Oanda is an American FX broker established in 1996. It is considered safe as it is regulated by top-tier regulators, like the UK FCA and the Australian ASIC.


Oanda offers low trading fees and high non-trading fees. The withdrawal fee can be high.


  • Low trading fees


  • High financing rate
  • Withdrawal fee
  • Financing rate calculation is opaque


Oanda account opening is hassle-free and straightforward. There is no minimum balance. 


  • Fast account opening
  • Account opening fully digital
  • No minimum account balance


  • Sales team may try to contact you
  • It can take 3 business days

Can you open an account?

Oanda accepts customers from most countries, including the US. There a few exceptions, most notables are India, New Zealand, Turkey, and South Korea.

Minimum deposit

There is no minimum deposit at Oanda.

Account types

There is one account type. You can more open sub-accounts, up to 19. The sub-account is great to have different base currencies at one account. E.g. you have a USD account and have an EUR and GBP subaccounts.


You can use many options for both deposit and withdrawal and the first withdrawal is free for cards. However, the withdrawal can take long and the withdrawal fee can be high.


  • Several account base currencies
  • User-friendly
  • First withdrawal is free for credit/debit cards and electronic wallets


  • Lengthy funding and withdrawal – over 3 days
  • High withdrawal fee

Account base currencies

There are 9 available base currencies at Oanda: EUR, GBP, CHF, USD, CAD, AUD, JPY, HKD, SGD. This is a great offer which is also specific to Oanda’s competitor brokers.  E.g. Pepperstone offers10 base currencies, while FXCM offers 7.

Why does this matter? Because if you fund your account in the same currency as your bank account, currency conversion fees won’t be charged. 

Deposit fees and options

Oanda deposit is free of charge, but the options vary based on your residency and your account currency. E.g. electronic wallets are not available for US clients and PayPal in Europe is only available for GBP, USD, and EUR accounts.


Oanda trading platform is great. It is very user-friendly with great customizability and search function. On the other hand, you cannot set price alerts.


  • Good search function
  • Good customizability (for chart, for workspace)
  • User-friendly


  • No price alerts available


Oanda customer service has a lot to improve. They have very slow response times and give irrelevant answers. As a plus, you can use live chat and they cannot be reached only on Saturday.


  • Live chat available
  • Available from Sunday to Friday


  • Slow support


Oanda is regulated by top-tier regulators, including the UK FCA and the US CFTC. On the flip side, it doesn’t disclose its financial information


  • Regulated by top tier financial authority
  • High amount of account protection
  • Negative balance protection available


  • Not listed on stock exchange
  • Limited disclosed financial information


Oanda is a good FX broker.

It has a great web trading platform, you will feel comfortable in a very short time. It provides a user-friendly and fully digital account opening. Its research tools are powerful, especially its API.

On the other hand, Oanda has a limited product portfolio, only FX and CFDs. The customer support is slow and usually provides irrelevant answers. The money withdrawal can be high.

Feel free to try Oanda. There is no minimum deposit, and inactivity fee only kicks in after two years. 

By trading with securities you are taking a high degree of risk. You can lose all of your invested money. You should start trading only if you are aware of this risk. is not providing any investment advice, we only help you find the best broker suitable for your needs. is free for everyone, but earns commission from some of the brokers. We get a commission, with no additional cost for you. Please use our link to open your account and we can further provide broker reviews for free.
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