Is Oanda really free?
Oanda does not provide access to real stock trading on US markets. If you are looking for a zero-commission broker to trade on US stock exchanges, you can check our article detailing the best apps offered in this category of brokers. If you wish to stick with Oanda though, then you will find the fees they charge below.
Oanda fees
Overview of Oanda fees and charges
It's safe to say that Oanda's fees are low in general. They either don't charge a brokerage fee for things that other brokers do, or they only charge a small amount.
Here's a high-level overview of Oanda's fees
| Assets | Fee level | Fee terms |
|---|---|---|
| US stock fee | - | Not available |
| EURUSD fee | Low | The fees are built into the spread, 0.6 pips is the average spread cost during peak trading hours. |
| US mutual fund fees | - | Not available |
| Inactivity fee | Low | £10 per month after one year of inactivity |
Oanda fees
Oanda fees explained
Online brokerages in general charge much lower brokerage fees than traditional brokerages do - this is largely because online brokerages' businesses can be much better scaled: from a purely technical standpoint, it doesn't make that much of a difference for them if they have 100 or 5,000 clients.
This is not to say, however, that they don't charge any fees at all. They make money by charging you various rates for various actions or events. Usually you need to keep an eye on the following three types of fees:
- Trading fees - these are brokerage fees that you pay when you actually carry out a trade, like buying an Apple share or an ETF. What you pay is either a commission, a spread or a financing rate. Some brokers apply all of these.
- A commission is either fixed or based on the traded volume.
- A spread is the difference between the buy price and the sell price.
- A financing rate or overnight rate is charged when you hold your leveraged positions for more than one day.
- Non-trading fees. These are usually related to some operations you carry out in your account, such as depositing money, withdrawing money, or not trading for an extended period.
We compare Oanda fees with its closest competitors, Pepperstone and FXCM.
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Oanda fees
Oanda trading fees
Oanda's trading fees are low, which makes it suitable for you even if you trade often (i.e. several times a week).
Let's break down trading fees according to the different asset classes available at Oanda.
Trading fees
Oanda's trading fees are low.
Forex fees
Oanda's forex fees are low.
| Oanda | Pepperstone | FXCM | |
|---|---|---|---|
| EURUSD benchmark fee | $7.8 | $6.9 | $10.3 |
| EURGBP benchmark fee | $9.2 | $8.5 | $14.7 |
CFD fees
Oanda has low CFD trading fees.
| Oanda | Pepperstone | FXCM | |
|---|---|---|---|
| Apple CFD | - | $0.5 | $0.2 |
| Vodafone CFD | - | - | - |
| Germany | - | - | - |
Oanda fees
Oanda non-trading fees
Some of Oanda's non-trading fees are average.
Non-trading fees include various brokerage fees and charges at Oanda that are not related to buying or selling assets. This can be a withdrawal fee, deposit fee, inactivity fee or account fee.
| Oanda | Pepperstone | FXCM | |
|---|---|---|---|
| Withdrawal fee | $0 | $0 | $0 |
| Deposit fee | $0 | $0 | $0 |
| Inactivity fee | Yes | No | Yes |
| Account fee | No | No | No |
Oanda fees
Oanda deposit fee
Usually, brokers don't charge anything for deposits, and Oanda is no different.
| Oanda | Pepperstone | FXCM | |
|---|---|---|---|
| Bank transfer | Yes | Yes | Yes |
| Credit/debit card | Yes | Yes | Yes |
| Electronic wallets | Yes | Yes | Yes |
| Deposit fee | $0 | $0 | $0 |
Oanda fees
Oanda withdrawal fee
Oanda generally doesn't charge a withdrawal fee.
| Oanda | Pepperstone | FXCM | |
|---|---|---|---|
| Bank transfer | Yes | Yes | Yes |
| Credit/debit card | Yes | Yes | Yes |
| Electronic wallets | Yes | Yes | Yes |
| Withdrawal fee for bank transfer | $0 | $0 | $0 |
Oanda fees
Oanda inactivity fee
Oanda does apply an inactivity fee and it is £10 per month after one year of inactivity. Keep this in mind to avoid getting charged after a longer idle period. The fact that Oanda charges an inactivity fee makes it less ideal for you if you are a buy-and-hold investor.
The inactivity fee charged by Oanda is low.
| Oanda | Pepperstone | FXCM | |
|---|---|---|---|
| Inactivity fee | Yes | No | Yes |
| Inactivity fee | £10 per month after one year of inactivity | No inactivity fee | $50 per year after one year of inactivity |
