This review has been conducted in the US – all products and services are only applicable to OANDA Corporation and therefore those resident in the US. To review products and services for other OANDA entities, visit OANDA from your location.
OANDA Corporation is regulated by the CFTC/NFA. OANDA is a member of the NFA (Member ID: 0325821). CFDs are not available to residents in the US.
OANDA Review Navigation
What can you trade?
# OANDA Forex Review
|App Support||Trading Fees|
Nearly every OANDA Corporation review you read will be about forex, as this is the asset class that the broker specializes in. Throughout its history as a broker, OANDA Corporation has offered a range of forex pairs to clients around the globe. There are 68 pairs for clients to choose from as they review OANDA’s forex offerings.
Most OANDA reviews agree that the broker successfully meets its claims of offering tight spreads along with a wide range of majors and minors.
As you review OANDA’s forex pairs, you will notice that the margin requirement varies, with many being 2% to 5%, but some at 12% or higher. The maximum leverage is 50:1.
Clients who want to review OANDA’s forex pricing and margin rates themselves can easily find this information on the broker’s website.
OANDA CORPORATION CFD REVIEW
*CFDs are not available to residents of the US.
You can find an OANDA Corporation CFD review for most markets. This is an instrument class that the broker offers in regions of the world where there are no laws or strict regulations against it.
Due to legalities, there are no OANDA Corporation CFD reviews for the US. Those in search of this asset class in the US will need to look elsewhere.
#1 OANDA CORPORATION CRYPTO REVIEW
|App Support||Trading Fees|
OANDA Corporation offers 10 crypto currency pairs: BTC, ETH, LTC, BCH, PAXG, LINK, MATIC, UNI, AAVE, SOL.
What did our traders think after reviewing the key criteria?
OANDA Corporation FEES
Our OANDA Corporation US review team appreciates the broker’s transparency about fees and feels that most of the fees are around average or low for the industry. There may be a fee associated with certain types of withdrawals or deposits, but these are from the payment provider, not OANDA. Additionally, premium clients will have free wire transfers.
There are also inactivity fees, but these require inactivity for at least 12 months, which is long enough to not affect most clients. The inactivity fee is $10 each month, and the charge continues until the account is closed, you continue trading, or your account balance reaches $0. You cannot get a negative account balance from inactivity. This OANDA review also found that the broker does not charge multiple inactivity fees each month to clients, even if they have multiple sub-accounts. It is even possible to request refunds for as much as three months of inactivity fees.
The overall pricing for OANDA depends on your chosen model. You can pay either solely spreads or core pricing with commissions. The broker’s website clearly outlines the prices for each model. Our OANDA review also cautions clients that the broker charges financing costs or financing credits on positions that are held overnight. This is expected from a forex broker, and we appreciate that OANDA Corporation is clear with the pricing. However, clients should keep in mind that an admin fee also applies to the financing.
This OANDA US review found that there are two types of accounts available, each with its own options for pricing. Each allows for a choice of pricing models.
Both account types offer access to 68 forex pairs, institutional-grade execution in less than a millisecond with the V20 platform, no requotes, access to the range of platforms, automated execution, API trading, 24/5 support, variable contract size starting at 1 unit, and the OANDA trading performance analysis dashboard.
Standard accounts have no minimum balances, and the MT4 open order indicator refreshes three times per hour.
Our New Elite Trader Program: This is upcoming and due for release in the near future.
*This is subject to change, please always check the OANDA website for the most up-to-date information.
As you review OANDA’s U.S. platform choices, you will find four options, including the broker’s award-winning platform.
OANDA FX Trade Web is a browser-based trading platform with advanced charting, trader analysis, and exceptional execution. It also features personalized layouts, the ability to set several trading profiles, trade performance analytics, risk management tools, market data coverage, and the ability to trade via charts.
The OANDA Trade Mobile and Tablet App lets you trade with this broker on the go via your iPhone, Android device or tablet. It has the same functionality as the web platform, but this one has been optimized for mobile devices. You can also set up notifications and price signals and enjoy full-screen charts or multiple charts at once. The interface is customizable, and you get up-to-date market analyst commentary and news and no dealer intervention.
Our OANDA review team also appreciates that the broker supports MetaTrader 4, as this is among the most popular forex platforms in the world. You can use OANDA with all MT4 platforms, including the mobile applications and the desktop download. MT4 features no requotes, customization, support for expert advisors and indicators, and intuitive use. There is also an MT4 custom bridge from OANDA that provides the execution and pricing of the broker along with MT4’s famed analysis and charting.
Most OANDA reviews agree that both the website and the platforms are easy to use and have a clean, professional appearance. The only downside of the website is that from the homepage, you must click to view the menu – it doesn’t automatically appear. However, as this takes only a second to do, it should not be a serious concern. There is also a convenient bottom navigation bar on every page of the website to make it easier to find relevant information.
Our OANDA U.S. review found that the support from the broker has some room for improvement. The OANDA Help Portal features an FAQ section as well as the option to use the OANDA Assistant, which is the broker’s virtual assistant chatbot. Between the FAQ and chatbot, most people should be able to find the information they need.
Talking to a real person on OANDA’s support team is more challenging. There is the option to send the broker an email from the top-right corner of the page. Clicking this will launch your email program of choice. Other than this, you can contact OANDA via social media, including YouTube, Facebook, Twitter, and Instagram. Other OANDA reviews indicate that it is possible to contact OANDA via phone or live chat; however, this contact information is not readily available on the broker’s website.
This OANDA US review outlines several methods that clients can use to make deposits into their accounts.
Debit card-backed Visa and Mastercard payments are accepted. The maximum deposit via this method is $20,000 per month.
Bank Wire Transfer
Domestic bank wire transfers take between one and three business days, while international wire transfers take up to five. There are no minimums or maximums.
Automated Clearing House (ACH)
Once ACH deposits are set up, it can take as long as six days for processing. There is a maximum of $50,000 per deposit.
As you review OANDA, you will notice that the broker offers a long list of tools to help traders analyze and make decisions. Tools include Advanced Charts Powered by TradingView with more than 65 technical indicators, Algo Lab, Technical Analysis Powered by Autochartist, economic overlay, MotiveWave professional charting analysis, and Dow Jones FX Select for breaking news and analysis.
There are also numerous OANDA partners, including MultiCharts, CQG FX, and TradingView. VPS partners include BeeksFX, Liquidity Connect, and Commercial Network Services.
OANDA also offers a useful amount of educational resources to clients, including the basics of forex, tools and strategies, and capital management information. The OANDA Classroom features events and webinars, including on-demand learning of previous webinars and a premium webinar series.
MarketPulse is another key part of OANDA’s offerings, showcasing relevant market news and technical analyses. The broker offers a convenient currency converter.
Regulation & Deposit Protection
In the US, OANDA is a registered Retail Foreign Exchange Dealer with the Commodities Futures Trading Commission. It is also a National Futures Association Forex Dealer Member.
All client funds are stored in top-tier banks.
OANDA has won too many awards and honors to list them all concisely. It has earned multiple awards in recent years and has been in existence for more than two decades. Honors in 2018 include the ‘Highest Overall Client Satisfaction’ from the Investment Trends – US Foreign Exchange Report and ‘Best Retail FX Platform’ from FX Week’s e-FX Awards. The US Foreign Exchange Report from Investment Trends also honored OANDA for ‘Platform Features’, ‘Value for Money’, ‘Mobile Platform/App’, ‘Customer Service’ and ‘Education Materials/Programs’.