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
78.3% of retail CFD accounts lose money
Fees
- 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 |
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 |
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 |
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 |
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
- Majority of clients belong to a top-tier financial authority
- Negative balance protection
- Financial information is publicly available
Deposit and withdrawal
- Credit/Debit card available
- Free withdrawal
- No deposit fee
Account opening
- Fully digital
- No minimum deposit
Mobile app
- User-friendly
- Two-step (safer) login
- Good search function
Desktop platform
- User-friendly
- Clear fee report
- Good customizability (for charts, workspace)