OANDA Review 2024 | Is OANDA a Scam or Legit Forex Broker?
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2.8 / 5

Rating breakdown

Ease of Use
Tradable Assets
Deposit and withdrawal
Trading Fees

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?

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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


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.

Broker's Features OANDA Availability
Accepts US traders
24 hour trading
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

Latest News

oanda default news image
OANDA’s Prop Trading Platform Allows Buying Challenges with Crypto

OANDA’s proprietary trading platform, OANDA Prop Trader, has introduced cryptocurrency payments for its trading challenges. Traders can now use about two dozen cryptocurrencies, including major ones like Bitcoin, Ethereum, Litecoin, Binance Coin, and stablecoins such as TUSD, USDC, and USDT. Additionally, meme coins like DOGE and SHIB are accepted. Lucian Laureman, Head of Digital Assets and Deputy COO at OANDA, stated, “We're adding crypto as a ... 

payment method in response to rising global demand. This move opens new doors for tech-driven consumers who want to leverage the digital economy in prop trading.”

Tuesday 16 July, 2024

oanda default news image
OANDA put up for sale by CVC Capital

OANDA, a significant player in the forex and CFDs brokerage industry, is reportedly up for sale. The Amsterdam-listed buyout firm CVC Capital Partners, which acquired OANDA in 2018, has hired bankers at Nomura and Santander to market the sale, ... 

according to Sky News. While official updates are pending, the deal's terms and financial details remain undisclosed.

Monday 15 July, 2024

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

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