OANDA is a well-established broker since 1996. OANDA has headquarters in British Virgin Islands, Canada, Germany, Japan, Malta, Poland, Singapore, Switzerland, United Arab Emirates, United Kingdom and United States. They are generally well-suited for OANDA to provide their Forex/CFD trading services to global clients.

This broker has also been regulated by CFTC/NFA 0325821, FCA (UK) 54257, FSA (Japan) 1571, FSC (BVI) SIBA/L/20/1130, Kanto Local Finance Bureau (Japan) 2137, MFSA 18.12.2020, Monetary Authority of Singapore 200704926K and ASIC ABN 26 152 088 349 AFSL No. 412.

In this review, we focused on the services provided by OANDA Singapore, authorised and regulated by Monetary Authority of Singapore, 200704926K. Some features and services may vary depending on where you reside.


Company Information

Website
www.oanda.com

Established
1996

Country
British Virgin Islands, Canada, Germany, Japan, Malta, Poland, Singapore, Switzerland, United Arab Emirates, United Kingdom and United States

Regulation
CFTC/NFA, 0325821
FCA (UK) 54257
FSA (Japan), 1571
FSC (BVI), SIBA/L/20/1130
Kanto Local Finance Bureau (Japan), 2137
MFSA, 18.12.2020
Monetary Authority of Singapore, 200704926K
ASIC, ABN 26 152 088 349, AFSL No. 412

Features

Interest rate on funds

Trading contests

Free education

PAMM accounts

Segregated accounts

Managed accounts

US traders are welcome


Top Quality Broker
Friendly trading conditions and top-tier regulations are the perfect combo when it comes to looking for the best broker. You might want to check here to experience trading with such a broker.

Account Information

Apart from the forex demo account, this broker offers OANDA. To successfully navigate your trading account, you also need to consider about leverage and minimum deposit. Talking about leverage in general, the maximum leverage offered by OANDA is up to 1:20. Meanwhile, you can open an account with a starting capital of $1.

pin

Minimum Deposit

$1

pin

Maximum Leverage

1:20

pin

Spread

Fixed

If you want to look for a more simple explanation regarding this broker's account type(s), take a loot at the following chart:



Minimum Deposit $1

Minimum Position 0.00001 lot

Spread Fixed

Scalping

Expert Advisors

Pending orders

Automated trading

Instruments Traded

Besides lots of currency pair, OANDA also offers some instruments you would like to trade on, such as Forex, Gold & silver, CFD and Cryptocurrencies for your best choice. Somehow, remember that different instrument has different trading conditions. In this case, you have to make sure that your strategy is well suited for the instrument you chose.

As for OANDA account, OANDA specifically provides it with the following instruments and leverage:


Forex

Forex
1:20

Gold & silver

Gold & silver
1:20

Cryptocurrencies

Cryptocurrencies
1:20

Payment Methods

Wire transfer : Wire Transfer is the most commonly used payment method. Nearly all brokers in the world provide this method on their service. The reason is wire transfer is basically traditional transfer between banks in the worldwide. So, this method is guaranteed for its safety. This really helps traders who avoid third-party payments or don't have credit cards.

Skrill : Mostly, all forex brokers provide Skrill as an online payment service option. Fast, easy, and safe transactions are the main reasons why traders using this method. Traders can use Skrill to fund their trading accounts with either payment cards, bank wire transfers, or directly from a Skrill e-wallet account.

PayPal : Online payment was not a thing back in the early 2000s, but PayPal has been in the market since 1999 and thus deserves to be regarded as one of the first e-payment services in the world. The US-based company is popular across many online platforms, including forex brokers.

Neteller : Like PayPal, Neteller is one of the most popular online payment services today. Due to this popularity, nearly all forex brokers accept Neteller as a payment method for their clients' fund deposit and withdrawal. Although the Neteller system is available almost all over the world, it remains particularly popular in Europe.

OANDA also provides payment with Visa, Pay Now, NETS, Master Card, DBS, Cheque and Bank Transfer




Trading Platforms

Trading platform is a tool where you can buy or trade an instrument with only some clicks on your device, anytime and anywhere you want. In addition, price chart is also usually provided with some analytical tools to help you analyze the price movement, so you can increase your profitabiliy by placing well-planned trades.

Hereby, OANDA offers you FxTrade App, MetaTrader 5, Oanda Platform and MetaTrader 4.

Customer Support

Do you have any question or find any trouble related to OANDA? If you do, you should reach OANDA's support to get the information that you need. Here is the detail of the broker's customer support:

Website Languages

Chinese
English
French
German
Italian
Japanese
Korean
Portuguese
Russian
Spanish

Office
Support

Email
Support

Call
Support

Chat
Support

Extensive Review

Traders looking for brokers with accurate precision, OANDA can be an option. That is because OANDA is a broker that provides quotes with 5-digit accuracy and active price movements that follow market developments. Order execution speed is also faster in this broker.

It provides benefits for novice traders, as they can trade with smaller volumes using the calculation system based on currency value, unlike other brokers adopting the lot system.

Founded in 1996, OANDA was built by Dr. Michael Stumm who is a lecturer in Computer Engineering at the University of Toronto, Canada, along with his colleague, Dr. Richard Olsen of The Olsen Ltd., which is one of the leading econometric research institutes. They have a head office in San Francisco, United States.

OANDA branch offices can be found everywhere. Some of these offices are located in the United Kingdom, Singapore, Japan, and Canada. With this number of offices spread, OANDA has increasingly attracted the attention of clients worldwide.

OANDA's company is registered under several well-known jurisdictions in financial trading. They are regulated by CFTC and NFA in the US, FCA in the UK, ASIC in Australia, and many others. Traders do not need to worry anymore about security when trading in OANDA. However, these advantages make trading rules at OANDA more stringent compared to other brokers.

For example, OANDA only allows maximum leverage of 1:20, because the rules in the US and Japan do not allow leverage above that. Besides, the registration procedure is more complex due to various additional requirements that are not submitted by other forex brokers. On top of that, hedging is not allowed in one trading account as the client must open an additional account to hedge.

Nevertheless, OANDA is known for being a leading broker with many advantages offered. OANDA faces increased market risk during periods of price volatility, such as economic and political news announcements. When market spreads increase or decrease, their pricing engine widens or narrows spreads accordingly. That way, traders can get the latest conditions from price movements in the market more quickly.

Prices move very fast in the market. Especially when news releases have a large impact on market volatility. This condition is often exploited by brokers to take advantage of clients with Requotes. However, traders do not need to worry about additional costs when trading with OANDA.

The company never withdraws Requotes so traders can get maximum profit. When traders are unavailable to monitor open positions, they can set take profit orders to lock in profits and Stop Loss orders to help protect against further losses.

As an experienced and well-known online forex broker, OANDA is committed to maintain an efficient trading environment that reduces latency and provid tools to help clients manage the degree of acceptable slippage.

With a fast & reliable trading platform by OANDA, clients' trades are executed in 0.012 seconds. This suits traders who choose brokers based on execution speed.

Because of this exceptional execution service, it is not surprising that OANDA won many awards, including the winner of the world's Best Retail FX Platform at the prestigious e-FX awards. The broker is also voted number 1 for Consistency of filling trades at quoted prices, Execution speed, and Reliability of platforms.

There is no minimum deposit or minimum balance required to open an OANDA account. Deposit and withdrawal can be done easily. OANDA provides a variety of payment method facilities, including Paypal, Wire Transfer, Credit Card, and Debit. Traders can adjust it to the region where they live.

OANDA provides more than 100 trading instruments, including 71 currency pairs, 16 indices, 8 commodities (Brent Crude Oil, Copper, Corn, Natural Gas, Soybeans, Sugar, etc.), 6 Bonds, and 23 Metals.

The fxTrade and MetaTrader platform are available at OANDA. These platforms can be used for Desktop and Mobile. Another plus is they have an OANDA Technical Analysis that exists in collaboration with a technical analysis provider called Autochartist.

With these platforms, clients can monitor price movements easier and automatically recognize patterns created on charts, as well as receive alerts when the awaited patterns appear. Access to this technology can be enjoyed free of charge.

In conclusion, OANDA is an ideal broker for traders in need of fast execution backed by many years of experience. The company is also a good alternative for those looking for a well-regulated broker with flexible trading and deposit conditions.




FAQ About OANDA


Is OANDA a good broker?

A good broker constitutes a good service for traders in terms of many criteria including trading instruments, deposits and withdrawals, as well as customer support. What is good for a certain trader does not necessarily mean the same thing to you. So the term "a good broker" can vary in meaning. You can decide for yourself if OANDA is a good broker for you or not by reviewing the criteria. In general, OANDA provides trading service in Forex , Gold & silver , CFD and Cryptocurrencies . As for the payment methods, you can choose between Visa, Master Card, Neteller, Skrill, Wire transfer, Pay Now, DBS, PayPal, Bank Transfer, NETS and Cheque. The customer support is available via Email, Live chat, Phone and Web form.


What is the minimum deposit for OANDA?

The starting capital in OANDA is $1.


Is OANDA regulated?

OANDA is regulated by CFTC/NFA 0325821, FCA (UK) 54257, FSA (Japan) 1571, FSC (BVI) SIBA/L/20/1130, Kanto Local Finance Bureau (Japan) 2137, MFSA 18.12.2020, Monetary Authority of Singapore 200704926K and ASIC ABN 26 152 088 349 AFSL No. 412. A regulated broker equals a more responsible trading environment. You can also expect a more guaranteed safety of funds as some of regulatory frameworks in the financial industry require a compensation scheme in case of unprecedented incidents that result in clients' financial losses.


Is OANDA legit?

OANDA is a brokerage company offering trading services for clients since 1996 with offices in British Virgin Islands, Canada, Germany, Japan, Malta, Poland, Singapore, Switzerland, United Arab Emirates, United Kingdom and United States.


Give Your Review and Rate This Broker


These aspects are optional but will determine your review's reliablity


100 Reviews

Marlynne
Pakistan May 18 2022
Account Number: (24587xxx)

OANDA is the best broker I've ever know.

Osvaldo Hernandez
Malaysia May 18 2022
Account Number: (64852xxx)

My EA doesn't work very well after some time. So after much consideration, I'll choose another broker. It's exhausting to set up your EA every once in a while but nothing happen.

Joshua Regelio
Taiwan May 18 2022
Account Number: (66548xxx)

My friend recommend me to trade with OANDA. But it turns out that despite this is a good broker, but some of the feature are not for me as a new trader. So it is okay if you want to try it too. Nothing personal. Good, but not for me.

Claudia Gianlucca
Singapore May 18 2022
Account Number: (63248xxx)

I realize half on these commentaries are only half reliable. So I'll take it with a grain of salt.

Vittoria Eleny
Ukraine May 18 2022
Account Number: (54218xxx)

Thank you OANDA for the great experience as a new traders.

Foltest
Nigeria Apr 7 2022
Account Number: (60124xxx)

Good platform, I'm satisfied customers.

Saheed
Malaysia Apr 7 2022
Account Number: (92014xxx)

They are rubbish, y'all regulator must inspect this broker for scam.

Annemieke
France Apr 7 2022

So many bad evidences for this broker yet no clarification from the company.

Maryka
Canada Apr 7 2022
Account Number: (50212xxx)

It actually pretty good, but so many inconvenience happened whe you tried to open position.

Oluwatobi
Nigeria Apr 7 2022

I've tried this broker so you don't have to. Go away, don't trade with this broker.

Jennifer
Germany Apr 6 2022
Account Number: (80214xxx)

I will recommend Oanda to my colleagues so they can try an experience all the good things.

Kelly Anderson
Australia Apr 6 2022
Account Number: (90124xxx)

Oanda is a good broker, but now they have bad slippage and spreads. It makes me as conventional an traditional traders a little bit hard to follow.

Sarah
Turkey Apr 6 2022
Account Number: (62012xxx)

They have wonderful customer service but mostly don’t understand technical issues. Maybe they could training their CS again.

Ayokunle
Taiwan Apr 6 2022
Account Number: (20145xxx)

Good broker. But I wonder why they don’t have fixed spread for indices, since other broker use fixed spread.

Sarauniya
South Africa Apr 6 2022
Account Number: (30214xxx)

Excellent broker thank you.

Maryamu
France Apr 5 2022
Account Number: (60124xxx)

It's useless to set either a stop loss or take profit points if it turns out that the system can't execute something as simple as that.

Rosario
Argentina Apr 5 2022
Account Number: (60124xxx)

Decent trading but huge slippage.

Akachi
Turkey Apr 5 2022
Account Number: (92014xxx)

Could be better on trading condition, but overall I'm happy with them.

Mimosa
Nigeria Apr 5 2022
Account Number: (64785xxx)

App is clean and user friendly.

Terceiro
Turkey Apr 5 2022
Account Number: (62014xxx)

Easy broker. They actually could improve in many factor, esp for withdrawal process.

Fransesca
Pakistan Apr 4 2022
Account Number: (51047xxx)

Recommended for new trader!

Reynaldo
Australia Apr 4 2022
Account Number: (95201xxx)

Technical issues with my EA. For starter they run smoothly but after a few days, they are not working at all. It says incompatible LOL, so I confuse with the days before why it works properly.

Seferino
Switzerland Apr 4 2022
Account Number: (63014xxx)

Nothing bad by all means. But there's other broker that better than Oanda.

Julian
Singapore Apr 4 2022
Account Number: (10234xxx)

I have a feeling that Oanda is actually a market maker. No other explanation that describe their system.

Messiah
Pakistan Apr 4 2022
Account Number: (63201xxx)

I was going to open an account with them (just to see how they compare to other brokers I use) and I could not believe all the personal information they required even for a demo.

Sullivan
South Africa Apr 1 2022
Account Number: (60124xxx)

Better stay out of this broker forever. Not recommended for weak heart.

Madeira
Germany Apr 1 2022
Account Number: (50214xxx)

I just started with Oanda a month ago, so far I'm happy with acc management. I will update later.

Inez
Malaysia Apr 1 2022
Account Number: (20124xxx)

Anyone can't access their account right after you made pretty big deposit? I've tried my password login but they always said that it wrong. I don’t get verification email when I asked to reset password.

Desiderio
Australia Apr 1 2022
Account Number: (63248xxx)

Using Oanda with caution. Sometimes you'll experience bad trading condition, such as loss signal or server, payout problems, slippage, and other things. I really wanted to stay with Oanda, but now I am looking for a new broker. I am just glad that I found out before I invested more money into an account with them.

Jeronimo Fish
Australia Apr 1 2022
Account Number: (63201xxx)

Anyone can't withdraw their profit? This happened to me? I saw some review they have difficulties too. What shoud I do…

Sylvester Santos
Canada Apr 1 2022
Account Number: (34152xxx)

Great broke, good spreads, and amazing order executions. Slippage can be a little bad, but it is nothing worse than anything I have ever tried before. But, I do believe that Oanda should add more instruments to its platform. So far I noticed they only have a handful, this is far beyond any other broker in their class.

Dante Rosas
Malaysia Mar 31 2022
Account Number: (85210xxx)

Good customer service. That's the only one good thing from this broker. That's if you don't ask about your wd process.

Paulina
Taiwan Mar 31 2022
Account Number: (60148xxx)

Unusual big spike for th 1st time, andddddd now I'm upset. I'll think again before using Oanda.

Marco
Switzerland Mar 31 2022
Account Number: (98421xxx)

Bad tampering of the platform when you're using EA. Not recommended.

Rachele
United States Mar 31 2022
Account Number: (10247xxx)

They stop my order when the point is still quite far from my stop loss. This happened quite often and I'm not happy.

Simona
Turkey Mar 31 2022
Account Number: (5247xxx)

I don’t have a lot of expectation since I'm a new trader. So far it's okay, no problem sighted.

Claudette Ordonez
South Africa Mar 30 2022
Account Number: (23142xxx)

Amazing trading platform, I think this is the best one I have yet. It is smooth, easy to understand, very intuitive, and most importantly it does not crash even during news releases. I’ve had no problems with deposits and timely withdrawals. Spreads have been pretty low as well. I think this is a really good broker for new traders because of all the simplicity they offer. You can also learn to practice and improve your risk management using real money. However, I think that their education feature needs to be better in order to support new traders who still have very little knowledge about trading. That being said, I still think that Oanda deserve to get 5 stars.

Rozalind
Australia Mar 30 2022
Account Number: (72516xxx)

Too much slippage OMG, are they gonna rob small trader like me or what?

Willen
United States Mar 30 2022
Account Number: (76283xxx)

Spread not so good, so as new trader, I will stay awal from this broker.

Sharlena
Switzerland Mar 30 2022
Account Number: (67152xxx)

Good broker for professional trader.

Brooklynne
Australia Mar 30 2022
Account Number: (56231xxx)

I see Oanda improving on their system. Hope they can work on slippage and spread too.

Rudolpho
United States Mar 30 2022
Account Number: (43215xxx)

I just join Oanda, so far no problem with withdrawal problems.

Geralynn
Pakistan Mar 29 2022
Account Number: (37893xxx)

Thank you for the review guys. I'm a new trader using OANDA. It looks like I'll just take all of this as practice. My confidence level dropped after reading the other reviews.

 

Dendera
India Mar 29 2022
Account Number: (34890xxx)

Web design too simple, not attractive.

Chafulumisa
United States Mar 29 2022
Account Number: (27857xxx)

Beware with this broker guys, they will trapped you.

Abraxas
France Mar 29 2022
Account Number: (34561xxx)

So complex with so many problems.

Massika
Ukraine Mar 29 2022
Account Number: (54620xxx)

Like the others, OANDA really have a serious slippage problem. If they still doing this, many traders will move to another broker.

Normand
South Africa Mar 28 2022
Account Number: (45162xxx)

OANDA always in my heart.

 

Regina
Argentina Mar 28 2022
Account Number: (90875xxx)

Why deposit and withdrawal process is relatively different even from the same broker? Is it because the region so then can affect the regulatiorn applied?

XxChaexx
India Mar 28 2022
Account Number: (34561xxx)

Good broker, I don’t regret to register in this broker.

Bernhard
Nigeria Mar 28 2022
Account Number: (78634xxx)

I've been using OANDA for some time now. The only complain is their commission is a bit pricey. Overall they have a good trading environment.

Marlisa
South Africa Mar 28 2022
Account Number: (78265xxx)

Bad reviews for OANDA. So many cases trader unable to withdraw. I almost experience that, but fortunately I can avoid it.

Keira Hustler
France Mar 25 2022
Account Number: (20154xxx)

I admit that OANDA is one of the reputable broker in the world. But I'm pretty bumped with their performance this past few months. I haven't traded with any broker in a long time. I used to join OANDA (about 5 years ago). But when I rejoined 3 months ago, I felt for myself that their performance had dropped. Starting from a less dynamic platform, less precise execution, and others.

Samantha Joseph
Malaysia Mar 24 2022
Account Number: (65412xxx)

One of the advantages of trading at OANDA is that the regulations have been recognized in various countries around the world. OANDA's regulations are already top marks. OANDA is regulated by the CFTC, IIROC, FCA, MAS Singapore, and ASIC. So when trading with OANDA, the chances of security are very high because of these regulations. This reduces the burden on the mind when trading and will have a positive psychological effect on traders. There is no need to be upset and imagine the problem of security of funds during trading with OANDA.

Dahlia B
Argentina Mar 23 2022
Account Number: (65741xxx)

I don't know man... To say that they are scammers is a little bit exagerated. But I can't say that they are an honest broker too. On some point, they let you placed you order but sometimes their prices are completely different with other broker.

Westin
Argentina Mar 22 2022
Account Number: (77420xxx)

Overhyped. It's true that OANDA is one of the oldest broker, but it seems like they are less developed with the times. No new breakthroughs have been made. I, as an old OANDA trader, can be said to be quite bored with this lack of innovation.

Frankie Carter
Turkey Mar 22 2022
Account Number: (198213xxx)

I think Oanda is the best broker for new traders with little experience with the markets. They are great to practice and improve your risk management using real money. The reason is that they allow traders to place orders as small as $1 (contract size) in any currency pair. I also love the fact that the Oanda trading platform is integrated with TradingView since I really like the appearances. Unlike MetaTrader, it feels so bright and easy to navigate. That being said, they also have several difficulties as well. For example, their account management site is quite outdated and has a very poor user interface. you need to go through several steps to get a report on daily Profit/Loss. It's really a hassle. I still think they are deserve to be given 4 stars tho.

Genie Rose
Singapore Mar 21 2022
Account Number: (42139xxx)

Good broker, but not to extend I would trade longer with. I have repeated occasion when my order closed automatically. The slippage is frustating too. 3 months tyrading woth OANDA is enough for me.

Billy Jean
Malaysia Mar 18 2022

OANDA's slippage is real you guys. So it's a big red flag from me. I don't care on how good other people say it, but as for me, OANDA is a bad broker. There are many other good broker.

Garry Glover
Argentina Dec 21 2021
Account Number: (35142xxx)

I have been desperately trying to fund my account but it just didn't work. What is wrong with you, Oanda? I have deposited money from the same bank two months ago and it was smooth like a freeway. But now you suddenly said that my bank is the problem. You definitely accepted my money before, even withdrawal was very smooth at the time. Why suddenly changes? The problem is, my bank is the only safe and viable option where I live now. I couldn't trust the other payment options. Besides, if you can't accept it why do you list it as an option??

Ramon Lane
Australia Dec 11 2021
Account Number: (12217xxx)

Withdrawing is really hard with Oanda, I almost couldn't see my own money again. I put an inquiry in order to withdraw my profits, but it took so long for them to process it. It took about two weeks for the money to arrive in my account. That is a really long time, and during that time I have to keep reminding them about it. That's not all, I was trading major pairs, everything went well until they decided to kick me out of the positions. I checked, thinking it must have been my stop loss triggered. But no, it was still far away from my stop loss. They claimed it was a market slippage.

Tomas Bell
Argentina Dec 9 2021
Account Number: (12456xxx)

Several months ago, Oanda suddenly kicked me out of my position without any warning. I was in a good profitable place, it was well above my stop loss. I thought there must be some mistake so I talked to their customer support and I didn't get a clear explanation about why such a thing happened. That is not the only time I had a problem with this broker. Recently, I also find out that Oanda suddenly wiped out my account due to an inactivity fee. It wasn't even that long since I'm not really active, but that is just because I was holding positions, they can well see that I still have an open position. There is no reason to kick me out.

Darell Novak
France Dec 3 2021
Account Number: (12340xxx)

I like them due to their deep market liquidity and competitive spreads, they also have great stable conditions which are perfect for trading. I mostly used their automated trading and it requires backtesting on history. So I need high-quality data and it's available on the website. I find that their features are one of the most affordable among all of the other brokers that I have tried before. One of the reasons because all of their data are available in ticks and I can convert it into different timeframes, so there is no need to pay extra money for data from other vendors. If you need a good broker and high-quality data for testing your algorithms, I think Oanda can be a good go-to broker.

Dean Reid
Singapore Dec 1 2021
Account Number: (23142xxx)

I've only recently had problems with Oanda. You see, several months ago they updated their deposit/withdraw feature in which you must scan your credit card on their website. This is not easy for me to do due to the nature of my phone. The worst thing is my bank changed names and I have to replace the card on file. This means I could not deposit nor withdraw any money until the new card was established. The websites keep refusing to read my cards, I did as instructed by the website.

I think customer service must have a solution to this problem. So I contacted them, nevertheless, the representative continued to repeat everything I did already. After 24 hours nothing happened with my card being updated. I continued to scan and download. This time it worked. But this time I received an email saying that my name did not match the card, which is impossible since I am using the same name. 

Phyliss Greenfield
Singapore Nov 21 2021
Account Number: (34152xxx)

I was trading NZD/CHF with them several days ago. At first, everything was going really great and I was in a profitable position. Because of the nature of my strategy, I don't have to check my charts every so often, so went and do my daily activity as usual. Only checking the positions every once in a while. Suddenly I was out of the market! Oanda kicked me out of it even though I was in a good place and nowhere near loss. The price was nowhere near my stop loss but they stopped me out. When I questioned it, they claimed it was a market slippage that caused it which is fair enough but what annoyed me was taking £18 instead of £11 the agreed stop-loss price.

Cesar Griffin
Nigeria Oct 1 2021
Account Number: (12874xxx)

The FX Trade Charts are fantastic, especially the web trade version. I feel like there are plenty of ways to sets up the charts, and there are lots of indicators, even more than any other broker I have been with before. This is important to me because although I don't use all of the indicators, it's nice to know that we have more choices available. Furthermore, they can be more customized than many other brokers. The platform is very stable and I’ve never had any problems placing or amending orders or closing out trades.

However, I feel like there is still room to improve. For example, I think that customer service needs to have more training before they can start helping clients. Putting cash in is hard work though, with all of my cards being rejected several times. They keep blaming my bank, but I'm sure that is not the case.

Stanley Walton
Argentina Jul 18 2021
Account Number: (34152xxx)

This company takes your money but won't let you withdraw. Here is my story in chronological order:

> Deposited some money through a bank account, very smooth, there is no problems occur at all.

> Opening some traders, also smooth sailing.

> Generate profit, decided to withdraw after it reaches a certain amount.

> Requesting withdrawal but the money doesn't arrive in my account for a week.

> Contacted the customer service, telling me there is some problem with my bank. This is a lie since I withdraw profit from another broker with no problem.

> No updates

Darrell Dunn
France Jul 7 2021
Account Number: (33180xxx)

I am very impressed because Oanda manages to give me super-tight spreads despite there being news releases where markets tend to be extra volatile. Even when I finally generate small amounts of gains, they didn't try to stop me from making withdrawal unlike other brokerages who would make a big fuss out of it.

Domonique Jacks
Australia Apr 24 2021
Account Number: (32156xxx)

I haven't really been active these days, so I haven't checked my account. But I did I was really surprised to find out that Oanda has wiped out almost all of my funds. When I asked them what happened they said it was the 'inactivity fees'. Now, normally I wouldn't be too mad if it's was indeed my fault. But the reason why I am 'not active' is because I was trading long term, I was investing a lot of time in it. They should have a better understanding of what they mean by being inactive. A lot of people hold their positions for a long time, not everyone is a day trader.

Leon Ball
Nigeria Apr 1 2021
Account Number: (11098xxx)

When I first began trading with them in 2018 they were really great and I keep reading wonderful reviews about them. When I began I had a 93% winning streak for 3 months and tripled my money, that's when the problem arrives. It began a day after making my first limited withdrawal. in Oanda, the withdrawal is limited and must be done in increments of $9000. After that moment limit orders were always a Pip away or less even with huge moves. Bids all resulted in instant reversal of the bid. Basically, it feels like they are trying to stop me from being profitable.

Gwen Burns
Australia Mar 29 2021
Account Number: (34152xxx)

If you ask me, I can't recommend this broker because of the bad experience I had with them.  I often see spreads being widened randomly and over the weekends it's absurd considering there is no news release happening during that time. I have been subjected to this several times. Some widening is acceptable but not with a factor of 10-20. That's just unreasonable. I had a limit order that mysteriously disappeared and wrote support about it. The customer support also take a very long time to answer it, in fact, it took 2 days until they answer all my questions. Even then, it's not so helpful. I just got a standard answer about filling out some information

Rex Vaughn
Malaysia Jan 25 2021
Account Number: (23090xxx)

They are generally an okay broker, I'm still indecisive about what I like about them. But there are some aspects that I think they should improve.

1. The tech support does not have a phone call service, which is a shame.

2. The Desktop app is buggy and I keep having problems using it. Not always but it happened more often than I anticipated.

3. deposit and withdrawal can be a hassle sometimes? I don't know.

4. They don’t let you trade stocks, but that is because of US regulations, I guess?

However, I don't know if I should give them 1 star?

Felipe Townsend
Malaysia Jan 20 2021
Account Number: (34152xxx)

The weirdest thing just happened. Suddenly Oanda charged me 10 pips spread, even though there aren't any news releases. I thought the market must have moved for some reason, anomaly does happen after all. So I checked and I was surprised that the spread was NOT 10 pips on the chart, nor on the trade window where you click to open a trade. It wasn't the first time apparently, one of my colleagues also told me that Oanda charged him for 17 pip despite the charts doesn't show it. I understand what "dynamic" spreads are, but dynamic spreads can and should still be transparent. This is real money that we're talking about.

Crystal Casey
Malaysia Dec 3 2020
Account Number: (66011xxx)

I agree that Oanda has one of the best order executions for their MT4 and MT5 account. This kind of consistent speed is pretty rare to find nowadays. There is no mistake that they can keep the speed even though the market is very volatile at the time, but all of my positions were executed precisely. No swap fees, but Oanda does charge interest by the second. So make sure to remember that. I also experienced a spread jump from 1.9-pips for GBPUSD to over 30.0-pips during a high news release. So it's important to always check your positions every once in a while as something like this is prone to happen.

Lael Swenson
United States Nov 10 2020
Account Number: (11098xxx)

Originally came to Oanda because people keep saying that they are a great broker for scalping. In the beginning, it is true, no doubt about it. They do allow scalping. Price-wise they are very affordable, especially in the low spread department. Even their commission is one of the lowest I have ever seen. However, they now apply a new Admin fee to my account, which destroys the purpose of finding an affordable broker for scalping. They are like many others who do not advertise this fee until you open an account. I honestly wouldn't mind paying it if only they told me beforehand. Because I have already created a trading plan which includes how much money I can spend and how much I am willing to pay for the cost. This is not worth it.

Jeremy Sims
Malaysia Sep 19 2020
Account Number: (11092xxx)

I just barely started trading with Oanda, I feel like they are very professional. Really different compared to my old broker that full of problems and delayed order executions. Causing me to lose traders. But with Oanda, all of my trades were executed very quickly. I don't have to worry about it anymore. The customer service is very helpful and I find it great. They asked me for a lot of things that no other broker asked me before, because of US regulations, honestly, I have not made a withdrawal yet but the “withdrawal” option is enabled. I might try to withdraw some money as soon as my profit reaches a certain amount. Wish me luck.

Chacha
Nigeria Jul 22 2020

OANDA offers too little leverage limit. This isn't suitable for small capital traders.

Cooper
India Jul 22 2020

From the first year until now, I trade using OANDA and still consider they are the best and most trusted broker. The lot position offered is flexible and the platform is very user-friendly. However, their spreads on Saturdays and Sundays are quite wide, so I have to trade on weekdays. A little troublesome, anyway, but I've already matched with OANDA.

Rayna Linkous
Germany Jul 20 2020
Account Number: (98097xxx)

Oanda is a great broker with a solid reputation. in fact, I have been staying with them for years to trade small positions, they are the best for it. Oanda was the first retail forex broker that has provided tick data for all currencies. I still trade with them by testing expert advisers on small accounts. There are many features available on the website. If you have a real account, you get access to a huge database of historical prices. I love their automated trading as well since it's really good for backtesting strategy. Definitely recommend, especially for newbies.

Fara
Singapore Jul 8 2020

complex feature on this broker

Johnny Moore
Germany Jun 17 2020
Account Number: (45162xxx)

While I agree that their spread is good, there is something that makes me disappointed in Oanda. For example, their platform is really silly and slow, especially on high volatility. I am a very active trader during news releases, so this has proven to be a huge problem for me. Also, sometimes they stop me out even if my positions are still well above the stop loss point. I don't know if they did it on purpose or was it because of the laggy platform.

Roosevelt Andrews
Australia Jun 6 2020
Account Number: (34152xxx)

It is such a shame that Oanda does not have a way to close your positions when the server is down. All you are left to do is just hopelessly watch as the market goes against you. On the other hand, outside of news event times, you will not have more than a 5 pip slippage for your stops and they have tight spreads.

Theodore Neal
Turkey May 11 2020
Account Number: (22156xxx)

Oanda is a huge company, is such a shame they can't protect their clients from serious slippage and non-executed trades. Oanda told me that they will only guarantee me to fill within that slippage area during normal markets. But it just never happened. Worst of all, no trailing stops available after promising they would add it. At this point I should stop believing what they are telling me.

Vicente McReynolds
India Apr 22 2020
Account Number: (34152xxx)

Their customer service is one of the worst I have ever met. So, I had this small problem where I can't log in to my account from the desktop, but I can through my phone. Since I find it odd, I asked the customer service and they were terrible! I am not exaggerating, I originally very patient with people. The staff that was talking to me seemed to not understand what I'm talking about and why it is such a big problem for me. Overall it feels very unprofesional. Oanda need to train their team better.

Tim Moss
Canada Apr 1 2020
Account Number: (34234xxx)

This is one of the best brokers I have ever tried. First of all, there are many features available on the website. If you have a real account, you get access to a huge database of historical prices. The market depth is really unrivaled to any other broker I have tried before. I really recommend Oanda for all kinds of traders.

Raisa Dooley
France Mar 31 2020
Account Number: (35162xxx)

I have been using Oanda apps for at least three months now and there is a reason why I don't think I want to continue trading with them. First of all the app was super laggy, it is really annoying when you want to place a position. It took a long time just to open the charts, how am I supposed to build my strategy if I can't even see the charts? I can understand if it's happened once in a while or even during news releases. But this happens more often than I wish it would. I had to switch strategies because of this, then I became quite successful. But then Oanda closed my positions without any notice at all! I ask them through live chat and they said it's their right to do so! They didn't even bother to give me explanations. Truly the best broker of the century.

Johnnie Frazier
Nigeria Oct 11 2019
Account Number: (35120xxx)

Why are you keep rejecting my deposits? I have been trying to put my money since August, and it is October and I still haven't been able to deposit any money into my account. I did all the registrations, and I have tried all payment options that are available in my country and it is still not successful. I talked with the support team and they keep telling me to wait. Other times they blamed the bank. I've rung them every two weeks trying to sort it but all I ever get is "We'll forward this on to our verification department". I am really close to giving up, and I was very persistent about it.

Byron Gill
Switzerland Oct 10 2019
Account Number: (45361xxx)

Oanda is a good honest company and I actually recommend them. But there are a few things that you need to be aware of before you even start trading. For example, If you are an active trader during peak hours then perhaps a huge spread can be a problem. However, this is not a deal-breaker for me, after all, this also happens to all brokers. Risk and money management are keys to booking profits and cutting losses.

Velma Tran
Germany Aug 19 2019
Account Number: (89123xxx)

While I think that Oanda has been very successful in creating the best trading conditions, there is some room for improvement. The support system has really nice staff that answer quickly no matter what do you ask. But, this should be accompanied by enough knowledge regarding the situations. It feels like they are answering as fast as they can, simply to answer questions. Although in the end they really do provide solutions, it would be nice if they can be more reliable early on. 

The deposit can be really hard, don't you guys want me to trade? All of my cards being rejected several times. They blamed my bank but I was able to make a deposit with the same card in another broker. So I'm not sure that my bank is the problem here. Maybe suggest a better deposit method? I would be happy to change it as long as its a viable option for me.

Shawna Reese
Nigeria Aug 18 2019
Account Number: (66172xxx)

I find it odd that Oanda accepted a deposit from my bank but REFUSES to allow me to withdraw funds. Why would they accept money from my bank but can't transfer it to them? It's ridiculous! Very, Very, Very upset over the inability to withdraw funds. Not to mention the transaction fees I get when I first deposits is really high, which is around $20.  Debit cards cannot exceed the amount deposited. Yes, they allow you to switch to another platform for withdrawing, but it takes FOREVER. I just want my money, why is that so hard to do?

Tamie Beasley
Turkey Jul 18 2019
Account Number: (23142xxx)

Oanda is a good broker, I'll give them that. But their platform user interface is TERRIBLE! When I say that I don't mean that the platform is ugly and not up to my liking. It is very glitchy and very laggy. It's really disrupting the trading process. I always have spyware and adware every time the software opens because I scan my computer after I close it out with spy doctor. I can't believe this is the quality I have. It always closes out on its own and this is VERY annoying.

Raymond Tyler
Nigeria Jun 3 2019
Account Number: (23890xxx)

The order executions in Oanda is insane, I think it's one of the best brokers I have ever tried (in terms of executions). I use MT4 and I have been very satisfied. Even better, they have no swap fees, but Oanda does charge interest by the second. Spreads is good, but sometimes it can jump from 1.9-pips for GBPUSD to over 30.0-pips (as far as I know, I haven't checked other pairs). Oanda accepted a deposit from my bank but wont to allow me to withdraw funds. I don't understand why they can't let me withdraw if they can accept my deposit from the same bank?

Randal Hanson
Australia May 22 2019
Account Number: (43516xxx)

I think that Oanda has one of the best platforms out there, however it is not perfect. There are two things that I believe need urgent improvement. One is the open position on the chart and the other one is able to hedge trade on the open position. However, their CMS-free technical trading systems are good for beginners and hedge trade on open positions without any extra margin.

Chris Doyle
Nigeria Apr 9 2019
Account Number: (251735xxx)

Well, I guess I'm not going to trade with Oanda anymore. They used to be so good and honest, but now they have changed and be like other brokers. Now, they have awful charts that are very jumpy and disrupt my strategy and analysis. They don't have trailing stops, instruments are really limited and generally awful. Worst of all, very poor technical support. How can one get a trading experience with such a company.

Kirk Murray
Canada Apr 6 2019
Account Number: (32516xxx)

This is a really good broker for commodity trading, especially Oil. They are one of the few where you can place orders as small as $1 (contract size) in any currency pair or 1 barrel of oil. This is lower than most exchanges where you need a minimum of $10,000 in currency pair contracts. I also find their Trading platform really good since it is integrated with the TradingView. It also allows you to you can trade directly from the charts for more accurate positioning. The same thing can't be said for the trading account sadly, it is very outdated and boring. But I guess you can't win every battle.

Margie Holmes
Ukraine Nov 10 2018
Account Number: (35412xxx)

In the beginning, it was really good. My deposit went very smoothly and there are no problems that occurred during this process. My funds appear almost instantly in my trading account. Even when I'm trading, everything seems to go very well and hassle-free. I think I must have found a reliable broker. But, sadly the problem arises when I'm trying to withdraw my money. They just won't let me get my own money. I tried to ring the person who originally phoned me from Oanda some time ago. Only to find the number is not valid anymore. A tip, you might want to file a small claim against them and report to the FCA if you experience this.

Alfonso Fleming
Switzerland Sep 20 2018
Account Number: (34152xxx)

Terrible! Here are the reasons why I decided to close my account in Oanda and noped out.

1. If you don't pay close attention to your positions, they can empty your account in no time for 'inactivity fee'

2. Terrible platforms! It's really buggy, laggy, and there are a lot of malware

3. Order executions get delayed

4. Customer supports is terible

Hui Low
Argentina Sep 20 2018
Account Number: (21346xxx)

I notice that most comments here are talking about their spreads and customer service. While I agree that it is remarkable, there are other aspects that separate Oanda from other brokers. I think that their API is the best in its class, I truly think that this is one of the best of all brokers I have tried in the past 5 years. Furthermore, they also offer free FIX connectivity, plus a Java API, and MT4 support. They also have top notch IMO on top of that. However, I feel like their withdrawal is a little bit of a letdown, but that is okay. It's not like they kept my money forever, it just took a really long time. This is something they can fix in the near future.

Luis Collins
Singapore Jun 16 2018
Account Number: (33142xxx)

At first, they will lure you in, pretending to be a great broker. And for a while they are, they have great spreads that stay consistent despite the market's condition. Even the order executions process was super smooth and quick. When I started, everything was perfect and suddenly the problems began. That sudden change occurred after I made profits several times. Suddenly their 'perfect' order executions change, it starts with a delay then they just don't execute my order. I thought something was wrong with my desktop, reloaded it and the pause was fatal for my deals. I ask them what is happening but they didn't give me a good answer. It's such a pity, they have all the potential of being one of the most innovative brokers, but they choose not to.

America Rivers
South Africa Jun 1 2018
Account Number: (11092xxx)

So I made an account in Oanda and to apply I am required to give my contact information which is normal. This also happens in a lot of brokerages. I was also required to give my phone number and again I think this is normal. I have applied in a lot of brokerages so it's fine, I know the drill. I give them my real phone number because I know that they will send me the OTP number. But, as soon as I applied I received a lot of phone calls from unknown numbers. I mean A LOT! I got spam calls from different countries. I don't know if they are selling your number to a third party or it was their marketing trying to sell you something. But it is annoying!