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Oanda Review
Oanda is a forex and Crypto with Paxos trading platform. They provide traders with 68 Currency pairs and 8 Crypto Currencies
Pros
- Regulated by NFA
- Min. deposit from $1
- Established in 1996
Cons
- Limited range of instruments
A minimum deposit of $1 is required to establish a live account. Alternatively, Oanda provides a demo account that you may use to experiment and become acquainted with their platform.
Before we get into the specifics of Oanda’s spreads, fees, platforms, and trading tools, you might want to open their website in a new tab by pressing the link below in order to see the latest information directly from them.
Full disclosure: We may receive a commission if you sign up with a broker using one of our links.
What are Oanda’s spreads & fees?
The commissions and spreads shown here are based on the Oanda website’s minimum spreads
| Forex | Oanda | City Index | XTB |
| EUR/USD(Average: 0.7 pips) | 1.1 pips | 0.7 pips | 0.1 pips |
| GBP/USD(Average: 1.1 pips) | 1.7 pips | 1.7 pips | 0.1 pips |
| USD/JPY(Average: 1.1 pips) | 1.2 pips | 0.6 pips | 0.1 pips |
| AUD/USD(Average: 0.8 pips) | 1.2 pips | 0.6 pips | 0.2 pips |
| USD/CHF(Average: 2.3 pips) | 1.6 pips | 2.3 pips | 0.2 pips |
| USD/CAD(Average: 2.9 pips) | 1.6 pips | 0.5 pips | 0.3 pips |
| NZD/USD(Average: 3.6 pips) | 1.6 pips | 2.8 pips | 0.3 pips |
| EUR/GBP(Average: 2.4 pips) | 1.4 pips | 0.5 pips | 0.1 pips |
Spreads are dynamic and are for informational purposes only.
SEE ALL SPREADS
How much does OANDA charge to trade one lot of EUR/USD?
If you bought one standard lot of EUR/USD (100,000 units) with Oanda at 1.1719 and then sold it the next day at the identical price, you would most likely pay $12. Here is a general breakdown of the fees and how they compare to IG and XTB.
| Oanda | IG | XTB | |
| Spread from: | $ 8 | $ 6.00 | $ 2.00 |
| Commission: | $0.00 | $0.00 | $0.00 |
| Total cost of a 100k trade: | $ 8 | $ 6.00 | $ 2.00 |
| $5 less | $9 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 allows you to trade over 100 different assets, including 71 currency pairings. We’ve detailed all of the numerous types of instruments supplied by them below, along with comparative instruments from IG and XTB.
| FX / Currencies | Oanda | IG | XTB |
| # of forex pairs offered | 68 | 90 | 48 |
| Major forex pairs | Yes | Yes | Yes |
| Minor forex pairs | Yes | Yes | Yes |
| Exotic forex pairs | Yes | Yes | Yes |
| Cryptocurrencies* | Yes | Yes | Yes |
What’s the Oanda trading experience like?
1) Platforms and apps
Oanda provides the well-known MT4 forex trading platform. See our MT4 broker comparison for a list of the best MT4 brokers.
They now have mobile apps for Android and iOS, making it simpler to monitor and execute transactions while on the go.
Still unsure?
Open a practise account and begin learning to trade.
2) Executing Trades
The minimum and maximum trading requirements at Oanda vary based on the trader and the asset.
Margin requirements vary based on the trader, account, and instrument. The most recent margin requirements can be seen on their website.
Finally, we’ve included a list of some of the most common funding options available to their traders below.
Trading Features:
- Allows scalping
- Low min deposit
Accounts offered:
- Standard account
- Demo account
Funding methods:
- Debt/Visa
- Wire Transfer and ACH
3) Client support
English, Spanish, Portuguese, Italian, Chinese are among the languages supported by Oanda.
4) What you’ll need to open an account with Oanda
Because Oanda is regulated by the Financial Conduct Authority and ASIC, every new customer must go through a few simple compliance checks to verify that you understand the risks of trading and are permitted to trade. When you establish an account, you will most likely be asked for the following information, so keep it 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 respond to a few basic compliance concerns to prove your trading expertise, so allow at least 10 minutes to finish the account opening procedure.
While you may be able to browse their platform immediately, it is crucial to note that you will not be able to execute any transactions until you pass compliance, which might take several days depending on your circumstances.
To begin the process of establishing an account with Oanda, go to their website.
81.75% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
