OANDA US Broker Review 2024

1. What is OANDA?
2. OANDA Pros and Cons
3. Awards
4. Is OANDA Safe or a Scam?
5. Leverage
6. OANDA Accounts
7. Fees
8. Spreads
9. Trading Instruments
10. Deposits and Withdrawals
11. Trading Platforms
12. Customer Support
13. Education
14. Conclusion

Our Review Method

• 55Brokers 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 a global presence, while OANDA US is an 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 Trading 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 69 Forex pairs and 8 popular cryptos with Paxos like Bitcoin and Ethereum, while important to note Cryptocurrencies offered through Paxos a separate legal entity.

OANDA Pros and Cons

One of the advantages of OANDA is its reliability and great reputation over the years Broker operates. 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 we didn’t find many, the only gap is no 24/7 availability of Customer support and relatively limited Instrument selection, which is in fact due to US regulation rather than Broker’s own gap.

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. So overall we Rank Oanda as solid Broker with excellent trading conditions and transparent activities.

• OANDA Overall Ranking is 9.5 out of 10 with our testing and compared to over 500 brokers, see Our Ranking below compared to other industry-leading brokers.

OANDA Alternative Brokers

As our Review shows 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 regulated company that is safe to trade with. The broker’s every step and action is strictly overseen and complies with the operational guidelines. OANDA is established according to the United States CFTC and NFA regulations, while Oanda Group is regulated in various jurisdictions around the world with authorized by FCA, ASIC, and more.

Is OANDA Regulated in the US Legit?

OANDA US is regulated by the National Futures Association in the US. It is fact that all brokers based in the USA or those allowed to offer service to US residents are required to be licensed and authorized by the NFA. While the NFA is a derivatives industry self-regulatory organization that oversees on-exchange, Forex, and OTC activities.

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.

How Are You Protected?

The regulatory programs imposed by the NFA are considered among the strictest worldwide and ensure the integrity of markets, participant protection, and the following of operational standards. This makes trading with NFA-regulated brokers including Oanda US 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 US and its set margin rate are at standard level allowed by the US regulation. Even though traders may find levels too restricting, it is what indeed maximum 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 now offers mainly Standard Account Type, so clients of different preferences and trading styles have a single account future, while Professional Traders of those of Larger size may go for Elite Trader Account with extra benefits included for Acitve Traders. As we Review, OANDA trading accounts give number of good opportunities with zero commission, powerful analysis tools, competitive prices, 24/5 customer support, etc see more of the details in our snapshot below.

Good to note, Oanda US does not offer managed accounts nor provide any account management services like MAM or PAMM Account if interested check suitable Brokers by relevant links, .

How to Open OANDA Live Account?

Opening an account and follow with OANDA US Logib is quite straightforward. To open Oanda account, you need to go through several steps:

• Apply for a live trading account by providing the necessary information and Identity Confirmation
• Fund the account

After completing the mentioned steps, traders will be notified that they are able to start trading with OANDA, see our snapshot on Oanda Account Opening Review.

Trading Instruments

We learned OANDA US mainly offers Forex and currency pairs in its trading proposal. Also, OANDA offers Crypto trading to its individual retail clients in the USA including BTC, ETH, LTC, BCH, PAXG, LINK, UNI, AAVE, and more. Also, US residents should know, that OANDA does not offer CFDs for US residents, due to the regulations present in the country. Cryptocurrencies are offered through Paxos. Paxos is a separate legal entity from OANDA.

• OANDA US Markets Range Score is 7 out of 10 with our opinion, as we see Broker now mainly placed focus on Forex trading and Cryptos, potentially limiting Oanda US clients to those trading groups. Yet, this is also due to the fact of US regulations. If you’re looking for instrument selection among Indices, Futures, Shares, and more you can check other Brokers too.

OANDA Fees

Based on our research, Oanda US doesn’t 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, yet be sure to deposit necessary amount to cover margins for the instrument you select to trade.

The comparison table below shows the funding fees and other relevant fees which are all together should be considered as Fees every trader imposed to in addition to direct trading fees or spreads.

• OANDA Fees are ranked low with an overall rating of 9.3 out of 10 with our Oanda testing and compared to over 500 other brokers. See our findings of fees and pricing in the table below, however, OANDA overall fees we considered good and on low level compared to industry competition.

Spreads

OANDA US spreads are calculated straight on the broker’s platform as trading fee, while trading pairs quotes are received from numerous global banks electronically connected so provide access to the most accurate foreign exchange.

The average spread Oanda offers generally starts from 1.2 pips as we notice with our testing alike, while Broker mentions 1.4 pips for EURUSD trading pair in its proposals. Overall, those spreads stand on the industry average and lowest srpead position, showing Broker add low markup as trading fee to interbank spreads. See Broker Spread comparison below.

• OANDA Spreads are ranked low with an overall rating of 9 out of 10 based on our testing comparison to other brokers. We found Forex spread in line or lower than the industry average or 1.2 pips for EURUSD based on our expertise, and spreads for other instruments are attractive too.

Deposits and Withdrawals

We admit Oanda simple deposit and withdraw process of funds to and from the account. You can deposit, withdraw and transfer funds between your OANDA accounts from the “Transfers” section of Oanda Client portal, alike manage and see available Deposits and Withdrawals.

• OANDA Funding Methods we ranked good with an overall rating of 8 out of 10. The minimum deposit is set to 0$ which is attractive and allows traders start with any desired amount. Funding fees are either none or very small, besides you can benefit from various account-based currencies so no conversion will be placed, yet deposit options vary on each entity. Also we notice some withdrawal methods incure fees.

Here are some good and negative points for OANDA funding methods found:

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.

• Debit/Visa
• Debit/Mastercard
• ACH
• Bank Wire

OANDA Minimum Deposit

The Oanda applied no minimum deposit requirement rule which is attractive proposal, 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 wish to trade.

OANDA US minimum deposit vs other brokers

OANDA Withdrawals

We found that withdrawing funds are provided mainly with debit cards and bank wire transfers. Besides, 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 6 working days, mainly based on the Your Banks conditions and processing time, also some withdrawals may incure additional processing fees. 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:

1. Login to your account
2. Select Withdraw Funds’ in the menu tab
3. Enter the withdrawn amount
4. Choose the withdrawal method
5. Complete the electronic request with necessary requirements
6. Confirm withdrawal information and Submit
7. 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, Oanda Trade, also a Mobile trading app. OANDA’s technology and software offering provides good approach to offer wide and powerful selection of software also protect the client and trades, therefore custom platforms across premium offerings and automation of trading strategies are provided, all with high security levels.

• 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 quality proposal offering industry leading software and tool, suitable for professional trading and regular traders alike. Also, all are provided with good research and excellent tools.

Web Trading Platform

We found that mainlt 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, yet might be less comprehensive in comparison to its desktop version.

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 the possibility to install pattern MT4 plugin for technical analysis. Yet, Traders should note Hedging is not avialble at Oanda US since hedging startegy is restricted by the US Regulations, threfore is not available.

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 qualified as excellent support as such 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 well to provide relevant and satisfying answers to the customer’s questions and requests, thus for whatever inquiries you may have you can count on quality responce.

• 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 via Live Chat and our inquiries, also quite easy to reach during the working days.

See our find and ranking on Customer Service Quality:

OANDA Education

We found Oanda broker provides various educational materials and webinars designed by the level of experience ranging from basic to expert levels.

ALong with good quality education and various resources to support and educate beginners, 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, all available via the platform you use alike provided on the website itself

• 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 US Review Conclusion

Concluding the OANDA review, we admit a safe broker to trade with reliable trading solutions and quality offering for US Trading. OANDA has very attractive features such as no minimum deposit, pricing transparency, technical optimization, great trading conditions and a variety of tools, trading signals provided. It is becoming quite clear why the broker gained high trust and popularity among the traders’ community, as we rank Oanda US with highest marks almost in every category too.

The fact that the company stands and operates on a strong background, years of operation and wided international presence besides to successful cooperation with “global business giants” definitely adds another advantage to OANDA.

Based on Our findings and Financial Expert Opinions OANDA is Good for:

• US Traders
• Beginners
• Advanced traders
• 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

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

Trading in digital assets, including cryptocurrencies, is especially risky and is only for individuals with a high risk tolerance and the financial ability to sustain losses. OANDA Corporation is not party to any transactions in digital assets and does not custody digital assets on your behalf. All digital asset transactions occur on the Paxos Trust Company exchange. Any positions in digital assets are custodied solely with Paxos and held in an account in your name outside of OANDA Corporation. Digital assets held with Paxos are not protected by SIPC. Paxos is not an NFA member and is not subject to the NFA’s regulatory oversight and examinations.

Leveraged trading in foreign currency contracts or other off-exchange products on margin carries a high level of risk and may not be suitable for everyone. We advise you to carefully consider whether trading is appropriate for you in light of your personal circumstances. You may lose more than you invest. Information on this website is general in nature. We recommend that you seek independent financial advice and ensure you fully understand the risks involved before trading. Trading through an online platform carries additional risks.