Oanda is one of the world’s leading online forex and CFD brokers, serving clients globally since 1996. With their transparent pricing, award-winning trading platforms and excellent customer service, Oanda continues to be a top choice for active traders and investors.
This comprehensive 2024 review provides an in-depth look at Oanda’s fees, spreads, platforms, tools, research and education resources. We’ll examine Oanda’s strengths and weaknesses to help you determine if Oanda is the right brokerage for your currency trading needs.
An Overview of Oanda
Oanda is regulated in several major jurisdictions including the UK, Canada, Australia and Singapore. Oanda does not accept US clients due to NFA regulations.
Some key facts about Oanda:
- Founded: 1996
- Type of Broker: Market maker
- Headquarters: Toronto, Canada
- Number of Countries/Regions Served: Over 200
- Number of Currency Pairs Offered: Over 60
- Minimum Deposit: $1 USD
- Maximum Leverage: 1:50
- Regulating Bodies: FCA, ASIC, MAS, IIROC
Oanda offers currency trading as well as CFDs on stock indices, commodities, bonds and cryptocurrencies. Oanda’s fxTrade platforms provide robust charting, analysis tools, algo trading and expert advisors for MT4/MT5.
Oanda’s Fees and Spreads
Oanda is known for having competitive spreads and transparent, low commissions pricing. Let’s take a closer look at Oanda’s various fees and spreads:
Spreads
Oanda uses a dynamic spread pricing model. Spreads are variable and determined by liquidity providers. The average spreads for major currency pairs are:
| Currency Pair | Average Spread |
|---|---|
| EUR/USD | 0.8 pips |
| USD/JPY | 0.9 pips |
| GBP/USD | 1.0 pips |
| USD/CHF | 1.1 pips |
| AUD/USD | 0.9 pips |
| USD/CAD | 1.4 pips |
Spreads for minor and exotic currency pairs are higher. During periods of low liquidity and high volatility, spreads may widen.
Commissions
Oanda offers competitive commissions for forex and CFD trading:
- Forex: No commissions, only the spread
- CFDs: Commissions from 0.0 to 0.10% per side per trade depending on underlying asset
- Minimum commission per trade: $3.50 USD
- Volume-based discounts: Yes, see commission schedule
This transparent, low commission structure makes Oanda stand out from other CFD brokers who often have high hidden fees.
Financing Rates
For leveraged forex trades held overnight, Oanda charges a financing rate based on the relevant interbank lending rates of the traded currencies.
Long positions are charged the Interbank rate + a 2% margin while short positions are charged the Interbank rate – a 2% margin.
Inactivity/Account Maintenance Fees
Oanda does not charge any monthly inactivity or account maintenance fees. As long as there is any trading activity or open positions, there are no account fees.
Accounts become inactive after 2 years with no new deposits or trading activity. In such cases, there is a $15 USD monthly data fee charged.
Deposit/Withdrawal Fees
Oanda does not charge any fees for deposits or typical withdrawal methods including wire transfers, eChecks or debit card transactions.
If clients make frequent withdrawals or cash account withdrawals, fees may apply:
- Frequent withdrawal fee: $2.50 per withdrawal after 1 free withdrawal per month
- Account cash withdrawal fee: $25 per transaction
Overall, Oanda’s fee structure is very competitive and transparent. The low, tight spreads and lack of hidden fees make Oanda a cost-effective choice for active traders.
Oanda’s Trading Platforms
Oanda provides traders with a choice of robust trading platforms:
fxTrade Desktop Platform
fxTrade is Oanda’s flagship desktop platform built on Oanda’s proprietary trading technology. fxTrade provides advanced charting, forex order management and powerful technical analysis tools. Key features include:
- Advanced charting with 100+ technical indicators
- Chart pattern recognition
- Customizable interface
- One-click trading from charts
- Real-time news feeds
- Economic calendar
- Automated trading via Expert Advisors
- 22 order types
fxTrade has a smooth, customizable interface where traders can execute trades quickly while analyzing the markets.
MetaTrader 4 (MT4)
For traders familiar with the popular MetaTrader platform, Oanda also provides its MT4 platform. This includes Oanda’s market execution within the MT4 interface. Key features include:
- Advanced charting tools with extensive customization options
- Signals and social trading integration
- Backtesting of Expert Advisors (EA)
- Access to thousands of free and paid indicators/EAs in the Market
- Automated trading options
MT4 is available for Windows, Mac and mobile devices. Oanda offers extensive resources for using MT4.
Mobile Trading Platforms
Oanda clients can also trade on mobile with native apps available for iOS and Android.
The Oanda mobile apps include full trading capabilities, advanced charting, account management functions, news and alerts. Popular features include easy-to-use gesture based trading and touchchart functionality.
Desktop and mobile platforms are smoothly synced, allowing traders to easily transition from one platform to another.
Oanda Account Types
Oanda offers two main account options:
Standard Account
The standard Oanda retail account has these features:
- Minimum deposit: $1
- Spreads from 1.2 pips
- Leverage up to 1:50
- Hedging allowed
- No commissions on forex trades
- Commissions from 0.0 to 0.10% on CFDs
- No minimum trade size, fractional pip pricing
- Negative balance protection
The standard account provides access to Oanda’s full product range including over 60 currency pairs as well as CFDs, metals, indices and commodities. This account is well suited for beginner to intermediate traders.
Premium Account
The Oanda premium account provides enhanced features and pricing for high volume traders including:
- Tighter spreads from 0.6 pips
- Higher 1:100 leverage
- Lower commission rates
- Dedicated account manager
- Frequent webinars/training sessions
Minimum deposit for the premium account is $20,000. This account option is geared for professionals and active traders trading over $250,000 volume per month.
Overall, Oanda offers accounts to meet the needs of traders at every level. No matter which account you choose, the low account minimum makes it easy to get started with Oanda.
Oanda Research and Education
Oanda provides an extensive education center to support beginner through advanced traders.
Resources include:
- Videos: Hundreds of videos covering everything from getting started to advanced platform features.
- Forex and technical analysis courses: Self-paced courses to develop forex trading skills.
- Webinars: Live and recorded webinars by market experts.
- Trading guides: In-depth references for forex essentials.
- Glossary: Comprehensive forex and CFD trading glossary.
- FAQs: Frequently asked questions with detailed answers.
- Daily commentary: Analysis of current market events and outlook.
For platform support, Oanda provides 24/5 customer service via live chat, email and phone support. Overall, Oanda’s education is ideal for both novice and experienced traders.
Security and Regulation
Oanda takes security and regulation seriously with industry standard practices including:
- Segregated client funds in tier 1 banks
- Member of the CIPF fund which insures up to $1 million per account
- Encrypted SSL connections
- Price transparency and fairness guaranteed by regulation
Oanda is regulated by top-tier financial regulators globally including:
- United Kingdom’s Financial Conduct Authority (FCA)
- Australia’s Securities and Investment Commission (ASIC)
- Singapore’s Monetary Authority (MAS)
- Canada’s Investment Industry Regulatory Organization of Canada (IIROC).
Complying with strict standards such as maintaining adequate capital helps give clients confidence in Oanda’s safety as a brokerage.
Pros and Cons
Here is a summary of Oanda’s major advantages and disadvantages:
Pros
- Low trading costs with competitive spreads
- No commissions on forex trades
- Regulation by top tier agencies globally
- Excellent trading platforms and mobile apps
- Wide range of tradable instruments
- Strong education resources and customer service
Cons
- No offered crypto trading
- Higher spreads than ECN brokers
- Limited inactivity can lead to fees
- Lower leverage limits for EU traders
Overall, Oanda excels in competitive spreads, transparent pricing and technology – key areas for active traders. Oanda’s extensive education and multi-regulatory oversight provide confidence in their trading services.
Is Oanda Right for You?
Oanda is a great choice if you are looking for:
- Cost-effective trading: Oanda has low spreads and commissions, ideal for high volume traders. No hidden fees.
- Advanced trading platforms: Oanda’s desktop, web and mobile platforms provide robust tools for analysis and fast trade execution.
- Broad product range: Trade over 60 currency pairs as well as global indexes, commodities, bonds and cryptocurrencies.
- Safety and security: Oanda is regulated globally including FCA and ASIC oversight. Client funds are kept segregated.
- Education resources: From basics to advanced system design, Oanda provides free forex education for self-directed learning.
Traders looking specifically for crypto or stocks may want to consider other brokers. But for forex and CFDs, Oanda is consistently rated as a top broker.
Overall, Oanda’s strengths in pricing, platforms and client services make them a leading choice for active currency and CFD traders globally.
Frequently Asked Questions
Is Oanda regulated and safe?
Yes, Oanda is regulated by top-tier agencies like the UK FCA, Australian ASIC, and Canadian IIROC. Oanda segregates client funds in tier 1 banks and is a member of the CIPF which insures accounts up to $1 million. Their regulation helps ensure fair pricing and transparency.
Does Oanda offer Islamic accounts?
No, Oanda does not offer swap-free Islamic accounts at this time. Some alternatives for Islamic accounts include IC Markets, Pepperstone, and ThinkMarkets.
Can I trade cryptocurrency on Oanda?
Oanda currently does not allow trading of cryptocurrencies like Bitcoin. For crypto trading, some regulated alternatives to consider are eToro, AvaTrade and Kraken.
What are Oanda’s trading costs?
Oanda has low trading costs with no commissions on forex trades. Average spreads run from 0.6 pips for major currency pairs. CFD commissions range from 0 to 0.10% depending on the product. There are no monthly platform or account fees.
Is mobile trading available on Oanda?
Yes, Oanda offers full-featured mobile trading apps for iOS and Android. The apps include advanced charting with touchchart functionality, news feeds, economic calendar alerts and more. Mobile platforms sync seamlessly with Oanda’s desktop platforms.
Conclusion
Oanda remains a top choice for forex and CFD traders globally. Their transparent low spreads/commissions pricing, advanced trading platforms, and extensive education make Oanda an excellent broker for everything from casual trading to advanced systems development.
While Oanda does not offer crypto or stocks, their product range covers all major forex pairs as well as global CFDs across indexes, commodities and bonds.
Robust security and regulation by agencies like the UK’s FCA give added confidence in Oanda. For traders seeking tight spreads and advanced technology, Oanda is hard to beat.
Overall, Oanda provides the capabilities, pricing, platforms, education and security that traders need to be successful. This 2024 review shows Oanda continues to be a leading choice.
Best and Most Trusted Forex Brokers
Based on regulation, award recognition, mainstream credibility, and overwhelmingly positive client feedback, these six brokers stand out for their sterling reputations:
| No | Broker | Regulation | Min. Deposit | Platforms | Account Types | Offer | Open New Account |
|---|---|---|---|---|---|---|---|
| 1. | RoboForex | FSC Belize | $10 | MT4, MT5, RTrader | Standard, Cent, Zero Spread | Welcome Bonus $30 | Open RoboForex Account |
| 2. | AvaTrade | ASIC, FSCA | $100 | MT4, MT5 | Standard, Cent, Zero Spread | Top Forex Broker | Open AvaTrade Account |
| 3. | Exness | FCA, CySEC | $1 | MT4, MT5 | Standard, Cent, Zero Spread | Free VPS | Open Exness Account |
| 4. | XM | ASIC, CySEC, FCA | $5 | MT4, MT5 | Standard, Micro, Zero Spread | 20% Deposit Bonus | Open XM Account |
| 5. | ICMarkets | Seychelles FSA | $200 | MT4, MT5, CTrader | Standard, Zero Spread | Best Paypal Broker | Open ICMarkets Account |
| 6. | XBTFX | ASIC, CySEC, FCA | $10 | MT4, MT5 | Standard, Zero Spread | Best USA Broker | Open XBTFX Account |
| 7. | Vantage | ASIC, CySEC, FCA | $50 | MT4, MT5 | Standard, Cent, Zero Spread | 20% Deposit Bonus | Open Vantage Account |
| 8. | FXTM | FSC Mauritius | $10 | MT4, MT5 | Standard, Micro, Zero Spread | Welcome Bonus $50 | Open FXTM Account |
| 9. | FBS | ASIC, CySEC, FCA | $5 | MT4, MT5 | Standard, Cent, Zero Spread | 100% Deposit Bonus | Open FBS Account |
| 10. | Binance | DASP | $10 | Binance Platforms | N/A | Best Crypto Broker | Open Binance Account |
| 11. | TradingView | Unregulated | Free | TradingView | N/A | Best Trading Platform | Open TradingView Account |
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