Oanda Review 2021 - The Good and the Bad

Updated Nov 13 2021

Oanda Review 2021 - The Good and the Bad

Oanda in a Nutshell

Visit

74-89% of retail CFD accounts lose money

Overview

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.

Best For
  • Forex traders of all levels (from beginner to advanced)
Trust

TTBTrust

9.7

Provided by TheTradingBible.com ®

Learn More
The Good
  • High trustworthiness, regulated by the best regulators in the world
  • Fast, simple and professional trading platforms
  • Competitive spreads in their currency pairs
The Bad
  • Extremely limited offering of assets (104)
  • No ability to purchase real stocks or cryptocurrencies, only CFDs
Status
Operational
Recent News
N/A
Key Data
⌛ Account Opening Time 1 day minimum (may take longer)
📋 Documents Required
  • Valid identity document (Passport, ID Card, etc)
  • Valid proof of residence document (Bank statement, utility bills)

All documents must be under the account holder's name.

*There is no document verification needed for gross account deposits below US$9,000.

🏛 Financial Regulators
Financial Conduct Authority
Australian Securities and Investments Commission
Monetary Authority of Singapore
Investment Industry Regulatory Organization of Canada
Financial Futures Association of Japan
📍 Year Founded 1996
💳 Minimum Deposit $, €, £, - 0.
💰 Payment Methods
Visa
Mastercard
Bank Transfer
Paypal
💵 Account Base Currencies 9 - USD, EUR, GBP, SGD, CHF, JPY, AUD, CAD, HKD.
🗽 Available to U.S Citizens Yes
❌ Restricted Countries AF, AL, BS, BB, BW, BF, BI, KH, KY, CF, TD, CD, CG, CU, ER, ET, GH, IR, IQ, JM, KP, LY, MU, MN, MA, MM, NI, NG, PK, PS, PA, SN, SL, SO, SS, SD, SY, TT, TN, UG, VU, YE, ZW.
📊 STP Account No
📊 DMA Account No
📊 ECN Account No
Assets
📚 Available Assets
Currencies
Commodities
Indices
Cryptos
CFDs
📙 Stocks N/A
📘 Currency Pairs 68
📗 Commodities 13
📕 Indices 16
📔 ETFs N/A
💸 Cryptocurrencies 4
📒 Bonds 6
📓 Options N/A
📗 Futures N/A
📝 Notes

All Oanda's assets are CFDs. In the case of commodities, they only have 13, but each commodity has various trading pairs against several different currencies, eg: GOLD/EUR, GOLD/CHF, etc.

Trading Experience
📈 Minimum Stocks Trade Size N/A
📉 Minimum ETFs Trade Size N/A
📈 Minimum Crypto Trade Size Varies by crypto (Eg: 0.01 BTC)
📉 Minimum FX Trade Size 1 unit of any currency pair (Eg: 1 Euro, 1 Usd, 1 GBP, etc)
📈 Minimum Commodities Trade Size Varies by Commodity (Eg: 1 Troy ounce of Gold)
📉 Minimum Bonds Trade Size 1 unit of any Bond contract
📈 Minimum Futures Trade Size N/A
📉 Minimum Options Trade Size N/A
💪 Retail Leverage Up to 1:30
💪 Professional Leverage Up to 1:100
✍ Customisable Leverage Yes
🎲 Deleveraged Trading No
🎓 Demo Account Yes
📱 IOS App Yes
📱 Android App Yes
📺 MetaTrader 4 Yes
📺 MetaTrader 5 Yes
💻 Web Trader Yes
💻 TradingView Platform No
💻 Proprietary Platform Yes
📊 Multi-chart tools Yes
👬 Copy Trading No
👫 Social Trading No
🔑 Guaranteed Stop-loss Yes
🔨 Trailing Stop-loss Yes
Fees
💰 Inactivity Fee Yes, $10 after 1 year of inactivity
💰 Deposit Fees No
💰 Withdrawal Fees

Credit and Debit cards are free, when it comes to Bank transfer depends on the account's base currency (eg: the first withdrawal costs $, €, £ 20 and any subsequent ones 35). In the case of SGD, there are no fees.

💰 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.

Spreads
📈 EUR/USD Dynamic - From 0.8 Pips
📉 SP500 (CFD) Dynamic - From 30 Pips
📈 GOLD (CFD) Dynamic - From 26 Pips
📉 TSLA ( Stock CFD) N/A
📈 XLK (ETF - CFD) N/A
📉 BTC Dynamic - From $100
Research and Analysis
⭐ Watch Lists Yes
🔭 Stock Screener No
🗓 Economic Calendar Yes
📜 Integrated Newsfeed Yes
📡 Reuters Feed No

Compare Oanda

Vs.

Oanda in 60 seconds

Oanda is an American broker specialised in currency (FX) trading. It’s best suited for all levels of currency traders but especially for professional high volume traders looking for a strong regulatory framework accompanied by FX interbank rates.

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 6 licenses from some of the world's most respected financial watchdogs. The below list are each one of Oanda’s regulators:

During our Oanda’s investigation process, we found amazing user reviews and overall a very good feeling of their presence. This accompanied by the fact that Oanda’s licenses are top scored ones and amongst the highest reputation, nets them a TTBtrust score of 9.7 out of 10.

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:

Base Currencies

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

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:

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:

  Oanda Pepperstone eToro
EUR/USD Spread 0.8 Pips 0.6 Pips 1 Pip

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.

  Oanda Pepperstone eToro
Commission $0 (Only currency conversion fee based on your account’s base currency) $7 Per lot roundturn $0

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:

Asset Oanda Pepperstone eToro
Stocks N/A 1300+ 2000+
Currency Pairs 68 60 47
Commodities 13 31 14
Indices 16 28 13
ETFs N/A 100 145
Cryptocurrencies 4 20 26
Bonds 6 N/A N/A
Options N/A N/A N/A
Futures N/A N/A N/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:

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:

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:

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:

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:

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.

Author

Stefano Treviso

Top Online Brokers

1

Capital.com

75.26% of retail CFD accounts lose money. Trading on margin is high risk and is not suitable for everyone.

2

eToro

68% of retail CFD accounts lose money

3

Pepperstone

74-89% of retail CFD accounts lose money

Best Online Brokers

75.26% of retail CFD accounts lose money. Trading on margin is high risk and is not suitable for everyone.

Available Assets

Stocks
Currencies
Cryptocurrencies
Commodities
ETFs
CFDs
Indices

Minimum Deposit

$, €, £ - 20

Regulators

Cyprus Securities and Exchange Commission
Financial Conduct Authority
Australian Securities and Investments Commission
National Bank of the Republic of Belarus

Payment Methods

Visa
Mastercard
Bank Transfer
Sofort
Neteller
Paypal
Apple Pay
Skrill
iDeal

Top Features

  • Customisable leverage for each asset class
  • Integrated with TradingView platform
  • User friendly web and mobile platform

68% of retail CFD accounts lose money

Available Assets

Stocks
Cryptos
Commodities
Currencies
ETFs
Indices
CFDs

Minimum Deposit

$50 up to 200

Regulators

Cyprus Securities and Exchange Commission
Financial Conduct Authority
Australian Securities and Investments Commission
Financial Services Authority Seychelles

Payment Methods

Visa
Mastercard
Bank Transfer
Sofort
Neteller
Paypal
Skrill

Top Features

  • Buy real shares without leverage
  • Social and copy trading platform
  • More than 12 million users

74-89% of retail CFD accounts lose money

Available Assets

Stocks
Cryptos
Commodities
Currencies
ETFs
Indices
CFDs

Minimum Deposit

$200

Regulators

BaFin (German Federal Financial Supervisory Authority)
Financial Conduct Authority
Australian Securities and Investments Commission
ADGM Financial Services Regulatory Authority
Cyprus Securities and Exchange Commission
Securities Commission of the Bahamas
Capital Markets Authority of Kenya

Payment Methods

Visa
Mastercard
Bank Transfer
Neteller
Paypal
Skrill

Top Features

  • Well regulated on several jurisdictions
  • Low latency, fast execution under 30ms
  • Competitive spreads and low commissions from 0.0 pips their Razor account

72% of retail CFD accounts lose money

Available Assets

Stocks
Currencies
Cryptos
Commodities
ETFs
CFDs
Indices
Options

Minimum Deposit

$, €, £ - 100

Regulators

Cyprus Securities and Exchange Commission
Monetary Authority of Singapore
Financial Conduct Authority
Australian Securities and Investments Commission

Payment Methods

Visa
Mastercard
Bank Transfer
Paypal
Skrill

Top Features

  • Publicly traded company on LSE
  • CFDs on American Options offered
  • Easy to access live chat support

77% of retail CFD accounts lose money

Available Assets

Stocks
Cryptos
Commodities
Currencies
ETFs
Indices
CFDs

Minimum Deposit

$, €, £ - 0

Regulators

Cyprus Securities and Exchange Commission
Financial Conduct Authority
Polish Financial Supervision Authority
National Securities Market Commission (Spain)

Payment Methods

Visa
Mastercard
Bank Transfer
Sofort
Neteller
Paypal
Skrill

Top Features

  • Low Forex Spreads
  • Advanced platform with customisable spaces
  • Publicly traded company in WSE

Your Capital is at risk

Available Assets

Stocks
Currencies
Commodities
Indices
Cryptos
CFDs

Minimum Deposit

$100

Regulators

Australian Securities and Investments Commission
Securities Commission of the Bahamas

Payment Methods

Visa
Mastercard
Bank Transfer
Neteller
Paypal
Skrill
DragonPay
USDT (Tether)

Top Features

  • Allows deposits with cryptocurrency USDT (Tether)
  • Up to 1:500 leverage for experienced traders
  • Free Forex VPS (Virtual private server) to run your MetaTrader setup

74-89% of retail CFD accounts lose money

Available Assets

Currencies
Commodities
Indices
Cryptos
CFDs

Minimum Deposit

$, €, £, - 0.

Regulators

Financial Conduct Authority
Australian Securities and Investments Commission
Monetary Authority of Singapore
Investment Industry Regulatory Organization of Canada
Financial Futures Association of Japan

Payment Methods

Visa
Mastercard
Bank Transfer
Paypal

Top Features

  • High trustworthiness, regulated by the best regulators in the world
  • Fast, simple and professional trading platforms
  • Competitive spreads in their currency pairs

73.59% of retail CFD accounts lose money

Available Assets

Stocks
Cryptos
Commodities
Currencies
Indices
CFDs

Minimum Deposit

$200

Regulators

Cyprus Securities and Exchange Commission
Australian Securities and Investments Commission
Financial Services Authority Seychelles

Payment Methods

Visa
Mastercard
Bank Transfer
Bitcoin
Sofort
Neteller
Paypal
Skrill

Top Features

  • Customisable leverage per asset before opening trades
  • Interbank rates and low commissions
  • Great platform variety

Spread the love by sharing our content!

Feel like reading more?

5 Best UK Forex Brokers List for 2021

IC Markets Review 2021 - The Good and the Bad

Pepperstone Review 2021 - The Good and the Bad

Blueberry Markets Review 2021 - The Good and the Bad

A Beginners Guide to Dollar-Cost Averaging (DCA) with Examples

Monero (XMR) - Your Money Finally Belongs to You

How to Buy Stocks - A Beginners Step-by-Step Guide

XTB Broker Review 2021 - The Good and the Bad

Initial Coin Offering (ICO) - A Guide for Investors and Traders

Ethereum Explained - A Beginner's Guide

By using TheTradingBible.com's website you agree to the use of cookies.

Start Trading

74-89% of retail CFD accounts lose money