Oanda Spreads and Fees Compared – What You Get vs Other Brokers

Oanda is one of the world’s largest retail forex and CFD brokers, serving clients in over 180 countries. With competitive spreads and transparent, low commissions, Oanda aims to provide traders with fair pricing and quality trade execution.

But how do Oanda’s spreads and fees stack up against other top forex brokers? This comprehensive review compares Oanda’s pricing model, spreads, commissions, and non-trading fees to leading alternatives like FOREX.com, Saxo Bank, IG, and Plus500.

Oanda’s Pricing Model and Spreads

Oanda uses a combined pricing model consisting of:

  • Variable spreads
  • Commission per trade

Spreads at Oanda vary based on market conditions, the currency pair, time of day, liquidity, and size of the trade. Unlike fixed spreads which remain static, Oanda’s variable spreads will widen or tighten according to volatility and liquidity.

This table compares typical variable spreads at Oanda to popular forex pairs:

Currency PairTypical Spreads at Oanda
EUR/USD0.9 pips
GBP/USD1.3 pips
USD/JPY0.9 pips
AUD/USD1.0 pips
USD/CAD1.4 pips
USD/CHF1.1 pips

On average, spreads at Oanda are competitive but slightly higher relative to leading rivals. Spreads can widen significantly during news events or periods of low liquidity.

Oanda’s Commissions per Trade

In addition to variable spreads, Oanda also charges a transparent commission fee per trade.

For standard accounts, the commission is $3.50 per 100k units traded for forex pairs and $1.25 per 10k units on indices and commodities.

Here’s a comparison of Oanda’s commissions to other top brokers:

Oanda$3.50 per 100k traded (forex), $1.25 per 10k traded (indices/commodities)
FOREX.comNo commissions
Saxo BankVolume-based tiered commissions from $3 – $10
IGNo commissions
Plus 500No commissions

Oanda’s transparent volume-based commissions are quite competitive. Many brokers offer commission-free trading but have higher spreads to compensate. Oanda’s pricing model allows for both competitive spreads and low commissions per trade.

Comparing Oanda’s Overall Spreads + Commissions

To accurately compare costs between brokers, we need to look at overall trading costs including both spreads and commissions per trade.

Let’s compare a 100k EUR/USD round-turn trade at Oanda vs FOREX.com and Saxo Bank:

BrokerTypical SpreadCommission per 100k TradeTotal Cost per 100k Trade
Oanda~1 pip$7 round turn~$8
FOREX.com1.4 pips$0$14
Saxo Bank0.6 pips$6$12

With both spreads and commissions factored in, Oanda has lower overall trading costs compared to FOREX.com and Saxo Bank for this sample forex trade.

Now let’s compare a 10k trade on the Germany 30 index:

BrokerTypical SpreadCommission per 10k TradeTotal Cost per 10k Trade
Oanda1.0 pips$1.25 round turn$2.25
IG1.2 pips$0$2.40
Plus5002.0 pips$0$4.00

Again, Oanda comes out very competitively taking into account both spread and commissions.

So while Oanda’s spreads may be slightly higher than some rivals, its low transparent commissions per trade results in very competitive all-in trading costs.

Oanda’s Non-Trading Fees

In addition to spreads and commissions, brokers may charge other fees for deposits, withdrawals, account activity, data usage, and more. Here’s an overview of Oanda’s account and trading fees:

  • Account Currency Conversion – 2% fee for balances converted to different currency
  • Deposits – No fees for most methods; 2% for debit/credit cards
  • Withdrawals – No wire fees; $20 fee for EFT
  • Account Maintenance – No monthly inactivity fees
  • Market Data – Free live rates for all Oanda platforms
  • Guaranteed Stop Orders – Small fee to guarantee stop execution during gaps/volatility

Oanda has very limited ancillary fees. There are no monthly data or account maintenance fees. The only minor fees relate to account funding and guaranteed stops.

Let’s compare non-trading fees to other brokers:

Fee TypeOandaFOREX.comSaxo BankIGPlus500
Inactivity Fees$0$15 after 12 months$10 after 6 months$10 after 24 months$10 after 6 months
Deposit/WithdrawalVery lowLowHighLowLow
Account Currency Conversion2%Typical bank rates0.5%1%1%
Guaranteed StopsSmall feeNASmall feeSmall feeNA

Oanda does not charge monthly inactivity fees and has low deposit/withdrawal fees. Account currency conversions are more expensive at 2% but overall Oanda has very limited ancillary account and trading fees.

Final Thoughts – Oanda’s Costs Are Competitive

After thoroughly comparing spreads, commissions, and non-trading fees, Oanda emerges as a competitively priced forex and CFD broker overall.

While spreads are slightly higher than leading rivals, Oanda makes up for it with low transparent commissions per trade. This results in very competitive all-in costs for trades.

Additionally, Oanda does not nickel and dime traders with monthly account fees, high withdrawal fees, or expensive currency conversions.

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For traders looking for a well-regulated broker with competitive pricing, excellent trading platforms, and top-notch customer service, Oanda is an excellent choice.

FAQ on Oanda Fees

Below are answers to common questions traders have about Oanda’s pricing model, spreads, commissions, and account fees.

Does Oanda charge inactivity or account maintenance fees?

No, Oanda does not charge any monthly account maintenance or inactivity fees. Accounts can remain open with a $0 balance indefinitely without fees.

How does Oanda make money?

Oanda profits from the small spread on each trade along with transparent commissions per trade. They provide competitive spreads and pass the trading costs on to clients directly without fees.

Does Oanda offer guaranteed stop orders?

Yes, Oanda allows clients to guarantee execution of stop loss or take profit orders during volatile markets and gaps. There is a small premium charged for each guaranteed stop order.

What is Oanda’s overnight/swap fee?

Oanda applies small overnight fees on positions held longer than 24 hours based on interest rates. Long positions receive a credit, short positions a debit. Swap fees are displayed on the platform.

Does Oanda charge withdrawal fees?

Oanda does not charge fees for electronic or wire withdrawals. The only withdrawal fee is a $20 flat fee for EFT transfers to US/Canadian banks. Other transfers are free.

Can I convert my account balance to a different currency?

Yes, Oanda allows clients to hold balances and even trade in exotic currencies. There is a 2% fee to convert account balances to another currency.

So in summary, Oanda has very transparent, competitive trading costs and almost no ancillary fees. This makes them an excellent option for active traders looking for tight spreads and low commissions.

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:

NoBrokerRegulationMin. DepositPlatformsAccount TypesOfferOpen New Account
1.RoboForexFSC Belize$10MT4, MT5, RTraderStandard, Cent, Zero SpreadWelcome Bonus $30Open RoboForex Account
2.AvaTradeASIC, FSCA$100MT4, MT5Standard, Cent, Zero SpreadTop Forex BrokerOpen AvaTrade Account
3.ExnessFCA, CySEC$1MT4, MT5Standard, Cent, Zero SpreadFree VPSOpen Exness Account
4.XMASIC, CySEC, FCA$5MT4, MT5Standard, Micro, Zero Spread20% Deposit BonusOpen XM Account
5.ICMarketsSeychelles FSA$200MT4, MT5, CTraderStandard, Zero SpreadBest Paypal BrokerOpen ICMarkets Account
6.XBTFXASIC, CySEC, FCA$10MT4, MT5Standard, Zero SpreadBest USA BrokerOpen XBTFX Account
7.VantageASIC, CySEC, FCA$50MT4, MT5Standard, Cent, Zero Spread20% Deposit BonusOpen Vantage Account
8.FXTMFSC Mauritius$10MT4, MT5Standard, Micro, Zero SpreadWelcome Bonus $50Open FXTM Account
9.FBSASIC, CySEC, FCA$5MT4, MT5Standard, Cent, Zero Spread100% Deposit BonusOpen FBS Account
10.BinanceDASP$10Binance PlatformsN/ABest Crypto BrokerOpen Binance Account
11.TradingViewUnregulatedFreeTradingViewN/ABest Trading PlatformOpen TradingView Account

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