Oanda Overall rating

We tested Oanda using real-money live accounts. Our reviews are unique in that they do not have any bias for or against any broker and are driven purely on the underlying data we compile from live account testing, regulatory data, and opinions from customers. We list all brokers and do not charge a fee for it. We offer additional visibility for a fee, but our review content cannot be influenced. Read our About Us page to read our editorial guidelines and how we make money.

Trustworthiness & Regulation

Oanda has a strong reputation in the forex industry, having been established in 1996. It is regulated by several top-tier authorities, including the Financial Conduct Authority (FCA) in the United Kingdom, the Australian Securities and Investments Commission (ASIC), and the Monetary Authority of Singapore (MAS), among others. These regulatory licenses provide a high level of trust and reliability, ensuring that the broker adheres to strict financial standards and practices.

Despite its robust regulatory framework, Oanda currently holds a user rating of 0.0 out of 5, based on zero reviews. This absence of user feedback may be due to a lack of verified reviews rather than a reflection of service quality. Expert ratings, however, rank Oanda 19th out of 815 brokers, highlighting its strengths in other areas such as trading platforms and market access.

With a monthly organic web traffic of over 5.5 million visits, Oanda ranks 7th among 815 forex brokers, underscoring its popularity and widespread use. While regulatory oversight and popularity contribute significantly to its trustworthiness, potential investors should be aware that even highly regulated and successful financial firms have faced difficulties in the past. Therefore, due diligence and constant monitoring of broker performance are advised.

Company	Licenses & Regulations	Segregated Client Money	Deposit Compensation Scheme	Negative Balance Protection	Rebates	Max. Leverage Retail Clients
Oanda Australia Pty Ltd	Australia - AU ASIC					30 : 1
Oanda Europe Limited	United Kingdom - UK FCA		up to £85,000			30 : 1
Oanda Japan Co., Ltd	Japan - JP FSA					25 : 1
Oanda Europe Markets Ltd	Malta - MT MFSA		up to €20,000			30 : 1
Oanda Global Markets Ltd	Virgin Islands, British - BVI FSC					200 : 1
Oanda Asia Pacific Pte Ltd	Singapore - SG MAS					50 : 1

Deposit Insurance

Oanda provides varying levels of deposit insurance and investor compensation schemes depending on the regulatory jurisdiction. In the UK and Malta, Oanda clients are protected under the Financial Services Compensation Scheme (FSCS) and the Investor Compensation Scheme respectively, which offer coverage in the event of broker insolvency. However, not all regulatory jurisdictions offer such protection. For instance, clients trading under the Australian entity do not have access to a deposit compensation scheme.

Deposit insurance is a critical consideration for traders as it provides an added layer of security against potential financial failures. While Oanda ensures segregated client funds to protect customer deposits from being used for operational expenses, investors should verify the level of protection available under their specific regulatory jurisdiction.

Spreads and Costs

Oanda offers competitive spreads and costs compared to industry leaders. The forex average spread for Oanda stands at 0.77, which is quite favorable when compared to other brokers like Exness, IC Markets, and Tickmill.

However, for cryptocurrency trading, the average spread is relatively high at 37.77, indicating that while forex spreads are attractive, costs for trading other asset classes may vary significantly. Traders should consider these factors based on their trading preferences and volume.

Combined Spread/Commission Costs by Asset Class Compared to Market Leading Brokers

Crypto averages comprise (BTCUSD, ETHUSD), forex averages comprise (EURUSD, USDJPY, GBPJPY, EURGBP, AUDNZD, CADCHF), indices averages comprise (US30, AUS200), and commodities average comprises (XAUUSD, XAGUSD) and that data is sampled every 10 seconds for 24 hours to calculate the average. Forex is stated in pips, and the others are stated in base currency. All spreads including both spread and commission calculated in.

Our data is sourced from a sophisticated spread analyzer tool, which you can explore by visiting our spread analyzer. This tool collects live account information and syncs with our performance analytics system to provide real-time data on spreads and costs.

Understanding spreads is crucial as they represent the difference between the bid and ask price of an asset, affecting overall trading costs. Brokers may advertise low spreads on popular pairs like EURUSD but charge higher rates on other instruments, making it important to assess the total cost, including commissions.

Our analysis reflects these all-in costs, providing a more comprehensive view of trading expenses.

Combined Spread/Commission Costs Per Instrument Compared to Market Leading Brokers

Comparison to other Brokers

When compared to other leading brokers in the forex industry, Oanda demonstrates several strengths and some areas for improvement. As a well-established broker with over 25 years of experience, Oanda has built a reputation for reliability and trustworthiness. It holds multiple top-tier regulatory licenses, including those from the FCA, ASIC, and MAS, which enhances its credibility and ensures compliance with international standards.

In terms of spreads and costs, Oanda offers competitive rates, especially for forex trading. With an average forex spread of 0.77, it stands out as a cost-effective option for currency traders. However, its cryptocurrency spreads are relatively high compared to other brokers, which may deter some traders interested in digital assets.

While Oanda has a significant online presence, ranking 7th in organic web traffic among 815 forex brokers, its user rating is currently 0.0 out of 5, based on zero reviews. This lack of user feedback contrasts with its high expert rating of 19th overall, suggesting that there may be room for improvement in user engagement and review solicitation.

Oanda's swap rates are generally in line with industry averages, offering neither the best nor the worst rates compared to competitors like IC Markets and Tickmill. However, its diverse range of trading platforms, including MetaTrader 4 and 5, TradingView, and proprietary apps, provides traders with flexibility and advanced trading tools.

Overall, Oanda is a reliable and well-regulated broker that excels in forex trading. While it faces competition from brokers with more favorable cryptocurrency spreads and user reviews, its strong regulatory standing and extensive experience make it a reputable choice for traders worldwide.

Trading Platforms - Mobile, Desktop, Automated

Oanda offers a diverse range of trading platforms, catering to different trader preferences and needs. TradingView is a popular choice for its advanced charting capabilities and ease of use. It supports automated trading through Pine Script, a user-friendly programming language.

MetaTrader 4 and MetaTrader 5 are widely recognized platforms that offer comprehensive trading features, including algorithmic trading through MQL4 and MQL5. These languages provide robust tools for developing custom trading strategies, although they may require some programming knowledge.

Oanda's proprietary mobile apps, the Oanda App and fxTrade App, offer convenient trading on the go but do not support automated trading. These apps are designed for quick access to market data and trade execution, providing traders with flexibility and convenience.

Overall, Oanda's platform offerings are versatile and suitable for both novice and experienced traders. The availability of automated trading tools and advanced charting features makes Oanda an attractive option for traders seeking a comprehensive trading experience.

What Can You Trade?

Oanda offers a diverse range of asset classes for trading, including forex, cryptocurrencies, stocks, indices, commodities, and ETFs. With over 2,200+ shares and 1,600+ stock CFDs available, traders have access to a wide selection of instruments to suit their investment strategies.

It's important to note that Oanda primarily offers trading in CFDs (Contracts for Difference) rather than direct ownership of assets. CFDs allow traders to speculate on the price movements of an asset without owning the underlying asset itself. This enables leveraged trading, which can amplify both gains and losses.

Leverage is a powerful tool that allows traders to control larger positions with a smaller amount of capital. However, it also increases the risk of significant losses, making it crucial for traders to use leverage responsibly and understand the associated risks.

For more information on the specific instruments offered by Oanda, traders can visit the broker's official website and explore the available markets and symbols.

Available Leverage

Oanda offers varying leverage options depending on the regulatory jurisdiction and the type of instrument being traded. Retail clients under the FCA and ASIC regulations can access leverage up to 30:1 for major forex pairs, while clients under the FSA regulation in Japan have leverage capped at 25:1. In contrast, clients under the BVI FSC regulation can access higher leverage of up to 200:1.

Leverage levels may differ for other asset classes, such as cryptocurrencies, stocks, and indices, reflecting the varying risk profiles and regulatory requirements for each asset type. Traders should consult Oanda's official website for detailed information on leverage levels and ensure they understand the risks associated with leveraged trading.

Prohibited Countries

Oanda does not provide services to residents of certain countries due to regulatory restrictions and compliance requirements. Some of the countries where Oanda cannot open client accounts include the United States, Belgium, and North Korea. Additionally, Oanda's services may be restricted in other jurisdictions depending on local regulations and licensing requirements.

Traders should verify their eligibility to open an account with Oanda based on their country of residence and consult the broker's official website for the most up-to-date information on prohibited countries.

Oanda Account types

	Standard	Core	Premium
Commission	$0	$40 per million traded	$0
Maximum leverage	200:1
Mobile Platform	MT4 Mobile, MT5 Mobile, Proprietary, TradingView Mobile
Trading platform	MT4, MT5, WebTrader, Proprietary, TradingView
Spread Type	Variable Spread
Minimum Deposit	1
Minimum Trade Size	0.01
Trailing Stops
Scalping Allowed
Hedging Allowed

	Standard
Commission	$0
Maximum leverage	200:1
Typical Spread	from 0.8
Trading platform	MT4MT5WebTraderProprietaryTradingView
Mobile platform	MT4 MobileMT5 MobileProprietaryTradingView Mobile
Spread type	Variable Spread
Minimum deposit	1
Minimum Trade Size	0.01
Trailing Stops
Scalping Allowed
Hedging Allowed

	Core
Commission	$40 per million traded
Maximum leverage	200:1
Typical Spread	from 0.1
Trading platform	MT4MT5WebTraderProprietaryTradingView
Mobile platform	MT4 MobileMT5 MobileProprietaryTradingView Mobile
Spread type	Variable Spread
Minimum deposit	1
Minimum Trade Size	0.01
Trailing Stops
Scalping Allowed
Hedging Allowed

	Premium
Commission	$0
Maximum leverage	200:1
Typical Spread	from 0.8
Trading platform	MT4MT5WebTraderProprietaryTradingView
Mobile platform	MT4 MobileMT5 MobileProprietaryTradingView Mobile
Spread type	Variable Spread
Minimum deposit	1
Minimum Trade Size	0.01
Trailing Stops
Scalping Allowed
Hedging Allowed

Oanda Web traffic

Our web traffic data is sourced from SimilarWeb and sums the traffic data of all websites associated with a broker. Organic visits are visits the broker didn't pay for, based on the available data. This data updates once monthly and can be based on data purchased from internet service providers, traffic metrics sourced by a third party such as Google Analytics that the company chooses to share with SimilarWeb, etc.

Oanda Profile

Segregated Accounts

Accepts Canadian clients

Accepts Japanese Clients

Negative balance protection

Regulatory deposit insurance

Trailing stops

Variable spread