Oanda Reviews

2.7 • 485 REVIEWS
Updated: Sep 26, 2023
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.
2021-03-30  OANDA completes acquisition of TMSBrokers.com.

Broker Details

Minimum Trade Size: 0.01
Maximum Leverage: 200:1
Minimum to Open Live: $1
Established: 1996
Address: 10 Times Square New York, 10018, United States
Contact: frontdesk@oanda.com, +1 212 858 7690
Regional offices:
Regulators: 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 Trading: ✅ Yes
Scalping: ✅ Yes

Managed Accounts & Social Trading

ZuluTrade: ✅ Yes
Deposit Methods: Bank Wire (BankTransfer/SWIFT), 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
Withdrawal Methods: VISA, MasterCard, Check, Local Bank Transfers, Neteller, PayPal, Skrill
* Please check broker website for more information
2.7 • 485 REVIEWS

Recent User Reviews of Oanda

, France,
Dec 20, 2013,

I am updating my review below.Although not much else has changed since I wrote that a very worrying thing happened on the Fed statement on Wed 18/12/13.
These were Oandas spreads at the beginning of the Feds statement:

GBP/NZD 122.2
GBP/AUD 64.5
EUR/NZD 50.0
AUD/CHF 31.2
AUD/CAD 30.0
CAD/CHF 25.9

Now, if they're free to do something like this on a news event unconnected to the currencies involved, what is to stop them doing it at ANY time in the future, or for that matter, on any individual platform.
This has worried me enough to start looking at other brokers but its difficult to know who to choose.
I'm just not prepared to keep all my eggs in this particular basket.

2013-09-23 5Star Oanda is THE best broker you will find.Yes, they do deliver ridiculous spreads during news and out of trading hours, but if you avoid those hours, or if you're a positional or swing trader then that shouldn't really affect you. I have never had a problem withdrawing funds, apart from the fact I didnt understand the anti-laundering rules and so have had to follow the crazy "withdrawal in proportion to deposit" type thingy! To be fair to Oanda ,they are only following strict financial criteria.They aren't perfect ,but they are about as good as you'll get, and the main thing is, you can rest assured you'll always get access to your money if you need it.

2013-05-26 5Star I have traded with Oanda for about 6 years now after losing a stack of cash with a few "bucket-shop" brokers. That,to be fair,would have been more down to my ignorance than their bad practices although that didn't help. Anyway, since I began to understand how the markets operate,luckily this coincided with me joining Oanda.I have to admit, I preferred it when they had fixed spreads as opposed to these ridiculous "dynamic" ones. But at the end of the day, if your trading strategy gets affected by a quick shift of spread then they probably aren't for you. Having said that,I did read one review where the chap said he got stopped out by a Gbp/Nzd spread widening from 8.8 to 95.6 ! Jeez! If that was true,thats absolutely wrong, but then I wouldn't touch any currency pair trading at a normal rate of 8.8!
Anyways, as for my experience of Oanda,overall I can't really fault them.I don't much like mt4 with any broker, but I love Oandas web-based platform.It's good to the eye and totally user-friendly. It does,however, sometimes crash at critical times which is a bit dis-concerting.I hope this isn't intentional.I tend to have my iphone connected at all times so I retain a modicum of control. The thing is ,people, that your brokers aren't your friends.They're there to make money. If you can do it alongside them, you'll be a successful trader,but don't for one minute believe that you're one of their team.The markets will do what they will do.It doesn't matter what the markets do, it's what YOU do that matters.Don't start spouting about stop-hunting as if it's your broker who's after your dough.The market "stop-hunts", not your broker. It's there to take your money.If it wasn't ,it wouldnt exist.If you can't trade then don't .
Edmonton, Canada,
Nov 29, 2013,

As a beginner or intermediate trader they are the perfect broker. I've used them for over 4 years and never had any issues either.

Their spreads are the lowest you can expect to pay if you compare them to a futures or a ECN broker.

The spreads also improved for Commodities and Indices.

Never was an issue withdrawing money.

You can also use the platform on your phone.

Never had any issues with slippage aside from during news.
Hongkong, Hong Kong (Really Singapore),
Oct 18, 2013,

I have posted the scam activity with proof about OANDA here. But till now no posted in this thread. This shows How legitimate FPA is.

Review Moderation Team Note: Your review is proof that you don't bother to read the instructions. Reviews can take up to 5 business days to appear. Your prior review was left 2 days ago and had not been processed yet.

Now that we are checking it, the prior review had no real content of its own, just a link to an external blog. External links may be used to support a review, not to be the main portion of a review.

Anyone clicking "Contact Us" and selecting General Questions will see a link titled "Hey Dude, Where's my review?" That link explains why many reviews are not approved. It also explains what information to send to the FPA if a review is not approved.
Boston, USA,
Sep 25, 2013,

The world's most incompetent broker - they
give new meaning to the term bucket-shop.

Their customer service gives wrong info,
or incomplete info - requiring emails back
and forth to clarify (often six or seven, over
two or three weeks) or different customer
service people give different answers. Totally
untrained and incompetent - the managers
need to be fired.

Software is amazingly buggy and they have
no idea what the problem is. Their website
is the worst; no way to find anything and good
luck depositing money; it gets lost and they
blame your bank when it is never the bank.

Oanda hires the world's worst programmers.
it took them six years to hook up mt4 when
every other broker took six months or less.

They like to think they have good spreads;
wrong. their spreads are no better than any-
where else and often worse, and the spreads
widen constantly throughout the day.

they are so incompetent their site is
scheduled down for repair work on fridays;
guess they don't know friday is a trading
day - other brokers do their maintenance
on weekends, not oanda.
Farmington, USA,
Sep 5, 2013,

This broker is very straight-forward with their liqudiity and pricing stuff and I am very happy with that. BUT their MT4 can be "odd" at times and support is really hit or miss.

Sometimes you get someone great, other times it's like calling India or a Cable company!

Overall, they are way better though then the other "big" boys!
I recommend trading with Oanda to not be messed with.
Mr. Nguyen
California, USA,
Sep 5, 2013,

wow....their spreads are the worse ever. I'm a pure news trader. I do not recommend oanda to any who plans to trade news events. I just did a simple news trade just now with GBPUSD pair...on news release their "ask line" barely moved a bit! All at the same time the market price dived! The spike on the news was about 20 pips...but since the ask line hardly moved down along with the market price, the spread came out to be 13-16 pips! I had a 1 lot size trade size for this one; once my order was executed, the spread was so wide I was already at -$150. since the news only moved about 20 pips...there was no way to make profit off of this trade. Oanda is terrible for news trading. I am scared just thinking about trading Nonfarm payroll for usd with oanda tomorrow...scared of having a 70 pip spread and lose over 50% of my account.

Their execution times are great...just their spreads are something that I cannot stand as a spike trader. I am closing my oanda account and never returning. Would not recommend for news traders!!!
Kent, United Kingdom,
Aug 17, 2013,

I've been trading at Oanda for like a month and I can say that they are o.k. and so far I have no problems. The price quote is stable and there are many servers to login with.
FX Trader
Canada, Canada,
Aug 9, 2013,

The absolute worst ever in the history of the fx trading game. The WORST EVER. EVER, IN HISTORY.

I tried to get an fx account with OANDA Canada. This turned into nothing but harassment of me by a bunch of retarded c***. They are so stupid and useless it is absolutely beyond belief.

After reading an email by them yesterday, I went into a rage state and almost started yelling. Why? Again they needed documents "confirmed." There is nothing to confirm. There is just a bunch of f***ing retards going over things they don't understand.

The c*** there are the only people that I have come across in my entire life that I actually see as retarded and insane.

I just sent these stupid, useless, deranged imbeciles an email telling them to stick their account up their a**. I will be making a complaint to Canada's federal justice department about the "account opening".

Don't ever get an account with OANDA Canada. You will be subjected to a never-ending barrage of utterly bogus requests for more information, and I do mean utterly and totally bogus.


Muhammad Ahsun
Gujranwala,Punjab, Pakistan,
Aug 6, 2013,

Have used Oanda for some weeks and pretty satisfied so far.Have made some profits here.I will give them 4 stars because they do not offer higher leverage to Non US clients.Overall great experience
Jonathan Weaver
Texas, USA,
Jul 5, 2013,

Very good company, like the web trader. Good at returning your money very fast, speaks a lot of a broker.
Jul 2, 2013,

I've been using Oanda via their live web based platform (non-MT4) since 2006. I have no issues at all with Oanda. They're one of the best brokerages out there. If you check out the FCM report on the CFTC website:

http://www.cftc.gov/MarketReports/FinancialDataforFCMs/index.htm (Oanda Corporation)

They are one of the most financially stable forex brokerages out there. I have no affliation with them whatsoever and I'm not paid at all for their endorsement. I am simply a happy trader who has traded with them for a while and I appreciate their great customer service and transparency. No broker is perfect, of course, but Oanda is about as close as you can get - in my humble opinion. And believe me, I've checked into several brokerages throughout my trading years.
Spain, Spain,
Jun 17, 2013,

Be careful with there are news in the market, they can open the spread as much as they and if you have the stop loss not far from the current price they will run to it. Rest of the time is o.k but for news they are awful, You can see 15 -20 pips spread with the GBP/USD easily
Texas, USA,
May 13, 2013,

I have been trading forex for over 12 years, and I have tried over 15 brokers. Oanda still ranks as the best. They do widen the spreads around news events and during low volume time periods: and occasionally, the platform locks up. But comparing their issues with other brokers, they are far above all competitors.
May 2, 2013,

been trading with oanda for bout 5 years...they have been very good till the last few months....for some reason their spreads have been higher than normal..but during the begining of the asian session their spreads will double and triple and even higher between 5-6 pm...today i was long in an gbp/nzd trade had my stop bout 15 pips below a major support...the support held all day..and i was up bout 15 pips....then at 5:02 pm the spread went from 8.8 pips tp 95.6 pips for about 30 seconds..then went back to 12.6 pips...and of course i was stopped out..i called them about it...and of course they justified the spread cause of low volume during that time....if this was just a one time event i would overlook it...but the spreads have been like this for a few months now...and they never were before during the begining of the asian session...the reason i will be looking for a new broker is because when i called them about it....they still could justify a 95 pip spread....anyone that could defend a normal 8.8 pips spread... to a 95.6 pip spread spike without a news event should be out of business.
Nairobi, Kenya,
Apr 29, 2013,

Oanda website(www.oanda.com) is down in my region....i cannot transfer funds between accounts...I use 2 different ISP s and all other sites are working normally..what are they upto
Igor K.
Crimea, Ukraine,
Apr 23, 2013,

I traded with Oanda more than 5 years and all this time Oanda is best and most transparent broker... I checked more than 200 brokers for this years and don't find NO other broker which have SL execution guarantee and 24/7 trading - so now I understand why Oanda have biggest trading volume: every Real trader need SL execution guarantee as MAIN broker property... Your SL is in danger if your broker have not 24/7 trading/execution... Moreover - popular now ECN brokers starts order execution only when price already at this point - this adds even more slippage... Also I like Oanda's direct swift transfer - no more banks needed!
Singapore, Singapore,
Apr 13, 2013,

I have traded with Oanda for about a month. I built the account up to $2600 and held a fairly small position in silver ($37900) at 50:1 this is not too risky, as I had about 55% of the funds oustanding through March. Unfortunately, with silver dropping 5.37% and more between 7:30 am and 11 am on Friday last week, the account was lost, a margin call reducing it 83% to $300 or so. As an experienced trader (15 years) I was astonished by the huge fall in silver, which remains unexplained. It almost feels like all the forex brokers, working with the data supplier REUTERS, collectively wiped their client accounts in a thin trading (low profit) environment such as we have seen over the past ten years. If this isany indication of what to expect, all retail traders are going to be wiped out even more aggressively than ever before in the days to come. My complaint is that I got a margin call just after logging in; immediately I deposited $1000. However, it took at least three to four minutes for the money to show up in my Oanda account. That is very unusual since when I book a cinema show, as i did at about 6 am, the transaction went through instantly. Opening my account in Oanda, i see that the deposit was received supposedly by Oanda precisely 1 minute 37 seconds AFTER the account was wiped. This cannot be correct. I have worked in IT since the eighties and can verify that this transaction is highly suspect. Basically, the money should have been deposited in time to prevent the forfeit of my account (yes, the account was close to the margin but the message sent said it was 'within 5% of a margin call' and the fact is, that is enough time to make a deposit (else why send the message in the first place, unless your system is designed to ensure that clients actually can not deposit funds at any time a margin call messageis sent, once the message has been sent from your server? This seems the likely scenario). I suggest you do not trade with Oanda until they make their margin policy much more explicit. Currently it states "...as your margin closeout percent approaches 100, you are in danger of a margin call.' how's that for precision?!! At the time i logged in, unfortunately i could not see the balance in the account because my terminal would not display it, though the previous time i logged in, there was no problem. I do not understand and will never understand. This transaction was rejected deliberately by Oanda. Please listen to me, and be careful trading with this aggressive broker. Keep your leverage at ten percent, do not hold more than one or two mini lots if your account is below $5000. Trade on actual as opposed to imaginary trends and use at least three reliable indicators (i haven't tested those on Oanda yet much, so can't vouch for their usefulness). If you do trade with a broker, i suggest you get Oanda to explain their margin call policy explicitly in detail through their customer support online (which is quite helpful), before depositing one cent with them.
1 trader has found this review helpful
another trader
South east asia, Singapore,
Apr 4, 2013,

I agree with Kaz from USA and other negative review. FX oanda is getting very aggressive with its marketing here to con more ppl in my country and there is nothing people over here can do about it.

This broker company has been busy chalking up good reviews, awards and approval from regional and local bodies. On the sly, it does certain things without you noticing. For example, there will be instances for no reason, their spread will be super high, multiplied by 5. No news out break or holiday or whatsoever. A quick comparison to other broker companies like Mayzus/UWC or GFT/forex.com will reveal at that very instance, FX Oanda did a very naughty thing by suddenly increasing their spread ridiculously. U will be convinced that FX oanda have one of the lowest spread, when suddenly it pops up and takes it all back without you knowing it. Other things as well, I discovered with FX oanda. Another thing anyone notices, is your trading platform will keep getting disconnected. However, it will be really unfair for me, to say all this here since you may feel this is a one sided comment. Be careful of this broker.
Singapore, Singapore,
Feb 19, 2013,

I am trying out their demo account at the moment. not live. So far it's been doing very well. I got to agree with some other reviews on the connectivity to the platform. I spend more of my time trading on my Iphone. Other than that, all else is good.

Looking forward to try out their live accounts soon
Zak Thacker
Indianapolis, USA,
Feb 19, 2013,

Shady from the beginning, charged me 2% just to deposit money into my account. they didnt specify beforehand.
ibrahim abdullah
riaydh, Saudi Arabia,
Dec 22, 2012,

so far so good i made small profit and withdraw ed to my credit card .
the java base platform some times disconnect but it is due to my internet provider as you know keeping your internet service connected all time is hard in any portion of the world so i tried metatrader and it is very good so far .i will keep you update
my regards
, USA,
Dec 12, 2012,

typical retail forex provider that trades agains customers positions , practicing price stalling , stop hunting and everything that is in the retail fx text book of scalping and draining customers money, platform service disruption when you actually make correct trades, what else should i include that all of you forex retail traders don't know already,
CDO, Philippines,
Sep 27, 2012,

I am increasingly being disillusioned by OANDA's performance and practices. From its "We are one of the honest brokers" out there facade, it sure has sunk to new lows ever since I deposited my money here. For starters:

-Frequent disconnection problems
-Treating problems with scripted lines without ever solving it
-Making it hard to liquidate your profits by frequently disconnecting you.
-Bad customer service.

The only thing this company has going is the ease of deposit options, ease of withdrawal and simplicity of platform, nothing else. What good is that if you can't even liquidate your account and profit from them efficiently?

I had high hopes for OANDA, but it seems they really are nothing more than market maker crooks. OANDA, take note of customer complaints rather than letting your employees and customer relations team make bogus accounts in here and giving yourselves high ratings.
Sep 13, 2012,

G. Koekelbergh
, Belgium,
Sep 8, 2012,

I think that Oanda is one of the best ! If you think that they hunt your stop, you can control that. Open on an other computer a demo account at Oanda or ask a friend to give you the price of that specific moment on his Oanda account. You will see that the price for all Oanda's clients is the same. Oanda is of course taking the counter position of your trade. At this moment you can see that 68.82% of Oanda's clients are short. Look here: http://fxtrade.oanda.com/analysis/open-position-ratios You can imagine in what direction 68.82% of the stops will be. But they are for all the same. Do not overestimate yourself. I read an estimation of 5 Bilion $ transactions per day on Oanda. If you trade EURUSD, your position is like peeing in the sea.
Ron Elliott
San Diego, CA, USA,
Aug 29, 2012,

I've used OANDA for about 8 months now and their withdrawal process is a bit slow as other have stated however they seem to be doing something a bit scamish lately. I'm trying to withdrawal my funds and the account I originally funded with is now closed. OANDA is refusing to process the withdrawal until I give them a document that my bank is refusing to release. Now I have to talk to lawyers and such to find out exactly how to get my money back from OANDA.
Los Angeles, USA,
Aug 12, 2012,

Eight days and no withdrawal funds! WORST forex broker yet. Will look for Ninja platform broker, mt4-5 is trash and is offered to brokers with "a secret plugin" to SCALP their clients.

FXCM refunded my money withing HOURS! (THX thieves).
ontario, Canada,
Apr 23, 2012,

I have traded fx with oanda for about two years now. At first, I had high hopes for them, everything seemed to be going fine, but like many others, I have become quite disillusioned.

What do I think of them now? Here are just a few things I DON"T like
- very unstable with frequent disconnections and lockups (not due to my systems!) particularly when you want to take a profit or enter an obviously profitable trade opportunity.
- Stops are being hunted (prices spiking sometimes nearly 100 pips!) more and more frequently
- prices will move to within a pip of my take profits and then reverse. This has happened all too often.
- terrible charting, so I use mt4 for charts
- When I report problems with the platform, they are routinely ignored, or treated as being insignificant

- some nice little features such as drag and drop stop loss and take profit orders, but does this outweigh all the cons of this increasingly unstable platform? I think NOT!

Unfortunatelyl, my experience with oanda, inspite of my initial good impression, has been very negative.

I would caution any trader to avoid this broker like the plague!

So what's a Canadian trader to do? What brokers are out there who are reputable, and have functional platforms?

I will keep you posted.......
Voice From The Tomb
Area 51, USA,
Apr 23, 2012,

Oanda offers the following advantages to the FOREX trader. One. It is registered with the Commodity Futures Trading Commission. So you have legal recourse in the event you have a customer dispute. Two. You can trade with no minimum so the novice can start small and gain experience at small risk. Three. Leverage is 50:1, so you have a greater margin cushion to withstand price volatility. Four. It is easy to enter the market, response time is usually instantaneous andreal time. It is easy to enter limit orders. And you can exit your position and cancel orders, for example, all your trades at once. Five. I have had no difficulty having monies sent to my bank account, usually within 7 to 10 days. Six. They accept credit cards and do credit the account very quickly! Usually in minutes. Disadvantages? The platform will periodicality fail for no apparent reason and make you understandably nervous. Spreads can widen on occasion to very exorbitant ranges, particularly on late Fridays and weekend sessions, as much as thirty pips. Charts are generally worthless on account they do not permit much of a meaningful timeframe, and present a very myopic picture of price action. They do permit candlesticks and some exotic Japanese charting methods that can use useful, however. No OCO orders, No MOC orders. OANDA is best, in my opinion , for heavily margined accounts that position trade over a period of days or weeks. Very hard to scalp with the spreads being so wide. But Overall, I would rate this as a good service.
Ace Lu
Las Vegas, USA,
Apr 14, 2012,

Chat InformationPlease wait for an agent to respond.
Chat InformationYou are now chatting with 'Eileen'
Eileen: Thank you for choosing OANDA. How may I help you?
ace lu: ticket #921628339
ace lu: stoploss of 1.30955 should not be hit
Eileen: For your security, before I can continue I will have to ask you your security question.
Eileen: What is your mother's maiden name?
ace lu: the highest price was 1.3084 after last friday's closing
ace lu: *********
Eileen: Thank you.
ace lu: i've been monitoring fxcm and esignal and they both confirm my claim
Eileen: One moment please whille I retrieve your account information.
ace lu: even with oanda's wide spread during weekend it still should not have hit 1.30955
ace lu: with ticket 921127646 i changed stoploss from 1.30905 to 1.30955
ace lu: oanda's own hourly chart shown 1.30842 was the highest price
ace lu: i firmly believe esignal's price is the collection of all prices from the world and it shows 1.3084 was the highest
ace lu: [after noon of last friday pacific time]
Eileen: Thank you for waiting.
Eileen: I have taken a look at your stop loss.
ace lu: thanks
Eileen: I can see that your weekend data is hiden.
ace lu: my data feed is esignal. i use ensign windows for analysis
Eileen: Can you please allow your trading platform to show weekend data? You should be able to see that the High Ask price during the time that your stop loss was triggered was at 1.30969.
Eileen: OANDA is a market maker. We may not offer the same prices as the other brokers.
ace lu: i don't see any weekend price on esignal close to 1.30969. you mean oanda can hunt stops at will during weekend regardless esignal's (world prices collection) 'official' prices? then i would be speechless...
ace lu: i will definitly publish my story on every fx review sites as i can.
ace lu: thanks
Eileen: We do not hunt stops.
1 trader has found this review helpful
Singapore, Singapore,
Mar 17, 2012,

This is not the first time that they have did this to my account....

It went for my SL while the market didn't even touch that level.
Short position for AUD/NDZ SL hit1.2875 on 18/03/2012.

Check your own chart/broker, is there such a price on 18 March.

Instead of moving up, the market open gap down on 19/03 and price now is 1.28176.. My Profit disappeared and SL triggered with money stolen.

2011-08-05 2Star I am going to close my account with them. It is crazy. My SHORT trade was stop out at a price that is 14pip above the daily high.

I check my other broker account FXDD and FXCM too.. there is no such price for the daily high.
Chicago, USA,
Jan 17, 2012,

I have been trading with OANDA for over 2 years, excellent customer service, platform is stable, no problem with order execution on demo and live accounts. Some people have mentioned here that logging to a platform fails sometimes and they experienced disconnection problems. However, I had no problems with it and I think it happens solely because of one's unstable internet connection. I give them 4 stars because I am satisfied with this service.
, USA,
Dec 27, 2011,

HORRIBLE CUSTOMER SERVICE. Waited over a month just to open a live account...There JAVA web based platform sucks a**. Its horrible....DO NOT get an account here. Go somewhere else.
Sydney, Australia,
Dec 11, 2011,

I'm not an active traders so my review can't comment/verify on the platform stability that others had been complaining about. However, I do wish to point out that Oanda is by far the most honest broker I've experienced. Don't wish to illustrate too much details but just would like to share one story here.

About two years ago they sent two representative to OZ to survey the clients here. After about an hour of talking I went on to request for their balance sheet because I was about to commit almost half of my portfolio in Oanda. They got the permission right after they went back and sent it over to me. I can't disclose details here since I've signed the NDA. What I can say is I fine to have my 50% portfolio to be placed in Oanda.
, USA,
Nov 30, 2011,

Been trading for 4 yrs now, During a search for a new and better broker i decided to register with OANDA, Great mistake, system keeps crashing all the time, not reliable at all. Another concern was unethical behavior, During a trade while the market was moving in my direction i saw a flash on my screen and the profits turned into losses, the one thing i can' t understand is that while the market kept going in my direction (a short position) the mt4 platform was indicating i was loosing. I contacted support and explained to them the situation and told them the position is still open, they ask me to wait, while waiting the position closed like 75 pips in my direction and it was indication it was a loosing trade, they said it hit my S/L, Yea right, 75 pips away. I even saved a copy of my position showing the trend wen it was in my favor and the profit and loss was indicating LOSS. stay away people from OANDA , base on my experience they are unethical....
ontario, Canada,
Nov 11, 2011,

The meta trade crashes ALL the time. it was a pain to open a account took about a month i understand regulations but still. Meta trade will crash in demo in live account. Sending money was easy none of my eas work cause there is just constant crashing i havent traded once cause of the terrible crashing don't waste ur time. forex is hard enough this company won't last thats a gurantee
Oct 31, 2011,

It seems Oanda is now playing its dirty games. All was fine when I was losing but when I started profiting and going in the green, all sorts of problems started to pop-up, from disconnection problems, lags and the clincher of it all, slippage. It seems the server knew all to well from what time I would usually open a trade and when I would close them. I had no problems logging in from the wee hours of the morning but it would suddenly disconnect me whenever I would log-in from noon to evening.

I had high hopes for OANDA, but it seems they're no different from any other bucketshop. Good riddance, I am taking my money for good and closing my account if this continues. No person in his right mind would continue trading with this kind of obvious scamming and performance.
Oct 7, 2011,

ACC NO: 295388

i just dont understand how did you closed my trades on 1.3518 for EUR/USD.
I knew though the market went up , its going to come down. So i did not even APPLIED STOP LOSS TO open trades. And it happened, the market went till 1.3524 (DAY HIGH )ONLY 6 PIPS ABOVE WHAT YOU CLOSED MY TRADES and came down like a rocket with 150 pips. IT WENT UP ONLY ONCE ABOVE THAT LEVEL IN THE WHOLE DAY .
This is absolutely ridiculous. I am not going to leave this case as it is . PLease refund my money with 500 usd.
Oct 3, 2011,

Good platform, but I have seen a few times that Oanda run for the stops. And the spreads widen sometimes extremely much. Therefore it is not a broker for daytrader.
Fx Trader
Oct 2, 2011,

oanda.com is a subsidiary of Olsen and Associates. Olsen and Associates is an investmnet firm in Switzerland. They are very well regarded in the financial community. You will find many grateful comments in Economics studies regarding Olsen and Associates for supplying currency price data for the study.

You can do no better than oanda (O and A, if you can't tell). They even pay you daily interest on your account balance. They have exemplary software and staff. They are great.

I am not an employee of oanda.com, nor associated with them in any way. I am simply aware of them and know that they are not scammers or anything vaguely close to it. Olsen and Associates makes a great deal of money every year from fx trading and does not need to rip people off.

Good luck and good trading.
Texas, USA,
Sep 20, 2011,

I've been browsing over some of these reviews and honestly most of the bad reviews are coming from inexperienced traders or people who think the broker has no personal interests.

Brokers are in this business to make money. They are not a government entity established to make life easier for you. Forex is a "career" or "job" just like any other....you have to actually WORK to make money at it.

That being said, I like OANDA. I really do. They accept all forms of deposit methods-- I did a bank wire for $6K and it was posted within a day. Checks/money orders do take longer to process. Keep in mind, however, that withdrawals must be taken via the same method of deposit. I have no idea why, but that's the rule.

I have only experienced one or two platform 'freezes' in the span of the 2 years I have been with Oanda. I use both FXTrade and MT4. No re-quotes. I understand that other people have had these problems. More than likely it's your shady Internet connection. Or maybe Oanda just doesn't like you.

I do, however, have problems with what I am certain is stop-hunting. Just today I missed out on a 150+ pip trade because my stop-loss was barely hit. I argued with Customer Service for half an hour before they pointed out that I had to place a High Ask overlay on FXTrade chart to see my SL was hit. This shouldn't be necessary, if they are so "transparent" they should keep all the chart prices uniform. But whatever, in the end it was my fault. A three-pip mistake in exchange for what would've been the biggest trade of my week. I wasn't news trading either....the order had been place a night earlier and only recently triggered.

But what can I say....honestly I can't think of a broker who doesn't do something to make money. Oanda isn't a scam....I really trust them, especially since they are regulated. Yeah, sometimes a huge loss or bad trade can make you imagine that it's all the broker's fault....but usually it's not. Most people don't like to admit they're wrong.....that they made a poor trading decision. Get real.

Customer service is responsive but sometimes too vague. I did have a good experience not too long ago-- I had an emergency and needed to withdraw all my money at once. Most of my deposits had come by credit card, and Oanda wanted to send my withdrawal back to my credit card. When I explained that the amount being withdrawn exceeded my credit limit (meaning my CC company would likely reject the return), Oanda settled on sending me the funds via PayPal instead (no fees charged).

My bottom line for this review-- it is very difficult to find an acceptable, U.S.-based and regulated broker. Oanda is not the "best" nor are they to be avoided. I have yet to find a broker that exceeds expectations, however.

Oanda's spreads are variable (hate that) but usually lower than even some ECNs. I don't have to worry about them taking my thousands and running. There aren't really any other brokers that meet the standards of Oanda. So that's why I think they are good.
Sep 20, 2011,

from last week Oanda keep locked my expert advisor with great latency and requotes ea calculate this and
I've the screenshots with latency and requotes
Sep 17, 2011,

I have been reading reviews of Oanda and must add mine.
I first opened a live account with them in Feb. 2005. I lost quite a bit of money for the same reasons a lot of posters here cry scam about(stops hit, spread spikes, etc.). I too thought they were a ripoff and left for greener pastures. Tried 4 or 5 other brokers and guess what? Lost more money for the same reasons as Oanda.
I noticed one thing, around 2009 I began to make some profitable trades. I wiped the slate clean and came back to Oanda.
They do widen spreads but so does every other broker I know of.
I never have a problem with trade execution at any time. I am not a news trader but occasionally I open trades during news times and they always get filled at the price I intend. Since 09 I have only saw a few instances of connection problems and they were short lived.
Deposits and withdrawals are completed in timely fashion. Never a problem putting money in or more importantly taking money out.
Since coming back with 4 years trading experience I have been profitable for 2 years and could not be happier with any other broker.
The only thing I could think to complain about is customer service. They are there but usually not very good at answering. Always get answers but sometimes have to make interpretation and then verify that interpretation. I have to assume CS is outsourced to other than English countries.
Another thing, I can prove my experiences with Oanda. Just email me at surfshare Google and I will provide screens.

Oanda is not a scam, nor a ripoff.
Sep 15, 2011,

Some most traded pairs are no longer tradable like EUR/CHF. often 5 pips spread which is ridiculous.
Sep 11, 2011,

I have been with them for over 15 years. They are Ok but may not be the best. depending on your trading style you may or may not be happy with them.
They have changed the rule of the game now. An older open position with equal value to a newer one must be closed before the new one is closed.
And yes. watch out for those spikes which will stop you out too often, "courtesy of Oanda".
Sep 3, 2011,

Was going to open an account with them (just to see how they compare to other brokers I use) and I could not believe all the personal information they required even for a demo. My employer and other information they required was, guite frankly in my personal opinion, absolutely none of their business. Sorry Oanda.You lost a potential client right off the bat! Never had to asnwer so many questions with ANY other broker I've ever had in 19 years!
Aug 23, 2011,

They have very good setup for creating and managing demo and live accounts online, also the liquidity consumer position data is very good. However their support was not able to tell me the roll over rates changed and provide no detailed account history to tell which charged apply to which positions! In my opinion this is a huge red flag!! Broker charging something and they cannot tell you the basis for these charges!!

I was really surprised to find this out! I like OANDA otherwise but due to this strange anomaly I have to make the conclusion that their back office has some serious issues and I will be closing my accounts with OANDA. This is too bad as their spread is one of the best in the market for under 20k accounts
Aug 23, 2011,

I am a Oanda customer for many years (4+), and they where great. Unfortunately they are not anymore what they where. Spread is getting higher and higher and if the spread is not bad enough then just when you are ahead and ready to close the trade......., the platform disappears. Of course once the platform is back you are in the negative numbers again.This happens now to frequently, almost like the server "knows" when to shut down.
They told me to switch over to MT4, I have the demo for a while but it seems to me the same problems there. I have at the same time a other MT4-Demo running and this one is going nicely, even after Oanda left my computer to take a rest. I know it is not my ISP otherwise all MT4 would be down. It's also not my computer since I am using many times 2 computers and the platforms disappears on both of them.
In the meantime I don't even want to open a live trade anymore on there platform because I know it is going to crash. I am a frustrated Oanda customer that is looking around and I am ready to jump ship.Actually my reason to come here and read up on other brokers. Thanks and good luck to all
David Karanu
Aug 20, 2011,

i have traded with them for the past 2 months...Spreads are high esp friday evenings,,,but... They are ok...paid me out when i requested a withdrawl.
Aug 16, 2011,

I have been trading with OANDA demo for about 5 months. I have found the strategy I would be comfortable with and make around $5,000 every single day without losing a single trade. (I lost big time when I started) And the starting capital is $100,000 as it is given by default.

So my question is: If you make such big amounts $5,000 x 20 trading days = $100,000 every month), will your broker pay you that money back? Can you withdraw your balance?

Have anyone had an issue with such amounts or are you just one of those so called traders who spend hours in front of the computer to make $10-$20?

Any answers are highly appreciated.
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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.