Min Deposit: no minimum deposit


  • Trusted brand, with a positive reputation
  • Ease of account opening - no docs for deposits below USD 9K
  • Tier-1 banking relationships
  • Best-in-class MT4 bridge
  • Excellent market research tools
  • A lot of customer education and industry news sources
  • Competitive spreads, margins, and trading costs
  • No direct withdrawal or deposit fees
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Broker OANDA
Website URL https://www.oanda.com/bvi-en/
Founded 1996
Headquarters Toronto, Canada
Support Number Toll Free # per region (# will be routed to the active CX desk globally) -Canada: 1 877 626 3239 -Australia: 13000 62632
Support Types Chat , Telephone , Email
Languages English , Mandarin , Spanish , German
Trading Platform MT4 desktop, web and mobile, MT5 desktop, web and mobile
Minimum 1st Deposit no minimum deposit
Leverage 200:1
Spread 1.0 pips
Free Demo Account Open Demo
Regulated Yes
Regulation Financial Services Commission (FSC), FCA, BVI, ASIC, IIROC
Fees Yes
Fee Info Spread based pricing
Commissions Yes
Commission Info $40/Mil commission for Core pricing
Account Types Standard spread-only , Core , Swap-free
Deposit Methods Visa , Mastercard , Skrill , Neteller and various Alternate Payment Methods
Withdrawal Methods Visa , Mastercard , Skrill , Neteller and various Alternate Payment Methods
Types of Assets FX; EUR/USD, USD/JPY, GBP/USD, USD/CHF, EUR/JPY, EUR/CHF, EUR/GBP, GBP/JPY, GBP/CHF, AUD/USD, NZD/USD, USD/CAD, AUD/JPY, CAD/JPY, CHF/JPY, NZD/JPY, AUD/CAD, AUD/CHF, AUD/NZD, EUR/AUD, EUR/CAD, GBP/AUD, GBP/CAD, CAD/CHF, EUR/NOK, EUR/NZD, EUR/SEK, GBP/NZD, NZD/CAD, USD/NOK, USD/SEK, NZD/CHF, USD/MXN, USD/CNH, USD/HKD, USD/SGD, SGD/JPY, USD/TRY, USD/ZAR. Indicies: Aus 200, China A50, EU 50, Fra 40, Ger 30, HK 50, India 50, Japan 225, Nel 25, SG 30, Twix, UK 100, US Nas 100, US Russ 2000, US SPX 500, US Wall St. 30, Switzerland 20, Spain 35, China H Shares, Sweden 30. Bullion: XAU/USD, XAG/USD. Commodities: Brent Cruide Oil, West Texas Oil, Copper, Nat Gas, WHEAT Commodities, CORN Commodities, SOYBEANS Commodities, SUGAR Commodities, UK10Y Bonds, US2Y Bonds, US5Y Bonds, US10Y Bonds, US30Y Bonds, DE10Y Bonds. Crypto: BTCUSD, ETHUSD, LTCUSD, BCHUSD
Trading Currency USD , EUR , HKD , SGD
Account Currency USD , EUR , HKD , SGD
US Traders Allowed Yes
Mobile Trading Yes
Tablet Trading Yes
Overall Score 5


  • founded 1996
  • Spreads from 1.0 Pips
  • no deposit or withdrawal fee
  • Regulation CySEC,FCA, FSCA, IFSC
  • No inactivity fee
  • Payment options Visa, Mastercard, Skrill, Neteller and various Alternate Payment Methods


  • Only MT4 & MT5
  • No individual stocks, stock CFDs, ETFs or Futures
  • No social trading tools

Welcome to the world of Forex trading, where you will find numerous Forex brokers offering their services. With so many options available, it can take time to choose the right one. But don’t worry; we’ve got you covered! 

In this article, we’ll dive into the details of OANDA – one of the market’s most popular and efficient Forex brokers. With years of experience, foreign exchange OANDA has established itself as a reliable and trustworthy choice for many traders.

Whether you’re new to Forex trading or considering switching to a different broker, this article will provide you with all the information you need to make an informed decision. We will take an in-depth look at the features, services, and overall performance of OANDA so that you can better understand its trading capabilities. Get ready to make a well-informed decision with our comprehensive review of  forex OANDA!

What is OANDA?

Oanda is a US forex broker with a user-friendly and quick account opening process. It offers high-quality, easy-to-use trading platforms and powerful research tools, including technical indicators and a great API. 

However, its product portfolio is limited to forex and CFDs, and it is not listed on a stock exchange, nor does it have a banking background, affecting its safety score. Customer support is available 24/5. Oanda received a 4.5/5 rating from BrokerChooser based on analyzing 500+ criteria and live account testing.

Market Research Methods in OANDA

OANDA equips forex and CFD traders with everything necessary for successful market navigation through its daily articles, podcasts, and research tools. However, a minor inconvenience is that the research resources from the desktop and web platform open in a separate browser instead of being integrated within the platform. OANDA also has fewer video updates compared to top performers in the category such as Saxo Bank and IG.

  • Research Overview

OANDA provides comprehensive research for forex traders, with its MarketPulse site offering an extensive collection of articles organized into categories and updated daily. Additionally, news headlines on OANDA’s MT4 and fxTrade platforms are sourced directly from Dow Jones Newswire and other providers. 

Autochartist integration within the broker’s web platform and mobile app provides trading signals and automated technical analysis. OANDA also offers daily updates in its Market Insights series.

  • Market News & Analysis

Trading the forex market can be a complex and time-consuming process, but OANDA is here to make it easier for you. With its MarketPulse site, you’ll have access to a wealth of information on the latest market news, research, and analysis. 

All of the content is powered by OANDA’s in-house research team, ensuring that you’re getting the most accurate and up-to-date information available.

But it’s not just the MarketPulse site that OANDA has to offer. Its fxTrade mobile app is your perfect companion for keeping track of the latest market developments. The app streams news from Dow Jones, as well as the company’s blog, so you’re never out of the loop, even when you’re on the move. With OANDA’s fxTrade app, you’ll always have the latest news, research, and analysis right at your fingertips!

  • Premium Content

Forex trading can be a complex and challenging journey, but with the right tools, it can be made much easier. That’s why OANDA is proud to offer its traders access to Dow Jones Select and third-party technical analysis software from leading providers MotiveWave and MultiCharts.

With Dow Jones Select, you’ll have access to in-depth market analysis and real-time news, giving you a clear advantage when making your trading decisions. And with MotiveWave and MultiCharts, you’ll have access to top-of-the-line technical analysis software that will help you make informed and profitable trades.

So why wait? Sign up with OANDA today and start taking advantage of these powerful trading tools. Whether you’re a seasoned pro or just starting out, OANDA has everything you need to succeed in the forex market!

Education in OANDA

At OANDA, the company strives to provide its traders with a well-rounded education, and it does this by combining its impressive collection of written educational material with a series of informative webinars. However, there is still room for improvement, as OANDA currently lacks a comprehensive range of educational videos.

To take its educational offering to the next level, OANDA could consider expanding its video library and organizing its existing content more effectively. This would help to bring its educational offering more in line with industry leaders such as IG and AvaTrade.

So if you’re looking for a forex broker that will help you grow your knowledge and improve your trading skills, be sure to check out OANDA’s educational offerings. Whether you’re a beginner or an experienced trader, there’s something for everyone!

  • Learn to Trade Like a Pro with OANDA’s Comprehensive Online Course

OANDA’s online course is the perfect way to take your forex trading to the next level. Spanning 19 chapters, the course covers both technical and fundamental analysis, providing you with a complete understanding of the financial markets.

Each chapter is broken down into multiple lessons, making it easy for you to learn at your own pace. However, it’s worth noting that some of the accompanying videos are platform tutorials rather than financial market education. Nevertheless, the course is a great starting point for anyone looking to develop their trading skills.

So why wait? Sign up for OANDA’s online course today and start your journey to becoming a successful forex trader!

  • Streamline Your Learning Journey with OANDA’s Improved Educational Content

As a beginner trader, you want to have access to clear and comprehensive educational resources that cater to your level of experience. Unfortunately, OANDA’s educational content for beginners can be scattered across its website, making it difficult to find what you need.

To enhance the learning experience for traders of all competencies, OANDA should consider adding the ability to filter educational resources based on experience level. This would help traders find the information they need quickly and easily.

In addition to this, it would also be great to see OANDA increase the number of educational videos on its platform, beyond the existing platform tutorials. The best brokers in the industry offer a wide range of videos and articles, so traders can learn in a variety of ways.

So if you’re looking to improve your trading skills and gain a deeper understanding of the financial markets, be sure to check out OANDA’s educational resources, including its YouTube channel, educational webinars, and online courses.

Mobile Trading in OANDA

OANDA, one of the leading brokers in the financial industry, has stepped up its game in the mobile app space by offering not one but two mobile applications for traders to choose from. The first app, the well-known MetaTrader 4 (MT4), has been developed by MetaQuotes Software Corporation and has been a popular choice for traders for years. On the other hand, 

OANDA also offers its proprietary fxTrade app with unique features and benefits.

So, whether you’re a seasoned trader or just starting, OANDA has covered you with its comprehensive range of mobile apps. The choice is yours, and with both options available, you can select the app that best fits your trading style and needs.

In conclusion, OANDA’s move to offer two mobile apps is a game-changer in the industry and provides traders with various options. With the fxTrade app offering unique features and benefits and the well-established MT4 app, traders can select the best app that fits their needs.

Trading Platforms of OANDA

OANDA offers two platform suites for trading; the popular MetaTrader 4 (MT4) platform and their fxTrade platform. The latter is available in web and desktop versions, providing users with a seamless experience.

Charting: Powered by TradingView

The fxTrade platform features charts powered by TradingView, with over 80 indicators and various other features, such as the ability to compare multiple currency pairs in a single chart. The web-based and desktop versions of fxTrade are identical, making switching between them a breeze.

Mobile Trading in OANDA

One downside of the platform is that many integrated features trigger a new browser window to open, even when on the desktop version. This can be distracting compared to other brokers integrating features directly into the platform.

Third-Party Tools and API Access

OANDA’s Marketplace offers additional platforms from third-party developers, including the Seer Trading Platform for algorithmic trading system development. The broker also supports trading connectivity with various charting platforms and provides API access through Algo Labs, with supported languages such as Python and C#.

Ease of Account Management

OANDA combines various services in its online account management portal, making it easy to transfer money and access statements. Overall, the platform provides a good option for charting and news but needs to improve in other areas, such as the integration of research and trading tools.

Commission and Fees of OANDA

OANDA is a forex broker that provides its clients with two trading platforms: the popular MetaTrader 4 and its proprietary fxTrade platform. While it is not a discount broker, OANDA’s main advantage is its automated execution across its account offerings. In this article, we will take a closer look at OANDA’s trading costs, which are generally steep compared to the best brokers.


Regarding bid/ask spreads, OANDA is most comparable to FOREX.com and FxPro. The minimum spread cost may be slightly higher than other firms that list a sub-pip spread (less than 1.0 pip). During Q1 2019, the average non-core pricing at OANDA was 1.2 pips on the EUR/USD pair.

Core Pricing

OANDA’s core pricing features lower spreads, but it includes a per-side commission of $5 per $100,000 worth of currency or roughly $10 per round turn standard lot. This option requires a $10,000 minimum deposit, and when factoring in the commission, the all-in cost ends up being nearly identical to the commission-free pricing. 

For example, the spread on the EUR/USD under the default pricing structure is 1.4 pips, while the spread for core pricing is only 0.4. However, once you factor in the commission equivalent of 1 pip (0.5 pips per side), the total cost for core pricing ends up coming to 1.4 pips – the same as the default price.

Micro Lots

In most cases, the smallest contract size for trading forex is one micro lot. However, OANDA brings this minimum trade size down to 1 unit or 0.001 micro lot.


As part of its push for greater pricing transparency, OANDA continually publishes a trailing average of its spread across nearly all time frames. However, because it does not publish a number that reflects the average spread over a fixed period – such as one day or month – it is difficult to make precise comparisons.

Pros of OANDA

  • Regulated in six tier-1 jurisdictions, making it a safe broker for forex and CFDs trading
  • Excellent market research articles and daily analysis updates in the Market Pulse hub
  • Produces its podcast series, “Market Insight”
  • User-friendly fxTrade mobile app with a good balance of features
  • Excellent offering of research tools, news, and market analysis
  • Social copy trading is available via ZuluTrade with a $500 deposit
  • TradingView platform offered along with VPS services for MT4 hosting
  • Multiple options for algorithmic trading, including API through Algo Labs

Cons of OANDA

  • Fewer video market updates than competitors
  • Video content is mostly platform tutorials and not comprehensive
  • Spreads are below average, trailing discount leaders CMC Markets and IG
  • The fxTrade desktop and web trading platform is good, but trails leaders such as IG and Saxo Bank
  • OANDA offers limited product offerings as compared to other brokers


In conclusion, OANDA is a forex broker with a strong regulatory background, holding licenses in some of the most stringent financial centers. It stands out for its comprehensive market research content and top-notch mobile app, which earned it the title of Best in Class in the Ease of Use category for 2023. Additionally, OANDA’s U.S. brand is one of the few forex brokers that can serve U.S. residents, making it a popular choice for traders in the country.

However, OANDA does have a few limitations. Its product offerings are limited to only 124 tradable products, and its pricing may not be competitive with other low-cost brokers. Despite this, OANDA still offers an excellent option for casual investors, as well as sophisticated traders who prefer to use API connections or automated trading systems on MT4.

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