Oanda forex spreads

When trading forex, the spread – the difference between the bid and ask price – directly affects your profits. A lower spread means lower trading costs. But are the spreads at Oanda truly competitive?

Forex spreads at Oanda are average rather than low. For example, the EURUSD spread is 1.0, which is considered average.

Forex spreads and commissions: Your go-to guide for Oanda

Forex spreads and commissions: Your go-to guide for [Broker Name]

Adam Nasli

Forex • Algo Trading • Market Analysis

I am a seasoned forex trading expert, with nearly a decade of experience in both manual and algorithmic trading. I have personally tested more than 40 different forex brokers, developing an in-depth understanding of the most common platforms, products and fee structures offered by forex brokers.

Learn about our methodology

Adam Nasli

Forex • Algo Trading • Market Analysis

Together with my brokerage analyst colleagues, I thoroughly tested the services of Oanda by opening a real-money account and executing actual trades on its platforms. Here’s what you need to know about forex spreads at Oanda.

• The spreads may differ by currency pair, check them to control your trading costs.

• Keep an eye out for any extra forex commissions.

• Look for lowest spread forex broker available in our top list.

Understanding and keeping a close eye on major currency spreads is crucial for managing your trading budget effectively.

Imagine you're trading EUR/USD and you totally get how spreads work – the lower, the better. By choosing a broker with the lowest spread, you save on every trade, boost your profits, and stay ahead of other traders. This means more money in your pocket and better decisions on your next move.

Here are the forex spreads at Oanda for major currency pairs:

Spreads were collected on Oct 5, 2023.

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You're lucky. At Oanda, you don't have to worry about any commission fees — your only cost is the spread. What does this mean for you?

So, let's say you buy 1,000 EUR/USD at the ask price of 1.1003 and then sell at the bid price of 1.1000:

• Buy at 1.1003: You spend $1,100.30 to snag 1,000 euros.
• Sell at 1.1000: You receive $1,100.00 when you sell those euros.

The difference? A $0.30. That's your total cost for the trade, courtesy of the 3-pip spread. No extra fees, no hidden charges. If the spread is your only cost and it’s low, think about how much you could save, and then use those savings for anything else. Maybe like buying chewing gum?

Check our top list of the lowest-spread brokers. The BrokerChooser team conducts extensive evaluations of more than 100 brokers globally, focusing on critical factors such as regulation, financial stability, customer service quality and transparency of operations.

For more details on Oanda, read our comprehensive Oanda review for 2024.