CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Oanda

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Home » Reviews » Oanda

Oanda Review

Oanda is a forex and contract for difference (CFD) trading platform. They provide traders with access to a wide range of assets in a number of markets, including currencies, indexes, commodities, and bonds.

Pros

  • Regulated by Financial Conduct Authority and ASIC
  • Min. deposit from $1
  • Used by 23,000+ traders
  • 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.

The Financial Conduct Authority, UK (FRN: 542574) and ASIC (AFSL #AFSL No. 412981, ABN 26 152 088 349) regulate the firm. Oanda keeps customer funds in a separate bank account and works with tier-1 institutions. Oanda has been in business since 1996, with headquarters in the United States and Canada.

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.

VISIT OANDA

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?

Oanda, like most brokers, charges a commission on the spread, which is the difference between both the buy and sell price of an asset.

The commissions and spreads shown here are based on the Oanda website’s minimum spreads.

ForexOandaCity IndexXTB
EUR/USD(Average: 0.7 pips)1.1 pips0.7 pips0.1 pips
GBP/USD(Average: 1.1 pips)1.7 pips1.7 pips0.1 pips
USD/JPY(Average: 1.1 pips)1.2 pips0.6 pips0.1 pips
AUD/USD(Average: 0.8 pips)1.2 pips0.6 pips0.2 pips
USD/CHF(Average: 2.3 pips)1.6 pips2.3 pips0.2 pips
USD/CAD(Average: 2.9 pips)1.6 pips0.5 pips0.3 pips
NZD/USD(Average: 3.6 pips)1.6 pips2.8 pips0.3 pips
EUR/GBP(Average: 2.4 pips)1.4 pips0.5 pips0.1 pips

Spreads are dynamic and are for informational purposes only.

Oanda’s minimum spread for trading EUR/USD is 1.1 pips – a rather large spread when compared to the average EUR/USD spread of 0.70 pips. The table below compares how much it would cost to trade one lot of EUR/USD with Oanda against other brokers.

SEE ALL SPREADS

How much does Oanda charge to trade 1 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.

OandaIGXTB
Spread from:$ 11.00$ 6.00$ 2.00
Commission:$0.00$0.00$0.00
Total cost of a 100k trade:$ 11.00$ 6.00$ 2.00
$5 less$9 less
VISIT OANDAVISIT IGVISIT 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 / CurrenciesOandaIGXTB
# of forex pairs offered719048
Major forex pairsYesYesYes
Minor forex pairsYesYesYes
Exotic forex pairsYesYesYes
Cryptocurrencies*NoYesYes
Commodity CFDsOandaIGXTB
# of commodities offered123421
MetalsYesYesYes
EnergiesYesYesYes
AgriculturalYesYesYes
Index & Stock CFDsOandaIGXTB
# of stocks offered080001606
UK sharesNoYesYes
US sharesNoYesYes
German sharesNoYesYes
Japanese sharesNoYesYes
SEE OANDA’S INSTRUMENTSSEE IG’S INSTRUMENTSSEE XTB’S INSTRUMENTS

Visit Oanda

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.

CHECK OUT OANDA’S PLATFORMS

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
  • Allows hedging

Accounts offered:

  • Standard account
  • Demo account
  • Mini account

Funding methods:

  • Credit cards
  • Bank Transfer
  • PayPal

3) Client support

English, Chinese, French, German, Japanese, Korean, Russian, and Spanish 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.

oanda

Open a demo account

81.75% of retail investor accounts lose money when trading spread bets and CFDs with this provider.

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What are you looking for in a broker?

Select the ‘must-have’ features or requirements that are important to you

Mobile Trading

Trade on Margin

Direct Market Access

Offers US Stocks

Accept Paypal

Offers UK Stocks

Offers MT4

Allows Scalping

Copy Trading

Accepts Credit Card

Allows Hedging

ECN or STP Execution

Offers Altcoins

Offers Crypto Crosses

Fixed Spreads

Variable Spreads

Offers Demo Account

Professional Status

VPS Trading

Zero Spread Account

Mobile Trading

Trade on Margin

Direct Market Access

Offers US Stocks

Accept Paypal

Offers UK Stocks

Offers MT4

Allows Scalping

Copy Trading

Accepts Credit Card

Allows Hedging

ECN or STP Execution

Offers Altcoins

Offers Crypto Crosses

Fixed Spreads

Variable Spreads

Offers Demo Account

Professional Status

BIGINNER

VPS Trading

Zero Spread Account

How experienced are you at trading?

Select the ‘must-have’ features or requirements that are important to you

beginner

Intermediate

EXPERT