Oanda corporation is a global forex and cryptocurrency broker that boasts low spreads and excellent trading tools – the broker requires no minimum deposit to start trading and offers 24/5 customer support.
In our Oanda review, we’ll take a closer look at everything this broker has to offer for trading forex and crypto and help traders decide if it’s right for them.
Oanda Platform Pros & Cons
Pros
- Trade 68 forex pairs with spreads from 1.4 pips
- Trade 9 cryptocurrencies with commissions from 0.25%
- Welcome bonus up to $5,000 for new traders
- Offers TradingView, MetaTrader 4, and Oanda apps
- Free demo trading account
Cons
- Does not offer stock, ETF, or index trading
- No negative balance protection
OANDA Corporation is regulated by the CFTC/NFA. OANDA is a member Firm of the NFA (Member ID: 0325821). CFDs are not available to residents in the United States.
OANDA CORPORATION IS A MEMBER OF NFA AND IS SUBJECT TO NFA’S REGULATORY OVERSIGHT AND EXAMINATIONS. HOWEVER, YOU SHOULD BE AWARE THAT NFA DOES NOT HAVE REGULATORY OVERSIGHT AUTHORITY OVER UNDERLYING OR SPOT VIRTUAL CURRENCY PRODUCTS OR TRANSACTIONS OR VIRTUAL CURRENCY EXCHANGES, CUSTODIANS OR MARKETS.
Tradable Assets at Oanda
Forex
Oanda offers trading on 68 global forex pairs, including all the major pairs and dozens of minor pairs. The maximum leverage for forex trading is 50:1 for US traders or 30:1 for European traders.
Oanda FX pairs
Cryptocurrencies
Oanda recently launched cryptocurrency trading and traders can now trade Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Aave, Chainlink, Matic, Uniswap, and PAX Gold in pairs with the US dollar.
OANDA cryptocurrency assets
Leverage is not available for crypto trading at this time. Only CFD trading is available (although not in the USA) – i.e. traders cannot buy Bitcoin or other cryptocurrencies directly and hold the underlying asset.
In the US, cryptos are traded directly, not as CFDs.
Stocks
Oanda does not offer trading on stocks, ETFs, indices, or options.
Oanda Broker Fees
Oanda boasts some of the lowest fees in the industry for forex and cryptocurrency trading. In fact, its low fees are one of the key features that makes Oanda one of the best trading platforms.
Let’s take a closer look at all of this broker’s charges.
Trading Fees
Oanda offers two pricing options for forex trading: spread-only pricing or Core pricing.
With spread-only pricing, traders are only charged a spread and there is no commission on trades. Oanda spreads start from 1.4 pips for popular forex pairs like EUR/USD and USD/JPY.
OANDA fees table
With Core pricing, traders are charged a spread and a volume-based commission. Spreads start from 0.0 pips and the commission is $50 per 1 million traded.
Note that Oanda fees include interest rates for leveraged positions held overnight. These rates change daily for each forex pair.
| Asset Class | Spread/Commission | Overnight Funding (Buy/Sell) |
| Forex | Spread-only: From 1.4 pips
Core: From 0.0 pips + $50/1M |
-0096%/0.0039% |
| Cryptocurrency | From 0.25% | N/A |
Non-trading Fees
Oanda does not charge account or deposit fees. One debit card withdrawal is free each month, while subsequent card withdrawals cost $15 each.
Withdrawals by bank transfer cost $20 for the first withdrawal each month or $15 for each subsequent withdrawal.
There is also a $10 inactivity fee after a period of 12 months with no open trades.
| Deposit Fee | None |
| Withdrawal Fee | None (for first withdrawal per month by debit card) |
| Inactivity Fee | $10 per month (after 12 months) |
OANDA Corporation is regulated by the CFTC/NFA. OANDA is a member Firm of the NFA (Member ID: 0325821). CFDs are not available to residents in the United States.
Oanda Platforms
Oanda offers several trading platforms, including its own proprietary platform, MetaTrader 4, and TradingView.
The Oanda platform, fxTrade, is available for desktop, web, and mobile – it offers a variety of useful tools, including watchlists for forex pairs and customizable charts. Traders can use advanced risk management tools like stop-loss orders and take-profit orders when trading forex and crypto.
In addition, fxTrade offers a market news feed and access to MarketPulse, Oanda market news and analysis hub. fxTrade also has a performance analysis panel where traders can track their own performance over time and make improvements to their strategy.
OANDA trading platform, source – oanda.com
For more advanced technical charting, including the ability to create custom indicators, traders have access to TradingView and MetaTrader 4. Traders can place trades directly through either of these platforms. Both platforms also support automated forex trading with algorithmic strategies.
TradingView and MetaTrader 4 are both available for web and mobile, and MetaTrader 4 also offers a desktop app.
Is Oanda User-friendly?
We found Oanda’s fxTrade platform to be very user-friendly. It’s laid out so that traders have quick access to all of the platform’s tools.
A watchlist panel makes it easy to keep an eye on price movements across multiple forex pairs while keeping technical charts for a specific forex pair in focus. Even better, the trade panel is available in the same window, so traders don’t need to leave their charts to trade.
Once a trader opens positions, they can monitor them within the same window. It’s easy to track profit and loss across multiple positions while actively charting.
One thing missing from fxTrade is price alerts. However, this isn’t a major issue for many traders and alerts are available in TradingView and MetaTrader 4.
Oanda Charting and Analysis
Oanda’s charting tools provide plenty of analytical power for most traders. fxTrade offers multiple chart types and dozens of customizable technical indicators. While traders can’t code their own custom indicators in fxTrade, this option is available in TradingView or MetaTrader 4.
Forex trading tools
One of the best features of fxTrade is that it comes with AutoChartist. This integrated software automatically plots support, resistance, and trend lines within fxTrade, making it easier for traders to identify opportunities.
fxTrade also offers access to MarketPulse, Oanda’s news and analysis hub. MarketPulse not only offers breaking headlines that could move forex and crypto prices, but also an economic calendar and expert technical analysis of popular forex pairs.
OANDA MarketPulse newsletter
Oanda Account Types
Oanda offers two types of account: Standard and Advanced Trader. Both accounts let traders choose between spread-only or Core pricing models. The main difference lies in the account sizes.
Traders can open a Standard account with no minimum deposit. An Advanced Trader account requires a minimum deposit of $10,000.
The Advanced Trader account comes with a dedicated account manager and unlimited free wire transfers. Importantly, Advanced Trader account holders can also qualify for rebates when they trade $10 million or more in volume during a month.
Demo Accounts
Oanda offers a free demo trading account that lets traders try out fxTrade for free. Traders must create an Oanda account to access the demo. There is no time limit on the demo account and traders can reset their balance at any time.
OANDA Corporation is regulated by the CFTC/NFA. OANDA is a member Firm of the NFA (Member ID: 0325821). CFDs are not available to residents in the United States.
Oanda App Review
Oanda’s fxTrade platform is available as a mobile app for iOS and Android devices. MetaTrader 4 and TradingView also offer mobile apps for iOS and Android.
The fxTrade mobile app is one of the best forex trading apps. It offers all the same features as the desktop and web platforms. Traders can access advanced charts and overlay indicators. They can also trade using stop loss and take-profit orders, access MarketPulse, and create and monitor watchlists.
OANDA app
The biggest difference within the Oanda app is that most features take up the whole screen, so traders can’t monitor charts and watchlists and trade all on a single screen. However, it’s easy to navigate between functions using the hamburger-style menu.
Oanda Payment Methods
Oanda accepts deposits by debit card, bank transfer, and wire transfer. Credit cards and e-wallets such as PayPal are not currently accepted.
Oanda Minimum Deposit
Oanda does not require a minimum deposit to open a Standard account. The minimum trade size is 0.01 lots for forex and 0.0001 BTC for Bitcoin. The minimum deposit to open an Advanced Trader account is $10,000.
Oanda Withdrawal Times
Withdrawals from Oanda brokerage can take 1-6 business days. In most cases, withdrawals to a debit card are processed within 1 business day.
Oanda Bonus & Promos
Oanda is currently offering one of the best forex welcome bonuses of any broker: up to $5,000 for all new traders. When traders sign up for Oanda and make a deposit of at least $25, the broker will immediately credit 50% of the deposit to their account. So, traders must deposit $10,000 to claim the maximum $5,000 bonus.
OANDA Deposit Bonus
Bonus funds can only be used for trading and cannot be withdrawn at any time. Traders must maintain an account balance of at least 50% of the bonus amount to keep the bonus.
Oanda Demo Account
Oanda offers a free paper trading account that lets traders take the fxTrade platform for a test run. The demo account comes with $100,000 in virtual funds.
With the demo account, traders can see how fxTrade works and how much it costs to trade with Oanda . There is no time limit on the demo account and traders can reset the account balance at any time.
Oanda Customer Support
Oanda offers 24/5 customer support by phone, email, and live chat and we found the support team to be very responsive, answering questions by live chat within a few minutes of sending a request.
We especially liked that traders can save live chat conversations, so information isn’t lost at the end of a chat session.
Oanda also has a strong online presence unlike some brokerage sites. The various Oanda social media channels include:
Oanda Licensing & Security
Oanda was founded in 1996 and is one of the oldest online forex brokers, building up a positive reputation for safely and security over the years. Oanda is licensed by the Commodity Futures Trading Commission (CFTC) in the US and is a registered Forex Dealer Member (FDM) of the National Futures Association.
Oanda corporation offers two-factor authentication with Google Authenticator to secure traders’ accounts. All activity on Oanda’s platform is secured with SSL encryption.
How to Start Trading with Oanda
Here’s how to open a new trading account with Oanda today.
Step 1: Create an Oanda Account
Visit Oanda’s website and click Start Trading to create a new account. Traders must enter their email address and create a username and password.
Then they should enter their name, address, birth date, contact information, country of residence, employment details, and information about their trading experience.
Step 2: Verify Account
Oanda follows Know Your Customer (KYC) laws and requires all new traders to verify their identity. The verification step can be completed in most cases by uploading a copy of a passport or driver’s license.
Traders also need to upload a bank statement or utility bill to verify their address.
Step 3: Deposit Funds
In the Oanda account dashboard, click on My Funds, then Deposit. Select a payment method, choose the amount to deposit, and enter the required payment details. Oanda does not require a minimum deposit for Standard accounts.
Step 4: Start Trading
Open the fxTrade platform for desktop, web, or mobile and log into an Oanda account. Select a forex pair or cryptocurrency, then open the trade entry panel. Enter the amount to trade, whether to go long or short, and any stop loss or profit target. Then click Submit to open the trade.
Conclusion
Oanda is a global forex and crypto broker that offers top-notch trading platforms and highly competitive trading fees. Oanda offers trading on 68 forex pairs and 9 popular cryptocurrencies.
The broker has been in business since 1996, making it one of the oldest and most trusted online forex brokers.
Ready to start trading forex and crypto with Oanda? Sign up via the link below to claim a $5,000 welcome bonus.
OANDA Corporation is regulated by the CFTC/NFA. OANDA is a member Firm of the NFA (Member ID: 0325821). CFDs are not available to residents in the United States.
OANDA CORPORATION IS A MEMBER OF NFA AND IS SUBJECT TO NFA’S REGULATORY OVERSIGHT AND EXAMINATIONS. HOWEVER, YOU SHOULD BE AWARE THAT NFA DOES NOT HAVE REGULATORY OVERSIGHT AUTHORITY OVER UNDERLYING OR SPOT VIRTUAL CURRENCY PRODUCTS OR TRANSACTIONS OR VIRTUAL CURRENCY EXCHANGES, CUSTODIANS OR MARKETS.