OANDA Guide – Read our In-Depth OANDA Review
OANDA Rating: 4.83 / 10
Our proprietary rating algorithm takes all of our datapoints to generate the rating. This keeps things fair and removes human bias to ensure that our users can compare brokers easily and find the best ones.
This OANDA review has been updated for 2021 by industry experts with years of financial experience in Forex, CFDs, & Social Trading.
Please note that due to regulations, the content in this OANDA review does not apply to users in BR, KR, IR, IQ, SY, JP, US
If you are a new entrant in the world of trading and broker, so many facts will be confusing for you. Getting into the world of trading demands expert analyzing skills and thorough knowledge. You'll acquire adept at all of the concepts of brokerage as you continue trading. For starters, you need to choose the right agent who'll be clear with you always.
In this fast-paced world of stock markets and trading, you'll need guidance to make proper decisions. A professionally direct investment program will create hefty returns. OANDA is one such stage that will take you along with your investment to great heights. It is important that you know about OANDA before you trust them with your cash.
OANDA Review – Quick Overview
OANDA Telephone Number:
OANDA Email Address:
Financial Conduct Authority (FCA), Australian Securities and Investment Commission (ASIC)
United States, Canada
Number Of Clients:
10,000+ OANDA users and traders
OANDA Facebook Likes:
OANDA Twitter Followers:
OANDA Instagram Followers:
Losses can exceed deposits
|OANDA Telephone Number:|
|OANDA Email Address:|
|Regulated By:||Financial Conduct Authority (FCA), Australian Securities and Investment Commission (ASIC)|
|Hedquarters:||United States, Canada|
|Number Of Clients:||10,000+ OANDA users and traders|
|OANDA Facebook Likes:||0|
|OANDA Twitter Followers:||0|
|OANDA Instagram Followers:||0|
Losses can exceed deposits
Our entire OANDA Review covers all you will need to learn about trading with OANDA. A fantastic broker can multiply your initial investments and provide you positive profits. If you would like to make profits, you must trade with a broker service that contrasts with your investment goals.
There's absolutely no sure-fire way to guarantee profits; therefore, you must carefully analyze your broker before you select them. It's a common misconception that all agents will be the same, but that is not true. Wrong judgment, initially, can set your investments at risk.
OANDA is a broker that has found its way successfully to the brokerage world. Within this review, we have tried to collate a number of the important aspects of OANDA. This review will allow you to understand whether OANDA is a fantastic fit for your own investments or not. We have tried to breakdown all the features and charges for your convenience.
OANDA Review, Table Of Contents
- Who are OANDA?
- Benefits Of Trading With OANDA
- Everything you should know about trading with OANDA
- Is OANDA Safe To Trade With?
- OANDA Risk Disclaimer
- Pro's & Con's Of Trading With OANDA
- Compare Brokers Similar To OANDA
- Regulation And Licencing In More Detail
- OANDA Awards
- Minimum Deposit Required For A Live Account With OANDA
- OANDA Commission And Fees Explained
- Compare broker fees against OANDA
- OANDA Withdrawal Fees Explained
- OANDA Deposit Fees Explained
- Compare Broker Deposit Methods
- What Can You Trade With OANDA?
- OANDA Customer Support
- Alternatives To OANDA
- Frequently Asked Questions About OANDA
Who are OANDA?
OANDA is a foreign exchange broker headquartered in United States, Canada and provides a range of instruments for online trading. Since its establishment in 1996, OANDA has emerged as a top-tier player in the field of online brokerage. OANDA includes a highly competitive and full-featured trading website that is focused on forex, indices, metals, sharesand commodities.
Over the past 25 years, OANDA has grown into one of the leading online brokers.
After launching in 1996, their client base has become as big as 10,000+ clients.
OANDA is a favourite of many dealers.. Our OANDA review discovered that they are an superb choice for automated trading options. It's best suited for investors who are searching for a variety of assets. Social and automated trading solutions are the heart at OANDA.
Technology plays a substantial role at OANDA. OANDA offers trading on MT4, OANDA Desktop, OANDA Web, OANDA Mobile. OANDA is honest, transparent, and also a well-regulated agent by the Financial Conduct Authority (FCA), Australian Securities and Investment Commission (ASIC). Their outstanding array of tools will be beneficial for most traders. Third-party partnerships also supply in-house analysis.
The trader resource section at OANDA is quite enlightening for new traders as it allows them to get a closer look in the financial markets. OANDA caters to all types of traders and are a must-have broker for almost any well-diversified approach to online trading.
If you feel that OANDA is not right for you then at the bottom of this OANDA review you wil find a lot of alternatives to OANDA.
Everything you ought to know about trading with OANDA
OANDA is a lively platform that offers various procedures of trading online. These instruments cover the monetary markets considerably. The Majority of the broker platforms offer fewer procedures than OANDA
If you wish to trade with OANDA, you will need a minimum deposit of $1. This deposit is mandatory if you wish to start trading using OANDA. This 2021 OANDA review will guide you easily about trading with them.
OANDA is as versatile as another brokerage platform. OANDA is excellent for traders who want a manageable range of low-cost services. The platforms offered by OANDA are third-party, white-label offerings. All traders may choose from MT4, OANDA Desktop, OANDA Web, OANDA Mobile.
Along with everything, OANDA has multiple benefits to new and verteran traders and should be investigated. There is no minimum time on which a transaction must be kept open. The agents offer premium client service that rewards clients with advantages.
Many unprofessional brokers attempt to pressurise consumers into bigger funding for superior services. OANDA, on the other hand, is much more focused on trading volume. Dealers can expect trading conditions to be just, honest and transparent. The more lots traded by the consumer, the greater benefits will become available.
OANDA accounts are available globally and provides quality service wherever they have customers. There are some select few countries where OANDA accounts are not available. Traders in the following countries cannot open or use a OANDA account:
BR, KR, IR, IQ, SY, JP, US
Is OANDA Safe To Trade With?
Launched in 1996, OANDA has been operating for 25 years, they have a head office in United States, Canada.
OANDA is regulated by Financial Conduct Authority (FCA), Australian Securities and Investment Commission (ASIC). These bodies have rules that make sure that trading platforms have steps in place to keep investor's resources procured. This means that OANDA users do not need to be worried about their money since it's segregated and safely kept in established banks. SSL encryption secures every user's private information also.
You are able to make use of an option for Two Factor Authentications (2FA) with OANDA for increased safety. An SMS with the confirmation code will be sent to your phone. You'll be required to input this code to log into your accounts.
Another concern with financial brokers with regards to security might be manipulation of trading. This is highly disadvantageous for consumers on these platforms. Nonetheless, this is more prevalent in the case of Market Maker brokers who compete with customers on the stage.
OANDA Risk Disclaimer
Losses can exceed deposits
Pro's & Con's Of Trading With OANDA
Every online trading platform will have some ups and downs, and no OANDA review would be complete without having a balanced approach. This OANDA review covers both the pros and cons you need to know before you make an account. A comparative analysis can put things into perspective so that you are aware of what to expect.
- OANDA is trusted by 10,000+ clients
- OANDA has low minimum deposit requirements
- OANDA doesn't charge withdrawal fees
- OANDA doesn't charge inactivity fees
- OANDA doesn't charge deposit fees
- OANDA doesn't charge CFD fees
- OANDA offer trading on MT4, OANDA Desktop, OANDA Web, OANDA Mobile
- OANDA offer 100 trading instruments
- OANDA trades major forex pairs
- OANDA trades minor forex pairs
- OANDA trades exotic forex pairs
- OANDA can communicate in English, and Chinese
- OANDA does not offer Negative Balance Protection
- OANDA does not offer Guaranteed Stop Loss
- OANDA doesn't offer trading on cryptocurrencies
- OANDA doesn't offer social trading
- OANDA doesn't offer copy trading
- OANDA doesn't offer trailing stop
OANDA Review - Compare Brokers Similar To OANDA
|Rating||4.83 / 10||2.89 / 10||4.8 / 10||4.23 / 10|
|Headquarters||United States, Canada||Dominica||Lebanon||Cyprus|
|Regulated By||Financial Conduct Authority (FCA), Australian Securities and Investment Commission (ASIC)||Unregulated||Financial Conduct Authority (FCA), Australian Securities and Investment Commission (ASIC), Dubai Financial Services Authority (DFSA), Pepperstone Markets Limited is incorporated in The Bahamas (number 177174 B), Licensed by the Securities Commission of The Bahamas (SCB) number SIA-F306||Cyprus Securities and Exchange Commission (CySEC)|
|Find Out More|
|Risk Warning||Losses can exceed deposits||CFD and Spot Forex trading both come with a high degree of risk. You must be prepared to sustain a total loss of any funds deposited with EagleFX||Your capital is at risk||Your capital is at risk|
OANDA Review - Regulation And Licencing In More Detail
OANDA is regulated by Financial Conduct Authority (FCA), Australian Securities and Investment Commission (ASIC).
OANDA, as a business, has a strong collection of rules for ensuring honest trading on its own platform. For information encryption functions, it supplies an industry-standard secure socket layer (SSL).
As per the organization's privacy regulations, client data is to not be shared with some other institutions or individuals. This includes credit history and other financial details.
OANDA Review - AwardsAt the time of writing this OANDA review, and despite OANDA’s impressive offering, the company has surprisingly not garnered any other awards to date.
OANDA Trading Platforms
OANDA are a reputable broker that has been operating for over 25 years. They offer a large range of options in their user accounts.
In the following table we take the main parts of any reputable brokerage and compare OANDA with EagleFX, sofi, and ATFX
OANDA Review - Minimum Deposit Required
The minimum deposit that you must deposit to get started on OANDA is $1. This is an adequate amount for those just starting out. You can create more complex deposits as you cooperate. But, make certain that you understand how to make the most of your cash before investing in larger amounts.
OANDA Review - Commission And Fees Explained
OANDA is an online broker platform, and many online brokerages charge lower prices than traditional brokerages tend to bill. The reason for this is that the businesses of online brokerages are scaled much better. That is, an internet broker isn't necessarily influenced by the number of clients they have.
But this doesn't mean that online brokers don't charge any fees. They charge fees of varying rates for various services to earn money. There are primarily three different types of penalties for this objective.
The first sort of charges to keep an eye out for are trading charges. Whenever you make an actual trade, like purchasing a stock or an ETF, you're billed trading fees. In these instances, you're paying a spread, funding speed, or a commission. The sorts of trading fees and the prices vary from broker to broker.
Commissions could be fixed or determined by the traded quantity. On the flip side, a spread refers to the gap between the buying and selling price. Funding or overnight prices are people who are charged when you maintain a leveraged position for more than daily.
Apart from trading charges, online brokers also charge non-trading fees. These are dependent on the activities you undertake on your account. They are charged for operations like depositing money, not trading for lengthy periods, or withdrawals.
In general, OANDA doesn't charge high fees in comparison to other online agents. For operations other brokers fee for, they do not charge a brokerage fee, or they charge a smaller sum. This is beneficial for people who regularly exchange, for example daily or weekly trading.
But, non-trading fees billed by OANDA are comparatively lower. Consequently, you are billed more for non-trading actions in your trading account, like deposits and withdrawal. These aren't about the purchase and sale of resources.
This OANDA review breaks down every one of the applicable non-trading fees for you in detail.
Compare broker fees against OANDA
OANDA Review - Withdrawal Fees ExplainedOANDA doesn't charge withdrawal fees
Withdrawal of money is possible at any moment from your OANDA account. It's possible to withdraw up sums to the sum of your account balance, keeping aside the perimeter utilized. One thing to remember is that you don't necessarily need to have any money on your account.
In addition, the withdrawn money will be transferred directly to the accounts you use to create deposits. Thus, in the event that you used a credit card for deposits, then the withdrawn cash is going to be sent into the card. OANDA will ask you to provide other withdrawal methods in case your details have changed since your deposit.
There is a minimum withdrawal amount. In the event you're withdrawing cash in various currencies from USD, a conversion fee is also applicable. The conversion fee will be dependent on the money you're choosing to withdraw in.
OANDA Review - Inactivity Fees Explained
Understanding whether you will be charged inactivity fees is one of the buzzing questions that run through your head while open an account with OANDA. An inactivity fee is an amount charged to registered dealers that haven't participated in buying or selling for a while. The period considered inactive is decided by the broker.
The inactivity fee also differs from one broker to another and isn't standardized. If a dealers account doesn't have a buying or selling trade, it is claimed by the broker as an inactivity fee. The traders need to pay this fee under conditions and terms they had consented while enrolling.
OANDA doesn't charge inactivity fees so you are free to pop in and out of your account as needed
Even if no charges are indicated by OANDA, it's best for you to close the account if you're inactive. Inactivity fees aren't only charged by brokerage firms but also many financial services.
For other trading platforms, the inactivity fee depends on the sort of account you've selected. The inactivity fee is exposed to a lot of conditions and should be disclosed clearly by the agent beforehand.
OANDA Review - Deposit Fees Explained
When you transfer money in your trading account by your bank account, a deposit fee can be charged by the broker. Most brokers do not charge an excessive amount of money for this particular operation.
OANDA doesn't charge deposit fees so you are free to transfer smaller amounts of money in more regularly if needed
Depositing cash on the OANDA trading platform is easy. You simply need to finish a single-user profile survey to start depositing money into your trading account. You'll have to provide an identity proof and proof of residency to deposit large amounts.
OANDA Review - Compare Broker Deposit Methods
What Can You Trade With OANDA?
Note: OANDA offers many different trading instruments due to regulatory restrictions in a few countries. Trading instruments offered will be different depending on the country of residence of the client.
OANDA has a wide variety of over 100 instruments available for you to trade with.
If trading forex pairs is of interest to you then OANDA offer over 55 forex pairs.
Compare OANDA, EagleFX, sofi & ATFX below.
Reviewing The OANDA Mobile App
Note: OANDA's mobile app has a lot of functionality and is being constantly improved. What follows was accurate at the time of compiling this OANDA review.
Understand the capabilities of the mobile apps of OANDA, EagleFX, sofi & ATFX below.
OANDA Customer Support
While collating this OANDA review we understood the options for customer service, response times and the OANDA trading platform problem solution effectiveness. OANDA provides support in various languages, including English, and Chinese.
OANDA Live Chat Support
We tried the OANDA and it worked flawlessly. We have sent messages to OANDA livechat through their app and website and received a response within 20 seconds. There was sometimes no response.
We tried communicating via OANDA support in multiple languages and in various countries. OANDA were able to resolve our customer issues.
OANDA Phone Support
We made a call to OANDA and the call was answered very promptly. We were able to have the call answered in less than 5-10 minutes.
OANDA phone support team was able to successfully address our questions and issues over the phone. We tried the multilingual OANDA team by calling in varying languages. OANDA made efforts to ensure all of our questions were answered.
Overall the phone support from OANDA was good.
OANDA Email Support
We sent several email to OANDA and responses were generally good. The fastest email response time from OANDA was 2 hours while the most slow response was 8 days! Sometimes , there were no responses. Support response times may vary for you at OANDA, however, we've had the experience of sending out 10 emails at different times.
The team solved and responded to our questions. The overall average of email support provided by OANDA was excellent.
Alternatives To OANDA
If, after studying this OANDA review, they do not meet your needs check out these OANDA alternatives.
We have scoured the web to find the best alternatives to OANDA. Click on the hyperlinks below to find out more.
Frequently Asked Questions about OANDA
Can I try OANDA before I buy?
Yes, you can most certainly try OANDA before you buy. OANDA offers demo accounts for the convenience of inexperienced traders. You can use this feature to build your faith in the system and yourself and your trading strategies.
If you register to get a demo account on OANDA, you will set out using a decent amount of virtual currency. It's to establish a sense of safety and confidence in you until you choose to spend your own money.
With this digital OANDAdemo account, you can experiment at all, to whatever period you wish. You might even open positions, examine different trading strategies, and much more.
OANDA specifies on its official website that you can trade real time stocks in a demo account.
Is OANDA safe?
It is possible to drop all of your worries because we believe that OANDA is totally safe to use. It's in compliance with the principles of Financial Conduct Authority (FCA), Australian Securities and Investment Commission (ASIC).
Even so, OANDA doesn't provide assured stop-loss protection.
Why does OANDA ask for my passport?
The reason that OANDA asks for your passport when you open a live account is to ensure that it remains within the rules of its regulated bodies. Because there is a lot of money moving around the world, OANDA has to be careful that they don't breach any money laundering laws and part of that is know as KYC (Know your customer). This means that at all times, OANDA must know exactly who they are dealing with so that if there is any investigation they are comfortable that they are well within the law.
How can I start trading with OANDA?
The process to start trading withOANDA is perhaps simple enough to be a cakewalk. You need to begin by signing up on the OANDA website. It will require you to fill in details pertaining to the credibility and security of your account.
Once you are done setting up your profile, you must deposit a minimum amount to get started. The minimum deposit for a live account with OANDA is $1. You should have a good hold over the details of online trading before you set out and trade with real money.
If you are confident of your knowledge and understanding, you can open an account with OANDA.
The best way to kickstart your trading career with OANDA is to open a demo account facility before risking any real money
What funding methods do OANDA accept?
There are multiple methods to fund your accounts with OANDA. The process is effortless and quick, with different payment methods at your fingertips.
You can use debit or credit cards ranging from Visa, Diners, and Maestro to MasterCard and Visa Electron. PayPal can be at your disposal for depositing funds. You have to keep in mind that PayPal isn't available in all country. The monies OANDA
Is my money safe with OANDA?
Yes, your money is safe and protected with OANDA. As you know, OANDA operates with proper conformation to. It's established plenty of steps to guard all of its investors.
OANDA safeguards its clients' personal and sensitive data under SSL encryption. Your capital will be kept highly secure in top-tier banks.
If you want to further safeguard your account, you can empower Two-Step Verification also. It takes an SMS affirmation that you get your accounts.
Is OANDA trading good?
Yes, trading through OANDA is a pleasant and decent experience indeed. It's an excellent and intuitive platform with helpful features for your ease. Moreover, you could even obtain access to a vast selection of educational resources and assistive substance to kickstart your trading expertise.
If you are still skeptical, you can open a eToro demo account and evaluate the credibility of the platform on your own.
Which Countries does OANDA support?
OANDA operates across the globe. However, due to regulations there are some countries that OANDA do accept clients from BR, KR, IR, IQ, SY, JP, US
Is OANDA legit?
OANDA is a legit company headquarted in United States, Canada since 1996. They are regulated by Financial Conduct Authority (FCA), Australian Securities and Investment Commission (ASIC). OANDA is an acclaimed fintech company, which operates with transparency. You will not have to bear any hidden costs or be a victim to any scams.
Is OANDA a good broker?
OANDA is a great broker, and its users may vouch for this. The highlight of the platform is its quick order execution on transactions.
You'll discover the clean layout of the platform and the commendable features a pleasure to work with.
Is OANDA a trustworthy broker?
Yes, OANDA is a trustworthy broker. Top-tier financial authorities regulate all operations. Over 10,000+ users registered with them can reaffirm their trustable nature.
What is the minimum deposit for OANDA?
The minimum deposit to open a live account with OANDA is $1
How long do OANDA withdrawals take?
Normally, withdrawal of money from OANDA is actioned within a couple of working days but depending on the withdrawal method chosen, it could take up to 7 working days for the withdrawal from OANDA to show in your bank account.
Are OANDA regulated?
OANDA are regulated by Financial Conduct Authority (FCA), Australian Securities and Investment Commission (ASIC)
Is OANDA a market leading broker?
OANDA is indisputably one of the business leaders. It has over 10,000+ registered users and over 25 years of expertise on its record. They are among the world's leading trading platforms and a prominent figure in the Fintech revolution.
It simplifies this standing to its incredible platform and wide selection of tools plus resources so that you can put money into capital markets.
Is OANDA a con?
No, OANDA is not a con. They are regulated by Financial Conduct Authority (FCA), Australian Securities and Investment Commission (ASIC) and must adhere to their rules. Thus, it is safe to say that OANDA is not a scam.
Can you make money with OANDA?
Through OANDA, several traders earn a great deal of money. But typically, through continual trading, you also can make between 2% - 10% profit a month.
This may seem like a small number, but within the year, this adds to a substantial amount of gains. Even though OANDA provide you all of the tools to earn money, they cannot guarantee you will profit.
Does OANDA have fees?
Yes. To begin trading with OANDA, you have to deposit $1. Certain commissions while trading also applies. Any processing fees from your bank might have to be incurred by you.
When was OANDA founded?
OANDA was founded in 1996 in United States, Canada. OANDA is regulated by Financial Conduct Authority (FCA), Australian Securities and Investment Commission (ASIC).
How many people use OANDA?
OANDA is a worldwide recognised broker with 10,000+ customers.
Where is the OANDA head office?
OANDA has its head office in United States, Canada
Does OANDA offer negative balance protection?
Does OANDA offer guaranteed stop loss?OANDA regrettably, does not offer guaranteed stop loss. OANDA provides an opportunity for its traders to close their trade at their specified price. Apart from this, OANDA does not offer guaranteed stop loss.
Does OANDA allow scalping?Yes, OANDA do permit scalping. Many traders across the world select OANDA for their scalping services. They offer trading on MT4, OANDA Desktop, OANDA Web, OANDA Mobile which let this.
Does OANDA allow hedging?
Yes, OANDA does allow hedging.
Can you trade energies with OANDA?
Yes, you can trade energy stocks with OANDA
Can you trade agricultural shares with OANDA?
Yes, you can trade agricultural stocks with OANDA
Can you trade cryptocurrency with OANDA?
No, unfortunately you cannot trade cryptocurrency with OANDA
Can you trade metals with OANDA?
Yes, you can trade metals with OANDA
Can you trade UK Shares with OANDA?
No, unfortunately you cannot trade UK shares with OANDA
Can you trade US Shares with OANDA?
No, unfortunately you cannot trade US shares with OANDA
Can you trade Japanese Shares with OANDA?
Yes, you can trade Japanese shares with OANDA
Can you trade German Shares with OANDA?
Yes, you can trade German shares with OANDA
Does OANDA accept bank transfers?
Yes, OANDA accepts bank transfers for depositing money.
Does OANDA accept credit cards?
Yes, OANDA accepts credit cards for depositing money.
Does OANDA accept PayPal?
No, OANDA does not accept PayPal.
Does OANDA accept Skrill?
No, OANDA does not accept Skrill.
Does OANDA accept Payoneer?
Yes, OANDA accepts Payoneer for depositing money.
Does OANDA accept Neteller?
No, OANDA does not accept Neteller.
Does OANDA offer Live Chat customer support?
Yes, OANDA offers customer support through live chat.
Does OANDA offer phone customer support?
Yes, OANDA offers customer support over the telephone.
Does OANDA offer email customer support?
Yes, OANDA offers customer support through email.
What languages can OANDA communicate in?
OANDA has the ability to communicate and support customers who speak: English, and Chinese
Does OANDA have a wikipedia page?
No, OANDA does not have an official wikipedia page.
Does OANDA offer demo accounts?
Yes, OANDA offers virtual portfolio accounts so you can learn their systems before risking any real capital. Inexperienced traders can open a virtual portfolio account in order to become better acquainted with the aspects of Forex trading and test out some of OANDA's features before risking a live account.