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74-89% of retail clients trading CFDs lose money

Wanna see if OANDA is a legit broker? Is it safe to trade? Is spread high or low? How long to deposit or withdraw funds?

We provide answers to all the questions in this OANDA Review.

We checked OANDA licenses and regulation status, compared OANDA Fees, spread & commission from the Live account to other 150 brokers. The time for deposit & withdrawal and many more findings, all you can get in this Review.

What is OANDA

OANDA is a global financial service corporation founded in 1996 with headquarters in USA. OANDA is one of the largest companies offering services in Foreign Exchange including Currency Exchange and Currency Converter, FX data services and CFD trading.  

OANDA is regulated by several financial authorities including the respected CFTC in the US, Financial Conduct Authority (FCA) in the UK, Australian ASIC, IIROC in Canada, etc.

OANDA Highlights

🗺️ Regulated inUSA, UK, Australia, Canada, Singapore, Japan, Malta
🛡️ Is OANDA safe to tradeYes
💵 EUR/USD spread1.2 pips
🏦 DepositCards, Bank Transfer, PayPal
💰 Minimum depositUS$0
🏦 WithdrawalCards, Bank Transfer, PayPal
💻 Trading platformOANDA Trade, MT4
💳 Trading marketsForex, Indices, Commodities, Metals, Bonds
📈 Number of product100+
📉 Live chat responseInstant and relevant answers

Regulation

License and regulation are the keys to traders’ money security. There are two factors to check, the broker’s license with its background and how traders protected if anything go wrong.

Is OANDA legit

OANDA is regulated by several financial authorities with global coverage, including the USA Commodity Futures Trading Commission (CFTC), UK’s Financial Conduct Authority (FCA), Australia Securities and Investment Commission (ASIC). Asian region covered by MAS in Sigapore and Japan FFAJ.

OANDA Licenses and Regulatory status

EntityRegistered inRegulatorLicense no.Status
OANDA CorporationUSACommodity Futures Trading Commission (CFTC)No: 0325821Currently Regulated
OANDA Europe LimitedUnited KingdomFinancial Conduct Authority (FCA)542574Currently Regulated
OANDA Australia Pty LtdAustraliaAustralian Securities and Investments Commission (ASIC)ABN 26 152 088 349, AFSL No. 412981Currently Regulated
OANDA (Canada) Corporation ULCCanadaInvestment Industry Regulatory Organization of Canada (IIROC)09-0280Currently Regulated
OANDA Asia Pacific Pte LtdSingaporeMonetary Authority Singapore (MAS)200704926KCurrently Regulated
OANDA Japan Co., LtdJapanFinancial Futures Association of Japan (FFAJ) (Kin-sho) No. 2137Currently Regulated
OANDA Europe Markets LimitedMaltaMalta Financial Services Authority (MFSA)C 95813Currently Regulated
OANDA Review – ASIC Register
OANDA Review – ASIC Register

Is OANDA safe

OANDA considered safe because regulated by the top-tier CFTC, NFA, FCA, ASIC.

OANDA operates over seven fully legal and regulated entities allowing to serve traders worldwide from almost any region. Each entity applies specified laws and regulatory restrictions, also the amount of protection the trader get in case of insolvency.

OANDA Compensation Scheme

EntityCompensation AmountNegative Balance Protection
OANDA Europe Limited£85,000Yes
OANDA Europe Markets Limited€20,000Yes
OANDA (Canada) Corporation ULCCAD 1,000,000Yes
OANDA CorporationNo ProtectionYes
OANDA Japan Co., LtdNo ProtectionYes
OANDA Australia Pty LtdNo ProtectionYes
OANDA Asia Pacific Pte LtdNo ProtectionYes

We recommend registering trading account with the UK entity, if it’s possible for you

OANDA provides negative balance protection for the accounts that on trades went below zero.

Markets and Products

At OANDA there is a good range of product offering traded as CFDs and including Spread Betting for the UK residents.

Currency

OANDA main offering is based on Forex and Currency trading, where other instruments like Indices, Commodities, Cryptos like Bitcoin and Bonds are available. The missing point is Shares trading.  

Forex

A good range of Forex pairs are available to trade as CFDs and/or Spread Betting.

MarketsInstruments
Forex71
Indices16
Commodities31
Cryptocurrencies3
Bonds6
Shares

Account types

OANDA has two account types, Standard and Premium account for higher account balances, where Premium account entitles extra benefits like free VPS, API trading and free Wire transfers.

There is sub-account that enables UK residents to trade Spread Betting.

Login

To login OANDA account you should follow registration and account opening to sign-up from the official website link.

StandardPremium
Minimum Deposit0 USD/EUR/GBP20,000 USD/EUR/GBP
Minimum Balance20,000 USD/EUR/GBP
Spreads From1.4 pips
CommissionsZero CommissionsZero Commissions
OANDA Review - Accounts
OANDA Review – Accounts

Fees and commissions

Fee levels in OANDA ranked as average and low based on the instrument offering and compared to other 150 brokers Live account spread.

Spread we collect for popular instruments, 6 markets and 150 brokers

MarketsInstrumentsLowAverageHigh
ForexEUR/USD0.1-0.91-1.51.6 or higher
IndicesUS S&P5000.75-1
CommoditiesGold0.3-0.5
StocksTesla
ETFsUS Russell 2000
CryptocurrenciesBitcoin0.5-0.75%

Spreads

OANDA CFD trading costs are built into a floating spread, however fee structure depending on the entity. E.g. US traders can choose between spread and commission basis.

Comparing the spreads derived from Live Account to industry benchmarks, we found OANDA Live spread on Forex and Stocks are low. While the spreads on CFD ETFs and Commodities are high.

MarketsInstrumentsTrading SpreadOther brokers’ avg spread
ForexEUR/USD0.61-1.5
IndicesUS S&P5000.4
CommoditiesGold2.5
StocksTeslaNot available
ETFsUS Russell20003
CryptocurrenciesBitcoin36

Currency Converter

OANDA Currency Converter is additional and separate from the trading offering service that provides option to exchange currencies through real-time rates, also transfer funds. This service is very convenient and accessible through OANDA website – Currency Conversion.

Historical Rates

OANDA provides historical rates for both services Historical Exchange Rates and Historical Currency Converter with 25 years exchange rata data.

Other Fees

OANDA has low non-trading fees. There are no fees for deposits and withdrawals are available for free.  

However, there is an inactivity fee for an account with no activity of 12 months and conversion fees for CFD trading of other currencies different from your account currency applying 0.5% markup.

Trading Conditions

The trading conditions at OANDA are good. You can deploy Hedging available on MT4 platform and Scalping strategies.

Trading ConditionsYes/No
Hedging AllowedYes
Scalping AllowedYes
Change Leverage AllowedYes

For hedging, there are no time limitations for keeping your open hedging positions. However, hedging is not available in the US due to regulations.

For scalping, OANDA does not restrict timing or profits so scalpers are welcomed.

Expert Advisors (EAs) are available via the MT4 platform. VPS is provided by subscription through partners OANDA cooperates with, including BeeksFX, CNS and LiquidityConnect.

OANDA allows to use leverage for CFD trading, the levels are defined by both the instrument you trade and regulatory restrictions likewise.

Deposit

OANDA has no deposit fees.

Various payments options are supported, but vary according to enitity regulation, including Bank transfer, Credit or Debit cards, electronic wallets, PayPal.

A bank transfer can take several business days, while alternative payments are almost instant.

Deposit MethodFunding TimeFee
Credit CardInstantFree
PayPal1 Business dayFree
Wire TransferFew business daysFree
OANDA Review – Deposit and withdrawal
OANDA Review – Deposit and withdrawal

Minimum Deposit

There is no minimum deposit requirement for Standard account, Premium account requires 20,000$.

Withdrawal

You can make one free withdrawal for Credit Card per month, PayPal is Free of charges, and Bank Transfer will incur a fee depending on your region. Typically, withdrawal requests are approved within 1 business day.

Withdrawal MethodWithdrawal TimeFee
Credit Card3 business days0$
Wire Transfer3 business days0$
PayPal1 business day0$

Bonus

There is no welcome Bonus or any other trading bonuses available at OANDA offering. The only benefits are included for Premium clients as apart of the trading Account.  

Trading Platform

OANDA develop its own proprietary Platform supporting all devices and available as Web Platform, Desktop Platform accessible across Windows or Mac and supporting fully automated trading.

Mobile Trading platform OANDA App for Android and iOS is in the package too.

MT4

OANDA traders still can still use popular MT4 with full range of its capabilities, automated strategies and EAs.

API

There are two different options OANDA APIs, Exchange Rates API for Foreign exchange services, and APIs for CFDs trading which is available for Premium Account.

OANDA Review - Web trading platform
OANDA Review – Web trading platform

Research and Tools

OANDA research tools are available directly on the platform, and some are presented at the website. Economic Calendar, Real-time News and Market Analysis, Autochartist, Dow Jones, etc also with trading analysis application.

We didn’t find serious cons in OANDA research, there are both quality in-house developed research tools and advanced third party providers materials.  

OANDA Research tools available through:

  • OANDA platform
  • OANDA website – Tools
OANDA Research
OANDA Review – Research

Education

OANDA education content is good, you can access it through the website Learn section. Video tutorials, Demo account, Live Webinars and recorded sessions, with quality read Articles defined by topics.

At OANDA you can learn though the following ways:

  • Demo account
  • Educational videos
  • Attend Live Webinars
  • Learning articles

Demo Account

Demo Account is Free use and available through the OANDA Trade or MT4 platforms.

OANDA Review – Education
OANDA Review – Education

Customer Service

OANDA customer service is well organized, separate support is for currency conversion OANDA and another one for trading. We got relevant answer through e-mail, but couldn’t connect to Live Chat.

OANDA Customer Support is available 24/5 in various languages:

  • Live chat
  • Telephone
  • Email
OANDA Review – Customer Service
Trading 212 Review – Customer Service

OANDA e-mail response is fast speed, the agents are helpful.

Question AskedWe asked about Spread Betting conditions.
Time of ReplyWe got response within 1 day.
Quality of ReplyThe answer was relevant and informative.

Conclusion

OANDA is a safe broker to trade. There are many world entities OANDA serves around the world and we would recommend trading with the UK, ASIC or Singapore.

For the downsides, the range of instruments is rather limited to trade CFDs on Forex, Commodities and Indices, there is no Shares.  

We recommend OANDA for traders who prefer CFDs trading of Currency Pairs and convenient Currency Exchange. 

Author of this review

By Jimmy O'Brien

Author of this review

I am a well-rounded financial services professional experienced in fundamental and technical analysis, global macroeconomic research, foreign exchange and commodity markets.
I am passionate about observing foreign exchange movements, sharing educational insights into the financial markets, and adding value wherever I can.

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