Oanda Review

2.707 · 482 REVIEWS
Updated: Jun 28, 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
Web Trading: ✅ 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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2.707 · 482 REVIEWS
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Traders Reviews

Sydney, Australia,
Jun 28, 2022,
Registered user

Slow platform

Service use: Live

Length of use: over 1 Year

My only issue with this company is their platform: it is very slow. Impossible to day trade - switching between time frames can sometimes take up to half a minute. If you are using five minute bars this can end up in a loss. While writing this review I timed how long it takes to load the graph. Australia 200 Index CFD, switching from daily to 15 minute chart took 15 seconds, from 15 min to 5 minute chart - 25 seconds, from 5 minute to 1 minute - 45 seconds.

Another, more recent issue - MultiCharts connectivity suddenly disappeared. WHich means I cannot run automated strategies.

Administration side of things has been pretty good. Deposits and withdrawals have been smooth. Help desk is reasonable.
 
US, USA,
Jun 9, 2022,
Registered user

Oanda's SCAM SPREAD was changed AFTER the trade was placed

Service use: Live

Length of use: 0-3 Months

Please understand this: The spread was normal in the order box each time when I pushed the trade button. It was only AFTER the trade had been placed that the spread was shown in the terminal to be larger than agreed to when I pushed the trade button. There was NO slippage warning, no transparency that spread had be increased; the fact only showed up after the fact.

This is bucket shop tactics that the US and EU, etc need to look into and stop from happening. If anyone knows an attorney that focuses on this type of theft, please let me know so I can start a class action lawsuit for these practices.

Oanda's response to ripping me off for 10 pips, 17pips and 17 pips on spreads, where there was zero news and no other reason for sudden spread changes, was to assign a brown shirt to watch me and to post on FPA here that they were sorry and would work to see that this doesn't happen in the future. How does that fix the problem or refund the theft? It doesn't. Just empty words from a broker that will be bankrupt some day.

They never refunded the stolen spread.

But, Oanda, do please post here again after this follow up review that you'll work to assure this doesn't happen again instead of refunding the theft. Your word obviously means nothing.

And, no, I can't tell you the trade id numbers because you've blocked me from being able to get the trading info. It's been wiped from the account.

Feb 17, 2022 - 1 Star 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.

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.
 
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.
  2 traders have 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.
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
London, United Kingdom,
Nov 26, 2020,
Registered user

They managed to become one of the worst broker around

Service use: Live

Length of use: over 1 Year

I write this review with a lot sadness and regret.
I started trading in 2007 and I opened my account with OANDA in 2008.
It's been such a long ride. OANDA used to be a good broker, with a very easy to use platform. A great advantage if you are not familiar with volume and position size in lots, which are fundamental concepts required to trade with a platform like the MT4.
Although it was not anymore my main broker, I still enjoyed used it from time to time and I also suggested it to some of my followers (I share my live trading on YouTube and Twitch).
With the heart full of sadness, I have to say that OANDA is not anymore what it used to be in the past years.
It all started when they introduced the "inactivity fee", which is a fee you have to pay if you don't trade for a period of a month. Since OANDA is not my main broker anymore, I didn't want to face this kind of condition, so I requested to withdraw my money. I attempted to withdraw my money for 3 times, all the requests have been denied after a few days.
I contacted the customer service several times. I had 3 live chats, with the last one that lasted for more than one hour.
I have always deposited with a debit card, linked to my bank account in the UK.
I asked to withdraw my funds and all my requests were always denied because the system wants me to withdraw with an old bank account that I had in Italy, 12 years ago, when I made my first deposit in 2008. I explained that I don't have that bank account anymore and that I don't see where the problem is, since I have deposited with my debit card many times. In addition, I have withdrawn money with the same debit card a few times, in 2015 and 2016. I still have the confirmations in my emails.

For several months I have tried to solve this problem, but without any positive response. The result is that they took more than $100 in "inactivity fees" while I still cannot withdraw money and I still haven't received any answer about how to solve this situation.
What I see, every month, is only the email from OANDA, stating that my account has been charged for inactivity.
I made last attempt exactly one month ago, writing an email to the customer service, explaining my issue and attaching all the previous "live chat" conversations I had before, so they could see that I've been having this problem for nearly a year and no solution has been provided, while they still take my money month after month. I guess I could just open a trade to avoid it, but what difference does it make? If I make money, I still cannot withdraw it and customer service is unable to provide any solution, so why even bother and waste my time?

I'm sorry to say that this is the end of an era. I don't consider the service that OANDA offers up to its previous standards.
I'm sure that my case is kind of unique, but the way the customer service handled it (well, they didn't actually) lets you think. Do you really think your money is safe with them? Well, I don't. Not anymore.
  6 traders have found this review helpful
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.
  3 traders have found this review helpful
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.
  4 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.
  5 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
  4 traders have 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
  1 trader has found this review helpful
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
  5 traders have found this review helpful
North Carolina, USA,
Mar 20, 2020,
Registered user

Terrible company

Service use: Live

Length of use: 6-12 Months

Avoid this brokerage
Not a fair company
Customer service is not good whatsoever
Just a stressful experience with them overall
  2 traders have found this review helpful
Sam,
Philadelphia, USA,
Mar 15, 2020,
Guest

8 years and counting

Service use: Live

Length of use: over 1 Year

I have had my account for around 8 years. Never really had any issues, last week I had 85 trades all executed without a hitch, mostly all limit triggered without any slippage. Customer service is a non-starter mostly and this is my one gripe. Used to be a lot better, and you could actually get somebody on the phone relatively quickly. I suspect this will become better once I trade up to a pro account.

People complain about spreads widening, platforms freezing, financing charges, withdrawal delays, but I think all these matters are present in all or most brokerage operations. All I know is that after many thousands of trades both large and small, I have no reason to suspect that this broker is "out to get me".
  2 traders have found this review helpful
Mari,
NJ, USA,
Mar 15, 2020,
Guest

Better than Forex.com

Service use: Live

Length of use: 3-6 Months

I moved to Oanda this year after trading with another broker for a whole year. I've been happy so far. I use the web based Fxtrade, and it does not freeze as much as the my old broker's webtrader. I have used both Oanda's and my old broker's desktop platform, but they're not as user friendly and required a great deal of customization. I did prefer the old broker for scalping because of the 1-click feature, but their web platform freezes too much that I've almost thrown my laptop across the room a few times in frustration. Also certain features such as reducing position size have stopped working at my old broker. It seems like that broker's server is inferior to Oanda or they're not maintaining their site/addressing issues in a timely manner. The spread also seems lower with Oanda (with core pricing account) compared to my old broker's account with commission. However, I'm not sure if the overnight rates are the same. I chose my old broker initially because I was thinking of upgrading to their DMA account. However, after trading with them for a while and having issues with execution as well as reading about law suits against them in the past, I am leaning towards staying with Oanda and upgrading to their premium account. I have also read several forums, and have read posts by traders that have been with Oanda for more than 10 years, but have not yet come across a post from a trader that have been with my old broker for that amount of time. I have also compared both brokers's charts side by side (had an account with both for a few months before closing the old one), and they are identical, except for Oanda's not showing price gaps in their chart.
  1 trader has found this review helpful
Ontario, Canada,
Mar 5, 2020,
Registered user

It is good at first then it can be worse than a nightmare

Service use: Live

Length of use: 3-6 Months

My experience with them is just frustration. I have lost a lot of money. At first, everything was incredibly good, making a lot of profit. My worse mistake is that I didn't even try to withdraw money captivate by the idea of making more. Actually, the day the POTUS was giving his speech about Iran on the killing of the general, I made more $5000 in less than 30 minutes... After that day, it was like THEY HAVE SET ME UP FOR FAILURE. At one point, I was asking my self if I was, in the whole world, the only one trader in this platform. The system was after me for anything, but I have already lost so much that I didn't want to give up. You apply STOP LOSS, you lose. You leave your trade without stop loss, you lose even more with MARGIN CLOSE OUT. Because whatever I did turned to be bad. I really believe that THEIR SYSTEM IS RIG. It is just not fair, and I want to know WHAT CAN I DO TO HAVE THIS SITUATION INVESTIGATED.

You don't get to lose over $23k, with the impression that you have been rubbed and feel ok with that. I am now thinking about one thing: WHAT TO DO TO HAVE A RIGHT UNDERSTANDING OF WHAT HAS HAPPENED.
  8 traders have found this review helpful
Stephen,
Florida, USA,
Mar 4, 2020,
Guest

Stole money and it is Impossible to withdraw funds!

Service use: Live

Length of use: over 1 Year

I used a debit card to deposit my funds. After taking a break from trading currency to focus on the US stock market. I returned 30 months later (felt like a much shorter time) to find that Oanda had been withdrawing money out of my account for 6 months - no notification that this was happening!

I decided that, because of this sketchy practice, I would take my money to a different broker. NOW THEY WON'T GIVE ME MY MONEY! My withdrawal was denied because I no longer have the debit card I used to make the initial deposit.

Not a single soul has been able to help me recover my funds. Luckily my lawyer had dealt with them before and will be taking control from here.
  9 traders have found this review helpful
Philadelphia, PA, USA,
Feb 13, 2020,
Registered user

Trustworthy

Service use: Live

Length of use: over 1 Year

I just hit the 10-year mark with Oanda. (I'm full-time). Every time I get frustrated about something, I do a lot of research and test trial accounts, and then end up deciding to stay put. To be profitable (I am), you really need to learn how all their costs (especially financing) work.

When you meet certain criteria, you get a dedicated account rep. This is helpful for fast responses, but I rarely have issues, so I don't talk to him much. He was, however, helpful when they were building their mobile app; I was able to make some change requests and they were implemented.

The bottom line is I trust them, even though I wish some things were better. I also really prefer their proprietary trading app over MT4. That's a big part of the reason I've stayed put. I'm a 100% discretionary trader, so I don't need automation or much backtesting. I doubt I'll be with them forever, but I can't find anyone better right now.
  1 trader has found this review helpful
Singapore, Singapore,
Jan 27, 2020,
Registered user

Manipulating over night financing rate

Service use: Live

Length of use: 3-6 Months

Overnight Financing rate for USDCNH on 21 Jan 2020 is -22.75% for long position of 1 lot. Oanda just churn out their financing rate forcing clients to close their position, Oanda always win

Dec 27, 2019 - 1 Star Oanda swop rates for many important pairs keep widening everyday, sudden change of margin/lowering leverage. Huge scam, hope it bankrupt next year
  6 traders have found this review helpful
London, United Kingdom,
Jan 21, 2020,
Registered user

Used for years now

Service use: Live

Length of use: over 1 Year

I have used Oanda for years now, they have always been quite good, offering me good service and good customer support. Trading conditions aren't the best ever but never really had any issues.
  1 trader has found this review helpful
Toronto, Canada,
Jan 8, 2020,
Registered user

Often stopped out of good trades due to sudden spread spikes

Service use: Live

Length of use: over 1 Year

Trading with Oanda, you can easily get stopped out of good trades and LOSE your money due to sudden spread spikes
  8 traders have found this review helpful
California, USA,
Jan 3, 2020,
Registered user

Poor customer support

Service use: Live

Length of use: 6-12 Months

On December 27th I was charge a grand total of $221.00 for financing fee of one yen pair specifically NZDJPY 2 lots. Upon contacting them, the customer representative was very rude, implying I do not have any knowledge of their financing charge of which he explains to me that the japanese holiday starts on December 30th. So I asked why did I get charge on the 27th knowing that I will not hold my position during holidays. I still got charged, I closed my position the very same day and did not get a refund. I contacted their front desk email and was always greeted with the same automated message about their financing rules. This broker will scam you every way they can. From going against their traders (sketchy wicks on non-volatility hour ) Ridiculous financing fees assuming that a trader will hold their positions over a 7 day holiday. Overall this broker is not trustworthy, unreliable and would 100% not recommend.
  4 traders have found this review helpful
chicago, USA,
Dec 27, 2019,
Registered user

Oanda has ridiculously high financing fees

Service use: Live

Length of use: 3-6 Months

They came up "holiday swap" thing last week and its been ridiculously high compared to my other two brokers. They snapped $802 for financing fee from $916 profit in a week.
  7 traders have found this review helpful
Greg,
Washington, USA,
Nov 11, 2019,
Guest

There isn't enough bread for that spread

Service use: Live

Length of use: over 1 Year

I've been trading with Oanda for over a year and a half now, and don't have much good to say about them. Here's the good: They allow you to add the bid and ask price overlays to your chart, which I use to monitor spread, and combine them with the line chart (average price) for a relatively clean look without having to use candle charts, as a personal preference.

Now the bad: I have watched the spread stop me out while average price is still hovering around positive gains territory. Every time this happens, I switch the line chart to the candle chart to see if maybe price moved that far down/up for a bit, and just reversed the other way (as indicated by a really long candle wick), and most of the time, price never even moved anywhere near my stop. But by that same logic however, the spread has never once triggered a take profit. I have to sit and wait for the average price ((NOT THE ACTUAL PRICE)) to move across the take profit order to win a trade.

Aside from trade shenanigans, here comes the ugly, the desktop platform (where I spend my time) isn't very intuitive, lags terribly even when the internet connection is fine, BUT if you reaaallllyy want to customize the ever living hell out of it, you can definitely do that. Neat.

Oh, and customer service? Yeah, I sent them an email with a question about a year ago. Get this, it was a question on how to deposit more money, because for whatever reason, they wouldn't (and still wont) let me deposit more than $2500 USD (in... total. Not just one transaction. IN. TOTAL.), and I still haven't gotten a response. Yeah, a YEAR LATER and no response to the question "How can I give you more of my money?" To trade this long, I've been trading pennies to the dollar to make it last, and I'm losing my ever living mind and pennies to the feather plucking spread.

I don't even know what to do at this point. The whole thing's just another "The Aristocrats" stand up skit. I'd say avoid it at all costs, but because they don't seem to want more client money, it won't be all that expensive to avoid.
  6 traders have found this review helpful
Jam Flodius,
Laguna Niguel, California, USA,
Oct 27, 2019,
Guest

Bad bad and bad

Service use: Live

Length of use: over 1 Year

Costumers service very bad and poor. Waiting time more than 2 hours minimum. Charging inactivity fee 10 a month after 24 months. I did put my money on my Oanda account without touching that in more than 2 years and they started to take a few every month just because it was inactive and that was my reward from Oanda because o provided my money for free no interest and instead they was taking money from my account. When you deposit money from your bank they don't charge you any fee but when you want to withdraw your money to the same bank account you did deposit from then they charge you 20$. I feel like they are rubbing your property and stealing without you can do anything. After they talking all the fees which never even used the platform and never even trade, then you have to waite for couple of days to see if they approve or allow you to take your own money back to your bank account that you putted at their institution. Literally they are rubbing like gangsters and good luck with their costumer service . Very very disappointing. Before you put your money on their hand, try to call their costumer service as a exiting costumer and not as new costumer. Because for new costumer they answer quickly.
  7 traders have found this review helpful
JT,
Tokyo, Japan,
Oct 24, 2019,
Guest

I don't understand why these reviews are so bad

Service use: Live

Length of use: over 1 Year

First of all, I would like to give those who have reportedly had problems with Oanda the benefit of the doubt and say that I am sure you have had problems with this company. There are certainly some less than ideal policies with Oanda, namely the 50% margin call rule.

However, some of the complaints here are due to issues with the market, for example spreads do rise and fall when things get volatile, and the markets could certainly flash crash when volume is low.

I have been trading with Oanda for about 1.5 years and have had no problem with executing trades. The platform works as it should for me and I am quite happy with it thus far. Also, many of the people in my trading group use Oanda and recommend them.

I must say that am suspicious of some of the bad reviews here. Many of the bad reviews claim that they are from people residing in the US, but they do not seem to be written by native English speakers. It could be that they are not foreigners, but it does make me wonder... What motivations would people have in leaving false negative reviews? (That was not rhetorical. I actually cannot think of a good answer to this question.)

Anyway, I am looking around at reviews of other companies, but after reading the reviews here, it makes me question the authenticity of the reviews on Forex for Peace.

Just saying...
  2 traders have found this review helpful
Forex Peace Army
Review moderation team note
Hello JT,

All reviews are screened in multiple ways.  Every review claiming to be from the US originated at a US IP address.  Before you ask, yes, we check for proxies.

Not everyone has perfect spelling and grammar.  Many people leaving negative reviews are very angry and therefor are more likely to make mistakes.  Many US residents are not native English speakers.

We wonder why you spend more time trying to damage the credibility of reviewers who have a different opinion than sharing your own experiences.  We also see that your grammar and spelling are extremely good for a non-native English speaker.  Just saying...
London, United Kingdom,
Oct 9, 2019,
Registered user

Average

Service use: Live

I only joined Oanda for 3 months before I found better options.
Nothing wrong with the trading side but just preferred other brokers.
  1 trader has found this review helpful
Erlangen, Germany,
Sep 25, 2019,
Registered user

Withdrawal problem

Service use: Live

Length of use: over 1 Year

Hi all,

I want to share my nightmare story with Oanda regarding fund withdrawals:
They refuse to process my withdrawal request, they insist that I can not withdraw to my new bank account that they approved for withdrawals. The old account I used with them is closed , it does not exits, I removed it from Oanda system.
They insist that I have to withdraw to a non-existent account!
Unbelievable how obtuse they are when it comes to withdrawals.

Make no mistake; deposits are lightning fast, no problem if it is from new account or or old or credit card or PayPal, they take it all, quick!

My advice: avoid.
  4 traders have found this review helpful
Annoymous,
Annoymous, Singapore,
Sep 14, 2019,
Guest

Live account was closed without informing you

Service use: Live

Length of use: 3-6 Months

I would like to warn everyone stay cautions on depositing large amount of fund into your account. My live account was suddenly closed even though I still login regularly with open trades. Also had a slightly bad experiences with the brokers. when you’re new to forex investment this broker will keep calling you unnessecary disrupting your time. Even when you email about some general feedback, the broker would just call you and reply to your email via phone call which I do not get it why do the broker choose not to reply via email.
  1 trader has found this review helpful
Kobe Nguyen,
Seattle, USA,
Aug 18, 2019,
Guest

Oanda flat out scammed me. Customer service is horrible. Avoid at all costs

Service use: Live

Length of use: 3-6 Months

I signed up with oanda a few months ago even though I had real concerns from reviews I read online. But im from the US so my options are limited. Everything went well at first but then I put a buy order from news scalping. It wasnt even close to my order but triggered and whipsawed the other direction. I quickly got out the trade for a loss. I contacted oanda with screenshots with account numbers and they did nothing. I quickly withdrew my whole account....roughly 10k and took the loss as a lesson learned. I'll gladly send my screenshots by request. Please do not ignore the bad reviews. They are real and accurate. I have no dog in this fight. I just want to help future traders. Thanks
  3 traders have found this review helpful
Han,
Singapore, Singapore,
Jul 22, 2019,
Guest

platform freezes

Service use: Live

Length of use: 3-6 Months

When I executed my trade on their oanda platform, suddenly the window will freeze or hang. Cannot cancel it either as greyed out. Then the system will give you a position about 20-30 pips away. Customer service officer said it was ethical and legal as per MAS guidelines and explained to me that the slippage had no maximum. I told him that the platform freezed , he told me it was normal. When I put stop loss or take profit, I noticed that the charts will hit my stop loss just nice and go back to the reverse direction. Customer service officer told me to enable the price overlay feature in the chart and advised me that SL and TP is based on the price overlay as per determined by them. I was astounded to realize that if I did a market execution on the spot, I would have a slippage of 30 pips. If I were to sell or buy limit, SL or TP, I had to be subjected to their price overlay. Both ways, I am played out by the broker. Customer service officer challenged me to report to MAS when I protested. Seriously, there is no way for a retail trader to ascertain these claims . I moved on to other broker and didnt encounter such problems except (IG market). But IG market prompt would actually notify you that the price is no longer available after freezing and would not enter the position of slippage for you . Status quo ( no positions opened) With such bad margin requirements/leverage in Oanda Singapore, trading is not favourable with this broker either. Other problems as well, but too lengthy.
  3 traders have found this review helpful
Toronto Ontario, Canada,
Jul 16, 2019,
Registered user

Oanda has too many shortcomings for Canadians

Service use: Live

Length of use: over 1 Year

Where do i start? Well, for starters, max 50:1 leverage, which they trick you with because they actually dont have 50:1 leverage across the board, only for USDCAD. All other pairs are 40:1 and below. Meaning leverage is VARIABLE from pair to pair. No two pairs have the same leverage requirement, regardless what your account leverage is. So no small time trader can make decent returns. Next, each days financing (swap) is a separate charge in your history for each trade instead of being incorporated into a trades commission slot. So history ends up being filled 50% with swap charges. Next, Oanda only stores 45 days of transaction history. Never seen such a poor standard such as that. Each broker ive been with, shady or not has had transaction history for the entire history of the account (too poor to pay for data servers Oanda?). Next, Oanda loves to find times when commodities and indexes are at inflection points, and chooses to screw over its clients (read “donators”) by changing leverage requirement of new and already open positions. Oh and btw, when these leverage requirements are changed and it affects your positions? MT4 wont update that change. You have to manually keep track of the 100 times they go back and forth in changing leverage requirements. And no there is no workaround. Oanda refuses to help me solve this issue to this day. I cant wait for my current set of trades to close so I can leave this inferior platform that dares to call itself a “respected” broker. Its a joke broker. Do not, i repeat DO NOT do business with these people. So many pitfalls, and no pros.
  5 traders have found this review helpful
Hampton, Virginia, USA,
Jul 7, 2019,
Registered user

6 years of use

Service use: Live

Length of use: over 1 Year

I've have been using Oanda on and off for seven years and I never had a dispute with them at all. Oanda was my first FIX trading account I had ever used a the age of 19. Coming from a background of simplified Binary Option, I was not intimidated by Oanda at all because every position I ton was calculated by the calculators they offer on the main page. I always knew my risk/reward at all times, never making a outrageous decision on how I should lose or win by my own fillings just use the the calculators. Also scalping is this brokers enemy, matter of fact all brokers hate scalping. I see why women are better traders than men as a whole, we men love the short time period trading strategy for quick money, but life hate it when we do this. Take your time with longer time frames. It took me 2 years before I found a system that I can use on any broker, during any news event and it will never bother my sol or take profit. I will give you one secret to success with most brokers. Weekly. That's all I will say for free. Oanda never messed with me at all with small or large accounts withdrawals was always the same everytime. Lower than $500 it will take 30hrs for withdrawals. Above $500, took them the whole 3 days. Before you deposit make sure you bank account and debit card to that bank account is valid. One issue I do have with Oanda is why haven't you upgraded to Bitcoin yet? Banks are obsolete when it comes to speedy transactions these days, its a new era Oanda, please upgrade OG of brokers.
  2 traders have found this review helpful
Ireland, Ireland,
Jun 21, 2019,
Registered user

My card deposit option has been blocked

Service use: Live

Length of use: 6-12 Months

Yesterday my card deposit option stopped working, I contact Oanda and been told it's my bank problem, I rang the bank and they found no issues with my card. Day after went back to Oanda and got this conversation:
Jochen (6/21/2019, 3:57:57 PM): Thank you for contacting OANDA. My name is Jochen. How may I help you today?
Jochen (6/21/2019, 3:59:31 PM): We have not heard from you. Do you wish to continue with this chat?
Me (6/21/2019, 4:01:43 PM): hi
Me (6/21/2019, 4:01:45 PM): sorry
Jochen (6/21/2019, 4:02:09 PM): Not to worry
Jochen (6/21/2019, 4:02:15 PM): How can I be of help
Me (6/21/2019, 4:02:16 PM): I like to ask about the case I raised yesterday in relation to deposits I cannot make
Me (6/21/2019, 4:02:30 PM): I was on the chat twice yesterday
Jochen (6/21/2019, 4:02:41 PM): Okay
Jochen (6/21/2019, 4:02:53 PM): Do you have a case # please
Me (6/21/2019, 4:03:07 PM): let me check
Me (6/21/2019, 4:03:30 PM): i have thiss
Me (6/21/2019, 4:03:34 PM): this case number
Me (6/21/2019, 4:03:35 PM): XXXXXXXXXX
Me (6/21/2019, 4:03:46 PM): but after that I went on the chat again
Jochen (6/21/2019, 4:03:51 PM): Hm,
Jochen (6/21/2019, 4:03:59 PM): thank you, but it does not give me a case
Jochen (6/21/2019, 4:04:01 PM): What is the issue
Me (6/21/2019, 4:04:14 PM): I cannot make any deposit from my card
Me (6/21/2019, 4:04:28 PM): I've been told it is due to my bank blocking transaction
Jochen (6/21/2019, 4:04:34 PM): Okay
Me (6/21/2019, 4:04:45 PM): I rang them twice, and there is everything ok in the bakn
Me (6/21/2019, 4:04:48 PM): bank
Me (6/21/2019, 4:05:01 PM): I made some online purchase this morning with no problem
Jochen (6/21/2019, 4:06:14 PM): Yes, yet in our system the card will no longer work Konrad. Our processor has applied a new security screening for card deposits, and they have raised their threshold
Jochen (6/21/2019, 4:06:27 PM): Unfortunately this has affected several clients
Me (6/21/2019, 4:06:40 PM): but why it is no longer working?
Jochen (6/21/2019, 4:06:51 PM): As described above
Jochen (6/21/2019, 4:06:59 PM): A new risk score was applied to our system
Jochen (6/21/2019, 4:07:11 PM): Therefore some cards fail the pass
Me (6/21/2019, 4:07:29 PM): OK, but there must be some reason why it fail?
Jochen (6/21/2019, 4:07:34 PM): I am not the processor sir
Jochen (6/21/2019, 4:07:41 PM): They have their very own assessment system
Jochen (6/21/2019, 4:07:47 PM): Based on several factors
Me (6/21/2019, 4:07:52 PM): so what should I do noe?
Me (6/21/2019, 4:07:53 PM): now?
Jochen (6/21/2019, 4:07:55 PM): I do not have details in hand
Jochen (6/21/2019, 4:08:15 PM): You can use another card please, or another method such as bank wire transfer please
Me (6/21/2019, 4:09:06 PM): I don't have any other card on my name
Jochen (6/21/2019, 4:09:25 PM): Understandable Konrad
Jochen (6/21/2019, 4:09:31 PM): I wish I had different news for you
Me (6/21/2019, 4:09:50 PM): Could I get contact to someone who is responsible for screening those cards?
Jochen (6/21/2019, 4:10:29 PM): For as much as a I wish to help you here Konrad, there is nothing I am able to provide you with
Jochen (6/21/2019, 4:10:35 PM): Sorry here
  4 traders have found this review helpful
New Zealand, New Zealand,
Jun 20, 2019,
Registered user

Bad reviews here do not reflect my experience with Oanda

Service use: Live

Length of use: over 1 Year

Firstly, thank you to forexpeacearmy.com for providing such a valuable resource and to the reviewers for helping others like me find reputable brokers.

My reason for the 4 star review is because as a New Zealand resident, they will need to close my account in a couple of weeks due to regulatory changes from the NZ govt. Disappointing, but no doubt Oanda's costs to continue catering to NZ residents isn't worth it.

I've been with oanda for about 8 years and had no problems at all. Deposits, withdrawals and the occasional support call have been fine. I'm not a big trader and trading is not my full time job, however I have done ok with on average about half of my living costs coming from trading profits for the last 5 years. There are a few reviews here that are concerning, especially around customer service in regards to larger trades, but I believe many of the other low star reviews are from newer traders who don't sufficiently understand liquidity (especially around more exotic pairs) and how spreads work around news and session changes. That being said, Oanda would do themselves a big favour to reply to reviewers here. It would also help if reviewers with bad experiences followed up with how issues were resolved (if all).

If anyone has read this far, I already have a first choice for my new broker, and that is in large part due to FPA, so thanks again!
  1 trader has found this review helpful
Singapore, Singapore,
Jun 7, 2019,
Registered user

buy limit order not honored when EURUSD shows price went 10 pip below my order

OANDA IS A JOKE, DO NOT TRADE HERE.

my buy limit didn't filled by OANDA when price shown goes 9.5 pip below my order
  1 trader has found this review helpful
annoymous,
USA,
Jun 1, 2019,
Guest

DO NOT, I REPEAT DO NOT JOIN THIS BROKER! THEY WANT YOU TO LOOSE ALL YOUR MONEY!!!

DO NOT. I REPEAT DO NOT JOIN THIS BROKER!!! YES. AS A U.S RESIDENT, OUR OPTIONS ARE LIMITED AS TO WHO WE CAN USE A BROKER FIRM, BUT IF YOUR
INTENT IS TO USE THIS BROKER THINKING YOU ARE GOING TO MAKE MONEY IN THE LONG RUN, YOU ARE IN FOR A RUDE AWAKENING!!! THIS BROKER DOES NOT
WANT YOU TO WIN!!! WHEN YOU WIN THEY LOOSE. WHEN YOU LOOSE THEY WIN. NOW THEY WILL TELL YOU THAT ALTHOUGH THEY ARE A DEALER DESK, THEY DO NOT
HAVE CONFLICT OF INTEREST WITH THEIR CLIENTS, THAT IS A TOTAL LIE. THEY WANT YOU TO LOOSE ALL YOUR MONEY. ESPECIALLY IF YOU ARE ON THE RIGHT
SIDE OF THE TRADE. THEY WILL FREEZE YOUR ACCOUNT WHERE YOU WOULD THINK IT WAS YOUR INTERNET CONNECTION ONLY WHEN YOU LOOK AT OTHER MT4 PLATOFRM FROM OTHER FX BROKERS AND REALIZE THAT THEIR PLATFORM SEEMS TO BE WORKING FINE, BUT OANDA/ATC IS DOWN. WHY? BECAUSE THEY DON'T WANT YOU TO PLACE MORE TRADES TO MAKE MORE MONEY AS THEY SEE YOU ARE ON THE RIGHT SIDE. HOWEVER, IF YOU ARE THE WRONG SIDE, THEY WON'T FREEZE YOUR ACCOUNT.

THEY WILL ALLOW YOU TO PLACE MORE BETS BECAUSE YOU ARE ON THE WRONG SIDE.
FOREX IS HARD AS IT IS, BUT MY ADVICE TO ANYONE LOOKING TO USE OANDA OR ATC AS A BROKER, HOLD ON TO YOUR MONEY.
PLEASE. HERE IS THE TACTIC THEY WILL USE. IF THEY SEE THAT YOU ARE ON THE RIGHT SIDE, THEY WILL LIMIT THE AMOUNT OF MONEY YOU CAN
BET ON A TRADE. BUT WHEN YOU ARE THE WRONG SIDE, THEY WILL ALLOW YOU TO USE MORE TO BET. I'M TELLING YOU. STAY AWAY FROM OANDA/ATC.
THEY DON'T HAVE YOUR BEST INTEREST AT HEART. THEY ARE AGAINST YOU!!! THEY WANT YOU TO LOOSE. THAT IS HOW THEY MAKE MONEY.

NOW THE 3 DAY MARGIN RULE. THIS IS ANOTHER WAY THEY MAKE MONEY. THE BIG BOYS WHO TRADE THE FX MARKET ARE IN COLLABORATION
WITH OTHER BROKERS THAT USE THE BULLSHIT 3 DAY MARGIN RULE IN MY OPINION. THIS IS NOT A FACT, BUT JUST MY OPINION. SO THE BIG BOYS WHO TRADE FX WILL STALL THE MARKET REALIZING THAT PEOPLE ARE ABOUT TO HIT MARGIN CALL DUE TO THE THREE DAY RULE SO THEY WILL KEEP THE MARKET FROM MOVING IN YOUR DIRECTION UNTIL AFTER 3:45PM EST.
i'VE SEEN IT TOO MANY TIMES. SO FOR US IN HE U.S, OUR OPTION IS VERY LIMITED. MY ADVISE IS TO FIND ANOTHER BROKER OUTSIDE THE U.S.
AND LEAVE THIS BUCKETSHOP BROKERS LIKE OANDA/ATC ALONE. BUT MANY WILL NOT LISTEN UNTIL THEY'VE BEEN BURNED. I'M SPREADING THE WORD SO THAT OTHERS WON'T MAKE THE SAME MISTAKE i MADE. OANDA IS A CROOKED BROKER. THEY DON'T HAVE YOUR BEST INTEREST AT HEART. THEY WANT YOU TO LOOSE YOUR MONEY.
THEY WILL FREEZE YOUR ACCOUNTS CONSTANTLY WHEN THEY SEE YOU ARE WINNING. WHEN YOU ARE THE WRONG SIDE, THEY WILL NOT FREEZE YOUR ACCOUNT. THEY WILL ALLOW YOU TO PLACE AS MANY BETS AS YOU COULD. STAY AWAY. DO NOT SAY I DIDN'T WANT YOU!!!
  6 traders have found this review helpful
Italy,
May 9, 2019,
Registered user

Money withdrawal not working. Money held.

I funded the account with low money, usd 35.

Then i used the mt4 platform but did not work. The customer care told me that i can use it only using THEIR platform cause the mt4 requires more money.

So i asked the money back but i cannot withdraw the money, with the same paypal mail, the option was unavaiable.

So i asked the money with another paypal mail, the same account in my name but they requires a payment of 1 usd to verify it.

I funded the account with 1 usd but it wasnt enough, they told me that i have to go
to "manage funds" and make another payment of 1 usd.

I logged in, go to manage funds but there are no option to make this payment.

i tried to withdraw with bank wire and they're still reviewing the statement of my bank from weeks ago...

I now escalate the controversy using paypal.
  2 traders have found this review helpful
anonymous, USA,
May 7, 2019,
Registered user

i would not recommend broker. Not till i see improvements. I will monitor this broker see if any changes.

I do agree for most trader that input there review regarding to the broker Oanda.com
Its true they do steal your money. It happened to me twice on a positions of $1.00 lot and suddenly became $0.90. Not sure what happened there. I wonder how did that possible happened when i have over $4k in account. Other thing that happened to my account as well. I have position that I been holding for more than 10 days. Each day they do charge swap fee. I do understand that every broker do charge swap fee. While I have that account floating. On the friday before week end My position that I been holding and being charge for swap fee every single day. I know that in the following week EU will finally bull. Then i received an email stating. " Due to my account fall into NFA" been holding for 3 consecutive days they have to close positions.
And I know I would of made money and got out of my loosing trade on the opening market day. Sad part is I also made a deposit before market close just in case. But their spread sudden increase before market end then close my position and took my money from account. SMH.. Im not sure if others experience it as well.
Its not the first time that ever happened to me.....
  2 traders have found this review helpful
USA,
May 1, 2019,
Registered user

Imaginary wicks, stoploss slippage galore.

Just got slipped for 100+ pips on my stop loss on AUDJPY on a wick that doesn't exist on turnkeyforex or IGs charts. May 1 2100 UTC if you're curious. Completely inexcusable for a "regulated" exchange. Better off offshore where at least you can expect to get f***.
  2 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.