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Oanda Review 2024

Written by
Adam N.
Fact checked by
Krisztián G.
Updated
1d ago
Key data
Fees
Safety
Deposit and withdrawal
Account opening
Mobile app
Desktop platform
Product selection
Regulated and trusted. Tested via live trading.
15,907 people chose this broker
Available in United States

Why choose Oanda

If you take your forex trading seriously, Oanda is a smart pick. It’s an established US-based broker with lots of sophisticated platform features and research tools. As an algo trader, I was mightily impressed by Oanda’s API options. Forex trading fees are also low, though not always the best on the market. You can choose from a variety of well-known platforms catering to all needs, including MetaTrader, TradingView, as well as Oanda’s own neat mobile app.

CFDs are banned in the US. If you are a US resident, you will not be able to trade CFDs at Oanda.

  • Great trading platforms
  • Outstanding research tools
  • Fast and user-friendly account opening
Overall score
4.5/5
Minimum deposit
$0
FX fee
Low
Index CFD fee
Low
Withdrawal fee
$0
Account opening
1-3 days
Visit Oanda

78.3% of retail CFD accounts lose money

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Fees

Score: 4.1/5
Oanda has low forex and CFD fees. Withdrawal fees are low but not in all cases, while there's also a small inactivity fee.
  • Low trading fees
  • Low forex fees
  • First card withdrawal each month is free

We compared Oanda's fees with two similar brokers we selected, Pepperstone and FXCM. These competitors were selected based on objective factors like products offered, client profile, fee structure, etc. See a more detailed comparison of Oanda alternatives.

Low FX fees

All fees are built into the spread, so there is no separate commission charged. For example, the EUR/USD spread is 1.0.

Broker
EURUSD spread
FX commission per lot
Oanda
1.0
No commission is charged
Pepperstone
0.1
$3.50 commission per lot per trade
FXCM
0.7
No commission is charged
Oanda forex spreads and commissions

Low index CFD fees

All index CFD fees are built into the spread. The spread for S&P 500 index CFDs is 0.3.

Broker
S&P 500 CFD spread
Oanda
0.3
Pepperstone
0.4
FXCM
0.4
Oanda index CFD spreads and commissions

Low stock CFD fees

The commission for stock CFD trading is the following: 0.06% commission.

Broker
Apple CFD
Oanda
$0.1
Pepperstone
$0.7
FXCM
$1.2
Oanda stock CFD spreads and commissions

Low inactivity fee, low withdrawal fee

There is no account or deposit fee. Oanda charges a reasonable $14 (£10) monthly inactivity fee if you don't use your account for trading for more than one year.

Broker
Inactivity fee
Withdrawal fee
Oanda
$0
Pepperstone
$0
FXCM
$0
Oanda inactivity, withdrawal and other fees

The first debit/credit card withdrawal in each calendar month is free, but there's a charge for subsequent withdrawals. The withdrawal fee is rather high for bank transfers and PayPal (GBP, EUR, USD only).

Safety

Oanda is regulated by top-tier authorities, but it doesn't have a banking license and is not listed on a stock exchange.
  • Majority of clients belong to a top-tier financial authority
  • Negative balance protection
  • Financial information is publicly available
Read more

Deposit and withdrawal

Score: 4/5
Oanda charges no deposit and account fees. You can withdraw your money free of charge to a debit/credit card, but bank transfer withdrawals are quite costly.
  • Credit/Debit card available
  • Free withdrawal
  • No deposit fee
Read more

Account opening

Score: 4.4/5
Oanda's account opening is straightforward and no initial minimum deposit is required.
  • Fully digital
  • No minimum deposit
Read more

Mobile app

Score: 4.9/5
Oanda's mobile platform is similar to the web trading platform in functionality, and as a plus, you can also set price alerts.
  • User-friendly
  • Two-step (safer) login
  • Good search function
Read more

Desktop platform

Score: 4.4/5
Oanda's desktop platform mimics the web platform in terms of functionality, meaning lots of user-friendly functions but no price alerts.
  • User-friendly
  • Clear fee report
  • Good customizability (for charts, workspace)
Read more

Product selection

Score: 2.3/5
At Oanda, clients from most countries can trade only forex, CFDs and crypto. For EU clients, stock trading is also available.
Read more
“I recommend Oanda for forex traders who value a user-friendly platform and great research tools.”

FAQ

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Author of this review

Adam Nasli

Financial Wizard | Trading • Safety • Market Analysis

I bring extensive financial expertise as one of BrokerChooser's earliest team members. Personally, I tested nearly all 100+ brokers on our site, opening real-money accounts, executing trades, assessing customer services, and providing firsthand assessment. My professional background includes roles in the banking sector and a degree from Central European University, where I teach finance. My passions lies in in-depth research of the financial industry, building trading algorithms, and managing long-term investments.

Everything you find on BrokerChooser is based on reliable data and unbiased information. We combine our 10+ years finance experience with readers feedback. Read more about our methodology.

Visit Oanda 78.3% of retail CFD accounts lose money

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