OANDA Review 2024
Written by BrokerNotes.co
Fact-checked by Steven Hatzakis, Joey Shadeck
Edited by Jeff Anberg
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 and CFD 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
Minimum Deposit
Trust Score
Pros and Cons
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.
Cons
- Higher Spreads: The average spread on EUR/USD is 1.57, which is higher than the industry average.
- Average Investment Offerings: The overall investment offerings are rather limited compared to competitors.
Ratings Summary
- Investment Types - 6.5/10
- Commissions & Fees - 7.5/10
- Trading platforms - 8.0/10
- Research - 10/10
- Mobile Apps - 9.0/10
- Education - 7.5/10
- Overall - 8.5/10
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) | Yes |
| Client Webinars | Yes |
| Videos - Beginner Trading Videos | Yes |
| Videos - Advanced Trading Videos | Yes |
| Investor Dictionary (Glossary) | 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 active 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 | $0 |
| Average Spread EUR/USD - Mini | 1.57 |
| Average Spread EUR/USD - Standard | 1.57 |
| All-in Cost EUR/USD - Active | 1.57 |
| Active Trader or VIP Discounts | Yes |
OANDA trading platforms and tools
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.
Trading platforms offered: OANDA offers MetaTrader 4, MetaTrader 5, and a proprietary platform.
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) | Yes |
| Proprietary Platform | Yes |
| Desktop Platform (Windows) | Yes |
| Web Platform | Yes |
| MetaTrader 4 (MT4) | Yes |
| MetaTrader 5 (MT5) | Yes |
| DupliTrade | No |
OANDA trading platform screenshots
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 | Yes |
| Apple iOS App | Yes |
| Mobile Economic Calendar | Yes |
| Mobile Alerts - Basic Fields | Yes |
| Mobile Charting - Draw Trendlines | Yes |
| Mobile Watchlist | Yes |
OANDA mobile app screenshots
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 71 forex pairs and 1,744 tradeable symbols, which is less than the industry average of 3,623 symbols. This provides a decent variety, though it may be less appealing to traders looking for extensive market coverage.
| Feature |
OANDA
|
|---|---|
| Tradeable Symbols (Total) | 1744 |
| Forex Pairs (Total) | 71 |
| Social Trading / Copy Trading | Yes |
| Cryptocurrency (Physical) | Yes |
| Cryptocurrency (Derivative) | Yes |
| Spread Betting | Yes |
OANDA research screenshots
Account funding at OANDA
OANDA supports a variety of funding methods, including bank wires, credit 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) | Yes |
| Bank Wire (Deposit/Withdraw) | Yes |
| PayPal (Deposit/Withdraw) | Yes |
| Skrill (Deposit/Withdraw) | Yes |
| Neteller (Deposit/Withdraw) | 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.
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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).
AI disclaimer
We use proprietary AI technology to assist in some aspects of our content production. However, our scores, ratings, and rankings of online brokers are based on our in-depth product testing and thousands of hand-collected data points. Learn more about our AI Policy and How We Test.
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.
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 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.