit fee. Oanda charges a reasonable $14 (£10) monthly inactivity fee if you don't use your account for trading for more than one year.
| Oanda | Pepperstone | FXCM | |
|---|---|---|---|
| Account fee | No | No | No |
| Inactivity fee | Yes | No | Yes |
| Deposit fee | $0 | $0 | $0 |
| Withdrawal fee | $0 | $0 | $0 |
The first debit/credit card withdrawal in each calendar month is free, but there's a charge for subsequent withdrawals. The withdrawal fee is rather high for bank transfers and PayPal (GBP, EUR, USD only).
How we ranked fees
We ranked Oanda's fees as low, average or high based on how they compare to those charged by all the brokers reviewed by us.
There are two basic types of broker fees:
- Trading fees are charged when you trade and may include commissions, spreads, financing rates and conversion fees.
- Non-trading fees include charges not directly related to trading, such as withdrawal fees or inactivity fees.
Show less about Fees
Account opening
Score: 4.4/5
Oanda‘s account opening is straightforward and no initial minimum deposit is required.
| ✅ Pro | ❌ Cons |
| ❖ Fully digital ❖ No minimum deposit | None |
Oanda in USA and Canada
Oanda is deeply rooted in the North American continent. The broker was founded in Canada and has its headquarters in New York. Both US and Canadian citizens can open an account at Oanda, in additon to many countries globally.
What is the minimum deposit at Oanda?
The required Oanda minimum deposit is $0.
Account types
There is only one type of trading account at Oanda (in addition to a demo and a corporate account). However, you can open up to 19 sub-accounts. These are great if you want to have different base currencies under one account. E.g. you can have a USD account with EUR and GBP subaccounts.
Oanda also provides API possibility for exchanges – it might come in handy if you'd like to develop your own platform.
How to open your account
How long does Oanda account approval take?
From start to finish, you can open an account in less than 10 minutes. Account approval, though, can take multiple days, as we were asked to send some of our verification documents in email; but it's still quick if you respond to their emails in time.
You can open an account at Oanda in 8 steps:
- Account details: set your username and password.
- Personal details: enter basic personal information like your name, address and birth data.
- Nationality: fill in your nationality
- Home address: enter your home address
- Employment: fill in information about your employment status, income and wealth
- Trading experience: answer questions about your trading experience
- Customer knowledge: fill out a short quiz to test your knowledge (e.g. Does changing leverage from 50:1 to 100:1 increase or decrease your potential profit/loss?)
- Verify your identity: upload a copy of your ID/passport to verify your identity, and a bank statement or utility bill to verify your residency
Oanda review – Account opening
Oanda demo account
Oanda offers a demo account. It can be opened in minutes and you’ll be able to try out and learn Oanda’s desktop platform without risking your money.
How to delete an Oanda account?
To delete your account, you have to “cancel your subscription” on Oanda. You need to submit a separate form to request the removal of your account.
Show less about Account opening
Deposit and withdrawal
Score: 4/5
Oanda charges no deposit and account fees. You can withdraw your money free of charge to a debit/credit card, but bank transfer withdrawals are quite costly.
| ✅ Pro | ❌ Cons |
| ❖ Credit/Debit card available ❖ Free withdrawal ❖ No deposit fee | ❖ High withdrawal fee for bank transfers |
Web trading platform
Score: 4.4/5
Oanda‘s web trading platform is user-friendly and safe with good customizability. On the downside, you can't set price alerts.
| ✅ Pro | ❌ Cons |
| ❖ User-friendly ❖ Clear fee report ❖ Two-step (safer) login | ❖ No price alerts |
Mobile trading platform
Score: 4.9/5
Oanda‘s mobile platform is similar to the web trading platform in functionality, and as a plus, you can also set price alerts.
| ✅ Pro | ❌ Cons |
| ❖ User-friendly ❖ Two-step (safer) login ❖ Good search function | ❖ No Touch/Face ID login |
Desktop trading platform
Score: 4.4/5
Oanda‘s desktop platform mimics the web platform in terms of functionality, meaning lots of user-friendly functions but no price alerts.
| ✅ Pro | ❌ Cons |
| ❖ User-friendly ❖ Clear fee report ❖ Good customizability (for charts, workspace) | ❖ No price alerts |
Markets and products
Score: 2.3/5
At Oanda, clients from most countries can trade only forex, CFDs and crypto. For EU clients, stock trading is also available.
Read more about Markets and products
Research
Score: 4.5/5
Oanda has a wide range of research tools, including news, technical analysis and an API. However, these features are poorly organized on the site.
| ✅ Pro | ❌ Cons |
| ❖ Good interactive chart ❖ Data on asset fundamentals ❖ Quality news flow ❖ Great API | ❖ No trading ideas ❖ Research tools are poorly organized |
Customer service
Score: 3.9/5
You can reach Oanda‘s customer service through several channels, but availability could be improved.
| ✅ Pro | ❌ Cons |
| ❖ Phone support ❖ Live chat ❖ Fast response time | ❖ No 24/7 support |
Education
Score: 4.8/5
Oanda offers articles, videos and webinars on topics ranging from the basics to expert trading, but this wide selection of educational materials is not always structured well.
| ✅ Pro | ❌ Cons |
| ❖ Demo account ❖ Trading platform tutorial ❖ Educational videos | ❖ Materials not well organized |
Safety
Oanda is regulated by top-tier authorities, but it doesn't have a banking license and is not listed on a stock exchange.
| ✅ Pro | ❌ Cons |
| ❖ Majority of clients belong to a top-tier financial authority ❖ Negative balance protection ❖ Financial information is publicly available | ❖ Does not hold a banking license ❖ Not listed on stock exchange |
Bottom line
Oanda is a great forex broker. It has user-friendly trading platforms that you will quickly learn to use confidently. It also provides powerful research tools, especially trading APIs. The account opening process is easy and quick.
Among some negatives, Oanda‘s product selection is limited to forex and CFD products for most clients (stock trading is available in the EU only). It doesn't have a banking background and is not listed on any stock exchange, two typical factors that enhance transparency and regulatory scrutiny. Customer support, while helpful, is only available 24/5.
With all that in mind, feel free to try Oanda: it is regulated by top-tier authorities, there is no minimum deposit, and the inactivity fee only kicks in after one year.
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FAQ
What are Oanda's fees?
We detailed this in our Oanda fees article.
Is this broker good for beginners?
We checked it in Is Oanda good for beginners.
Is Oanda legit or scam?
Take a look at the corporate background of Oanda in this article.
What is the minimum deposit?
Our ultimate guide to the Oanda minimum deposit is updated regularly.
Check out the current account balance requirements at Oanda in our What is the minimum account balance at Oanda article.
How to withdraw money from Oanda?
We tested it and collected the options and costs in How to withdraw money on Oanda.
How to start your Oanda account?
Look no further than our evaluation of Oanda account opening.
How good is Oanda's trading app?
Here's our expert view after checking the Oanda trading app.
Can I trade options and silver on Oanda?
We explored the topic in Can you trade options on Oanda and buying silver on Oanda guide.
Who are Oanda's competitors and alternatives?
We have created an overview of Oanda competitors here including a comparsion with FXCM, IG, Forex.com, Hugo's Way .