Oanda Review

2.703 • 483 REVIEWS
Updated: Nov 9, 2022
Oanda.com
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
2.703 • 483 REVIEWS

Traders Reviews

C
Not Oanda, USA,
Jul 20, 2022,
Registered user

Update to 2/17 review, 6/9 update: Oanda denies all, charges $200 per trade

Service use: Live Length of use: 0-3 Months
Spreads of 10, 17 and 17 on three different trades are NOT normal ANYWHERE, but bucket shops at 7:30pm eastern with zero news and low volatility trading. The two trades with out of the blue non-transparent 17 pip spreads cost around $200, including the $39.31 ($33 loss + $6.31 profit they erased) loss when closing the trade when the platform showed a $6.31 profit on a 1 standard lot trade. Again, NO NOTICE OF SLIPPAGE.

I'm going to ask the regulatory agencies in the EU and US, etc to set up live trading accounts without Oanda knowing which account it is so they can show that Oanda is CHANGING the spread AFTER the trades are placed. There is NO slippage notice AND the spreads are normal when the trades are entered. Spread on all our other accounts with other brokers were normal. Easy comparisons...can film it all.

Massive class action lawsuit.

Jun 9, 2022 - 1 Star 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.
Q
Boston, USA,
Jul 12, 2022,
Registered user

Unethical company, unreliable software

Service use: Live Length of use: 0-3 Months
On 3/31 at around 10:30-11:30 a.m. EST, I scalp shorted the CHF/JPY twice.

The first time, the trade was 10 pips in profit, and the terminal displayed the ask at around 131.770, and the profit displayed was in the green. I closed the trade and it closed 20 pips higher than the displayed ask price at 131.990, at a loss. The price was nowhere near there on the chart, at the time.

I shorted it several minutes later when the bid / ask were at the 131.900 levels, and the short trade opened 10 pips lower at the 131.800 levels. I have screenshotted evidence of all of this.

I contacted customer service and they refused to admit wrongdoing in the first instance (because past ask prices can't be screenshotted on MT4), but they admitted the price was falsely displayed in the second instance (since my screenshots could prove the bid price).

After several weeks, they simply said that it was a technical error on their behalf, and refused to refund me the money that I lost due to THEIR error.

Tl;dr: OANDA misrepresented CHFJPY bid / ask prices by 10-20 pips for me multiple times today and made me lose money, when MT4 said I was in the green. They admitted wrongdoing and refused to refund me.
Q
Reply by TonOanda submitted Sep 7, 2022:
Hi Qhybrid8,
We appreciate the time to leave a review and we are sorry that this hasn't been responded to yet. This is being prioritised internally and one of our agents will contact you soon. Thanks!
S
Sydney, Australia,
Jun 27, 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.
S
Reply by TonOanda submitted Jun 28, 2022:
Hi smalldog,
Thanks for your review. Our team is aware of the connectivity issues and it's working on it! We'll also take into consideration your feedback on MultiCharts.
Thanks,
-TO
K
Arizona, USA,
Apr 5, 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...
K
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
F
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
F
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.
R
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
R
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.
M
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
J
San Diego, CA, USA,
Oct 3, 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
T
North Carolina, USA,
Jul 1, 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
A
Beverly Hills., USA,
Jun 25, 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
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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.