133 brokers
21640 reviews

Independent rating of Forex broker Oanda

3/10 (votes 100)

On-line since 1995
Country of origin US
Payment options bank transfer, checks, PayPal
Minimum account size $1
Minimum lot size 0.001
Leverage 1:50
Spreads variable, 1.3 pips on EUR/USD
Oanda is a regulated and long-standing broker. The company is sure to gain favour with experienced traders who are eager to test a new platform in the forex market. Oanda officially operates in the United States which is a big advantage since brokerage companies are strictly regulated in this country. The company's offices are also located in Singapore, Sydney, Tokyo, Toronto, San Francisco, and London. There are no Oanda offices in CIS countries.

The company has a number of awards and is also on the list of brokers recommended for cooperation. Trading conditions are equally comfortable for both experienced and novice traders. However, the company is more suitable for professional traders. Oanda tries to differentiate itself among its competitors with superior execution quality and transparency. The broker offers its clients a wide range of lot sizes. So, this fact can partially cover the existing shortcomings, including the lack of cryptocurrencies.

Traders will have to do some training in order to fully take advantage of all the tools and analytics offered by the company. Educational platforms are available for traders at Oanda. However, sometimes the navigation can be difficult as not all the materials are located in a single place. This is one of the reasons why users often give low rating to the broker.

  • Accounts can be opened with as little as one dollar
  • The broker is regulated by major regulatory bodies
  • Traders can access 71 currency pairs and a wide variety of other asset classes
  • Traders can use platforms like MetaTrader 4 or Oanda's custom-built web and desktop trading software

  • Traders do not have access to cryptocurrencies or single-stock CFDs
  • Customer service representatives are slow to respond
  • Accounts do not have a negative-balance or slippage protection
  • Some research and news resources are only available by launching external web pages or applications which is not always convenient

Additional info
Oanda provides traders with economic analysis, real-time news feeds, calendars, and advanced data analytics. The quality of the resources is rather high, but some investors may find it difficult to use and understand the materials without prior training.

The broker offers the leverage of 1:50. On Monday and Friday evening, the ratio decreases to 1:20. This rule is stated in terms and conditions. Investors should also consider the fact that in the platform, quotes are displayed up to the fifth figure.Oanda’s customer support has no Russian language option. All queries must be submitted in English. Otherwise, they will not be answered. 

Despite the trusted name and an overall excellent service, some negative reviews can be found on forums.
Author of Oanda review : Freddo. Date and time of Oanda review : 2020-08-28 03:56:41
I am very grateful to my account manager who help me a lot to became a successful trader. I started with $100 as test purpose and notice they have very transparent binary option platform. I earned $230 just first one months. I can say that Oanda is Profitable broker.
Author of Oanda review : Andrew Mason . Date and time of Oanda review : 2019-10-11 23:15:55
Are you looking for reliable and responsible broker? Have you lost $2k and above while trading on Binary Option? Have you tried getting your money out from your binary account and was unable to place a withdrawal? I have good news for you, contact Mr. Stephen Cole via stephencole6613@gmail.com. He is an accredited and certified broker and a member of "International Recovery Agency " that will help you recover your fund. He as help me recover my $80k capital in just few days. Thank me later.
Author of Oanda review : Russo. Date and time of Oanda review : 2016-10-19 10:29:03
I have traded with Oanda for about 6 years now after losing a stack of cash with a few "bucket-shop" brokers. That,to be fair,would have been more down to my ignorance than their bad practices although that didn't help. Anyway, since I began to understand how the markets operate,luckily this coincided with me joining Oanda.I have to admit, I preferred it when they had fixed spreads as opposed to these ridiculous "dynamic" ones. But at the end of the day, if your trading strategy gets affected by a quick shift of spread then they probably aren't for you. Having said that,I did read one review where the chap said he got stopped out by a Gbp/Nzd spread widening from 8.8 to 95.6 ! Jeez! If that was true,thats absolutely wrong, but then I wouldn't touch any currency pair trading at a normal rate of 8.8! Thus, I'm not an active trader so my review can't comment/verify on the platform stability that others had been complaining about. However, I do wish to point out that Oanda is by far the most honest broker I've experienced. After about an hour of talking, I went on to request for their balance sheet because I was about to commit almost half of my portfolio in Oanda. They got the permission right after they went back and sent it over to me. I can't disclose details here since I've signed the NDA. What I can say is I fine to have my 50% portfolio to be placed in Oanda and I will continue trading with this broker
Author of Oanda review : Lane. Date and time of Oanda review : 2016-09-26 09:42:19
The spreads at Oanda are the worse ever. I'm a pure news trader. I do not recommend Oanda to any who plans to trade news events. I just did a simple news trade just now with GBPUSD pair. On news release, their "ask line" barely moved a bit! All at the same time, the market price dived! The spike on the news was about 20 pips...but since the ask line hardly moved down along with the market price. The spread came out to be 13-16 pips! I had a 1 lot size trade size for this one; once my order was executed, the spread was so wide. I was already at -$150 since the news only moved about 20 pips. Hence, there was no way to make profit off of this trade. Oanda is terrible for news trading. I am scared just thinking about trading Nonfarm payroll for usd with oanda tomorrow. I scared of having a 70 pip spread and lose over 50% of my account. I close my Oanda account and never return to this broker. I would not recommend for news traders!!!
Author of Oanda review : andrei. Date and time of Oanda review : 2016-09-22 02:03:46
they used to be good and fast withdrawals but no more: usually the withdrawals were processed in a couple of hours, for the last one i'm still waiting (12 hours since confirmation and it's not even processed yet!) and i called 2 times the customer services to receive 2 different versions of excuses! First one said that it will be sped up and proccessed immediately (didn't happen) - the second one told me that nah, all payments are made late in the evening - lies, because i had many withdrawals with them and i received the money in my account during the day! As I said, I am still waiting! I am an intraday trader so it wasnt even a big amount - I am just very frustrated, so inconsistency. The fast processing was one of the reasons why i preferred them in the first place!
Author of Oanda review : Conrad. Date and time of Oanda review : 2016-09-21 10:35:26
I have been trading with Oanda for 6 months. For a while I was making money. My account increased by 10 percent! Then, some weird and unexpected things started to happen. I would place a trade only to see the price action switch and grab my stop loss. This happened so many times, I thought there was something wrong with me. But I took a look at some of the things on youtube about market makers and found that market makers work with brokers. I found that usually brokers and market makers work together on a daily basis, but not for long term trading. So I started trading long term I wouldn't get caught by Oanda market maker. On January 14, the CHF/JPY took a record move long and Oanda claims that the banks would not communicate with them at this time because of chaos in market volitility. I lost 9000 pips more than I was supposed to. They wiped out more than one third of my account. I called to speak to manager. After a lot of talking the manager admitted that the only way Oanda has a chance of making money is by being a market maker. Totally admitted it! I felt like throwing up. If you want to keep your money than find a broker that is not a market maker. Dig deep and make sure it is true. I will be looking into this further to see if I can get some of this money back.
Author of Oanda review : ARMANDO RENSULAT. Date and time of Oanda review : 2016-08-30 13:03:17
I am newbie from OANDA, so far so Good. All the agent representative are very accommodating, they give you a lot references/ linked as your guiding tool how to start in trading. As of now, still on going training and according I wish I can do better in the near future I will fully understand all the teaching given to me. Thanks a lot OANDA all throughout the support. God Bless and more success
Author of Oanda review : pipdelliethreesyadinda. Date and time of Oanda review : 2016-08-18 02:09:24
Since I join with Oanda until now I don't understand why I have always failed when I want to withdraw. Start from internet connection was error, errors on verification, until no more responses from the Oanda, even though I've repeatedly submitted my complaint via email but until now remained no response from them.
Author of Oanda review : zaren. Date and time of Oanda review : 2016-08-04 03:30:57
I've been trading with Oanda for few years now and here's my testimony about this broker. 1st, why I trade with Oanda. I live in Malaysia and this broker have office in Singapore that is very convenient for me to deposit my funds. That's for start of course. Also it's easy for me to get support. My experience with this broker in term of support was great! Really friendly staff and they solve my issue really fast. 2nd, the trading platform. Although they offer MetaTrader as trading platform, their own fxTrade platform is awesome! It takes time to familiarise with it but when you get hang of it, it's simple and easy to use with detachable charts and trading directly from the chart is also possible. Execution time also great. 3rd, trading lot. With Oanda, I can trade almost any lot that I want. They also have automatic lot calculation setting where you can send order with optimised lot size precalculated for your convenience such as trading size at 5% of your account balance. 4th, withdrawal also going smoothly. No issue with withdrawal in my years of experience with Oanda Singapore. But, there's some issue also with this broker. 1st, the SMS authorisation. Sometimes the SMS takes time to arrive at my phone but I opt for google authenticator and it was solved. Maybe many trader found this authorisation sometimes be a problem but after using Google authenticator, everything is good for me. 2nd is the leverage. Oanda offer 1:50 leverage not like other broker that offer larger leverage. For me, it's okay... in fact, my other trading account with another broker only use maximum leverage at 1:100 only. That's it. My overall review of this broker is positive. I like Oanda and will stick with them for years to come.
Author of Oanda review : pipjulianda. Date and time of Oanda review : 2016-08-01 07:56:56
I trade with oanda and it seems that this broker gives the best conditions for newcomers. I like the contests on their demo accounts it is very exciting and I can win money on my real account. but sometimes their customer service verry bad and never always give me best solution. im dissapointed with Oanda. never want to recomend to my friends

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