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OANDA Review 2024

Written by BrokerNotes.co
Fact-checked by Steven Hatzakis, Joey Shadeck
Edited by Jeff Anberg

October 03, 2024

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

Based on our research and analysis, OANDA stands out as a strong candidate for forex traders seeking a well-rounded platform. With a commendable overall endorsement, this broker offers a reliable trading environment complemented by an impressive array of educational resources.

Overall Rating

8.6 / 10

Minimum Deposit

Trust Score info

Highly Trusted

Pros and Cons

thumb_up_off_alt Pros

Comprehensive Platforms: Offers a proprietary platform along with MetaTrader 4 and 5.
Robust Education: Features both advanced and beginner videos, catering to all levels of traders.
Mobile Trading: Highly recommended mobile apps enhance trading flexibility.
Regulatory Trust: High trust score and regulation across major financial markets.

thumb_down_off_alt Cons

Higher Spreads: The average spread on EUR/USD is 1.61, which is higher than the industry average.
Proprietary Platform Lacking: OANDA's Trade desktop and web platforms are decent but fail to live up to the standard set by its leading competitors.

Ratings Summary

Investment Types - 8.0/10
Commissions & Fees - 7.5/10
Trading platforms - 8.0/10
Research - 9.5/10
Mobile Apps - 9.0/10
Education - 7.5/10
Overall - 8.6/10

Can I trust OANDA?

We can confidently recommend OANDA as a trustworthy broker. It is regulated by an impressive seven top-tier authorities including ASIC, MiFID, and the FCA, although it is not publicly traded. With a high Trust Score of 93, it ranks as "Highly Trusted," according to the forex industry research from ForexBrokers.com.

OANDA is currently licensed and/or authorised by the following regulatory bodies:

Tier-1 Regulators - Australian Securities & Investment Commission (ASIC), Canadian Investment Regulatory Organization (CIRO), Japanese Financial Services Authority (JFSA), Monetary Authority of Singapore (MAS), Financial Conduct Authority (FCA), Commodity Futures Trading Commission (CFTC), and regulated in the European Union via the MiFID passporting system
Tier-2 Regulators - None
Tier-3 Regulators - None
Tier-4 Regulators - BVI Financial Services Commission (FSC)

Is OANDA good for beginners?

For new traders, OANDA is a fantastic choice. The broker's dedication to education is evident through its offerings of both beginner and advanced videos, and it's rated highly for education and beginners. There is also no minimum trade size - you can trade as little as 1 unit of currency - making OANDA ideal for those testing trading strategies with a small deposit. These features make it ideal for novice traders looking to expand their knowledge and skills.

Feature	OANDA
Education (Forex or CFDs) info	Yes
Client Webinars info	Yes
Videos - Beginner Trading Videos info	Yes
Videos - Advanced Trading Videos info	Yes
Investor Dictionary (Glossary) info	Yes

OANDA commissions and fees summary

While our assessment shows that OANDA's fees are average, its lack of a minimum deposit and the offering of high volume trader discounts make it a viable option for many traders. The spread on the EUR/USD pair, although higher than the industry average of 1.08, is accompanied by comprehensive service and platform access.

Feature	OANDA
Minimum Deposit info	$0
Average Spread EUR/USD - Mini info	1.61 info
Average Spread EUR/USD - Standard info	1.61 info
All-in Cost EUR/USD - Active info	1.61 info
Active Trader or VIP Discounts info	Yes info

OANDA trading platforms and tools

tips_and_updates Did you know? Trading platforms comparison

Of the 60+ brokers reviewed on BrokerNotes, 64% offer a proprietary platform, 100% offer a web platform, 91% offer a desktop platform, 11% offer cTrader, 14% offer ZuluTrade, 81% offer MetaTrader 4, and 64% offer MetaTrader 5.

OANDA provides a diverse selection of trading platforms and tools. With a strong recommendation for its platforms and tools, traders can benefit from both MetaTrader 4 and 5 and a proprietary platform designed to cater to various trading needs. Note that the MetaTrader suite is unavailable to U.S. traders.

Trading platforms offered: OANDA offers MetaTrader 4, MetaTrader 5, and a proprietary platform. MetaTrader is unavailable to U.S.-based traders.

Trading tools: OANDA includes various trading tools to assist in market analysis and trade execution. This includes multiple charting platforms like TradingView, NinjaTrader, MultiCharts, and MotiveWave.

Copy trading: Yes, copy trading is available, enhancing flexibility for various trading strategies.

Feature	OANDA
Virtual Trading (Demo) info	Yes
Proprietary Platform info	Yes
Desktop Platform (Windows) info	Yes
Web Platform info	Yes
MetaTrader 4 (MT4) info	Yes
MetaTrader 5 (MT5) info	Yes info
DupliTrade info	No

OANDA trading platform screenshots

OANDA fxTrade desktop Autochartist volatility analysis

OANDA fxTrade web trading platform position ratios

OANDA MT4 desktop trading platform chart

Mobile trading apps at OANDA

OANDA offers excellent mobile trading applications, providing a robust and responsive trading experience on the go, suitable for traders who prefer accessibility and convenience.

Feature	OANDA
Android App info	Yes
Apple iOS App info	Yes
Mobile Economic Calendar info	Yes
Mobile Alerts - Basic Fields info	Yes
Mobile Charting - Draw Trendlines info	Yes
Mobile Watchlist info	Yes

OANDA mobile app screenshots

OANDA fxTrade mobile trading app watchlist

OANDA fxTrade mobile trading app charting

OANDA fxTrade mobile trading app settings

OANDA fxTrade mobile trading app news headlines

OANDA fxTrade mobile trading app economic calendar

How do I open an account with OANDA?

Visit the OANDA website and click on the 'Open an Account' button.
Complete the registration form with your personal details.
Verify your identity by uploading the required documentation.
Fund your account using one of the supported methods.
Begin trading after your account is activated.

What can I trade at OANDA?

OANDA offers a range of trading options, including 68 forex pairs and 3,928 tradeable symbols, which is a bit more than the industry average of 3,623 symbols. This provides a decent amount of investment options for the majority of traders.

Feature	OANDA
Tradeable Symbols (Total) info	3928 info
Forex Pairs (Total) info	68
Social Trading / Copy Trading info	Yes info
Cryptocurrency (Physical) info	Yes
Cryptocurrency (Derivative) info	Yes info
Spread Betting info	Yes

OANDA research screenshots

OANDA Market Pulse news research market insights podcast

OANDA Market Pulse news research market analysis YouTube

OANDA Market Pulse news research updates

Account funding at OANDA

OANDA supports a variety of funding methods, including bank wires, debit cards, and several eWallets like PayPal, Skrill, and Neteller, accommodating a wide range of payment preferences for its users.

Feature	OANDA
Visa/Mastercard (Credit/Debit) info	Yes info
Bank Wire (Deposit/Withdraw) info	Yes
PayPal (Deposit/Withdraw) info	Yes info
Skrill (Deposit/Withdraw) info	Yes info
Neteller (Deposit/Withdraw) info	Yes

About OANDA

OANDA, founded in 1996, is a well-established online broker specializing in forex and CFD trading. It has built a reputation for innovative technology and transparency, regulated by several top-tier financial authorities. As a leader in the industry, OANDA continues to expand its services and platform features to meet the dynamic needs of traders around the globe.

Compare OANDA

See how OANDA stacks up against other brokers.

OANDA vs Moneta Markets OANDA vs TeleTrade OANDA vs FXOpen OANDA vs CMC Markets OANDA vs RoboForex OANDA vs DooPrime OANDA vs Xtrade OANDA vs FXGT.com OANDA vs Tickmill OANDA vs eToro OANDA vs easyMarkets OANDA vs FP Markets OANDA vs iFOREX OANDA vs Vantage OANDA vs XTB OANDA vs FxPro OANDA vs Admirals OANDA vs Pepperstone

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Methodology

At BrokerNotes.co, our data-driven online broker reviews are based on our extensive testing of brokers, platforms, products, technologies, and third-party trading tools. Our product testing extends to the quality and availability of educational content, market research resources, and the accessibility and capabilities of mobile platforms and trading apps. We also dive into each broker’s trading costs, such as VIP rebates, inactivity fees, custody fees, bid/ask spreads, and other fee-based data points.

Steven Hatzakis, an industry veteran with decades of experience in the forex market, leads the BrokerNotes research team. All BrokerNotes content is researched, fact-checked, and edited by the research team.

All websites and web-based platforms are tested using the latest version of the Google Chrome browser. Our Desktop PCs run Windows 11, and we use MacBook Pro laptops running the latest version of macOS to test trading on the go. We test mobile apps and products using iPhones running iOS 17 and Samsung devices running Android OS 14.

Note: The online brokers on our site provide the ability to trade forex in one or more ways, such as non-deliverable spot forex (i.e., rolling spot contracts), contracts for difference (CFD), or other derivatives such as futures. The availability of specific markets or features will depend on your country of residence and the broker's applicable brand or entity that services your account(s).

Forex Risk Disclaimer

There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses. Learn more about foreign exchange risk.

OANDA Disclosures and Disclaimers

OANDA Corporation is regulated by the CFTC/NFA. OANDA is a member Firm of the NFA (Member ID: 0325821). CFDs are not available to residents in the United States.

OANDA Corporation is a member of the NFA and subject to the NFA’s regulatory oversight and examinations. However, you should be aware that the NFA does not have regulatory oversight authority over underlying or spot virtual currency products or transactions or virtual currency exchanges, custodians or markets.

Trading in digital assets, including cryptocurrencies, is especially risky and is only for individuals with a high risk tolerance and the financial ability to sustain losses. OANDA Corporation is not party to any transactions in digital assets and does not custody digital assets on your behalf. All digital asset transactions occur on the Paxos Trust Company exchange. Any positions in digital assets are custodied solely with Paxos and held in an account in your name outside of OANDA Corporation. Digital assets held with Paxos are not protected by SIPC. Paxos is not an NFA member and is not subject to the NFA’s regulatory oversight and examinations.

Leveraged trading in foreign currency contracts or other off-exchange products on margin carries a high level of risk and may not be suitable for everyone. We advise you to carefully consider whether trading is appropriate for you in light of your personal circumstances. You may lose more than you invest. Information on this website is general in nature. We recommend that you seek independent financial advice and ensure you fully understand the risks involved before trading. Trading through an online platform carries additional risks.

About the Editorial Team

BrokerNotes.co provides unbiased forex broker reviews and ratings to help traders and investors find the best broker for their needs. All content is researched, fact-checked, and edited by our research team and all ratings and rankings are based on the team’s in-depth product testing.

Steven Hatzakis is the Global Director of Online Broker Research for BrokerNotes.co and ForexBrokers.com. Steven previously served as an Editor for Finance Magnates, where he authored over 1,000 published articles about the online finance industry. A forex industry expert and an active fintech and crypto researcher, Steven advises blockchain companies at the board level and holds a Series III license in the U.S. as a Commodity Trading Advisor (CTA).

Joey Shadeck is the Content Strategist and Research Analyst for BrokerNotes.co and ForexBrokers.com. He holds dual degrees in Finance and Marketing from Oakland University, and has been an active trader and investor for close to ten years. An industry veteran, Joey obtains and verifies data, conducts research, and analyzes and validates our content.

Jeff Anberg is a Staff Editor at BrokerNotes.co and ForexBrokers.com. Along with years of experience in media distribution at a global newsroom, Jeff has a versatile knowledge base encompassing the technology and financial markets. He is a long-time active investor and engages in research on emerging markets like cryptocurrency. Jeff holds a Bachelor’s Degree in English Literature with a minor in Philosophy from San Francisco State University.