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Luis Clark
Luis is a personal finance expert who has been passionate and writing about crypto for more than five years.
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    5. Oanda Review 2024: Features,...

    Oanda Review 2024: Features, Pros & Cons

    oanda review

    Oanda Review: Our Opinion

    Oanda is a well-regulated Forex and CFD provider with a great reputation among traders and especially institutional clients. The cryptocurrency CFD trading platform is regulated by various financial authorities across the globe including the Financial Conduct Authority of the United Kingdom, the Financial Industry Regulatory Authority (FINRA) in the United States, and the Australian Securities and Investments Commission (ASIC). 

    Oanda offers a large selection of trading instruments such as Forex but just over 10 crypto CFDs. It also supports popular trading platforms like MetaTrader 4 and MetaTrader 5. 

    However, Oanda has comparetively high spreads on common currency pairs like the EUR/USD, which may discourage advanced traders. 

    In general, Oanda is a solid option for users looking for a reputable and trustworthy platform.

    Oanda Logo 267x150
    Out of 5
    0
    4.2/5

    Important Risk Warning: Investing in and/or trading CFDs, financial instruments, commodities, and other assets involves a significant level of risk. There is a possibility of losing all the funds you have deposited. Prior to engaging in any such activity, it is essential that you fully understand and acknowledge the associated risks. Please be advised that Skrumble.com does not offer investment or any other form of advice. The information provided in our review should not be construed as financial advice in any way.

    An Overview of Oanda

    oanda review homepage

    Tagged a global financial technology company, Oanda provides global markets information services, crypto CFD trading, and Forex trading instruments. 

    Oanda was co-founded in 1996 by Dr. Stumm and Dr. Olsen (computer scientist and economist respectively) and it is headquartered in New York, the United States. 

    Gavin Bambury is the current CEO of Oanda.

    The company is well respected in the Foreign Exchange industry and has been featured in top-tier publications such as the New York Times, Forbes, and the Wall Street Journal. 

    Oanda has also won various awards like the 2021 TradingView award for the most popular Forex trading platform. It also won the 2018 e-FX awards for best retail investor accounts Forex broker. 

    It is regulated in the United States, the United Kingdom, and Australia.

    Pros

    Cons

    Key Features of Oanda

    Demo Account

    oanda demo account

    Oanda offers a demo account to users who wish to back-test or perfect their trading strategies before executing them in the actual market. 

    The demo mode simulates the live market (the price feeds in the demo mode are the same as the price feed for live accounts), this creates a realistic trading experience for users. That said, the pricing in the demo mode may, however, be delayed for some instruments. 

    The demo mode does not expire, it can be used for as long as the user needs to. But MT4 sub-accounts are closed after 90 days of inactivity. Once an MT4 sub-account is closed, it cannot be reopened. 

    Oanda users can access the demo mode using their demo credentials. 

    Users who have a demo account will need to register for a separate live account via the website to access the live account. 

    Oanda does not allow users to convert a demo account into a live account. 

    Trading in the demo demo is only with virtual currency and all profit made while trading in the demo mode cannot be withdrawn. 

    You cannot add real money to the account to start trading with actual funds, you need to create a live account. 

    You can, however, add additional virtual funds once you exhaust the initial demo funds. To add extra funds, sign in to your account and click on “Deposit”. 

    Select a sub-account from the deposit to list. 

    Next, go to the Select payment method list and click “Add virtual Funds”. 

    Oanda supports hedging in the demo mode. The hedging feature is not enabled by default, you will need to create an additional sub-account with hedging enabled to access the feature.

    Oanda Currency Converter

    currency converter oanda

    The Oanda Currency Converter allows users to check the latest foreign exchange rates (bid/ask) and convert all major world currencies. This feature is used by institutional investors, companies, accounting firms, etc. globally.

    The Currency Converter supports about 212 currencies. It supports 9 languages including Portuguese, Chinese, Russian, French, Spanish, Japanese, English, Italian, and German. 

    The rates for the Currency Converter are exchange rates compiled from leading market data contributors. 

    Oanda offers a money conversion service in partnership with Shift, with global money transfers tailored to meet the FX payment needs of users. 

    The Currency Converter is easy to use. To convert currencies, all you need to do is to type the following into the relevant field: currency names, 3-letter ISO currency symbols, or simply input the country names to select the currency. 

    The Oanda Currency Converter does not just provide real-time exchange rates, it also gives users access to currency exchange rates dating as far back as January 1990. That’s 31 years of rates for over 200 currencies, commodities, and precious metals as well as historical data for over 38,000 Forex pairs

    Users can also convert precious metals or obsolete currencies with the currency converter. 

    Oanda has direct access to real-time FX rates which are used by major cooperation, individuals, auditing firms, and tax authorities around the world.

    Oanda Exchange Rates API

    exchange rates api

    The Oanda Exchange Rate API is an HTTP API that gives users access to Oanda’s real-time, daily exchange rate days. With the API, business owners can programmatically request rates that they can process and save in a format that works for their organization. 

    The exchange rates API automatically provides data on over 200 currencies with access to 25 central bank exchange rates. 

    The API also automatically delivers daily averages, tick-level, real-time (spot) forward rates, etc. into the TMS, ERP, website, app, and digital product of clients. 

    Developers can select from Oanda’s pre-built integrations and connections that can be used almost immediately or they can build their API integration. 

    The API can easily be integrated into any system, application, or software. 

    Oanda provides integration documentation as well as sample code and a handy guide that can help developers integrate the API into their platforms. 

    Oanda offers a 7-day free trial for the Exchange Rates API. The free trial gives users access to unlimited free quotes. Users can also choose an API package that suits their FX data needs. 

    With the free trial, developers can test various currency pairs and outputs using the interactive API documentation page. 

    Oanda offers flexible API pricing plans. The plans start from $4,500 per year. As already stated, users can choose a customized plan that is tailored to suit their needs. 

    Oanda partners with accounting software providers, ERPs, treasury management systems, and integration platforms to make the installation of the Exchange Rates API seamless and efficient. 

    Users can easily connect their ERP systems with Oanda using the pre-built integrations which allows users to use pre-built interfaces. 

    All you need to do is to enter your API key in the ERP system and define a schedule for your updates. Once this is done, your ERP will start receiving rates from Oanda for system-wide use. 

    The exchange rates provided by the API are averages from the global foreign exchange market and are gathered from frequently updated sources including leading market data vendors, contributing financial institutions, and Oanda’s FX trade currency trading platforms. 

    In addition, the rates are based on thousands of different price points that are collected every tick, every second, 24 hours a day, and 365 days a year. 

    Once the rates are collected, it is validated by Oanda’s state-of-the-art technology which uses algorithms to detect and filter anomalies. 

    The system calculates the average of all data collected over 24 hours and makes it available to customers. That said, the rates displayed on Oanda may vary from other sources, this is due to several reasons, one of which is the source of the rate. 

    Oanda derives its FX rates by constantly updating several sources. Since Forex is an over-the-counter market, it means that OTC contracts are not executed or cleared on a central exchange. This means the source and quality of Forex rates can vary between data providers. Oanda’s rates may differ from that of other data providers if the providers make use of a single source or non-tradeable rates. 

    The exchange rate data for the API is updated at 00:00 UTC. That said, Oanda offers 96 fixings points daily. This allows users to customize their reporting period. 

    Authentication with an API key is required for users to access all of Oanda’s API endpoints.

    Depending on the plans chosen, some subscription plans have quote limits. The limits are applied to the number of quotes returned by the rates endpoints, limits are not applied to the number of API requests made. 

    Oanda does not count requests made to other endpoints such as the remaining quotes and currencies endpoints against a user’s quote limit. But access to this will be blocked once the quote limit is reached. 

    Users can view the number of quotes they have remaining for each period by checking the rates endpoint response header or by counting the Remaining Quotes endpoint.

    Oanda Mobile App

    The Oanda mobile app allows users to trade and manage their portfolios on the go. The Trade App is fully customizable and compatible with both iOS and Android devices. It also works perfectly with MetaTrader 5. 

    The app has a one-key login feature that allows users to access all their accounts using one key login, without having to log in and out.

    Once the app is installed, all you need to do is click the one-key login button and log in with your Oanda credentials. This will open a page showing you all your accounts.

    With the mobile app, you can browse thousands of instruments available, set risk and profit parameters on your order ticket, look for high probability set iOS, and watch the chart when you place trades. 

    The app supports the trading of major and minor Forex pairs including the most traded pairs AUD/USD, EUR/USD, GBP/USD, USD/JPY, and USD/CAD starting at 0.0 pips. 

    It has a customizable interface that allows you to personalize your default parameters to suit your needs. 

    The platforms can be customized to receive notifications, monitor account profitability in real-time, control risks, and manage positions.

    You can add funds to your accounts through the mobile app and also place market orders directly through charts with just a few clicks. You can set up pending orders and see the potential profit or loss impact the order will have on your accounts. 

    The Oanda mobile app offers over 50 technical tools, this includes 11 drawing tools, 32 overlay indicators, and 9 chart types. It also grants you access to global news feeds like Dow Jones and Oanda MarketPulse as well as Oanda’s market events Calendar.

    Oanda Review: Cryptocurrencies Available and Other Assets on Oanda

    cryptocurrencies list oanda

    Oanda supports the trading of 13 popular cryptocurrency CFDs. Available crypto CFDs include Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Chainlink, EOS, Binance Coin, Stellar, Dogecoin, Uniswap, Tezos, Cardano, and Polkadot. 

    Oanda also offers hundreds of CFD instruments including shares, Forex pairs, indices, metals, and commodities.

    Oanda Review: Fees and Spreads

    Oanda charges several fees depending on the action you take on the Forex trading platform. 

    Deposit Fees 

    Oanda does not charge fees for the receipt of deposits via any payment method. That said, your card issuer or payment provider can charge you a fee for processing transactions.  

    Withdrawal Fees

    Oanda does not charge fees for withdrawing your funds via credit card or debit card. However, the platform charges a $20 transaction fee for bank wire transfers. You’ll also be charged by your payment processor.

    Overnight Financing Charges 

    Like most Forex brokers, Oanda charges overnight financing fees on open positions at the end of each trading day (5 pm ET). The fees charged depend on the size of the position and whether you’re holding a buy/long position or a short/sell position. This financing charge or credit takes into account Oanda’s admin fee, which is up to 2% of the position size. 

    For cryptocurrency CFDs, charges for various position types are:

    • Long positions = – 25% – SOFR
    • Short positions = – 25% + SOFR

    Trading Pair Pricing (Commission+Core Pricing vs Spread Only)

    • AUD/USD has a spread of 1.1 and core pricing of 0.4
    • EUR/GBP has a spread of 1.1 and vote pricing of 0.2
    • EUR/JPY has a spread of 1.2 and core pricing of 0.1
    • EUR/USD has a spread of 0.8 and core pricing of 0.1
    • GBP/JPY has a spread of 1.1* and core pricing of 0.3
    • GBP/USD has a spread of 1.1 and pricing of 0.1
    • NZD/USD has a spread of 1.2 and core pricing of 0.5
    • USD/CAD has a spread of 1.2 and core pricing of 0.1
    • USD/CHF has a spread of 1.1 and core pricing of 0.1
    • USD/JPY has a spread of 1.1 and core pricing of 0.1

    It’s important to note that there is a 0.5 reduction of the live spread when your trading size is less than 50,000 units.

    Oanda Review: Payment Methods

    Oanda offers more than 3 deposit methods for trading CFDs and opening retail investor accounts:

    Credit Card and Debit Card

    This payment method is best for initial account opening deposits and is processed in CZK, EUR, USD, and GBP. It offers instant payments with a minimum deposit option of 25 EUR/GBP/USD or 50p CZK. The maximum amount you can deposit via the credit and debit card payment method on the trading platform is 50,000 EUR. 

    It is important to note that Oanda only accepts payments made with debit or credit cards issued in your registered first and last name on the trading platform as an account holder. 

    Payments made in accounts not in your name will be rented automatically and the funds will be sent back to your card. 

    Also, there are no fees for credit card deposits on cryptocurrency CFD trading accounts. But conversion costs may occur if you’re pushing with a card denominated in another currency from your account on the trading platform. 

    Bank Transfer

    This deposit option is denominated in GBP, EUR, CZK, and USD and takes up to 3 business days to reflect in your account. It does not have a maximum amount. 

    Under this payment method, bank transfers under Trustly are processed in EUR with instant deposits and a minimum deposit of 25 EUR

    Alternative Payment Methods

    Crypto investors testing in Africa, South East Asia, and Latin America can fund their accounts for Crypto CFD trading via local online/mobile bank transfer and e-wallet methods. 

    Neteller and Skrill

    Oanda allows Forex traders to fund their trading account via Neteller and Skrill with up to 1 business day as the processing time.

    Oanda Review: Security

    Oanda is a regulated broker, it is not publicly traded and does not operate a bank. 

    It ensures the security and privacy of customers using the latest industry best practices and AI-powered security technologies. 

    Users accounts are protected with two-factor authentication, this protects the accounts and funds from being accessed by unauthorized third parties. 

    Oanda also ensures the security of users’ assets by partnering with multiple industry-leading security firms and conducting round-the-clock monitoring via its security operations center using an internal security team. 

    It also holds industry-standard certifications and adheres to stringent regulatory expectations. 

    Users can report security issues with any of Oanda’s platforms or products via its HackerOne page. 

    Oanda has an ethical disclosure program and guidelines for conducting security analysis and reporting any security issues. 

    Members of the ethical disclosure program are expected to keep any information about a suspected or resolved security issue that was discovered between themselves and Oanda until Oanda provides consent for the information to be shared.

    Oanda Review: Supported Countries

    Oanda is a global broker, with a presence in over 196 countries. Supported countries include the United States of America, the United Kingdom, Australia, Canada, Japan, Singapore, Poland, Spain, France, Germany, Italy, The Netherlands, Cyprus, Austria, Denmark, Ukraine, Malta, Latvia, South Africa, Mexico, Nigeria, Venezuela, etc.

    Licenses held by Oanda

    Oanda is regulated and licensed by seven Tier-1 regulators. This includes the Australian Securities and Investments Commission (ASIC), the Monetary Authority of Singapore ( MAS), the Commodity Futures Trading Commission (CTFC), the Investment Industry Regulatory Organization of Canada (IIROC), the European Union via MiFID, the Financial Conduct Authority (FCA).

    OANDA Asia Pacific Pte is regulated by the Japanese Financial Services Authority (JFSA). 

    OANDA Global Markets Ltd is registered in the British Virgin Islands and regulated by the BVI Financial Services Commission. 

    Oanda Cooperation is a member of the National Futures Association and is subject to NFA’s examination and regulatory oversight. 

    It is also registered as a Futures Commission Merchant and Retail Foreign Exchange Dealer with the Commodities Futures Trading Commission.

    Oanda Review: Opening an Oanda Account

    oanda open account

    To open an Oanda account, go to the official website: https://www.oanda.com/ and click “Start Trading” at the upper right corner of the page or “Create Account” on the main page. 

    On the next page, you’ll be asked if you reside in the country you logged in from. Choose “Yes” or “No” depending on your current situation. 

    Go over the terms of agreement displayed below and then hit “Confirm and Continue” to go to the next page.

    Once there, enter your username and email address, and then select a strong password. 

    Next, set up your security question, which you’ll need to use in the event you want to reset your password. 

    Click “Confirm and Continue”.

    Enter your details like your first and last name, mobile number, date of birth, and insurance number if required. 

    Next, hit “Confirm and Continue”. 

    Input your residential address. You can do so by entering the first line of your address and it’ll show up automatically. 

    You’ll need to also provide details about your employment. This includes your job title, annual income, employment status, and the source of the funds to be deposited in your trading account. 

    Click “Continue”. 

    Enter information about your experience trading crypto CFDs, Forex trades, etc. This will help the trading platform align your experience with your expertise. 

    On the next screen, you’ll need to answer a quiz consisting of 9 questions about trading. The purpose of this quiz is to ensure that you have adequate knowledge to begin trading cryptocurrency CFDs. 

    Once you’re done, wait till the trading platform reviews your details, which typically takes a couple of seconds. 

    Oanda will request that you check your details again and ensure that the information provided is correct and matches your national identity document (passport or national ID card). 

    Click “Confirm and Confirm”. 

    Next, upload the documents requested for Proof of Identity, which can be your Driver’s License, Passport, or Photo ID. 

    After uploading it, hit “Confirm and Continue”. 

    Upload the documents requested for Proof of Residence, which can be your Bank statement, Driver’s License, or utility bill. 

    That’s it! Your application to open an account has been submitted. You will receive an email upon account creation.

    Open your inbox and verify your email. 

    Wait for the broker to review your documents and then you can start using your account.

    Oanda Review: Different Types of Accounts

    Oanda offers 2 types of accounts: Standard and Elite Trader accounts

    Standard Trading Account

    • Minimum volume trading requirement: N/A
    • Rebate per million traded: N/A
    • 68 Forex Pairs: Yes
    • Dedicated Account Manager: No 
    • Oanda Web Trading Platform, TradingView, MetaTrader 4, Mobile apps: Yes
    • Free unlimited Wire Transfers: No
    • Spread-only Pricing: Yes
    • 24/5 Support: Yes
    • MetaTrader 4 Open Order Indicator: Every 20 minutes
    • Core Pricing + Commissions: Yes

    Elite Trader

    • Minimum volume trading requirement: From $10 million
    • Rebate per million traded: $5 upwards
    • 68 Forex Pairs: Yes
    • Dedicated Account Manager: Yes
    • Oanda Web Trading Platform, TradingView, MetaTrader 4, Mobile apps: Yes
    • Free unlimited Wire Transfers: Yes
    • Spread-only Pricing: Yes
    • 24/5 Support: Yes
    • MetaTrader 4 Open Order Indicator: Every 5 minutes
    • Core Pricing + Commissions: Yes

    Oanda Review: Trading Experience

    Oanda’s user interface, fxTrade, is well laid out and designed with no more than 2 clicks needed to get from page to page. 

    It offers users access to complex order types, account analytics, and access to trading instruments. 

    Its desktop platform provides advanced charting from the popular third-party service TradingView as well as a custom charting design. 

    Oanda also supports several research products including Autochartist and MarketPulse technical analysis right from the platform. 

    In general, Oanda provides trading services that cater primarily to advanced crypto investors and institutional clientele.

    Oanda Review: Different Platforms Used to Trade

    Oanda offers more than 4 trading platforms which include: 

    • Oanda Trade Web
    • Oanda Trade Mobile and Tablet app
    • TradingView
    • MetaTrader 4 
    • Oanda MetaTrader 4 Mobile app

    Oanda Review: How to Trade Cryptocurrencies on Oanda

    Oanda, unlike crypto exchanges, does not offer a digital asset wallet where you can store and manage purchased cryptocurrencies. 

    Rather, the broker offers users the opportunity to trade CFDs, which involves profiting off the price movement of an underlying asset (the cryptocurrency). 

    To trade crypto CFDs you just need to launch the trading platform and then select a crypto pair under the cryptocurrencies tab, then buy or sell.

    Oanda Review: Customer Service

    support oanda

    The Oanda support team offers customer support via email and phone. Plus, the platform has dedicated phone numbers for support in different countries including Poland, Germany, Spain, France, Italy, and the Netherlands. 

    Customer support is available in English, German, French, and Spanish. 

    The support center on the platform is brimming with a plethora of helpful articles, catering to all your support needs. Furthermore, there’s a specialized email address reserved exclusively for potential customers keen on delving deeper into the platform’s offerings and gaining additional insights.

    Oanda Review: Customer Satisfaction

    Oanda won the award for highest overall client satisfaction and best mobile platform/app (Investment Trends 2021 US Leverage Trading Report, Margin Forex).

    That said, Oanda customer reviews on third-party review platforms show that while the majority of customers are satisfied with the quality of service rendered by the broker, there are some complaints about the platform and the limited customer.

    Oanda Review: Does Oanda offer Education?

    Yes, Oanda offers education via its Learn platform which offers written guides and videos on Forex and CFD trading. 

    It caters primarily to beginners traders.

    Oanda Review: Is Oanda Right for You?

    Oanda is right for advanced crypto investors looking for a trustworthy and reputable Forex and CFD broker with many years in the industry.

    Oanda Review: Conclusion

    Like most forex brokers, Oanda offers investors an opportunity to trade cryptocurrency CFDs alongside advanced charting tools and financial products. 

    However, the platform falls through in fees and commissions as it charges above the industry average.

    For a more balanced view of the crypto CFD market and to explore other options, we recommend checking out our detailed review of Octafx.

    FAQ

    Most frequent questions and answers

    Yes, Oanda has been in the Forex broker industry since 1996 and has had little to no negative incidents.

    The primary disadvantage of Oanda is its high spreads and commissions.

    Oanda does not require a minimum deposit to use the service.

    No, Oanda does not charge a monthly fee to use the service. However, Oanda does charge a monthly inactivity fee. 

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