Finding the right broker for you feels like trying to navigate a maze, like the one from Maze Runner. Among the vast variety of options, OANDA stood out to me for its long-standing reputation and award winning selection of trading tools. In this OANDA review, I’ll walk you through my experience with OANDA, covering everything from the OANDA broker platform’s features to the OANDA app, OANDA currency converter and OANDA currency exchange services. Whether you’re a beginner or an experienced trader, I hope this review will help you determine if it is the right fit for your trading needs.
- Regulated and Secure
- No Minimum Deposit
- No Minimum Withdrawal
- User-Friendly Interface
- Wide Range of Trading Tools
- Currency Exchange and Converter
- Inactivity/Conversion Fees
- Limited Educational Resources
- No Fixed Spreads
- Limited Asset Coverage
OANDA Overview
OANDA has built a trusted reputation as an online trading platform with over 25 years of experience, offering a wide range of global financial instruments such as forex, commodities, cryptocurrencies, indices, and shares. Known for exceptional customer service, transparent pricing, and top-tier platforms, OANDA ensures traders experience fast and secure withdrawals and deposits. As a regulated broker across eight jurisdictions, OANDA guarantees a reliable trading environment.
| 🔎 Broker | 🥇 Oanda |
| 📌 Year Founded | 1996 |
| 👤 Amount of staff | Approximately 500 |
| 👥 Amount of active traders | Over 100,000 |
| 📍 Regulation and Security |
Very High |
| 🛡️ Regulation | ASIC, BVI, CFTC, FCA, FFAJ FSC, IIROC, MAS, NFA |
| 1️⃣ Suited to Professionals | ✅Yes |
| 2️⃣ Suited to Active Traders | ✅Yes |
| 3️⃣ Suited to Beginners | ✅Yes |
| 🥰 Most Notable Benefit | Transparent pricing |
| 🥺 Most Notable Disadvantage | Limited research tools |
| ♒ Account Segregation | ✅Yes |
| ⭐ Negative Balance Protection | ✅Yes |
| 🚨 Investor Protection Schemes | ✅Yes |
| ↪️ Account Types and Features | Standard, Premium Premium Plus |
| 🅰️ Institutional Accounts | ✅Yes |
| 🅱️ Managed Accounts | None |
| 🪙 Minor account currencies | ✅Yes |
| 💰 Minimum Deposit | None |
| 💴 Trading Conditions | Variable spreads, competitive commissions |
| ⏰ Average deposit processing time | Instant |
| ⏱️ Average withdrawal processing time | 1-3 business days |
| 💶 Fund Withdrawal Fee | None |
| 💵 Spreads from | 1.0 pips |
| 💷 Commissions | Low commissions on certain accounts |
| 💳 Number of base currencies | 80+ |
| 💸 Swap Fees | ✅Yes |
| 🏧 Leverage | Up to 50:1 for Forex, varies for other instruments |
| 🏦 Margin requirements | Varies by instrument |
| ☪️ Islamic account | ✅Yes |
| 🆓 Demo Account | ✅Yes |
| ⌛ Order Execution Time | Instant execution |
| 🖱️ VPS Hosting | Available for premium accounts |
| 🤖 Trading Instruments | Forex, CFDs, commodities, indices |
| 📈 Total CFDs Offered | 200+ |
| 📉 CFD Stock Indices | ✅Yes |
| 🍎 CFD Commodities | ✅Yes |
| 📊 CFD Shares | ✅Yes |
| 💹 Deposit Options | Bank transfer, credit/debit cards PayPal |
| 💱 Withdrawal Options | Bank transfer, credit/debit cards |
| ↘️ Trading Platforms | MT5, OANDA Mobile, TradingView |
| 🖥️ OS Compatibility | Windows, Mac, iOS, Android |
| 💻 Forex trading tools | Trading calculators, economic calendar |
| 💌 Support Email | Contact Request |
| 🐦 Social Media | Twitter, Facebook, LinkedIn |
| 🗯️ Languages | Multiple |
| 🎓 Forex course | ✅Yes |
| ✏️ Webinars | ✅Yes |
| 📔 Educational Resources | Articles, tutorials |
| 📚 Affiliate program | ✅Yes |
| 📒 Amount of partners | Varies |
| 📑 IB Program | ✅Yes |
| 🗃️ Sponsor events or teams |
✅Yes |
| 🗄️ Rebate program | ✅Yes |
| 🚀Open an Account | 👉 Click Here |
Regulation and Safety
One of the most critical aspects of choosing a forex broker is ensuring they are properly regulated and safe. OANDA is regulated by several top-tier financial authorities, including the US Commodity Futures Trading Commission (CFTC) and the National Futures Association (NFA) in the United States, the Financial Conduct Authority (FCA) in the UK & Europe, by the MAS in Singapore, FSA in Japan, IIROC in Canada, FSC in the BVI in the emerging markets, and the Australian Securities and Investments Commission (ASIC) in Australia. Knowing that it is well-regulated gave me peace of mind when trading.
In terms of safety, OANDA has a solid reputation for protecting its clients’ funds. They offer negative balance protection, which ensures that you can’t lose more than your initial investment, and they segregate client funds from their operational funds, which adds an extra layer of security.
A Brief History Overview
OANDA is one of the pioneers in the online forex trading space, having been founded in 1997. The platform has grown over the years, earning a reputation for transparency and reliability. What initially drew me to their forex broker platofrm was their commitment to providing traders with real-time data and a comprehensive range of tools, which seemed perfect for someone who values precision and detailed analysis.
Trading Platforms
One of the standout features of OANDA is the variety of trading platforms they offer, catering to both beginners and seasoned traders. When I first started using their platform, I was impressed by the versatility of their platforms, especially their integration with MT4, MT5, and their proprietary fxTrade mobile app.
- MT4 is particularly popular among forex traders due to its user-friendly interface and powerful features like Expert Advisors (EAs), which allow for automated trading. If you’re someone who likes to customize your trading experience, MT4 offers a wide range of plugins and scripts to enhance functionality.
- MT5 builds on the success of MT4, offering additional features like more advanced order types, an economic calendar, and an improved interface. If you’re looking to trade a broader range of asset classes beyond forex, MT5 might be the better option.
- The fxTrade mobile app is OANDA’s proprietary platform that truly shines in terms of mobility and ease of use. This award-winning app is available for both iOS and Android devices and is perfect for traders who want to manage their accounts and trades on the go.
Minimum Deposit and Withdrawal
When I first opened my account, one of my primary concerns was the minimum deposit required to start trading. Luckily, OANDA forex broker does not have a minimum deposit requirement. This was a huge plus for me as a beginner because it allowed me to start with a small amount and gradually increase my investment as I became more comfortable with trading.
With regards to withdrawals, OANDA is quite flexible. The minimum withdrawal amount is set at $0, meaning you can withdraw as little or as much as you want. However, it’s important to note that depending on your withdrawal method, there might be fees involved. For instance, if you’re using a credit card or bank transfer, OANDA may charge a small fee, especially if you’re outside of the United States. In my experience, withdrawing funds was smooth and took about three business days to reflect in my account.
Signing Up with OANDA
The signup process with OANDA was straightforward and smooth. To get started, I visited their website and clicked on the “Start Trading” button. I was prompted to provide some basic information such as my name, email address, and country of residence. Once that was done, I had to verify my identity by uploading a government-issued ID and a proof of address. This step is essential to comply with regulatory requirements, and I appreciated how secure the process felt.
After completing these steps, I received a confirmation email, and within a few hours, my account was ready to go. For those of you who might be worried about navigating this process, rest assured that it’s user-friendly and only takes a few minutes.
Fees, Spreads, and Commissions
OANDA’s fee structure is transparent, and the broker is committed to providing competitive pricing with tight spreads, especially on major instruments like forex pairs and commodities. OANDA offers zero commissions on all accounts, making it an attractive option for traders looking to minimize their overall trading costs.
For the Standard account, spreads start from 0.6 pips on major instruments, while Premium and Premium Plus accounts offer even tighter spreads. The fee structure also includes volume-based rebates for high-volume traders, which further enhances the trading experience.
