- Accepts U.S. clients
- Regulated by FCA and NFA
- Fast and user-friendly account opening
- Customer support is not 24/7
- High fee for wire withdrawals
Reviewed broker: Oanda
Operated by OANDA Corporation
Established in 1996
Located: Kingston Chambers, PO Box 173, Road Town, Tortola, British Virgin Islands.
OANDA (Canada) Corporation ULC is regulated by the Investment Industry Regulatory Organization of Canada (IIROC).
OANDA Europe Limited is a company registered in England number 7110087, and has its registered office at Dashwood House, 69 Old Broad Street, London EC2M 1QS. It is authorised and regulated by the Financial Conduct Authority, No: 542574.
OANDA Asia Pacific Pte Ltd (Co. Reg. No 200704926K) holds a Capital Markets Services Licence issued by the Monetary Authority of Singapore.
OANDA Australia Pty Ltd is regulated by the Australian Securities and Investments Commission ASIC (ABN 26 152 088 349, AFSL No. 412981)
OANDA Japan Co. Ltd. Type I Financial Instruments Business (Director-General of Kanto Local Financial Bureau (Kinsho) Registration No. 2137）/ Commodity Futures Trading Dealers
OANDA Europe Markets Limited is a company registered in Malta number C 95813, and has its registered office at Office 11, SOHO Offices, J Block, Savoy Gardens, Triq d’Argens, Gzira GZR 1362, Malta. It is authorised and regulated by the Malta Financial Services Authority.
OANDA Global Markets Ltd is a company registered in BVI number 2026433, and has its registered office at Kingston Chambers, PO Box 173, Road Town, Tortola, British Virgin Islands. It is authorised and regulated by the BVI Financial Services Commission, number: SIBA/L/20/1130.
Available base currencies EUR, USD, GBP, AUD, CAD, CHF, HKD, JPY, SGD
Negative balance protection: yes
Trading instruments: Forex, Indices, Metals, Shares, Commodities, Cryptocurrencies
Account types: standard
Demo account: yes, unlimited
Special feature: One of the notable features of OANDA is the ability to make your own ‘box options’ in real time. This way the broker allows you to mark your indicators on the charts so you can track the currency pairs to find the next move.
Spreads start from 1.4 pips
Spread types: variable
Maximum leverage is up to 50:1
Advanced charting features: yes
AlgoStudio: professional algorithmic strategy development tool
Expert advisors: allowed
Automated trading: yes
Access the fully customisable MetaTrader 4 & 5 platforms directly from your web browser or download onto your desktop. Or download our super responsive, award-winning fxTrade mobile app for a better all-round trading experience.
MT4 web, desktop and mobile
Log into OANDA MetaTrader 4 web from your Mac without the need to install the Windows operating system. Or get push notifications from the desktop platform and MQL5 community services on your MT4 mobile app.
Reliable and intuitive interface
Customise the desktop platform to suit your trading preferences, or trade securely from your browser with MT4 web. Using the mobile app, you can see up to four charts in one window, customise chart colour schemes and easily switch between financial instruments on charts. The desktop platform offers a range of plug-ins and custom layouts.
Trade directly from your charts
Choose from nine timeframes and multiple displays, including five candles per week on the Daily NY Close Charts on MT4 web. Our desktop platform offers over 50 built-in indicators. You can access high-performance interactive price charts in real time from your mobile app, with zoom and scroll options.
Advanced MT4 mobile app functionality
Configure properties of graphical objects and indicators (iOS only). Information window displays orders, trading history, emails, news and logs on iPad. You can also trade and analyse the markets using technical indicators and graphical objects, including 30 popular technical indicators, nine timeframes and 24 analytical objects.
Multiple order types and push notifications
We offer a range of orders on the MetaTrader 4 web platform. This includes stop and limit orders, as well as close-by orders. You can even receive notifications and alerts on your phone when trades are executed. On the mobile app, you can see trade levels visualising the price of pending orders, as well as stop loss and take profit values on charts.
Secure and fast chats with other traders
Create group chats and channels; chat with registered MQL5 community traders. Free financial news, relevant to trading.
Open and close positions with a single tap. View a snapshot of pending orders and current positions with innovative trading tools.
MT5 web, desktop and mobile
Experience the next generation trading experience with MetaTrader 5. Advanced trading tools, improved charting capabilities, depth of market and more.
Depth of market on MT5
Unlike MT4, where depth of market is available as a plug-in, depth of market is built into the MT5 platform for OANDA. This means you can trade large sizes in a single transaction, as well as view pricing and spreads for larger sizes. Our spreads for typical trade sizes start from just 0.6 pips on EUR/USD. You can easily see the available liquidity for the market you wish to trade, meaning that the smaller your trade size, the tighter the spread we can offer you.
Improved charting with AutoChartist
Scan and analyse the intraday markets using the automatic chart pattern recognition tool. Identify support and resistance levels and spot potential trading opportunities. You can install AutoChartist as an expert advisor and see trends on your MT5 charts. We also offer free daily reports to your inbox with market overview and automated alerts.
From order tickets to charting layouts to account details, every part of the fxTrade experience has been designed to be user-friendly for professional and retail traders alike. The app is secure and super-responsive.
Establish your personal set of default parameters, including units traded, risk and profitability levels for pending orders, bounds in pips or percentage price, and favourite financial instruments.
Multi-asset product suites
Using our fxTrade app, you can speculate on our full range of share CFDs – which is not available on MT4. You can also take a position on forex, indices, commodities, cryptocurrencies and metals.
Payment methods check, Credit cards, PayPal, Wire transfer
Minimum deposit requirement: $1
Available bonus: Open an account with OANDA, and you could receive a Welcome Bonus of up to US$300. To be eligible for a Welcome Bonus of US$300, you’ll need to deposit at least USD$3,000 and meet our minimum trade volumes within 45 days*.
OANDA’s customer support is available 24/7 via email. The broker lists its business hours for phone and live chat support as Sunday 4 p.m. Eastern Time to Friday 6 p.m. Eastern Time.
Series of educational videos and articles are available for new and experienced investors alike. Live webinars are also available and cover a wide range of subjects, including market analysis, platform education, economic analysis, and Q&A sessions.
Frequently Asked Questions
Is OANDA Good for Beginners?
Not really. It requires a significant learning curve and is much more appropriate for seasoned traders as a result.
Which Is Better: Forex.com or OANDA?
According to most research, the differences between them in terms of quality are more or less negligible. Both are top-tier global leaders in the forex services sphere and offer traders an all but equally comprehensive array of tools and services.
Is OANDA Regulated in the U.S.?
Yes. OANDA is subject to regulation by both the NFA and the CFTC in the U.S.
Does OANDA charge a fee?
In addition to a monthly inactivity fee “of 10 units of the currency in which your account is denominated when there are no open trades in your account for a period of at least 12 months” (as OANDA notes on its website), the broker also lists fees for deposits/withdrawals, bank wire transfers, and multiple debit card withdrawals in the same month.
How was the rating of Oanda performed compared to other brokers?
This 2023 Forex Broker Review has been conducted though thorough research and assessment of rating and ranking among almost 300 international forex brokers. The final grade is given based on Oanda FX broker performance and features.
Overall our online Oanda review was conducted with the details obtained from the demo trading and the forex brokers website. If you would like to add details to this online Oanda or you find inaccurate details Oanda broker review please get in touch with us and the changes will be applied.