OANDA US Review
OANDA US
Leverage: 1:50
Min. Deposit: No minimum deposit
Platforms: MT4, fxTrade Mobile, TradingView
Regulation: NFA, CFTC
HQ: US
Found in: 1997
OANDA US Licenses:
- OANDA Corporation – authorized by the CFTC (USA) and is a member of the NFA (USA) registration No: 0325821
Disclaimer: OANDA Corporation is regulated by the CFTC/NFA. OANDA is a member Firm of the NFA (Member ID: 0325821). CFDs are not available to residents in the United States. OANDA corporation is a member of NFA and is subject to NFA’s regulatory oversight and examinations. However, you should be aware that NFA does not have regulatory oversight authority over underlying or spot virtual currency products or transactions or virtual currency exchanges, custodians or markets.
- What is OANDA?
- OANDA Pros and Cons
- Awards
- Is OANDA Safe or a Scam?
- Leverage
- OANDA Accounts
- Fees
- Spreads
- Trading Instruments
- Deposits and Withdrawals
- Trading Platforms
- Customer Support
- Education
- Conclusion
Our Review Method
- LowSpreadsFX Financial Experts with over 10 years of experience in Forex Trading check all trading offerings, fees, and platforms, verified regulations, contacted customer service, and placed traders to see trading conditions and give expert opinions about OANDA.
What is OANDA US?
Oanda is an international Forex Broker with global presence, while OANDA US is entity based and regulated in US offering treading services for US residents. OANDA Group was founded back in 1997 in the State of Delaware, US as a technology-driven financial services corporation, being the first company to share exchange rate information on the Internet, completely free of charge. The company has come a long way, today being one of the leading financial firms, providing a wide range of services to United States residents.What Type of Broker is OANDA?
We found that OANDA is a market maker and highly regulated broker providing access to more than 50 technical tools, including 32 overlay indicators, 11 drawing tools, and 9 chart types. The broker offers over 70 Forex pairs and popular cryptos like Bitcoin and Ethereum.OANDA Pros and Cons
One of the advantages of OANDA is its reliability, as the broker is overseen by a top-tier regulator. Besides, OANDA offerings are quite favorable both for experienced and beginner traders. OANDA has a wide range of tools and offerings, thus being a good choice for traders with different expectations. Also, having no minimum deposit, the existence of a demo account, and a selection of platforms make the broker a good choice.
For the Cons, CFDs are not available to residents in the United States.
| Advantages | Disadvantages |
|---|---|
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OANDA Review Summary in 10 Points
Overall OANDA Ranking
Based on our research, OANDA is a reliable and trustworthy broker. It has been constantly enhancing its services and broadening its offerings, also paying attention to its reliability factor.
Due to its transparent activities, the broker has been able to cooperate and establish partnerships with well-known brands and organizations, including Google, TESLA, Airbnb, FedEx, and many other world-known names.
- OANDA Overall Ranking is 9.5 out of 10 based on our testing and compared to over 500 brokers, see Our Ranking below compared to other industry Leading Brokers.
| Ranking | OANDA | Pepperstone | XM |
|---|---|---|---|
|
Our Ranking |
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Advantages |
Spreads |
Trading Conditions |
Trading Platforms |
OANDA Alternative Brokers
We learned that OANDA offers good trading conditions, low trading spreads, and fees. However, there are a number of other brokers that offer similar services. Here are some of the best alternatives to OANDA:
- Interactive Broker – Best Broker for Real Futures Trading
- Forex.com – Competitive Trading Conditions
- RobinHood – Good for Stocks Trading
Awards
The reliability and excellence of OANDA are also proved by a large number of awards it has acquired during its history. OANDA has won different awards in different nominations, but one of the most convincing of those awards is the one voted by the customers directly, making it one of the best customer service brokers in the industry.
Is OANDA Safe or Scam?
Based on our Expert research, OANDA is a heavily regulated company that is potentially safe to trade with. The broker’s every step and action is strictly overseen and complies with the operational guidelines. OANDA holds licenses from world-recognized top-tier authorities and is established according to the United States CFTC and NFA regulations with additional regulation from FCA, ASIC, and more.
Is OANDA Legit?
OANDA is regulated by the National Futures Association. We found that all brokers based in the USA are required to be licensed and authorized by the NFA. The NFA is a derivatives industry self-regulatory organization. It oversees the on-exchange, Forex, and OTC, as well as the Commodities Futures Trade Commission.
See our conclusion on OANDA Reliability:
- Our Ranked OANDA Trust Score is 9.5 out of 10 for good reputation and service over the years, also reliable top-tier licenses, and serving regulated entities in each region it operates. The only point is that regulatory standards and protection vary based on the entity.
| OANDA Strong Points | OANDA Weak Points |
|---|---|
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How Are You Protected?
The regulatory programs imposed by the NFA are considered the strictest worldwide and ensure the integrity of markets, participant protection, and the following of operational standards. This makes trading with NFA-regulated brokers transparent, protecting the clients from fraud. However, the strict rules also restrict clients, limiting them in certain ways: the maximum leverage available is 1:50.
Leverage
Being strictly regulated by the NFA, Oanda leverage is a standard level, which clients may find too restricting, however, is what US regulation allows.
- Due to the fact that leverage involves high risks, for USA residents the maximum available leverage is 1:50.
Account Types
We found that OANDA offers five different account types, so clients have a wide choice to pick from Standard, Core, Swap-free, Premium, and Premium Core. OANDA trading accounts give the clients a number of opportunities, imposing zero commission, powerful analysis tools, competitive prices, 24/5 customer support, etc.
| Pros | Cons |
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How to Open OANDA Live Account?
Opening an account with OANDA is quite straightforward. To open an account, clients need to cover several steps:
- Apply for a live trading account, by providing the necessary information
- Fund the account
After completing the mentioned steps, traders will be notified that they are able to start trading with OANDA.
OANDA Fees
Based on our research, Oanda US doesnt charge additional commission fees, and the costs are mainly based on spreads. Besides, the broker does not have a compulsory minimum deposit requirement or trade size, which makes the broker favorable to sign with. The comparison table below shows the funding fees and other relevant fees.
- OANDA Fees are ranked low with an overall rating of 9.3 out of 10 based on our testing and compared to over 500 other brokers. Fees might be different based on entity offering, see our findings of fees and pricing in the table below, however, OANDA overall fees are considered good.
| Fees | OANDA US Fees | Pepperstone Fees | XM Fees |
|---|---|---|---|
|
Deposit fee |
No |
No |
No |
|
Withdrawal fee |
No |
No |
No |
|
Inactivity fee |
Yes |
No |
Yes |
|
Fee ranking |
Low |
Low |
Average |
Spreads
OANDA spreads are calculated straight on the broker’s platform, which is electronically connected to numerous global banks with access to the most accurate foreign exchange. The average spread the broker offers generally starts from 1.2 pips.
- OANDA Spreads are ranked low with an overall rating of 9.3 out of 10 based on our testing comparison to other brokers. We found Forex spread much lower than the industry average, and spreads for other instruments are very attractive too.
| Asset/ Pair | OANDA Spread | Pepperstone Spread | XM Spread |
|---|---|---|---|
|
EUR USD Spread |
1.2 pips |
0.77 pips |
1.6 pips |
|
Crude Oil WTI Spread |
4 pips |
2.3 pips |
5 pips |
|
Gold Spread |
25.3 |
0.13 |
35 |
|
BTC USD Spread |
51.7 |
31.39 |
60 |
Trading Instruments
We learned that OANDA offers a wide range of advanced instruments, including currency pairs, indices, commodities, bonds and metals, futures trading, and commodities futures. However, US residents should know, that OANDA does not offer CFDs for US residents, due to the regulations present in the country.
OANDA also offers crypto trading to its individual retail clients in the USA including BTC, ETH, LTC, BCH, PAXG, LINK, MATIC, UNI, AAVE, and more.
- OANDA Markets Range Score is 9.5 out of 10 for wide trading instrument selection among Forex, Indices, Cryptos, Shares, and more.
Deposits and Withdrawals
We learned that it is simple to deposit and withdraw funds to and from the account. You can deposit, withdraw and transfer funds between your OANDA accounts from the “Transfers” section of your portal.
- OANDA Funding Methods we ranked good with an overall rating of 9.5 out of 10. The minimum deposit is among average in the industry, yet fees are either none or very small also allowing to benefit from various account-based currencies, yet deposit options vary on each entity.
Here are some good and negative points for OANDA funding methods found:
| OANDA Advantage | OANDA Disadvantage |
|---|---|
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Deposit Options
In terms of funding methods, OANDA offers numerous payment methods which are a very good plus, yet check according to its regulation whether the method is available or not.
- Credit/Debit cards
- Bank Wire
- Skrill
- Neteller
- PayPal
OANDA Minimum Deposit
The Oanda applied no minimum deposit requirement rule, yet you should calculate the needed amount to deposit in order to cover trading fees and margins, where each is defined by the instrument you trade.
OANDA US minimum deposit vs other brokers
| OANDA US | Most Other Brokers | |
|---|---|---|
|
Minimum Deposit |
$0 |
$500 |
OANDA Withdrawals
We found that withdrawing funds is possible through debit cards and bank wire transfers. The amount that clients are allowed to withdraw to their debit cards cannot exceed the initial deposit amount. The remaining funds can still be withdrawn, but using alternative methods.
Bank transfer withdrawals take up to 2 working days. To use bank transfers, the OANDA account details and bank account details of the client should coincide.
How Withdraw Money from OANDA Step by Step:
- Login to your account
- Select Withdraw Funds’ in the menu tab
- Enter the withdrawn amount
- Choose the withdrawal method
- Complete the electronic request with necessary requirements
- Confirm withdrawal information and Submit
- Check the current status of withdrawal through your Dashboard
Trading Platforms
Based on our findings, OANDA provides access to the fully customizable MT4 platform, TradingView, and also a Mobile trading app. OANDA’s technology and software offering aim to build itself around the right approach to protect the client and his trades and therefore adheres to tighter spreads and custom platforms across premium offerings and automation of trading strategies.
In addition, OANDA US accounts have access to the NinjaTrader trading platform which is also an advantage for the broker.
- OANDA Platform is ranked good with an overall rating of 8.9 out of 10 compared to over 500 other brokers. We mark it as good being one of the best proposals we saw in the industry, suitable for professional trading. Also, all are provided with good research and excellent tools.
Trading Platform Comparison to Other Brokers:
| Platforms | OANDA US Platforms | Pepperstone Platforms | XM Platforms |
|---|---|---|---|
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MT4 |
Yes |
Yes |
Yes |
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MT5 |
No |
Yes |
Yes |
|
cTrader |
No |
Yes |
No |
|
Own Platform |
Yes |
Yes |
Yes |
|
Mobile Apps |
Yes |
Yes |
Yes |
Web Trading Platform
We found that OANDA uses a proprietary platform Oanda Trade, which can be classified as “easy to use trading functionality” and has won many awards along with numerous highest traders’ regards.
OANDA’s platform supports Web Trading, Desktop Trading, and Mobile Trading Apps, while Web Trading allows easy access via any browser.
Desktop Platform
Full suit and powerful capabilities are available via the desktop platform where Oanda Trade Web provides access across trading functionality, including advanced charting tools, chart pattern recognition, institutional quality backtesting, and a stream of financial news from leading providers.
Overall, the platform indeed can be classified as best in its class and definitely will be enjoyed by various level traders.
However, if you prefer MetaTrader4 it is still an option with OANDA too, furthermore platform includes all favors of exceptional execution, competitive spreads, full support of EAs including hedging scopes, and the possibility to install pattern MT4 plugin for technical analysis.
Customer Support
When choosing a broker, it is always advisable to pay attention to the particular broker’s customer support. In this respect, too, OANDA has proved to be trustworthy.
OANDA provides 24/5 support to its USA customers through email and live chat via the OANDA help portal. OANDA support team does its best to provide relevant and satisfying answers to the customer’s questions and requests.
- Customer Support in OANDA is ranked good with an overall rating of 8.9 out of 10 based on our testing. We got fast and knowledgeable responses, also quite easy to reach during the working days.
See our find and ranking on Customer Service Quality:
| Pros | Cons |
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OANDA Education
Based on our research, we found that the broker provides educational materials and webinars designed by the level of experience ranging from basic to expert levels.
There is a full range of trading tools including analysis reports and advanced charts powered by Trading View. You can also count on the economic overlay and other essential research tools that are useful to your successful trading experience.
- OANDA Education ranked with an overall rating of 9.5 out of 10 based on our research. The broker provides very good quality educational materials, and excellent research also cooperates with market-leading providers of data.
OANDA Review Conclusion
Concluding the OANDA review, we admit a safe broker to trade with reliable trading solutions. OANDA has very attractive features such as no minimum deposit, pricing transparency, technical optimization, great trading conditions and a variety of tools. It is becoming clear why the broker gained high trust and popularity among the traders’ community.
The fact that the company stands and operates on a strong background of reliable and successful cooperation with “global business giants” definitely adds another advantage to OANDA.
Based on Our findings and Financial Expert Opinions OANDA is Good for:
- Beginners
- Advanced traders
- US Traders
- Trading of Future on NinjaTrader
- Traders who prefer MT4
- Forex and Cryptocurrency trading
- Variety of trading strategies
- Algorithmic or API traders
- Low fees and competitive spreads
- Good customer support
- Excellent educational materials and research