Oanda Review

General Information

Official Site:                        https://www.oanda.com/

Demo:                                  Yes

Regulated By:                    ASIC, CFTC, FSA, FSA(JP), IIROC, MAS, MiFID, NFA

Foundation Year:              1996

Deposit Options:               Credit Card, PayPal, Wire Transfer

Withdrawal Options:       Credit Card, PayPal, Wire Transfer

Tradable Assets:               Currencies, Commodities, Indices, Crypto

Trading Platforms:           MT4, Oanda FXTrade

Fixed spreads:                   No

Accepts Us Clients:           Yes

Is Oanda a scam? This question has been on a lot of traders’ minds recently despite Oanda being one of the oldest brokerages, dating all the way back to 1996. The broker has a global presence and supports customers in several different languages including English, Spanish, German, Russian, and many others.

Oanda headquarters are in the U.S., with the main offices being in New York and San Francisco. They are being regulated by the Commodities Futures Trading Commission (CFTC) and the National Futures Association (NFA). In addition, it is also fully regulated in the UK, Australia, Japan, Australia, and Canada.

Is all of this enough to satisfy the needs of today’s traders? This Oanda review goes in-depth to uncover all features and hidden quirks of this brokerage. Continue reading to find out if you should start trading with Oanda or if you should take your investments elsewhere.

Trading Platform

Oanda is proud of its proprietary trade platform. It is available on desktop, mobile, and web-based versions. There are also native mobile fxTrade apps for Android and iOS with advanced functionality and numerous trading tools and indicators.

For those looking for a more traditional trading experience, there is MetaTrader 4 (MT4), developed by MetaQuotes. This straightforward platform has desktop web-based and mobile versions and still remains a market standard for retail traders in 2020.

Oanda does not requote orders entered into its platforms that were already processed at a valid market price. Their website claims that none of the above-mentioned platforms will cause automated rejections. Market orders are not executed only when there aren’t sufficient funds on the trading account, or if they lie beyond the protection boundaries.

Account Types

This part of the Oanda review fills focus on the first big negative we encountered. This brokerage offers only a basic set of two trading account types. For UK traders leverage ranges up to 30:1 for FCA regulated accounts. Unlike many other brokerages that require a certain amount for a deposit, Oanda has a different approach. To start trading you need one unit of the base currency of any given currency pair and you are good to go. This allows flexibility for position sizing. For those who feel the need to practice in a safe environment before starting trading with their own money, there is a demo account.  There is no difference between this and the live accounts, so all traders will feel comfortable when making the switch. There are two live account types:

  • Standard account

The standard account comes with no minimum deposit, and a minimum spread of 1 pip. While it has no commission, this account type has no priority service queues.

  • Premium account

There is a $20,000 minimum deposit for a premium account. It features discounted spreads or raw spreads with commission options. Priority service queues are included, and there is a partner platform subscription with expedited free wire transfers.

Payment Methods

Being a global broker, Oanda allows its clients to make deposits and withdrawals using several payment methods. Below is a quick breakdown:

  • Credit/debit card payments

Transactions are processed immediately and with no fees. However, you might encounter fees from your credit card provider. You can deposit as much as £10,000 each month or as high as £50,000 if your bank supports MasterCard Secure Code or Verified by Visa.

  • Bank wire transfers

There are no financial limits with this method, and it is accessible from any financial institution worldwide. Banks tend to charge for wire funds and processing time can be up to a full week before the money shows up on your account.

  • E-wallet payments

Oanda supports deposits from PayPay accounts denominated in EUR, USD, and GBP. You will encounter no deposit limitations with this method.

Another big thing to take into consideration is that all withdrawals need to be made using the same method as with depositing. Some traders might find an issue with the fact that Oanda will require your bank account details if the amount you wish to withdraw is higher than the amount you initially deposited.


Multilingual support representatives seem polite enough and quite capable to resolve any potential issues. They can be accessed via live chat, fax, email, or via phone. All global offices work on a 25/5 basis. For critical issues I would recommend live chat as it is the most efficient method of getting feedback. Emails and phones can be helpful but will take a long time to get a response.


Going through all features in this Oanda review, it was easy to realize who this brokerage gained trust and popularity in the trading community over the last quarter of the century. Features like no minimum deposit, variety of tools and technical optimization, have contributed to Oanda going global.

It is by no means perfect. There is an apparent lack of some notable trading assets missing, including cryptocurrencies. They have made a huge impact on the financial markets over the last couple of years and we cannot comprehend how they can be absent from Oanda’s overall decent package.

Mark of the greatest brokerages is that they can keep innovating while still offering a good value-proposition to its traders. Is Oanda still there? No, but it has a great background, and with a few improvements, we are sure the could be one of the greats, but for now we cannot recommend them knowing there are brokerages that are, plainly speaking, better bang for your buck.

  • No account minimum size, so you can open live accounts with just $1
  • Great platform support including true and tested MetaTrader4 and their own proprietary platform
  • Other than currencies, there is a lackluster offer of tradeable assets
  • Does not offer cryptocurrency trading
  • Not a wide range of languages supported