OANDA – Forex Broker Review and Customer feedback

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Contents

Oanda.com Review Visit site

Broker Details

Minimum Trade Size: 0.001
Maximum Leverage: 50:1
Minimum to Open Live: $1
Established: 1996
Address: 135 West 41st Street New York NY, 10036, United States
Contact: [email protected], +61 2 8046 6258
Regional offices:
Regulators: ASIC #412981, IIROC #, FCA #542574
Prohibited countries:

Yes

Yes

Trading platforms: MT4, WebTrader
Web Trading:
Mobile Trading:
Currencies: (55+)
Cryptocurrencies:
CFD: (5+) Gold, Silver, Other Precious Metals, Oil, Other Commodities

Yes

Yes

Scalping:
PAMM:
Deposit Methods: Bank Wire, VISA, MasterCard, ACH Payments (echeck), BPAY, CHAPS, Check, DBS Bill Payment, Local Bank Deposits, Local Bank Transfers, Payment Asia, PayNow, PayPal, SEPA Credit Transfer (SCT), SWIFT
Withdrawal Methods: VISA, MasterCard, Check, Local Bank Transfers, PayPal

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Oanda.com profile provided by MatthewC, Mar 22, 2020

Competitive Spreads

Trade with confidence knowing your OANDA CFD* & retail forex trading account gets competitive spreads with no commissions on your trades, no minimum deposit and no account maintenance fees

Exceptional Execution

Low cost of CFD and forex trading is more than just spreads. It’s having your trades executed automatically without requotes or rejections, unless you choose to place upper or lower bounds to protect against price fluctuations.

Award-Winning Online Trading Platform

Experience the power and ease of CFD and forex trading with OANDA across all our trading applications. OANDA puts you in full control of your trade strategy, so you never lose sight of the market.

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Let other traders know if this service is worth checking or should be avoided.

Your feedback matters!

Consumer Reviews

Service use: Live

Length of use: over 1 Year

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Initially, I was skeptical like anyone else. However, much to my amazement, Oanda’s performance far supersede’s other brokers performance. What truly matters to me is the Deposit and Withdrawal system, established by Oanda. It’s truly a wonder.

I haven’t experience such a swift withdrawal from any other broker and Oanda truly won the appeal of being the A list broker in my honest opinion. Notwithstanding the fact, their pro account allowed me to trade in tight spreads (Pretty much like an ECN account).

I thought the brokerage world ended in a dark light, however, Oanda surely did proved everyone wrong here. Keep the transparency going!

Service use: Demo

Length of use: 0-3 Months

Service use: Live

Length of use: 6-12 Months

Service use: Live

Length of use: over 1 Year

I have had my account for around 8 years. Never really had any issues, last week I had 85 trades all executed without a hitch, mostly all limit triggered without any slippage. Customer service is a non-starter mostly and this is my one gripe. Used to be a lot better, and you could actually get somebody on the phone relatively quickly. I suspect this will become better once I trade up to a pro account.

People complain about spreads widening, platforms freezing, financing charges, withdrawal delays, but I think all these matters are present in all or most brokerage operations. All I know is that after many thousands of trades both large and small, I have no reason to suspect that this broker is “out to get me”.

Service use: Live

Length of use: 3-6 Months

Service use: Live

Length of use: 3-6 Months

My experience with them is just frustration. I have lost a lot of money. At first, everything was incredibly good, making a lot of profit. My worse mistake is that I didn’t even try to withdraw money captivate by the idea of making more. Actually, the day the POTUS was giving his speech about Iran on the killing of the general, I made more $5000 in less than 30 minutes. After that day, it was like THEY HAVE SET ME UP FOR FAILURE. At one point, I was asking my self if I was, in the whole world, the only one trader in this platform. The system was after me for anything, but I have already lost so much that I didn’t want to give up. You apply STOP LOSS, you lose. You leave your trade without stop loss, you lose even more with MARGIN CLOSE OUT. Because whatever I did turned to be bad. I really believe that THEIR SYSTEM IS RIG. It is just not fair, and I want to know WHAT CAN I DO TO HAVE THIS SITUATION INVESTIGATED.

You don’t get to lose over $23k, with the impression that you have been rubbed and feel ok with that. I am now thinking about one thing: WHAT TO DO TO HAVE A RIGHT UNDERSTANDING OF WHAT HAS HAPPENED.

Service use: Live

Length of use: over 1 Year

I used a debit card to deposit my funds. After taking a break from trading currency to focus on the US stock market. I returned 30 months later (felt like a much shorter time) to find that Oanda had been withdrawing money out of my account for 6 months – no notification that this was happening!

I decided that, because of this sketchy practice, I would take my money to a different broker. NOW THEY WON’T GIVE ME MY MONEY! My withdrawal was denied because I no longer have the debit card I used to make the initial deposit.

Not a single soul has been able to help me recover my funds. Luckily my lawyer had dealt with them before and will be taking control from here.

Service use: Live

Length of use: over 1 Year

I just hit the 10-year mark with Oanda. (I’m full-time). Every time I get frustrated about something, I do a lot of research and test trial accounts, and then end up deciding to stay put. To be profitable (I am), you really need to learn how all their costs (especially financing) work.

When you meet certain criteria, you get a dedicated account rep. This is helpful for fast responses, but I rarely have issues, so I don’t talk to him much. He was, however, helpful when they were building their mobile app; I was able to make some change requests and they were implemented.

The bottom line is I trust them, even though I wish some things were better. I also really prefer their proprietary trading app over MT4. That’s a big part of the reason I’ve stayed put. I’m a 100% discretionary trader, so I don’t need automation or much backtesting. I doubt I’ll be with them forever, but I can’t find anyone better right now.

Service use: Live

Length of use: 3-6 Months

my experience with Oanda was relatively short live(5 months)but i cannot say too many negatives as i never had issues with my tradesor withdrawals- the result was also positive and resolved HOWEVER there were always delays with my withdrawals and trade queries. i had an occasion where i wanted to double check a slippage issue and it took 5 working days to receive a comprehensive response. for me this was frustrating as it was a large trade and thus a more pressing concern.

Anyway, Oanda overall is very good, but efficiency is not something i would rate them in (FROM MY EXPERIENCE) .

Suitable i would say for the mroe experienced traders, perhaps not newbies as the client area is a little confusing and not too easy at first.

Service use: Live

Length of use: 3-6 Months

Overnight Financing rate for USDCNH on 21 Jan 2020 is -22.75% for long position of 1 lot. Oanda just churn out their financing rate forcing clients to close their position, Oanda always win

Dec 27, 2020 – 1 Star Oanda swop rates for many important pairs keep widening everyday, sudden change of margin/lowering leverage. Huge scam, hope it bankrupt next year

Frequently Asked Questions

Is Oanda a broker and what does it trade?

OANDA is an online forex broker, offers a range of financial instruments like:

  • Forex currency pairs,
  • Commodities,
  • Indices
  • Bonds
  • Precious Metals

Is Oanda a good broker?

Unbiased traders reviews on ForexPeaceArmy is the best way to answer if Oanda is a good broker. https://www.forexpeacearmy.com/forex-reviews/88/www.oanda.com.

Please come back often as broker services are very dynamic and can improve or deteriorate rapidly.

Additionally, we’d recommend to check recent Oanda community discussions: https://www.forexpeacearmy.com/community/tags/oanda/

Is Oanda free?

Oanda offers free services and charged services.

For trading forex, there is no added commission, the only cost to trade is the spread that Oanda charges.

Does Oanda allow scalping?

Oanda does not restrict scalping. You can scalp as you want.

Oanda Review 2020

Summary

Recommended for forex traders who value a user-friendly platform and great research tools

Oanda is an American forex broker founded in 1996.

It is considered safe because it has a long track record, discloses its financials, and is regulated by top-tier authorities, such as the US Retail Foreign Exchange Dealer (RFED) and the UK’s Financial Conduct Authority (FCA).

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 73.5% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

We selected Oanda as Best mobile trading platform and Best broker for API trading for 2020, based on an in-depth analysis of 57 online brokers that included testing their live accounts. Check out the complete list of winners.

Oanda pros and cons

With just a few exceptions, Oanda’s fees are low. It offers a great and easy-to-use web trading platform, and a quick and user-friendly account opening process with no minimum deposit. Its research tools are powerful, with numerous technical indicators and a great API offer.

On the downside, Oanda has a limited product portfolio, as you can trade with forex and CFDs only. The bank withdrawal fee is high, while customer support could be improved as it is slow and not available 24/7.

Pros Cons
• Generally low fees • Only FX and some CFDs
• Easy-to-use web trading platform • Poor customer service
• Easy and digital account opening • High bank withdrawal fee
Oanda main features and highlights
��️ Country of regulation USA, UK, Australia, Singapore, Canada, Japan
�� Trading fees class Low
�� Inactivity fee charged Yes
�� Withdrawal fee amount $0
�� Minimum deposit $0
�� Time to open an account 1-3 days
�� Deposit with credit card Available
�� Depositing with electronic wallet Available
�� Number of base currencies supported 9
�� Demo account provided Yes
��️ Products offered Forex, CFD

Gergely Korpos

Author of this review

Everything you find on BrokerChooser is based on reliable data and unbiased information. We combine our 10+ years finance experience with readers feedback. Read more about our methodology

Oanda review
Fees

Oanda charges low CFD and low forex fees. Non-trading fees are low, though the withdrawal fee is quite high for bank transfers.

Pros Cons
• Low trading fees • High withdrawal fee for bank transfers
• Low forex fees
• No withdrawal fee
• No withdrawal fee in most cases
Oanda fees snapshot
Assets Fee level Fee terms
EURUSD Low The fees are built into spread, 1.2 pips is the average spread cost.
GBPUSD Low The fees are built into spread, 1.6 pips is the average spread cost.
S&P 500 CFD Low The fees are built into spread, 0.5 is the average spread cost.
Inactivity fee Low $10 per month after 2 years of inactivity

How we ranked fees

We ranked Oanda’s fee levels as low, average or high based on how they compare to those of all reviewed brokers.

To get things rolling, let’s go over some lingo related to broker fees. What you need to keep an eye on are trading fees, and non-trading fees.

  • Trading fees occur when you trade. These can be commissions, spreads, financing rates and conversion fees.
  • Non-trading fees include charges not directly related to trading, like withdrawal fees or inactivity fees.

In the sections below, you will find the most relevant fees of Oanda for each asset class. For example, in the case of forex and stock index trading, spreads, commissions and financing rates are the most important fees.

We also compared Oanda’s fees with those of two similar brokers we selected, Pepperstone and FXCM. This selection is based on objective factors such as products offered, client profile, fee structure, etc. See a more detailed rundown of Oanda alternatives.

To have a clear overview of Oanda, let’s start with the trading fees.

Oanda trading fees

Oanda trading fees are generally low.

We know it’s hard to compare trading fees for forex brokers. So what we did was we compared brokers by calculating all the fees of a typical trade for selected products.

We picked popular instruments within each asset class usually offered by forex brokers:

  • Forex: EURUSD, GBPUSD, AUDUSD, EURCHF and EURGBP
  • Stock index CFDs: SPX and EUSTX50

A typical trade means buying a leveraged product, holding it for one week and then selling it. For volume, we chose a $20,000 position for forex and a $2,000 position for stock index and stock CFD transactions. The leverage we used was:

  • 30:1 for forex
  • 20:1 for stock index CFDs

These catch-all benchmark fees include spreads, commissions and financing costs for all brokers. Let’s see the verdict for Oanda fees.

Forex fees

Oanda forex fees are low. The EURUSD fee is a bit higher than the average.

Oanda forex benchmark fees of a $20,000 30:1 long position held for one week

Oanda Pepperstone FXCM
EURUSD benchmark fee $15.9 $14.9 $16.7
GBPUSD benchmark fee $11.9 $12.5 $13.0
AUDUSD benchmark fee $8.3 $11.9 $126.5
EURCHF benchmark fee $7.1 $3.7 $4.6
EURGBP benchmark fee $10.7 $10.6 $9.6

CFD fees

Oanda has generally low CFD trading fees. Compared to Pepperstone and FXCM, Oanda’s fees are lower.

Oanda CFD fees for a $2,000 long position held for one week

Oanda Pepperstone FXCM
S&P 500 CFD benchmark fee $1.0 $1.7 $2.2
Europe 50 CFD benchmark fee $0.9 $1.6 $1.6

Non-trading fees

Oanda has average non-trading fees. There is no deposit fee. The withdrawal fee is low for credit/debit cards and PayPal, but the bank withdrawal fee is high. Oanda charges a reasonable $10 per month after 2 years of inactivity.

Oanda non-trading fees

Oanda Pepperstone FXCM
Account fee No No No
Inactivity fee Yes No Yes
Deposit fee $0 $0 $0
Withdrawal fee $0 $0 $0

Oanda review
Account opening

Oanda’s account opening is straightforward, with no required minimum balance.

Pros Cons
• Fully digital • Issues with ID verification can slow account opening
• No minimum deposit
• Low minimum deposit

Can you open an account?

Visit broker
73.5% of retail CFD accounts lose money

What is the minimum deposit at Oanda?

There is no minimum deposit at Oanda.

Account types

There is only one type of trading account at Oanda (in addition to a demo 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.

How to open your account

From start to finish, you can calculate with 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.

It takes four steps to complete Oanda account opening:

  1. Contact details: set your username and password.
  2. Personal information: submit basic personal information, like your employment status or income estimate.
  3. Appropriateness test: fill out a competence test with questions like “What are margins?”
  4. Verify your identity: upload a copy of your ID/passport to verify your identity, and a bank statement / utility bill to verify your residency.

Oanda review
Deposit and withdrawal

There is no deposit fee and you can conveniently use your debit card for deposit. While withdrawal is free in most cases, it is expensive for bank transfers, and it involves a fee if you withdraw to your card more than once a month.

Pros Cons
• Credit/Debit card available • High withdrawal fee for bank transfers
• No deposit fee
• Withdrawal is free for PayPal and for the first debit card transaction each month

Account base currencies

At Oanda, you can choose from 9 base currencies:

EUR USD GBP
AUD CAD CHF
HKD JPY SGD
Base currencies at Oanda vs similar brokers
Oanda Pepperstone FXCM
Number of base currencies 9 10 3

Why does this matter? For two reasons. If you fund your trading account in the same currency as your bank account or you trade assets in the same currency as your trading account base currency, you don’t have to pay a conversion fee.

A convenient way to save on currency conversion fees is by opening a multi-currency bank account at a digital bank. Revolut or Transferwise both offer bank accounts in several currencies with great currency exchange rates as well as free or cheap international bank transfers. Opening an account only takes a few minutes on your phone.

Deposit fees and options

Oanda charges no deposit fees for bank transfers and credit cards, but depositing via PayPal costs £0.35 per transaction plus 1.4% of the transferred amount.

Oanda deposit options

Oanda Pepperstone FXCM
Bank transfer Yes Yes Yes
Credit/Debit card Yes Yes Yes
Electronic wallets Yes Yes Yes

Deposit options vary depending on your residency and your account currency. We listed the main options below.

Deposit options in the regions

Option Europe United States Canada Asia-Pacific Australia
Bank transfer
Credit card
Debit card
PayPal

You can only deposit money from accounts that are in your name. A bank transfer can take several business days, while payment with a credit/debit card is instant. For more information, visit Oanda’s website.

Oanda withdrawal fees and options

Oanda charges no withdrawal fees for the first transfer each month for debit cards, while PayPal is free for EUR, USD, and GBP transactions. On the other hand, bank transfers cost a minimum of $20 (both domestic and international), and subsequent debit card withdrawals during the month cost $15 each.

Oanda withdrawal fees and options

Oanda Pepperstone FXCM
Bank Transfer Yes Yes Yes
Credit/Debit card Yes Yes Yes
Electronic wallets Yes Yes Yes
Withdrawal fee $0 $0 $0

Withdrawal options and fees vary depending on your residency. The main withdrawal options are the same as those for deposits.

You can only withdraw money to accounts in your name. How long does it take to withdraw money from Oanda? At Oanda’s website, you will see various time estimates for different methods. In our tests it took only one business day using a debit card.

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Oanda review
Web trading platform

Oanda’s web trading platform is user-friendly and safe with good customizability. On the downside, you can’t set price alerts.

Pros Cons
• User-friendly • No price alerts
• Clear fee report
• Two-step (safer) login
Oanda platforms to choose from
Trading platform Score Available
Web 4.5 / 5 stars Yes
Mobile 5.0 / 5 stars Yes
Desktop 3.8 / 5 stars Yes

At Oanda you can choose from two trading platforms: Oanda’s own platform or MetaTrader 4. In this review, we tested Oanda’s platform.

The web trading platform is available in several languages:

Chinese English French German Italian
Japanese Portuguese Russian Spanish Japanese

Look and feel

Oanda’s own trading platform is user-friendly and well-designed. It is also customizable, allowing you to change the tabs’ position and size.

Login and security

Oanda provides a two-step login, which is safer than using only a username and password. For two-step login to work, you’ll have to install the Google Authenticator app, which is a compromise that’s easy to live with for the sake of security.

Search functions

The platform’s search function is good, in that you can easily find the assets you are looking for. Assuming you found the search function in the first place – its location is not very intuitive, as the search menu can be found under the ‘Rates’ tab.

Placing orders

You can use the following order types:

  • Market
  • Limit
  • Take profit
  • Stop loss
  • Trailing stop

Only Good till Date (GTD) order time limit is available. To get a better understanding of these terms, read this overview of order types.

Alerts and notifications

You cannot set price alerts and notifications on the web trading platform, although this function would be useful and it is available at several other brokers.

Portfolio and fee reports

Oanda has clear portfolio and fee reports. You can find your summary of spread costs, commissions and profit under the ‘Activity’ tab.

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73.5% of retail CFD accounts lose money

Oanda review
Mobile trading platform

Oanda’s mobile platform is similar to the web trading platform in functionality, and as a plus, you can also set alerts.

Pros Cons
• User-friendly • No Touch/Face ID login
• Two-step (safer) login
• Good search function

Oanda’s mobile trading platform is available on both iOS and Android. We tested it on Android in English, but it’s also available in the following languages:

Arabic Chinese German
English Japanese Russian

Look and feel

The Oanda mobile trading platform is user-friendly. The chart tab is great, you can customize it well. This is not something you commonly find at other brokers.

Login and security

Oanda provides a two-step login, which is definitely safe, but you can’t use biometric authentication (i.e. fingerprint or face recognition on your phone), which would make the process even more convenient.

Alerts and notifications

Unlike on the web trading platform, it’s possible to set alerts and notifications on the Oanda mobile platform.

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73.5% of retail CFD accounts lose money

Oanda review
Desktop trading platform

Oanda’s desktop platform mimics the web platform in terms of functionality, but its design could be improved.

Pros Cons
• Clear fee report • No price alerts
• Good customizability (for charts, workspace)
• Good variety of order types

Visit broker
73.5% of retail CFD accounts lose money

Oanda review
Markets and products

At Oanda you can trade only forex and CFDs. It offers fewer forex pairs but more CFDs than its closest competitors.

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 73.5% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Oanda has a wide selection of CFD products (including stock index, bond, and commodity CFDs), but the number of available currency pairs is average at best.

Oanda product selection

Oanda Pepperstone FXCM
Currency pairs (#) 71 80 39
Stock index CFDs (#) 16 14 14
Commodity CFDs (#) 31 14 10
Bond CFDs (#) 6

We really liked the fact that you can set the leverage manually. At some other brokers, including Pepperstone and FXCM, this feature is not available. It is located under the ‘Deposit and Withdrawal’ tab, which is not very intuitive though.

Changing the leverage is a very useful feature when you want to lower the risk of your trade. For example, instead of trading with 5:1 leverage, only trade with 2:1 leverage in the case of stock CFDs. Be careful with forex and CFD trading, as the preset leverage levels may be high.

Oanda review
Research

Oanda has a wide range of research tools, such as news, technical analysis and API.

Pros Cons
• Good interactive chart • Research tools are poorly organized
• Quality news flow
• User-friendly
• Great API

Oanda has a lot of research tools, but they are scattered across five different pages. For the sake of clarity, here they are in one place:

  • MarketPulse: analyses written by Oanda’s own research team. It also includes an economic calendar.
  • News: MarketPulse articles plus a feed by Dow Jones Newswires, a prominent third-party information provider
  • Economic analysis: analyses of important economic events. However, there is an overlap with MarketPulse as many of these articles can be found there as well.
  • Oanda Labs: tools developed by Oanda’s engineers. These tools are usually based on technical analysis, e.g. candlestick pattern analysis.
  • Technical analysis: many technical analysis tools powered by Autochartist
  • Algo Lab: a powerful tool for API trading

Research tools are available in multiple languages.

Fundamental data

Oanda provides no fundamental data, mostly because it concentrates on forex.

Charting

Oanda has great charting tools. The charts are very responsive, easy to edit, and you can use more than 70 technical indicators.

News feed

News is available on the ‘News’, ‘Market Pulse’, and ‘Economic Analysis’ pages. You can reach these pages from the trading platforms.

We think ‘MarketPulse‘ is your best bet to be in the know. It offers well-written news and analysis with visual elements like charts or videos. You can also find a great economic calendar. These elements are totally missing from the ‘News‘ page, while the ‘Economic analysis‘ page is not up to date.

Other research tools

There are so many other research tools that even a separate review wouldn’t do them justice. Therefore, we picked only the hottest ones.

Oanda has great API options. You can make/use your own APIs in a great and very user-friendly environment. Algo Lab allows you to code and deploy your own automated trading strategies right from your web browser. Programming languages supported by Algo Lab are C#, Python, and F#.

Oanda review
Customer service

You can reach Oanda’s customer service through several channels, but its quality and availability could be improved.

Pros Cons
• Phone support • No 24/7 support
• Live chat • Speed could be improved

It is a big plus that you can contact Oanda in several ways:

  • live chat (with an Oanda rep)
  • chatbot (virtual assistant)
  • phone
  • email

Oanda’s customer service is available 24 hours a day, but live chat and phone support is available only between Sunday and Friday. Although not 24/7, this is still good availability, but we were not satisfied with the quality:

  • On live chat, we got relevant answers, but the response time can be long. On several occasions, we had to wait around 15 minutes before an agent was connected. Furthermore, they wrap up live chat very quickly if you don’t respond right away. A good feature though is that you can export message texts.
  • The chatbot is a really innovative solution in theory, but it cannot answer even basic questions, like what the average spreads are on EURUSD.
  • On the phone, both relevance and response times could be improved. Once we waited around 8 minutes, and then couldn’t get a fully satisfactory answer to our question (we wanted to get a good overview of fees).
  • Email support gave relevant answers, but their response was slow (taking 3 to 7 days).

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73.5% of retail CFD accounts lose money

Oanda review
Education

Oanda offers live and pre-recorded webinars ranging from the basics to expert trading, but this wide selection of educational materials is not structured well.

Pros Cons
• Demo account • Materials are not well-organized
• Trading platform tutorial
• Educational videos

It is great that you can use many tools for education:

  • Demo account
  • Educational videos
  • Platform tutorial videos
  • Webinars
  • Texts

We enjoyed the quality of the videos, they were well produced. On the other hand, we felt they should be better organized; for example, a playlist for trading platform basics would be nice.

There are high-quality webinars available to everyone, covering basic trading topics like risk management. Premium webinars are only accessible to Oanda customers. Educational materials are also available for reading, covering many of the same topics. On the negative side, educational tools could be more structured. As with research tools, we felt lost as educational tools were scattered all over the platform.

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73.5% of retail CFD accounts lose money

Oanda review
Safety

Oanda is regulated by top-tier authorities, but it doesn’t have a banking license and is not traded on a stock exchange.

Pros Cons
• Majority of clients belong to a top-tier financial authority • Does not hold a banking license
• Negative balance protection • Not listed on stock exchange
• Financial information is publicly available

Is Oanda regulated?

Yes, it is regulated by several financial authorities, including top-tier regulators like the UK’s Financial Conduct Authority (FCA). You can find a list of regulators overseeing Oanda’s respective legal entities here.

Is Oanda safe?

To be certain, we highly advise that you check two facts:

  • how you are protected if something goes wrong
  • what the background of the broker is

How you are protected

Oanda has six legal entities. This is important for you because the investor protection amount and the regulator differs from entity to entity.

Not all investments are protected by SIPC. In general, SIPC covers notes, stocks, bonds, mutual funds and other investment company shares, and other registered securities. It does not cover instruments such as unregistered investment contracts, unregistered limited partnerships, fixed annuity contracts, currency, and interests in gold, silver, or other commodity futures contracts or commodity options.

Legal entities

Client country Investor protection amount Regulator Legal entity
Europe £85,000 (FSCS) Financial Conduct Authority (FCA) OANDA Europe Limited
USA No protection Commodity Trading Futures Commission and National Futures Association OANDA Corporation
Canada $1,000,000 (CIPF) Investment Industry Regulatory Organization of Canada (IIROC) OANDA (Canada) Corporation ULC
Australia No protection Australian Securities and Investment Commission (ASIC) OANDA Australia Pty Ltd
Asia (except Japan) No protection Monetary Authority of Singapore (MAS) OANDA Asia Pacific Pte Ltd
Japan No protection Financial Services Agency (FAS) OANDA Japan Inc

Oanda provides negative balance protection for forex spot and CFD trading, but only for retail clients from the European Union. Professional and non-EU clients are not covered with any negative balance protection.

Background

Oanda is based in the USA and was founded in 1996. The longer track record a broker has, the more proof we have that it has successfully weathered previous financial crises.

It provides annual financial statements and is regulated by a top-tier regulator. All of these are great markers of Oanda’s safety.

Oanda review
Bottom line

Oanda is a good forex broker: its fees are great, and it has a good web trading platform where you will quickly feel comfortable. It provides a user-friendly and fully digital account opening process, as well as powerful research tools, especially API.

On the other hand, Oanda has a limited product portfolio, as only forex and CFDs are available. Customer support is slow, and bank withdrawal fees can be high.

Feel free to try Oanda: it is regulated by top-tier regulators, there is no minimum deposit, and the inactivity fee only kicks in after two years.

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73.5% of retail CFD accounts lose money

We do all things CFDs

CFD trading

We offer prices on a wide range of global CFD instruments, including indices, forex, commodities, metals and bonds.

Currency converter

Access real-time rates for all the major FX pairs, plus up to 25 years’ historical exchange rates across 38,000 forex pairs.

This service is provided by OANDA Corporation, an NFA regulated firm based in the United States.

Solutions for business

Discover OANDA Treasury, Exchange Rates API, Historical Currency Converter and Corporate Payments solutions.

This service is provided by OANDA Corporation, an NFA regulated firm based in the United States.

OANDA Rate ® data currency calculator

Touchstone foreign exchange rates compiled from leading market data contributors. Our rates are trusted and used by major corporations, tax authorities, auditing firms and individuals around the world.

This service is provided by OANDA Corporation, an NFA regulated firm based in the United States.

Currency Converter

Powered by OANDA Corporation

Note: This currency is obsolete. If you wish to find out historical data on this currency please visit our Historical Currency Converter.

Rates are based on a daily average of OANDA Corporation prices, updated at 10pm (GMT) each day. These rates are not available to consumers.

OANDA Corporation is an NFA regulated company based in the United States.

Fully automated trading platforms, mobile and tablet apps

Our OANDA Trade platform can be accessed from your desktop and browser. You can also take a position via MT4. World-class execution. No re-quotes^.

Competitive prices

Our spreads are competitive, starting from just 0.9 points on the DE 30, 0.8 points on the UK 100 and 1 pip on USD/JPY and EUR/USD.

Currency data and analytics

Our Exchange Rates API delivers data on 200+ currencies. Automatically receive daily averages, real-time (spot), tick-level and forward rates into your ERP, TMS, digital product, app or website.

This service is provided by OANDA Corporation, an NFA regulated firm based in the United States.

International payments made simple with OANDA money transfer

We offer 24/7 access to real-time rates for personal and business FX transactions.

This service is provided by OANDA Corporation, an NFA regulated firm based in the United States.

^OANDA does not re-quote orders and only rejects orders for legitimate reasons.

© 1996 – 2020 OANDA Corporation. All rights reserved. “OANDA”, “fxTrade” and OANDA’s “fx” family of trademarks are owned by OANDA Corporation. All other trademarks appearing on this website are the property of their respective owners.

OANDA Europe Limited is a company registered in England number 7110087, and has its registered office at Floor 3, 18 St. Swithin’s Lane, London EC4N 8AD. It is authorised and regulated by the Financial Conduct Authority, No: 542574.

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