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Written by: Ádám N. Updated: Dec 2022
Expert verified
Recommended for
  • forex trading
Trusted broker
Regulated by top-tier financial authorities
Popularity
2,609 people chose this broker in the last 6 months
BrokerChooser Score
4.5/5

Oanda review summary

Oanda is a US forex broker. Oanda offers high-quality and easy-to-use trading platforms, and its research tools are also powerful, with numerous technical indicators and a great API offer. The account opening process is user-friendly and quick. On the downside, Oanda has a limited product portfolio, as you can trade only forex and CFDs. It is not listed on a stock exchange and doesn't have a banking background, two factors that could boost its safety qualification. In addition, customer support is only available 24/5. BrokerChooser gave Oanda a 4.5/5 rating based on analyzing 500+ criteria and testing via opening a live account.

Oanda is available in United States

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78.3% of retail CFD accounts lose money

Oanda pros and cons

Pros Cons
Great trading platforms Only FX and CFD available
Outstanding research tools No stock exchange listing and banking background
Fast and user-friendly account opening Customer support is not 24/7

Oanda main highlights

🗺️ Country of regulation US, UK, Australia, Singapore, Canada, Malta, Japan, British Virgin Islands
💰 Trading fees class Low
💰 Inactivity fee charged Yes
💰 Withdrawal fee amount $0
💰 Minimum deposit $0
🕖 Time to open an account 1-3 days
💳 Deposit with bank card Available
👛 Depositing with electronic wallet Available
💱 Number of base currencies supported 9
🎮 Demo account provided Yes
🛍️ Products offered Forex, CFD

Oanda video summary

To read much more details about the broker's services and features, expand on the sections below.

Oanda review
Fees

4.0
Oanda has low forex fees but average CFD fees. Withdrawal fees are low but not in all cases, while there's also a small inactivity fee.
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Oanda review
Account opening

4.2
Oanda's account opening is straightforward and no initial minimum deposit is required.
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Oanda review
Deposit and withdrawal

4.2
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.
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Oanda review
Web trading platform

4.5
Oanda's web trading platform is user-friendly and safe with good customizability. On the downside, you can't set price alerts.
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Oanda review
Mobile trading platform

5.0
Oanda's mobile platform is similar to the web trading platform in functionality, and as a plus, you can also set price alerts.
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Oanda review
Desktop trading platform

4.5
Oanda's desktop platform mimics the web platform in terms of functionality, meaning lots of user-friendly functions but no price alerts.
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Oanda review
Markets and products

1.8
At Oanda, you can trade only forex and CFDs. A decent offer of forex, commodity, stock index and bond CFDs is offset by the complete absence of stock CFDs.
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Oanda review
Research

4.5
Oanda has a wide range of research tools, including news, technical analysis and an API. However, these features are poorly organized on the site.
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Oanda review
Customer service

5.0
You can reach Oanda's customer service through several channels, but availability could be improved.
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Oanda review
Education

4.8
Oanda offers articles, videos and webinars on topics ranging from the basics to expert trading, but this wide selection of educational materials is not always structured well.
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Oanda review
Safety

Oanda is regulated by top-tier authorities, but it doesn't have a banking license and is not listed on a stock exchange.
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Oanda review
Bottom line

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Oanda review
FAQ

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Author of this review

Ádám Nasli

Author of this review

Ádám worked in banking and investment, and holds a professional degree in this field. He is a motivated finance expert, having joined BrokerChooser in 2018. He's also eager to help people find the best investment provider for them, and to make the investment sector as transparent as possible. In his spare time, he loves learning new things, especially data science, algo trading, programming and trading.

Ádám Nasli

Analyst Head

Ádám worked in banking and investment, and holds a professional degree in this field. He is a motivated finance expert, having joined BrokerChooser in 2018. He's also eager to help people find the best investment provider for them, and to make the investment sector as transparent as possible. In his spare time, he loves learning new things, especially data science, algo trading, programming and trading.

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

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78.3% of retail CFD accounts lose money

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