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OANDA Review 2024

Written by
Fact-checked by Steven Hatzakis, Joey Shadeck
Edited by Jeff Anberg

May 03, 2024

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 73.5% of retail CFD accounts lose money. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Based on our research and analysis, OANDA stands out as a strong candidate for forex and CFD traders seeking a well-rounded platform. With a commendable overall endorsement, this broker offers a reliable trading environment complemented by an impressive array of educational resources.

Overall Rating

8.5 / 10

Minimum Deposit


Trust Score info

Highly Trusted

Pros and Cons

thumb_up_off_alt Pros

  • Comprehensive Platforms: Offers a proprietary platform along with MetaTrader 4 and 5.
  • Robust Education: Features both advanced and beginner videos, catering to all levels of traders.
  • Mobile Trading: Highly recommended mobile apps enhance trading flexibility.
  • Regulatory Trust: High trust score and regulation across major financial markets.

thumb_down_off_alt Cons

  • Higher Spreads: The average spread on EUR/USD is 1.57, which is higher than the industry average.
  • Average Investment Offerings: The overall investment offerings are rather limited compared to competitors.

Ratings Summary

  • Investment Types - 6.5/10
  • Commissions & Fees - 7.5/10
  • Trading platforms - 8.0/10
  • Research - 10/10
  • Mobile Apps - 9.0/10
  • Education - 7.5/10
  • Overall - 8.5/10

Can I trust OANDA?

We can confidently recommend OANDA as a trustworthy broker. It is regulated by an impressive seven top-tier authorities including ASIC, MiFID, and the FCA, although it is not publicly traded. With a high Trust Score of 93, it ranks as "Highly Trusted," according to the forex industry research from

OANDA is currently licensed and/or authorised by the following regulatory bodies:

Is OANDA good for beginners?

For new traders, OANDA is a fantastic choice. The broker's dedication to education is evident through its offerings of both beginner and advanced videos, and it's rated highly for education and beginners. There is also no minimum trade size - you can trade as little as 1 unit of currency - making OANDA ideal for those testing trading strategies with a small deposit. These features make it ideal for novice traders looking to expand their knowledge and skills.

Feature OANDA logoOANDA
Education (Forex or CFDs) info Yes
Client Webinars info Yes
Videos - Beginner Trading Videos info Yes
Videos - Advanced Trading Videos info Yes
Investor Dictionary (Glossary) info Yes

OANDA commissions and fees summary

While our assessment shows that OANDA's fees are average, its lack of a minimum deposit and the offering of active trader discounts make it a viable option for many traders. The spread on the EUR/USD pair, although higher than the industry average of 1.08, is accompanied by comprehensive service and platform access.

Feature OANDA logoOANDA
Minimum Deposit info $0
Average Spread EUR/USD - Mini info 1.57 info
Average Spread EUR/USD - Standard info 1.57 info
All-in Cost EUR/USD - Active info 1.57 info
Active Trader or VIP Discounts info Yes info

OANDA trading platforms and tools

tips_and_updates Did you know? Trading platforms comparison

Of the 60+ brokers reviewed on BrokerNotes, 64% offer a proprietary platform, 100% offer a web platform, 91% offer a desktop platform, 11% offer cTrader, 14% offer ZuluTrade, 81% offer MetaTrader 4, and 64% offer MetaTrader 5.

OANDA provides a diverse selection of trading platforms and tools. With a strong recommendation for its platforms and tools, traders can benefit from both MetaTrader 4 and 5 and a proprietary platform designed to cater to various trading needs.

Trading platforms offered: OANDA offers MetaTrader 4, MetaTrader 5, and a proprietary platform.

Trading tools: OANDA includes various trading tools to assist in market analysis and trade execution. This includes multiple charting platforms like TradingView, NinjaTrader, MultiCharts, and MotiveWave.

Copy trading: Yes, copy trading is available, enhancing flexibility for various trading strategies.

Feature OANDA logoOANDA
Virtual Trading (Demo) info Yes
Proprietary Platform info Yes
Desktop Platform (Windows) info Yes
Web Platform info Yes
MetaTrader 4 (MT4) info Yes
MetaTrader 5 (MT5) info Yes info
DupliTrade info No

OANDA trading platform screenshots

Mobile trading apps at OANDA

OANDA offers excellent mobile trading applications, providing a robust and responsive trading experience on the go, suitable for traders who prefer accessibility and convenience.

Feature OANDA logoOANDA
Android App info Yes
Apple iOS App info Yes
Mobile Economic Calendar info Yes
Mobile Alerts - Basic Fields info Yes
Mobile Charting - Draw Trendlines info Yes
Mobile Watchlist info Yes

OANDA mobile app screenshots

How do I open an account with OANDA?

  1. Visit the OANDA website and click on the 'Open an Account' button.
  2. Complete the registration form with your personal details.
  3. Verify your identity by uploading the required documentation.
  4. Fund your account using one of the supported methods.
  5. Begin trading after your account is activated.

What can I trade at OANDA?

OANDA offers a range of trading options, including 71 forex pairs and 1,744 tradeable symbols, which is less than the industry average of 3,623 symbols. This provides a decent variety, though it may be less appealing to traders looking for extensive market coverage.

Feature OANDA logoOANDA
Tradeable Symbols (Total) info 1744 info
Forex Pairs (Total) info 71
Social Trading / Copy Trading info Yes info
Cryptocurrency (Physical) info Yes
Cryptocurrency (Derivative) info Yes info
Spread Betting info Yes

OANDA research screenshots

Account funding at OANDA

OANDA supports a variety of funding methods, including bank wires, credit cards, and several eWallets like PayPal, Skrill, and Neteller, accommodating a wide range of payment preferences for its users.

Feature OANDA logoOANDA
Visa/Mastercard (Credit/Debit) info Yes
Bank Wire (Deposit/Withdraw) info Yes
PayPal (Deposit/Withdraw) info Yes info
Skrill (Deposit/Withdraw) info Yes info
Neteller (Deposit/Withdraw) info Yes


OANDA, founded in 1996, is a well-established online broker specializing in forex and CFD trading. It has built a reputation for innovative technology and transparency, regulated by several top-tier financial authorities. As a leader in the industry, OANDA continues to expand its services and platform features to meet the dynamic needs of traders around the globe.

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At, our data-driven online broker reviews are based on our extensive testing of brokers, platforms, products, technologies, and third-party trading tools. Our product testing extends to the quality and availability of educational content, market research resources, and the accessibility and capabilities of mobile platforms and trading apps. We also dive into each broker’s trading costs, such as VIP rebates, inactivity fees, custody fees, bid/ask spreads, and other fee-based data points.

Steven Hatzakis, an industry veteran with decades of experience in the forex market, leads the BrokerNotes research team. All BrokerNotes content is researched, fact-checked, and edited by the research team.

All websites and web-based platforms are tested using the latest version of the Google Chrome browser. Our Desktop PCs run Windows 11, and we use MacBook Pro laptops running the latest version of macOS to test trading on the go. We test mobile apps and products using iPhones running iOS 17 and Samsung devices running Android OS 14.

Note: The online brokers on our site provide the ability to trade forex in one or more ways, such as non-deliverable spot forex (i.e., rolling spot contracts), contracts for difference (CFD), or other derivatives such as futures. The availability of specific markets or features will depend on your country of residence and the broker's applicable brand or entity that services your account(s).

AI disclaimer

We use proprietary AI technology to assist in some aspects of our content production. However, our scores, ratings, and rankings of online brokers are based on our in-depth product testing and thousands of hand-collected data points. Learn more about our AI Policy and How We Test.

Forex Risk Disclaimer

There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses. Learn more about foreign exchange risk.

About the Editorial Team provides unbiased forex broker reviews and ratings to help traders and investors find the best broker for their needs. All content is researched, fact-checked, and edited by our research team and all ratings and rankings are based on the team’s in-depth product testing.

Steven Hatzakis
Steven Hatzakis

Steven Hatzakis is the Global Director of Research for and Steven previously served as an Editor for Finance Magnates, where he authored over 1,000 published articles about the online finance industry. A forex industry expert and an active fintech and crypto researcher, Steven advises blockchain companies at the board level and holds a Series III license in the U.S. as a Commodity Trading Advisor (CTA).

Joey Shadeck
Joey Shadeck

Joey Shadeck is the Content Strategist and Research Analyst for and He holds dual degrees in Finance and Marketing from Oakland University, and has been an active trader and investor for close to ten years. An industry veteran, Joey obtains and verifies data, conducts research, and analyzes and validates our content.

Jeff Anberg
Jeff Anberg

Jeff Anberg is a Staff Editor at and Along with years of experience in media distribution at a global newsroom, Jeff has a versatile knowledge base encompassing the technology and financial markets. He is a long-time active investor and engages in research on emerging markets like cryptocurrency. Jeff holds a Bachelor’s Degree in English Literature with a minor in Philosophy from San Francisco State University.