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Oanda Review 2022 - The Good and the Bad

By Stefano Treviso , Updated on: Aug 29 2022.

Oanda in a Nutshell

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78.3% of retail CFD accounts lose money.

🏛 Regulators CFTC, NFA, ASIC, FCA, MAS, IIROC, FFAJ, BVI.
💳 Minimum Deposit ($) 0
💰 Payment Methods Credit Card, Debit Card, Bank Transfer, PayPal.
💵 Base Currencies 9 - USD, EUR, GBP, SGD, CHF, JPY, AUD, CAD, HKD.
📚 Assets Offered

CFDs on currencies, commodities, cryptocurrencies, indices and bonds.

📙 Stocks N/A
📘 Currency Pairs 68
💸 Cryptos 4
💪 Retail Leverage Up to 1:30
💪 Pro Leverage Up to 1:100
✍ Custom Leverage Yes
🎲 Deleveraged Trading No
🎓 Demo Account Yes
💰 Commissions

No, but they do charge currency conversion fees. If your account base currency is GBP and you trade the EUR/USD pair, you'll be paying a conversion fee.

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Oanda in 60 seconds

  • No minimum deposit and minimum trade size of a single currency unit (eg: 1 Euro, 1 U.S Dollar)
  • TradingView integration and internal charts with a robust platform with a compact approach
  • 7 Different licenses from the most reputable financial regulators in the world

Oanda is an international Forex broker founded in 1996 with headquarters in the United States. Oanda specialises exclusively in currency trading solutions for all trader levels. Their greatest selling points are their strong regulatory framework and robust proprietary platforms.

Oanda Full Review

Here’s what we’ll talk about during our review: 

Is Oanda safe?

Oanda is a safe and reliable broker thanks to their strong regulatory framework as they’ve managed to acquire 7 licenses from some of the world's most respected financial watchdogs. The below list are each one of Oanda’s regulators:

  • CFTC (U.S Commodity Futures Trading Commission)
  • FMD NFA (Forex Dealer Member of the National Futures Association U.S)
  • FCA (Financial Conduct Authority)
  • ASIC (Australian Securities and Investments Commission)
  • MAS (Monetary Authority of Singapore)
  • IIROC (Investment Industry Regulatory Organization of Canada)
  • FFAJ (Financial Futures Association of Japan)
  • BVI (British Virgin Islands Financial Services Commission)

During our Oanda’s investigation process, we found amazing user reviews and overall a very good feeling of their presence.

Financial
Licenses

Regulation

Regulated

Top-tier Licenses

7

Other Licenses

1

Provided by
TheTradingBible.com

Learn More

They definitely have one of the best regulatory frameworks out there.

Oanda’s Minimum Deposit and Withdrawal

Oanda has no minimum deposit requirement and does not charge any deposit fees. Currently, they only accept deposits or withdrawals via the below methods:

  • Debit and Credit Cards (Visa or Mastercard)
  • Bank Wires
  • Paypal

Base Currencies

For the above payment methods, Oanda supports the following account base currencies:

  • United States Dollar
  • Canadian Dollar
  • Australian Dollar
  • Euro
  • Singapore Dollar
  • Great British Pound
  • Japanese Yen
  • Hong Kong Dollar
  • Swiss Franc

It’s very important to note that despite Oanda’s decision to not charge a deposit fee, they do charge withdrawal fees using a particular structure:

  • For debit cards and paypal, all withdrawals are free regardless of how many a customer requests.
  • For credit card withdrawals, the first one in a calendar month will be free and any other withdrawals will have a fee of $15.
  • For bank transfer withdrawals, the first one in a calendar month will have a fee of $25 and any other withdrawals will have a fee of $35.

Please consider that the above example is set in USD, there may be variations in costs according to your account’s base currency. In simple words, avoid using bank transfers for withdrawing funds unless you’re planning to deposit large amounts.

Deposit and Withdrawal Process

Oanda’s platform, while being very tight and integrated for some things, it’s not for others. When launching your web trading platform, you’ll see a funds management option where you’ll be able to create multiple accounts in different currencies and request deposits or withdrawals.

Bear in mind that this section is independent from the platform and opens in a separate tab on your browser, that’s why we emphasize the lack of integration as it’s not an option quickly available inside the platform.

Oanda’s Account Types

Oanda offers two different types of accounts: Standard and Professional. Here are the main differences:

Standard Professional
Maximum leverage of 1:30 Maximum Leverage of 1:100
No requirements to opt in Criteria to become an elective professional client usually is:
  • Trading history of at least 40 CFD. trades with at least $50,000 in value
  • Having an investment portfolio of at least $500,000.
  • Having worked in a professional position in the financial industry that requires knowledge of financial derivatives.
Negative balance protection No negative balance protection

Oanda’s Trading Fees

Oanda charges spreads (which vary according to each asset) and overnight fees on leveraged positions.

Spreads

Oanda profits through the spread charged (difference between buy and sell prices) when opening trades. Let’s compare their spread against a few similar brokers:

Asset Oanda Pepperstone eToro
EUR/USD SpreadDynamic - From 0.8 PipsDynamic - From 0 to 0.77 PipsDynamic - From 1 Pip
SP500 SpreadDynamic - From 30 PipsDynamic - From 0.4 to 1.5 PipsDynamic - From 75 Pips
Gold SpreadDynamic - From 26 PipsDynamic - Average 13.81 PipsDynamic - From 45 Pips
TSLA SpreadN/ADynamic - Market SpreadDynamic - From 0.09%
XLK SpreadN/ADynamic - Market SpreadDynamic - From 0.09%
BTC SpreadDynamic - From $100Dynamic - From $30Dynamic - From 0.75%

Oanda’s spreads are definitely competitive when compared to the majority of FX brokers, yet they’re still not the lowest ones.

Commissions & Fees

Oanda doesn’t charge commissions such as in-and-out commission of each trade but they do charge currency conversion fees, depending on the traders’ account base currency.

OandaPepperstoneeToro
Commissions

No, but they do charge currency conversion fees. If your account base currency is GBP and you trade the EUR/USD pair, you'll be paying a conversion fee.

  • For Standard account : All fees included in the spread
  • For Razor account: From $7 per Lot round turn
No

Another very important charge to mention is that Oanda charges an inactivity fee of $10 per month after a user left his account inactive for a 1 year period.

Oanda’s Available Assets

Oanda’s asset offering is mostly dedicated to currency pairs (68 so far). When it comes to stocks, ETFs or other asset classes Oanda is definitely lacking a lot when compared to its competitors. 

Oanda’s total asset offering is merely 107 tradable instruments being most of them currency pairs. Here’s how they compare against other well-known brokers:

AssetOandaPepperstoneeToro
StocksN/A1,300 +2,000+ Real Stocks / 2,000+ CFDs
Currency Pairs686047
Commodities133114
Indices162513
ETFsN/A100145
Cryptocurrencies42026
Bonds6N/AN/A
OptionsN/AN/AN/A
FuturesN/AN/AN/A

Oanda is clearly a great choice for currency (FX) traders as they offer no minimum deposit, a minimum trade size of a single unit of any currency (Eg: 1 Euro, 1 U.S Dollar, etc) and a solid platform. On the other hand, when it comes to other asset classes there are definitely better choices out there.

Oanda’s Platforms

Oanda has a great platform offering, here are the choices they offer:

  • Downloadable desktop platform for MAC and Windows devices
  • Android and IOS Proprietary FxTrade App
  • Oanda Web Trader (accessible from any web browser)
  • MT4 & MT5 (Both for desktop and as a mobile app)
  • Tradingview platform (in-built in their own system and also accessible as a TradingView partner broker from TradingView’s own system)

Let’s review a few of their highlights.

Oanda’s Mobile Trading Platform

Our favourite of Oanda’s platforms is their mobile trading app. It’s extremely fast, easy to use and simple. Let’s go over the main areas.

Mobile Home

Oanda’s mobile platform home comes packed with basic features such as directly sorting through asset classes from the top while viewing each asset’s chart on the and a classic bottom menu to switch between areas of the platform.

Oanda's Platform Mobile home

On the first look, we notice the similarities between Plus500 and Oanda when it comes to platforms. Both have the same layout of an asset list and a half-screen chart on the bottom.

Sadly we weren't able to find a notification centre anywhere on the platform. 

Asset View

Oanda’s passion for simplicity is clearly evident as they don’t have a dedicated asset view but rather when you click on each asset, the half-screen chart  changes and allows you to click on details to view some key information on each asset.

Oanda's Mobile Platform Asset View

Compared to some of their competitors, it definitely would be nicer to have a dedicated asset view with more relevant information on each asset such as custom related news.

Order Placement

Oanda’s mobile platform order placement panel is a one-stop-shop for trading as any user can directly change even the asset they’re wishing to trade straight from the panel.

Oanda's Mobile Platform Order Placement

While still being a very effective tool as it allows a trader to set many values, view their margin exposure and more. We still get the feeling that it’s not an order placement panel designed for an optimal mobile experience but rather a quick replica of the desktop version.

Portfolio

Oanda’s portfolio section allows a user to check for:

  • Trade (Active positions with options to: modify, reduce or close a trade)
  • Orders (Pending orders)
  • Positions (Same view as Trade with only the ability to close trades)
  • Activity (A general overview of everything happening in the account such as: deposit, withdrawals, debited commissions, closed trades, etc).
Oanda's Mobile Platform Portfolio Section

The portfolio section is very simple and effective, a great positive point for Oanda.

News

Oanda’s mobile platform news section is merely an integration of News provided by Dow Jones.

Oanda's Mobile Platform News Section

There’s no ability to customise your news or filter them. In the end, it’s not very helpful but rather just an added benefit to get some extra news.

Charting Tools

When rotating your mobile device horizontally, the app will automatically switch to full screen charting mode.

Oanda's Mobile Platform Charting Tools

As a positive point we can definitely say that Oanda’s mobile charting experience was fast, smooth and overall perfect. The charts were responsive and allowed us to draw and place indicators without experiencing any lags. 

In conclusion, Oanda’s mobile platform is definitely well built for what it does with the exception of the mobile order placement panel. On the negative side, we would love to see more integration of features instead of having to access extra browser tabs to get news, economic calendars or any other resources.

Oanda’s Web Trading Platform

Oanda’s web trading platform is a very compact experience as pretty much everything a user needs is in one place. Let’s go over its main features:

Web Home

In Oanda’s web platform home, you’ll be able to find pretty much everything you need.

Oanda's Web Platform home

At a glance, any user is able to access the asset view, news, portfolio and charting tools straight from the home. Sadly there is no notification centre for important matters.

Order Placement

The order placement window is definitely well optimised and designed for desktop devices (that’s why we felt the mobile one was exactly like this one with minor changes). 

Oanda's Web Platform Order Placement

When compared to the mobile version, there are a few more options as in the mobile one, a user can choose only from “market order” or “entry order” whereas in the web version, a user can choose from “market”, “limit” and “stop” orders.

In the end, it's a more complete version with less simplification.

News

Oanda’s web platform news are the same as the mobile version. They require opening an additional tab external to the platform to view the Dow Jones integrated news.

Oanda's Web Platform News

Here is where we start noticing the polar opposites when it comes to integration. On one hand, the platform has everything you need in one place, on the other hand then whenever you need additional resources, more tabs and external resources need to be loaded as nothing is part of the platform.

In conclusion, the web trading platform is a great tool for executing your trades and getting simple tasks done. There should not be much expectation for research or added value in it.

Oanda’s Desktop Trading Platform

Oanda’s desktop platform is a downloadable version of their web platform with a few options that always require deploying additional tabs on your web browser (which makes no sense at all). Let’s go over its mean features:

Home

In the desktop platform’s home, you’ll be able to find everything you need just like in the web version.

Oanda's Desktop Platform home

A few very important points to note:

  • Most of the options on the left side will simply deploy additional tabs to load the resources from the web.
  • Advanced charting is nothing more than an additional window loading TradingView charts
  • There’s no notification center

While it is a nice gesture to provide a desktop platform, we do not recommend it at all. Any user is well served with the web and mobile versions. There won’t be any great advantages from using the downloadable desktop version.

Oanda’s Research and Analysis Tools

When it comes to research and analysis, Oanda provides the following tools:

  • An economic calendar
  • Access to StockTwits without possibility of configuring them
  • MarketPulse news
  • Economic Analysis
  • News feed by DowJones
  • Technical Analysis signals provided by AutoChartist

Overall, we get the feeling they decided to simply provide lots of tools regardless of the quality of them but in the end, they’re not very useful.

Oanda is a great FX broker and it should stick to doing what they do great without trying to provide too many additional resources which don’t live up to its expectations.

Oanda’s Educational Tools

Oanda’s website provides a “Learn Section” where they offer some text-based introductory articles for those that don’t know much about brokers or trading accompanied by some Webinars which are pending a potential broadcast date.

Overall, Oanda’s educational department requires much more effort to live up to the standards of some of their competitors.

Verdict

Oanda is a great choice for beginner, intermediate and professional forex traders due to the following reasons:

  • No minimum deposit requirement
  • Minimum trade size of a single currency unit
  • No commissions
  • Reputable and strong regulatory framework

On the negative side, Oanda needs to improve its asset offering to cover more markets and also their platform integrations to allow for a smoother experience.

Judging from Oanda’s current standing and being a company founded in 1996, they clearly have a defined path where they want to stay as a leading FX broker instead of taking over other markets.

If you’re a currency trader looking for a safe broker with a strong regulatory framework and competitive offers in currency trading, Oanda is definitely a great choice.

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