OANDA Review 2025 | Is OANDA a Scam or Legit Forex Broker?

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OANDA

OANDA

2.8 / 5

Rating breakdown

Security
40%
2.0/5
Ease of Use
100%
5.0/5
Tradable Assets
20%
1.0/5
Deposit and withdrawal
100%
5.0/5
Trading Fees
20%
1.0/5
Support
60%
3.0/5

Top alternative : OspreyFX

Is OANDA safe? Yes OANDA is a safe and secure broker. However, No broker is perfect, and OANDA is no exception. While they do have a lot of pros, there are plenty of reasons why you might be looking for an alternative to OANDA. So which brokers are better than OANDA? Want to jump straight to the answer?

View alternatives

Read our OANDA review to find out if OANDA is a scam or a reliable forex broker. Unbiased Forex brokers reviews that serve the interests of our users.

OANDA Review and Analysis

Overview

OANDA ReviewOANDA is one of the early pioneers of online forex brokers, established in the mid-1990s. The company is said to be founded by Dr. Michael Stumm and Dr. Richard Olsen. When the online trading platform FXTrade was launched in 2001, it was the first fully automated forex trading platform.

Fees and Commissions

OANDA fees and commissionsLike most online forex brokers, OANDA doesn’t charge any commission for their trading services. Instead what traders pay is a spread based on real-time market values. Depending on the currency traded, spreads starts from as low as 1.1 pips. Spreads for indices are even lower, starting from as low as 0.5 pips.

Trading Platform

OANDA trading platformServing the needs of traders at OANDA are two basic types trading platforms, the OANDA’s MetaTrader4 (MT4) trading platform and the FXTrade WebTrader.Both these versions of trading platform are also available as mobile versions for mobile devices. For tech savvy traders, they can use the OANDA FXTrade API libraries to build their own automated trading system to accommodate trading actions.

Account Types

OANDA does not distinguish between different types of traders. As such, there is only one standard type of trading account at OANDA. The good news is they also don’t have a minimum deposit requirement as well. Trades of any sizes are permitted without any minimum lot size requirement.

Deposit and withdrawal

OANDA Deposit and Withdrawal

Customer Support

OANDA customer supportCustomer support at OANDA is available 5 days a week from Sunday (1pm EST) to Friday (6pm EST). The customer service representative can contacted by means of live chat, email fax or telephone.

Overall Conclusion – Final Thoughts

With features such as real time pricing, automated trading capability and no minimum deposit requirement and trade sizes, it is easy to see why OANDA is popular among many traders. The fact that OANDA is a regulated and long established broker is an added bonus for traders.

OANDA Social proof

OANDA Social proof is the reviews, testimonials, and social shares that customers provide about OANDA that help lead others to make any purchase decisions. Last Updated Date: 21/08/2024
Channel OANDA Social proof
Instagram Account with 26.2k followers
Facebook Account with 136k followers
Twitter Account with 23.1k followers
Youtube Account with 20.5k subscribers and 142 uploaded videos
Telegram Account with 210 followers
Discord Does not have a Discord channel

Traders comments and Reviews about OANDA

Sites like Trustpilot provide excellent third-party social proof. Please be aware that there is no guarantee whether or not fake reviews are or are not present. These can lead to bias and compromise the reliability of reviews.
TrustPilot OANDA TrustPilot Customer Reviews, Feedback and Complaints
Trustpilot On Trustpilot, OANDA has currently 817 number of reviews with a TrustScore (the overall measurement of reviewer satisfaction) of 4.10/5.00. Reviewers embracing OANDA most frequently mention Great UI, responsive app, and Outstanding Customer Service. OANDA also has a fast and reliable support team that will provide you with all the necessary information you require from them or if you are unsure of anything.

OANDA firm's reply behavior to negative reviews is up to the standard having replied to 73% negative reviews with a response time to their negative reviews in less than 7 days.

OANDA Read TrustPilot Customer Reviews, Feedback and Complaints

Real Benefits according to the Positive Users' Reviews

  • Great UI, responsive app
  • Outstanding Customer Service

Main Complains according to the Users' Reviews

  • Difficult to withdraw money
When I try to withdraw money from oanda into my “verified bank account” they deny it. They’ve done this three times.

TrustPilot Reviews' Key takeaway

Broker's Features OANDA Availability
Commissions ❌
Hedging ❌
PAMM ❌
Scalping ✔
Accepts US traders ✔
24 hour trading ❌
Swaps ❌
Demo account ✔
Daily analysis ❌
Automated trading ❌
Mobile trading ❌
Trading by phone ❌
1st deposit bonus ❌
Forex contests competitions ❌
Bonuses Promotions ✔
Interest charges on the balance ❌
Free education ❌
Expert advisors ❌
Partnership programs ❌
Trust management ❌
24 hour support ❌

People Also Asked

Is OANDA regulated?
Yes, OANDA is regulated by top-tier regulators, CFTC, DFSA, FSA, IIROC, MAS, NFA inclusive.
Where is OANDA based?
OANDA is based in USA
How does OANDA make money?
OANDA charges a spread between the bid price and ask price. It does NOT charges a commission.
How do I deposit in OANDA account?
With OANDA you can deposit money via the following means; Credit Card, PayPal, Wire Transfer.
How do I withdrawal in OANDA account?
OANDA lets you request a withdrawal of funds from your account via the following means; Credit Card, PayPal, Wire Transfer.
What is the minimum deposit for OANDA?
OANDA has $1 minimum deposit.
What is the max leverage in OANDA?
OANDA has a maximum leverage is 1:50 for professional traders.
Does OANDA use MetaTrader?
OANDA platforms: Yes, OANDA use MetaTrader as well as the following platforms: MT4, Oanda fxTrade
What type of broker is OANDA?
OANDA appears to be a Market Maker, No dealing desk broker which offers market access to a variety of traders.
Does OANDA accept US clients?
Yes, OANDA accept US clients
Does OANDA offers Islamic accounts?
No, OANDA does not offer Islamic accounts
What financial instruments can I trade?
You can trade a wide variety of instruments with OANDA: You can trade a wide variety of instruments with OANDA: N/A

Are you Satisfied with what They Offer?

YES! Grab it!
NO. Show me Alternatives