Oanda Review

2.698 · 481 REVIEWS
Updated: May 4, 2022 · Oanda.com  · Is this your company?

Oanda is a forex broker with over 25 years of history. Regulated in US, UK, Canada, Australia with the offices in North America, Europe, Australia and Asia it offers over 70 currency pairs, commodities, precious metals to trade with MetaTrader 4, Trading View, and Trade Web platforms. Oanda is also known for its currency transfer services as well as MarketPlus trading analytics. Please read Oanda reviews below and share your live trading experiences.

Oanda
2021-03-30  OANDA completes acquisition of TMSBrokers.com.

Broker Details

Minimum Trade Size: 0.01
Maximum Leverage: 200:1
Minimum Deposit: $1
Established: 1996
Address: 10 Times Square New York, 10018, United States
Customer Service: frontdesk@oanda.com, +1 212 858 7690
Regional offices:
Regulations: ASIC #412981, IIROC #, FFAJ #, MFSA #, MAS #, FCA #542574, CFTC #, NFA #0325821, BVI FSC #
Prohibited countries:
Trading platforms: MT4, MT5, WebTrader, NinjaTrader, MotiveWave, MultiCharts, TradingView
WebTrader: ✅ Yes
Mobile Trading: ✅ Yes

Trading Instruments

Currencies: (70+)
Cryptocurrencies: (4) Bitcoin, Litecoin, Ethereum
CFD: (50+) Gold, Silver, Other Precious Metals, Stock Indexes, Bonds, Oil, Other Commodities

Trading Conditions

EAs/Robots: ✅ Yes
News Spike Trading: ✅ Yes
Scalping: ✅ Yes

Managed Accounts & Social Trading

ZuluTrade: ✅ Yes
Deposit Methods: Bank Wire (Bank Transfer), VISA, MasterCard, ACH Payments (echeck), BPAY, CHAPS, Check, DBS Bill Payment, Local Bank Deposits, Local Bank Transfers, Neteller, Payment Asia, PayNow, PayPal, SEPA Credit Transfer (SCT), Skrill, SWIFT
Withdrawal Methods: VISA, MasterCard, Check, Local Bank Transfers, Neteller, PayPal, Skrill

Live discussion

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Oanda.com profile provided by TonOanda, Mar 8, 2022

Everyone at OANDA is focused on our vision to transform how our customers can meet all their currency needs.
From our roots in 1996 that provided free currency exchange information to launching a multi-award winning global FX and CFD trading business to our recent new venture of money transfer. OANDA is now a major global player.

Innovation has been at the heart of everything we do and our approach is to pioneer intuitive, user-friendly products supported by our great customer service ethos.

We’ve come a long way since our first data feed went live in 1996, and we still have so much more that we want to achieve.

Substantial funding has facilitated our exceptional growth. In 2007 we received $100M USD in Series B funding and in 2018 were acquired by CVC Capital Partners Asia Fund IV.

For more information, please visit oanda.com. We are keen to know your feedback on how we can provide better services!

Leveraged trading is high risk and may not be suitable for everyone as your losses may exceed your investment.

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2.698 · 481 REVIEWS
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Traders Reviews

Arizona, USA,
Apr 6, 2022,
Registered user

Sketchy as they come

Service use: Live

Length of use: over 1 Year

I thought it was just me but after reading all the reviews I see this company has represented themselves as a legitimate business...But Its a no win situation for the customer and Win Win for Oanda ...Flips..spikes...runs on stops...every single trade...all while looking at my other brokage account...noticing things Oanda do...my other brokager not...ADVICE TO STAY AWAY...They are not a A book or B book firm..not even A & B book...A book brokage are better.. then B book brokage firms...Even an A and B book brokage is better then these Savages ...Oanda is neither...which Speaks Volumes...
 
Reply by TonOanda submitted Apr 14, 2022:
Hi Kity1,

Thank you for your review and I'm sorry to hear you are not satisfied with OANDA’s services. If you wish to discuss anything further, please email our team at frontdesk@oanda.com with a screenshot of this review.

Thanks,
TonOanda
VA, USA,
Mar 9, 2022,
Registered user

Rotten Customer Service

Service use: Live

Length of use: over 1 Year

I have used OandA for several years. A few months ago they updated their deposit/withdraw feature in which you must scan your credit card in their website. For those who still own a flip phone, this was not easy by any means. You must scan your credit card and then download the card into their portal. It then either verifies the card or rejects the card. It took me multiple attempts before it would finally read mine. I never wanted to go through that again!

Unfortunately, my bank changed names and I have to replace the card on file. Meaning, I could not deposit nor withdraw any money until the new card was established. And again, the same problems took place. It would not read the card. This time I contacted customer service. This was a joke since everything I did was instructed by the website, nevertheless, the representative continued to repeat everything I did already. I got nowhere. I asked to talk to a supervisor and was told to sign up for an appointment.

I got nowhere with the man named Terry Finn. Even after our five minute conversation I was still in the same place. I went back to trying to download the card. (I didnt give up since I had done it before) This time I was able to get the system to read the card. However, I was told it needed to be verified.

Again, I sent a request for an appointment with Terry Finn. Once you sign up you receive a receipt confirming the appointment. Friday came and went but he never called. I immediately sent another appointment request for the following Monday. Monday came and again, Finn never responded and did not keep the appointment.

After 24 hours nothing happened with my card being updated. I continued to scan and download. I was able to get it to accept the card. However, I now received a message that the name on the card did not match the name on the file. Impossible since this is the same name.

The moral of this story is even after a customer trades hundreds and hundreds of trades each year, OandA does not care about keeping my business. As far as regulatory? I contacted the first one I found. But they would not help because they said it was outside of their jurisdiction. Everything I found (even though OandA says they are in the USA, pointed to Canada. Everytime I called the USA number I was redirected to someone outside the US. Mr Finn is also in Canada as far as I could tell.
  1 trader has found this review helpful
Reply by TonOanda submitted Mar 31, 2022:
Hi faithdefender,

Thanks for your review and I'm sorry you had a bad experience with uploading information to the portal. Although we use the best systems, sometimes they don't give the expected results. I've sent the feedback to the appropriate team to make sure others don't have the same experience.

As for the contact with Terry Finn, it seems he was out of the office on the days you tried contacting and that's why no contact was made. However, I see you were able to verify your debit card, finally.

Lastly, we are a member of the National Futures Association (No: 0325821), the industrywide, self-regulatory organization for the U.S. derivatives industry.

Hope that clarifies everything. All the best,

Ton O.
US, USA,
Feb 17, 2022,
Registered user

The Oanda spread scam on a real account

Service use: Live

Length of use: 0-3 Months

A few days ago, with zero news going on, Oanda charged me 10 pips spread. HOWEVER, the spread was NOT 10 pips on the chart, nor on the trade window where you click to open a trade.

This just happened again...not only did they get me for a NON-TRANSPARENT 17 pip spread, but when I closed the trade to get out even, the terminal was showing a profit of $6.31 (one standard lot), but I ended with a $33 loss on that trade. So, they got me for $170 just to open the trade and another $39 difference between what the terminal showed and what the actual was. NO actual spread or trade profit amount can be trusted on Oanda's live system. I understand what "dynamic" spreads are, but dynamic spreads can and should still be transparent...this is real money and we should know what we're paying to enter a trade and how much we're going to make (based on the terminal view where our open trades are tracked) when we close a trade. Otherwise, this current lack of transparency is bucket shop scam level.

When I approached them about the 10 pip spread they didn't even offer to look at it. Traders do NOT matter to them, just the scam matters. Oanda, you need transparency by telling us what the spread actually is on the chart AND on the trade closing window. Obviously, there's no use approaching them about the 17 pips and the loss instead of the gain I saw when closing the trade. Sick. Sad. I've never traded with ANY broker who didn't show the true spread on the platform until I met Oanda.

This is NOT the type of broker anyone wants to trade with.
  1 trader has found this review helpful
Reply by TonOanda submitted Mar 31, 2022:
Hi Cashbox,

Thank you for the review. We are sorry to hear that you had some difficulties with your OANDA account. As a financial provider, we want always to be as transparent as we can and I've sent this to our trading team to ensure that this situation is not repeated.

Thanks,
Ton O.


Toronto, Canada,
Jan 28, 2022,
Registered user

Retracting 5 start Review below Banned for making money after 1 Year.

Service use: Live

Length of use: over 1 Year

As long I was losing money or in negative they they more then happy to have me, in the middle of 2021 I started making good amount...By they end of 2021 I was 84k CAD in profit and they closed by account instantly. No reason was ever given. They did give me the profits I will not say they didn't. But its obvious they are only looking for losing traders and when someone is profitable they get rid of them...I guess that's how marker maker system works. Very sad reality even if you do become profitable they will not let you win for long.

Account # 2868289

"We recently conducted a review of your account and unfortunately we are unable to continue to offer you the service.
Pursuant to our fxTrade - Customer Agreement, we are advising you that we have terminated the fxTrade - Customer Agreement between yourself and OANDA (Canada) Corporation ULC with immediate effect.
Your open trades and positions have been closed.

Jul 28, 2021 - 5 Stars Been trading there for over a year. Made good amouth of money. Withdrawal are very fast, never had a problem. Fills are instant. Best brokers I have ever traded with and of course biggest thing in safety of funds.
  2 traders have found this review helpful
Reply by TonOanda submitted Mar 31, 2022:
Hi Redbaron,

Apologies for the delay in replying to your review. We are sorry to hear about your negative experience with OANDA.

I couldn't find the account number provided on our system. If you want us to investigate what happened to your account, please reach out to frontdesk@oanda.com with a copy of this review and we will look into this further.

Thank you,
Ton O.
Bratislava, Slovakia,
Dec 2, 2021,
Registered user

Horrible overnight spreads and high margin on WTI and BRENT trades

Service use: Live

I have been with this broker for almost 2 years and today I closed my account. I wanted to leave OANDA few months ago, but I was holding short of DAX that paid out just few days ago. The main reason is:

1. Overnight swaps, I was holding position on DAX, SP500 and other indices and every day they deducted huge amounts of swaps from my account. Sometimes it was around 0.3% to 0.5% of my account and weekends were almost 1%. So if you hold a trade for a month which is 20 trading days, you pay them astonishing 5 to 10% monthly fee of your invested capital. I have to mention I was always full margin, but 10% monthly from my equity? Way too expensive.

2. Today I was margin closed out in my WTI long position, probably 0.30 points above the low. I was full margin, but, I opened an account with other broker and opened a WTI long position and found out that OANDA will let you open trade size 10 times bigger then the other broker by which they increase your risk substantially and as today, the price of oil fell so much I was margin closed, but if I went full margin on the other broker account with WTI long, I would lose twice as less money than in OANDA. Unfortunately for me, the price reversed and I would have all my money back on my other broker account, compared to a loss at OANDA, I reiterate, as they allow clients to open much much bigger position on oil.

I am very disappointed how such a broker is competitive, please be very careful with them, especially aggressive trades like me.

Matej
  2 traders have found this review helpful
San Diego, CA, USA,
Oct 4, 2021,
Registered user

Will Not Return Deposit

Service use: Live

Length of use: over 1 Year

Oanda is not a good company. I was with them for 2 or 3 years. I want to close my account. They will not return my deposit. I filed a complaint with the Commodity Futures Trading Commission. I will get the money. I just want people to know that Oanda is a sleaze ball company.
  4 traders have found this review helpful
North Carolina, USA,
Jul 2, 2021,
Registered user

Something Odd About Withdrawal Request

Service use: Live

Length of use: 6-12 Months

I have a live and demo account with Onada.

I recently tried to make a withdrawal of $300. On Onada's site the withdrawal was shown by deposits I had previously made and showed that the withdrawal was completed. I asked customer service why it wasn't shown as a single withdrawal (transaction) and why did you show the withdrawal with deposit amounts I had made. She really did not have a valid answer. All she really said was that's the way they "do it". The funds have not shown up in my account and it has been a few days.

Another odd thing, on one particular day it looked liked my account was completely changed, my demo account was switched and it really seemed odd that this "what I thought was reputable" company would do that without notifying me.

I will wait a few more days to see if the withdrawal shows up but I really have a bad feeling about them.

Be careful if you decide to go with them.
  3 traders have found this review helpful
Beverly Hills., USA,
Jun 26, 2021,
Registered user

Showed an 1100 pip fake spike on 6/20 and still has not fixed the s/l issue

Service use: Live

Length of use: over 1 Year

As per title, despite having been contacted many times about the issue, Oanda merely replies that it will be taken care of and as of a week later, still has not credit the accounts for the incorrectly triggered S/Losses . the also have numerous NFA complaint and were fined by both the CFTC and NFA this year for "nay deficiencies" and undercapitalization (client money was at risk when they paid out dividends). I am waiting to resolve this issue and, as trust is slowly gained and quickly lost, leave this broker immediately, considering that even without the above having taken place, they have no longer been offering a competitive product for years.
  3 traders have found this review helpful
George,
Prague, Czech Republic,
Feb 11, 2021,
Guest

I have lost 2580,- USD in one second with OANDA :-(

Length of use: over 1 Year

I am from Czech Republic and my broker is Oanda Europe.
My story was started in 2018, when Oanda opened my live account after they deeply check my identity. Nothing unusual. It was my 3rd broker.

My first deposit was 2000,- USD and small testing withdrawal was succesfull, I have no any problems with deposit or withdrawal at all, never.

In February 2020 I have got three short positions on DE30EUR(DAX), all of them in deep drawdown, but I was believed in deep correction because of corona pandemic issued (and I was right). At this time, my deposit was 10.000,- USD rouhgly, and about -4.000USD in drawdown.

In this situation, I was issued buy stop command at DE30EUR chart, this command was immediatelly executed by sudden spike, and guess what happend after that ! My 2.580,- USD position, which I held for 12months(!) vanished without a farewell !!!
(Incident happend one day before OANDA migrated my accounts to a new server, where all logs was cleared, very interesting!)

I was shocked, but OANDAs criminals said : is is normal !!! They "really apologize for the inconvenience" and "highly recommend for you to fill out our Trade enquiries form" . I did it. Reaction ? I wondered, is is a newspeak :

"Ticket (9042) was a Market Order which was placed back on the 2nd February 2019 and had a lot of take profit set up and cancelled due to modification, but the last take profit with ticket number (11030) was cancelled because the Buy Stop order you set up on the 21st February 2020, for 13,563.3 with ticket number (13828 - Buy Stop Order) was triggered at the price of (13,563.4) with ticket number (13830) and was tagged as Buy Market Filled."

Me:
your explanation is complicated and confusing for me and i still do not understand why and how my short trade was closed by "buy stop" on account, where hedging is not allowed. Is it really impossible. Normally, every one "buy" command on this kind of account must be refused by the system.
I did not do any manipulation or modification neither with the trade nor with its takeprofit. Only "buy stop" command was issued, nothing else.
There were three trades on the same instrument, why the trade with biggest value was closed ? I did not touch any of them.
I am asking Oanda for revoke the closing, which was faulty due to system malfunction, I suppose.

Oanda:
I apologize if we confuse you. You are right, hedging is not allowed. Your trade was closed because the Buy Stop order of 1 unit that you set up on the February 21, 2020 for 13,563.3 with ticket number (13828 - Buy stop order) was triggered at the price of (13,563.4) and you have an existing sell market of 1 unit at price 11,186.9 way back February 15, 2019. When you have an existing trade, for example a sell market order, you cannot place a buy trade because if you place a buy trade while you have a sell trade, your trade will be closed because hedging is now allowed.

Me:
I am depply disapointed, I was confident about solidity of Oanda untill last friday, now I am not.
Only tergiversations and no responsibility.
One year of keeping the trade and punping dollars to Oanda. Huge amount of fees and commisions.
There were three trades on the same instrument, why the trade with biggest value was closed ?

Oanda:
I understand that you would like to raise a complaint concerning a closed DAX trade back on Feb 21st.
I have investigated your concerns and my findings on this matter are explained below:
Since OANDA's accounts are non-hedging by default, if you place an order or trade in the opposite direction of an open trade with the same instrument, once it executes, it will partially or fully close the open trade. Any unrealized profit or loss will be settled.
Therefore, when your buy stop order #13830 executed, it closed the oldest trade in the same instrument which was a short trade #9042. Thus, causing the unrealized losses to settle at -US$2580.7364
If you would like to trade using hedging, you will need to create a hedging enabled sub-account. You can visit your account at oanda.com to create one.
I offer my sincerest apologies if the service you have received has not met your
expectations. Please be assure that this is not the level of service that we aim to provide and is not reflective of our usual high standards.
I trust that my explanation has resolved this matter. However, should you disagree with my findings
please contact our Compliance Team at disputes@oanda.com who will carry out an impartial,
independent review of your complaint and provide a full written response as per our Complaints
Policy (https://www.oanda.com/resources/legal/europe/legal/complaints-policy).

Me:
I do not need another explanation, the only thing what I would like is, surprisingly, my money.
Nobody has no clue, how much effort and money I spent for keeping The closed trade during whole year, waiting for deep correction.
(Because, as you say, OANDA's accounts are non-hedging by default. I did not know why, until now.)
And one day before the correction was started, my trade is "mistakely" closed ? (Everyone smell the downtrend in the air at this time.)
Please tell me that it is only nightmare. If You know or not, In my country, such amount is a very big amount.
And i am very disapointed, if such deathtraps are embeeded in brokers system of "my friendly broker".

Oanda:
There are 2 ways on how a trade is being closed,(1) is you manually close the open trade, (2) you place another trade of the same instrument and of the same size but in an opposite direction. For example, you place a SELL trade 1 unit of DE30 and then later on you place another trade of 1 unit of DE30 but this time it is a BUY trade, what will happen is that your existing SELL trade will be closed by the BUY trade.What happened to your case was that you have an existing trade which is SELL with 1 unit of DE30, and this was placed on February of 2019. Then you placed another order which is BUY for the same instrument, DE30, and of the same number of unit, 1 on February 22 of this year. The said order was a BUY STOP order which means it is a pending order, - it is not executed yet. When this BUY STOP order became a market order, a BUY trade, it then closed the SELL trade.There is also what we called FIFO in trading. FIFO means first in First Out, meaning if you have multiple trades of the same currency pair or of same instrument, you must close out your oldest trades before you can close out trades that you opened more recently.
-------------
So this is part of my story, there were some another mailing and complaining, but only result was 100,- USD as recompensation.
It hit me very deeply and still I am not able to trade.

It is on your decision, if you wish trade their "FIFO trading"
("Fascist Incorporated Financial Obstruction")

------------------------------
Good morning,

Please note that the letter sent to you on the 2nd April 2020 was OANDA's final response on this matter.

No further information has been provided that would necessitate a re-evaluation of our decision and as such, we view this matter as concluded.

In line with the Financial Conduct Authority (FCA) regulatory requirements, I hereby advise you that if you are not satisfied with the results of my investigation you may refer your complaint to the Financial Ombudsman Services (FOS). Any referral to the FOS must be made within 6 months of the date of this Final Response.

Kind regards,

Abi Leighton
Compliance Associate

OANDA Europe Limited
Main telephone: +44 207 101 1600
www.oanda.co.uk

World's Best Retail FX Platform
FX-Week e-FX Awards, 2016
--------------------------------------------
:-D :-D :-D
  2 traders have found this review helpful
AR,
Toronto, Canada,
Feb 2, 2021,
Guest

Cant go lower with the rating!

Service use: Live

Length of use: over 1 Year

Terrible incompetent customer service - hide behind fine print. Its a scam - an then they hold your withdraw hostage......stay away....they will rip you off!
  4 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
  • Crytocurrencies
  • 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.