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.

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Oanda Review

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Oanda is a forex and CFD trading broker. They give traders access to a wide variety of instruments in several markets like currencies, indices, commodities and bonds. For commodity traders, they offer a range of energies, metals and agriculturals.


  • Used by 23,000+ traders
  • Established in 1996
  • Regulated by Financial Conduct Authority and ASIC
  • Min. deposit from $1


  • Limited range of instruments

To open a live account, you’ll need a minimum deposit of at least $1. Alternatively, Oanda offers a demo account that you can use to practice and familiarise yourself with their platform.

Regulated by the Financial Conduct Authority, UK (FRN: 542574), and ASIC (AFSL #AFSL No. 412981, ABN 26 152 088 349). Oanda puts all client funds in a segregated bank account and uses tier-1 banks for this. Oanda has been established since 1996, and have a head office in United States, Canada.

Before we dive into some of the more detailed aspects of Oanda’s spreads, fees, platforms and trading features, you may want to open Oanda’s website in a new tab by clicking the button below in order to see the latest information directly from Oanda.

Visit Oanda

Full disclosure: We may receive a commission if you sign up with a broker using one of our links.

Oanda screenshot Open a demo account

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.

What are Oanda's spreads & fees?

Like most brokers, Oanda takes a fee from the spread, which is the difference between the buy and sell price of an instrument.

The commisions and spreads displayed below are based on the minimum spreads listed on Oanda’s website. The colour bars show how competitive Oanda's spreads are in comparison to other popular brokers featured on BrokerNotes.

EUR/USD (Average: 0.7 pips) 1.1 pips + $0.00 0.7 pips 0.1 pips
GBP/USD (Average: 1.1 pips) 1.7 pips + $0.00 1.7 pips 0.1 pips
USD/JPY (Average: 1.1 pips) 1.2 pips + $0.00 0.6 pips 0.1 pips
AUD/USD (Average: 0.8 pips) 1.2 pips + $0.00 0.6 pips 0.2 pips
USD/CHF (Average: 2.3 pips) 1.6 pips + $0.00 2.3 pips 0.2 pips
USD/CAD (Average: 2.9 pips) 1.6 pips + $0.00 0.5 pips 0.3 pips
NZD/USD (Average: 3.6 pips) 1.6 pips + $0.00 2.8 pips 0.3 pips
EUR/GBP (Average: 2.4 pips) 1.4 pips + $0.00 0.5 pips 0.1 pips

Spreads are dynamic and are for informational purposes only.

As you can see, Oanda’s minimum spread for trading EUR/USD is 1.1 pips - which is relatively high compared to average EUR/USD spread of 0.70 pips. Below is a breakdown of how much it would cost you to trade one lot of EUR/USD with Oanda vs. similar brokers.

See all Spreads

How much does Oanda charge to trade 1 lot of EUR/USD?

If you were to buy one standard lot of EUR/USD (100k units) with Oanda at an exchange rate of 1.1719 and then sell it the next day at the same price you would likely pay $12. Here’s a rough breakdown of the fees and how this compares against IG & XTB .

Oanda IG XTB
Spread from: $ 12.00 $ 6.00 $ 2.00
Commission: $0.00 $0.00 $0.00
Total cost of a 100k trade: $ 12.00 $ 6.00 $ 2.00
$6 less $10 less
Visit Oanda Visit IG Visit XTB

All fees/prices are for informational purposes and are subject to change.

What can you trade with Oanda?

Oanda offers over 100 different instruments to trade, including over 71 currency pairs. We’ve summarised all of the different types of instruments offered by Oanda below, along with the instruments offered by IG and XTB for comparison.

FX / Currencies Oanda IG XTB
# of forex pairs offered 71 90 48
Major forex pairs Yes Yes Yes
Minor forex pairs Yes Yes Yes
Exotic forex pairs Yes Yes Yes
Cryptocurrencies* No Yes Yes
Commodity CFDs Oanda IG XTB
# of commodities offered 12 34 21
Metals Yes Yes Yes
Energies Yes Yes Yes
Agricultural Yes Yes Yes
Index & Stock CFDs Oanda IG XTB
# of stocks offered 0 8000 1606
UK shares No Yes Yes
US shares No Yes Yes
German shares No Yes Yes
Japanese shares No Yes Yes
See Oanda's InstrumentsSee IG's InstrumentsSee XTB's Instruments

What’s the Oanda trading experience like?

1) Platforms and apps

Oanda offers the popular MT4 forex trading platform. To see a list of the top MT4 brokers, see our comparison of MT4 brokers.

Oanda Screenshot

Oanda also offer mobile apps for Android and iOS, making it easier to keep an eye on and execute your trades while you are on the move.

See Oanda's platforms

2) Executing Trades

With Oanda, the minimum and maximum trade requirements vary depending on the trader and the instrument.

As with most brokers, margin requirements do vary depending on the trader, accounts and instruments. You can see the latest margin requirements on their website.

Finally, we’ve listed some of the popular funding methods that Oanda offers its traders below.

Trading Features:

  • Allows scalping
  • Allows hedging
  • Low min deposit

Accounts offered:

  • Demo account
  • Mini account
  • Standard account

Funding methods:

  • Credit cards
  • Bank Transfer
  • PayPal

3) Client support

Oanda support a wide range of languages including English, Chinese, French, German, Japanese, Korean, Russian, and Spanish.

Oanda has a BrokerNotes double AA support rating because Oanda offer over three languages

4) What you’ll need to open an account with Oanda

As Oanda is regulated by Financial Conduct Authority and ASIC , every new client must pass a few basic compliance checks to ensure that you understand the risks of trading and are allowed to trade. When you open an account, you’ll likely be asked for the following, so it’s good to have these handy:

  • A scanned colour copy of your passport, driving license or national ID
  • A utility bill or bank statement from the past three months showing your address

You’ll also need to answer a few basic compliance questions to confirm how much trading experience you have, so it’s best to put aside at least 10 minutes or so to complete the account opening process.

While you might be able to explore Oanda’s platform straight away, it’s important to note that you won’t be able to make any trades until you pass compliance, which can take up to several days, depending on your situation.

To start the process of opening an account with Oanda you can visit their website here.

CFDs are leveraged products and can result in the loss of your capital. All trading involves risk. Only risk capital you’re prepared to lose. Past performance does not guarantee future results. *Availability subject to regulation.
This post is for educational purposes and should not be considered as investment advice. All information collected from on 01/10/2021.