Oanda Review 2021 | A Definite Guide

By | June 16, 2021
oanda review

About Oanda

Oanda is an American Forex brokering platform. It was co-founded by Dr.Stumm and Dr. Olsen in 1996. It is regulated by top-tier institutes like CFTC and FCA. Oanda charges high forex fees and a limited product portfolio. You can only trade forex and CFDs. Since it is a private company, hence not listed in the stock market.

How to open Oanda Account

how to open Oanda account

It is simple and easy to open an Oanda account. It is straight forward and fully digital, with no minimum balance requirement.

Oanda provides two types of accounts: Demo account and corporate account. You can also open 19 sub-accounts along with these two accounts. These sub-accounts are designed to provide traders an opportunity to make accounts keeping different base currencies. 

You can open your Oanda account in less than 10 minutes. You only have to follow some simple steps to open an account :

  1. Personal information
  2. Contact Details
  3. Appropriateness Test
  4. Identity Verification

Once you are done with these steps, it takes a few days to verify your account. Once the account verification is done you can move forward with your trading account and start trading in forex.

Deposit and Withdrawal 

Oanda deposit-withdrawal

 Oanda does not charge any deposit and withdrawal fees. It charges an inactivity fee, which is reasonable. You can withdraw your amount via credit/debit card for free, but bank transfer and other e-wallet withdrawals are quite costly.

Oanda provides 9 currencies as a base currency, these are – EUR, USD, GBP, AUD, CAD, CHF, HKD, JPY, SGD. If you have your bank account operating in any one of the currencies mentioned above, then you trade assets in the base currency.

In such a case, you don’t have to pay a conversion fee.  You can deposit money from the account in your name. Bank transfer can take several days, whereas payments through credit/debit cards are frequent. 

There is no minimum deposit at Oanda.

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Products Offered

Oanda’s main focus is on forex, it provides range of products : 

  1. Forex
  2. Bonds 
  3. Precious Metals
  4. Indices 
  5. Commodities 

Oanda typically deals in forex only, it does not offer individual stocks, ETFs, and cryptocurrencies. It provides you with an option to set the leverage manually. Oanda’s competitor broker does not provide this feature. You can set the leverage from the ‘Deposit and Withdrawal’ tab. 

Trading Platform

Oanda mobile app

Oanda provides three types of trading platform : Web-based trading platform, Mobile application and Desktop trading.

It provides all three platforms with the same user interface and with good customizability. The only difference lies in that you can set alerts in mobile applications, whereas you can’t do this in desktop and web versions. Oanda provides safer login by two-step authentication. 

Oanda’s mobile application is available on both iOs and Android. It is also available in 6 languages. That are :

  •  Arabic
  • Chinese
  • German
  • English 
  • Japanese
  • Russian 

 Research and Education 

Onada research tools

Oanda provides various research tools, involving charts, data bars, news, and API. Tools poorly organized here. Oanda provides fundamental information on its tools namely ‘Economic Analysis’ and ‘Market Pulse’.

Oanda provides a range of educational tools

  1. Webinars
  2. Demo Account
  3. Educational videos
  4. Tutorial videos
  5. eBooks 
  6. Text PDF 

 Though the material is good but it is poorly organized. Beginners can enjoy learning through quality videos, but they get confused as it is difficult to track what syllabus is complete and what to do next.

The drawback here is that the education and research material not properly organized.

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Is Oanda safe?

Yes! It is safe. We’re not saying it as we found it but we’re saying so because it is regulated by top-tier financial institutes. Oanda is regulated by CFTC and FCA.

Instead of these, it is also regulated by the Investment Industry Regulatory Organization of Canada (IIROC), the Australian Securities and Investment Commission (ASIC), the Monetary Authority of Singapore, and the International Enterprise Singapore.

Oanda was established in 1996, this long track ensures that it has successfully tackled previous financial crises.

Pros Cons
Accept U.S clientsNo account protection for U.S clients
Outstanding research toolsA lot of ancillary fee
Regulated by FCA and NFANo stock exchange listing and banking
Clear fee reportOnly Fx and CFD available
Right API Tools are poorly organised

Customer Service

You can contact Oanda customer service via phone, live chat, email and chatbot. It’s email support is available 24/7, but the remaining services are available from Sunday 1P.M EST to Friday 6 P.M EST. 

Bottom Line

Oanda is a user friendly platform that helps you to perform your trading function easily. It provided a good amount of research and educational tools. But also, it charges high forex fees and products are limited to forex and CFDs. Its withdrawal fees are also high. 

You can definitely give it a try since it is regulated by top financial institutions, no minimum deposits required and inactive fee only kicks after one year.


Why can't I convert currencies?

If one of the currencies you select is not in effect for the date you request, you will see a message that the exchange rate data is not available.

What is the difference between Rates and % Change in the Values menu option?

The Values menu option allows you to see exchange rate trends, either as absolute exchange rates or as a relative change over time.

  • The Rates option displays the actual exchange rate for a particular date.
  • The % Change option displays the percent gain or loss in the value of the currency you want (the quote currency) against the currency you have (the base currency) since the start of the date range you are viewing.

Oanda Review


Account opening


Deposit and Withdrawal


Product offered


Trading Platform



  • For US clients
  • Regulated
  • Clear fee report


  • No customer protection
  • Only forex and CFD
  • Poorly organised tools
  • 5

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