OANDA Review

OANDA stands for “Olsen & Associates” or “Olsen AND Associates.” This company is registered in the United States and offers a variety of financial services to clients around the world. But is this true? Does it really stand out in the financial market? In our review of OANDA, we look at the broker’s trading conditions, fees, deposit and withdrawal options, available trading instruments, supported platforms, and customer support. We cover the key points you need to know before opening an account with OANDA.

🏢 Headquarters	Toronto, Ontaria, Canada with official entities in USA, UK, Japan, Singapore and Australia
📅 Year founded	1996
🗺️ Regulation	FCA, ASIC, CFTC, IIROC (Canada), MAS (Singapore), FFAJ (Japan), CFTC (United States), NFA (United States)
💻 Trading platform:	FxTrade Mobile App (Oanda trade), MT4, MT5
💰 Account currency:	EUR, USD, GBP, AUD, CAD, CHF, HKD, JPY, SGD
📊 Accounts:	Standard, Core, Swap-free, Premium, Premium Core
💵 Withdrawal options:	Wire Transfer, Visa, Mastercard
💵 Deposit options:	Wire Transfer, ACH, Visa, Mastercard
🚀 Minimum deposit:	$0
⚖️ Leverage:	50:1 on major currency pairs and (20:1 for all others)
☪️ Islamic account (swap free)	Yes Available
🎮 Demo Account	No
💱 Spread:	From 0 p for currency pairs
🔧 Instruments:	FX, Indices, Bullion, Commodities, Crypto
📋 Orders execution:	Market Execution
☎ Customer Support:	24/5
📚 Education	Provided

What is OANDA?

OANDA, founded in 1996, is a top online trading company that offers trading in various assets, currency data, and analytics to clients worldwide. They began by providing free exchange rate data online and later launched a forex trading platform that was one of the first for web-based currency trading.

OANDA has regulated branches in major financial markets like New York, Toronto, London, Warsaw, Singapore, Tokyo, and Sydney. You can trade different asset classes on their award-winning platform, including derivatives of global market indices, shares, commodities, treasuries, precious metals, forex, and cryptocurrencies. They offer trading over 68 major and minor currency pairs, a user-friendly app, and various trading platforms, including OANDA Trade and MT4.

Fees

OANDA uses a simple pricing structure with floating spreads and no commissions. This is good for beginners because they only need to think about the spread cost. However, traders who trade a lot might find this a disadvantage since other brokers offer lower spreads with raw pricing.

When we tested, we found spreads starting from 0.8 pips on EUR/USD and 1.1 pips on USD/JPY. This is competitive with brokers like FxPro and Pepperstone but not as good as FXCM and IC Markets.

There is a $10 monthly inactivity fee that starts after 12 months of no trading. This is better than some other brokers who charge after only 3 months.

Account type	Spread (minimum value)	Withdrawal commission
Standard	From $11	When withdrawing to a debit card – no. When withdrawing to a credit card (once a month) – no. When withdrawing to a credit card (more than once a month) – from USD 15. Withdrawal via PayPal – no.
Premium	From $11	When withdrawing to a debit card – no. When withdrawing to a credit card (once a month) – no. When withdrawing to a credit card (more than once a month) – from USD 15. Withdrawal via PayPal – no.

Pros and Cons

Pros	Cons
Regulated by the FCA	Customer support is not always available
Provides customer support around the clock	Limited tradable instruments
Allows commission-free trading for all accounts	Charges fees for inactive accounts
Not required minimum deposit	High withdrawal fees for bank transfers
Easy account opening process	Doesn’t support the MT5 trading application
Free and fast deposits
Responsive customer support

Regulation & Security

When we review brokers, a key factor is whether we can trust them to keep our money safe and protect us from scams. Oanda is regulated by top authorities, but it doesn’t have a banking license and isn’t listed on a stock exchange.

Is Oanda legit?

Yes, Oanda is a legit and trusted broker, licensed by four financial regulators. It is regulated by several financial authorities worldwide, including top-tier regulators like the UK’s Financial Conduct Authority (FCA).

Here are some of Oanda’s regulators in different regions:

• UK Financial Conduct Authority (FCA)
• Australian Securities and Investments Commission (ASIC)
• Canadian Investment Regulatory Organization (CIRO)
• Polish Financial Supervision Authority (KNF)
• Monetary Authority of Singapore (MAS)
• Japanese Financial Services Agency (FSA and FFAJ)
• British Virgin Islands Financial Services Commission (BVI FSC)

Leverage

OANDA allows leveraged trading based on regulatory rules. For example, EU clients can trade forex with leverage up to 1:200, while UK clients can use leverage up to 1:30. We advise beginners to be cautious with high leverage, as it can increase losses. Using tools like stop-loss orders can reduce your risk. If your account balance drops to 50% of the margin requirement, OANDA will issue a margin call.

Deposits and Withdrawals

You don’t need a minimum balance or deposit to activate a live account at OANDA. Plus, there are no deposit or withdrawal fees, which is better than many other options. The $0 minimum deposit is great for new traders with a limited budget.

You can fund your account with credit/debit cards or wire transfers. However, there are fewer popular e-wallet options like PayPal, which depend on where you live.

For the fastest processing, we recommend using Visa or Mastercard, which offer near-instant funding. Wire transfers are much slower and can take up to 5 working days.

How to Make a Deposit

• Depositing money through the OANDA client terminal is quick. To fund your account:
• Log in to the client area and select ‘Deposit’ from the dashboard.
• Choose the trading account you want to add funds to from the dropdown menu.
• Choose a payment method, such as a wire transfer or bank card.
• Follow the on-screen instructions to complete the payment (you will need to add card details, for example).
• Review the payment information and confirm the request.
• Withdrawal options vary based on the company division. Most transactions are done via Bank Wire Transfer or Credit card, with no fee for the first request within a month. Additional withdrawals may incur fees depending on your location.

How to Withdraw Money from OANDA Step by Step

• Log in to your account.
• Select ‘Withdraw Funds’ in the menu tab.
• Enter the amount you want to withdraw.
• Choose the withdrawal method.
• Complete the electronic request with necessary details.
• Confirm withdrawal information and submit.
• Check the current status of your withdrawal through your Dashboard.

Account Types

OANDA offers two types of accounts. The Standard account is better for beginner traders, while the Premium account is for experienced professionals. The main differences are the minimum deposit amount and the extra services available.

Trading Platform

OANDA supports the following trading platforms:

MetaTrader 4: You can use the MT4 trading application on the web, desktop, and mobile devices (Android & iOS).

OANDA Trader: OANDA offers its own trading platform, which you can access on the web or desktop, or download from the Google Play Store or Apple App Store.

Education

OANDA has a great education section. It’s really helpful for new traders to learn about trading and get started in the market. They have different levels of materials and webinars for both beginners and experienced traders. They offer lots of tools like analysis reports and advanced charts by Trading View. They also provide economic updates and other research tools to help you trade successfully.

Customer Support

OANDA offers good customer service and support. You can find answers to common questions on their help portal, which supports multiple languages. You can reach out to them through live chat, email, or international phone lines, available in many countries. The only downside is that customer support isn’t available 24/7. However, you can leave a message, and they’ll get back to you when they’re open.

OANDA Licenses

Conclusion

We recommend that you consider trying OANDA. They’re regulated in the UK by the FCA, which means they must protect your money according to strict rules. OANDA has great educational resources, perfect for new traders. Their materials are easy to understand and cover everything from basics to advanced techniques. Whether you’re just starting or you’re an expert, you’ll find something useful. Plus, they offer a bunch of tools for trading, like analysis reports and charts. Overall, OANDA is a good choice for anyone looking to trade safely and learn along the way.

FAQs

Can you trade bitcoin with OANDA?

Yes, you can trade Bitcoin on OANDA as a CFD.

Is OANDA a ECN Broker?

No, OANDA is not an ECN Broker.

How long does it take to withdraw money from Oanda?

Withdrawals from OANDA via bank wire transfer can take up to 5 business days internationally, and 1-2 business days within the USA.

Is OANDA a fake or scam?

No, OANDA is not considered fake or a scam. It has a long track record, regularly discloses its financials, and is regulated by the CFTC in the USA and is a member of the NFA.