Oanda Review

2.779 · 471 REVIEWS
Updated: Nov 3, 2020 · Oanda.com  · Is this your company?

Oanda is a forex broker. Oanda offers the MetaTrader 4 and Web Trader forex trading top platforms. Oanda.com offers over 50 currency pairs, commodities, and precious metals as well as international currency transfers.

Oanda

Broker Details

Minimum Trade Size: 0.001
Maximum Leverage: 50:1
Minimum to Open Live: $1
Established: 1996
Address: 135 West 41st Street New York NY, 10036, United States
Contact: frontdesk@oanda.com, +61 2 8046 6258
Regional offices:
Regulators: ASIC #412981, IIROC #, FCA #542574
Prohibited countries:
Trading platforms: MT4, WebTrader
Web Trading: Yes
Mobile Trading: Yes
Currencies: (55+)
Cryptocurrencies:
CFD: (5+) Gold, Silver, Other Precious Metals, Oil, Other Commodities
Scalping: Yes
PAMM: Yes
Deposit Methods: Bank Wire, VISA, MasterCard, ACH Payments (echeck), BPAY, CHAPS, Check, DBS Bill Payment, Local Bank Deposits, Local Bank Transfers, Payment Asia, PayNow, PayPal, SEPA Credit Transfer (SCT), SWIFT
Withdrawal Methods: VISA, MasterCard, Check, Local Bank Transfers, PayPal

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Oanda.com profile provided by MatthewC, Mar 22, 2016


 



Competitive Spreads



Trade with confidence knowing your OANDA CFD* & retail forex trading account gets competitive spreads with no commissions on your trades, no minimum deposit and no account maintenance fees



Exceptional Execution



Low cost of CFD and forex trading is more than just spreads. It's having your trades executed automatically without requotes or rejections, unless you choose to place upper or lower bounds to protect against price fluctuations.



Award-Winning Online Trading Platform



Experience the power and ease of CFD and forex trading with OANDA across all our trading applications. OANDA puts you in full control of your trade strategy, so you never lose sight of the market.


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2.779 · 471 REVIEWS
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Traders Reviews

Viña del Mar, Chile,
Oct 2, 2020,
Registered user

Deposit is nowhere to be found.

Service use: Live

Length of use: Have not used

I haven't even had the chance to trade with OANDA, as the day I made my deposit with a pre-paid credit card, it was denied by the broker. This is fine, a small problem (it is stated that they accept credit, debit card and Paypal, but it isn't stated than prepaid cards don't work, and Paypal doesn't either), but the real problem is that the money wasn't deposited back in my account. I talked to my bank and say it's on OANDA's end, and OANDA support say the deposit doesn't appear on their end (however I got a deposit denied message from them). The money is gone, and they aren't being accountable for that.
 
singapore, Singapore,
Sep 2, 2020,
Registered user

wide spreads

Service use: Live

Length of use: over 1 Year

i recently had a stop hunting experience. on my chart, price didn't reach my stop loss. every day, around NY close, the spreads widen for some brokers. the spread was at least 20 pips for OANDA (for minor cross pair). i believe that OANDA widens spreads to >30 pips duting news events. so OANDA has spreads that are too wide and variable for me. i am looking for a broker with fixed spreads.
  2 traders have found this review helpful
Texas, USA,
Jul 7, 2020,
Registered user

Oanda software is Rigged

Service use: Live

Length of use: 0-3 Months

Please be careful using their web or desktop platform. Oanda will set you up to fail I had a stop order 10 pips above the market price(limit orders are not allowed for orders above the current price- Only stop orders... Strange Huh). Out of know where my order was filled and i was already in the hole 10 pips down and almost $300. This happened every time I placed a stop order to buy. I opened a chat to customer service to see what happened. I was told due to high market volatility my order was hit. I advised that is impossible because there would have been a very long wick displayed on the chart. I told them it doesn't matter how fast the market, it will 'ALWAYS' show a wick... I checked every EUR/USD chart and the price never reached my order. They then had me pull up another chart called 'ask chart' which has nothing to do with a realistist chart. This is there own in house chart that shows activity of what they do behind closed doors. This is a 100% stop hunt software. I will never use this broker again nor recommend this broker to anyone.
  2 traders have found this review helpful
Gauteng, South Africa,
Jun 15, 2020,
Registered user

Scammers

Service use: Live

Length of use: 0-3 Months

I am a trader for a two years know still in the beginning but i have some knowledge in the mark but evry time when i a place a order the market urns on me for 53 trades know first i thought its my lack of knowledge the i reralized and studied the charts between meta and their webtrader they are playing around with their web trader i see this as a scam i can put in to orders the exact time on the web platform and on meta trader the webtrader always turns after i placed an order and the meta not they are scamming people i will get to the bottom of this
  1 trader has found this review helpful
fanling, Hong Kong,
May 25, 2020,
Registered user

Ok Broker, for big accounts

Service use: Live

Length of use: over 1 Year

Ive had an account with Oanda for a number of years. But the small leverage options means you have to be very picky about which positions you take in the market. Sometimes i want to use a little bit more risk if im very confident in my setup. But you cant due to the low leverage. thats my decision wether i want to do that or not so it should be left up to me what i trade.

saying that they do have a good charting platform, as they use trading view charts. But again a fault that you cant trade direct off TV you can only monitor positions.

Too many rules and regulations for my liking. But not too bad if you have a big account so average rating
 
Essex, United Kingdom,
May 22, 2020,
Registered user

Decent broker

Service use: Live

Length of use: 3-6 Months

Good broker that has a decent reputation. I haven't experienced any problems with payments or withdrawals and definitely think this is one of the better brokers out there.

Jan 21, 2020 - 3 Stars I used Oanda when I first started trading just over a year ago. I did find the site user friendly and was generally happy. I did however find the bank charges quite high and was disappointed that customer support was not available 24/7 when I had an issue with one of my withdrawals.
 
NJ, USA,
May 10, 2020,
Registered user

A well rounded, excellent broker

Service use: Live

Length of use: over 1 Year

Been with Oanda for about a year but trading FX for 5. As a USA client, I was taken away from IC Markets kicking and screaming! Oanda has made the switch for me fairly painless. The spread/commission is good. Really only paying about 2 pips on average. EURUSD is only 1.2 pips. Not bad for a US regulated broker. I have a relationship manager who helps me anytime I need help and responds quick. I have a free VPS that runs my algos on MT4. My favorite part is when spreads widen for news or EOD, they have a limit. This can make Oanda lose money but they do this to protect clients. There have been times when GBP pairs spreads wildly jump over 100pips on other brokers feeds but Oanda only 20 pips. This is especially important if you are scalping a news event and need to know what the spread will be. They will also execute trades faster than most because of their status as a dealing desk broker. I personally have grown to like this model, even though I know they could be taking the other side of my trade. They post their feed live everywhere which is comforting. Anyway, I hope this helps and if you have a question about trading, feel free to message me.
 
Essex, United Kingdom,
Apr 28, 2020,
Registered user

Ok for first broker

Service use: Live

Length of use: 6-12 Months

I used Oanda when i first started trading and found them ok. The customer service team were helpful when i had a payment query. I do find the fees slightly high which was one of the main reasons i moved from them.
 
Jack Tan,
Kuala Lumpur, Malaysia,
Mar 23, 2020,
Guest

Marvel Act From Oanda

Service use: Live

Length of use: over 1 Year

Initially, I was skeptical like anyone else. However, much to my amazement, Oanda's performance far supersede's other brokers performance. What truly matters to me is the Deposit and Withdrawal system, established by Oanda. It's truly a wonder.

I haven't experience such a swift withdrawal from any other broker and Oanda truly won the appeal of being the A list broker in my honest opinion. Notwithstanding the fact, their pro account allowed me to trade in tight spreads (Pretty much like an ECN account).

I thought the brokerage world ended in a dark light, however, Oanda surely did proved everyone wrong here. Keep the transparency going!
 
Ricky,
Glasgow, United Kingdom,
Mar 23, 2020,
Guest

Not Trustworthy

Service use: Demo

Length of use: 0-3 Months

Oh wow...these guys are well shady. Opened some longs on US30 tonight before the futures closed for limit down. Prices eventually bounced from limit down at 6.46 EST, but guess what? Oanda still claiming the market is shut at 7:14. Ok, so they've been caught out and need to screw their customers to get back even. Thankfully this is just a Demo account as I now know there's no way on Earth these criminals could be trusted....seriously...BUYER BEWARE..I don't want to see any more people scammed by these folk
  3 traders have found this review helpful

Frequently Asked Questions

Is Oanda a broker and what does it trade?

OANDA is an online forex broker, offers a range of financial instruments like:

  •  Forex currency pairs,
  • Commodities,
  • Indices
  • Bonds
  • Precious Metals

Is Oanda a good broker?

Unbiased traders reviews on ForexPeaceArmy is the best way to answer if Oanda is a good broker. https://www.forexpeacearmy.com/forex-reviews/88/www.oanda.com.

Please come back often as broker services are very dynamic and can improve or deteriorate rapidly.

Additionally, we'd recommend to check recent Oanda community discussions: https://www.forexpeacearmy.com/community/tags/oanda/

Is Oanda free?

Oanda offers free services and charged services.

For trading forex, there is no added commission, the only cost to trade is the spread that Oanda charges.

Does Oanda allow scalping?

Oanda does not restrict scalping. You can scalp as you want.