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Oanda Review 2021

Our Oanda review in 2021 will investigate some specific areas that we consider crucial to the aspiring trader looking for the best forex brokers with whom to apply their trade.

Oanda Forex Review

Oanda was one of the first forex brokers in the industry and is one of the most highly respected brokers currently operating. Established in 1996, it operated with a steadfast determination to provide forex trading to the public and its hard work has paid off tremendously with Oanda now considered an industry leader and global superpower. It offers its services worldwide through subsidiaries in the USA, UK, Japan, Australia and Singapore. Estimates have placed 20% of the global spot forex trade as going through Oanda’s servers which illustrates just how much of the market share this company possesses.

Oanda USA

USA traders looking to engage in forex trading can do so with Oanda. However, it must be noted that while they do accept U.S clients, they limit their trading specifically to forex due to strict regulations that apply in this region in relation to CFDs.

Regulatory Agencies

Our Oanda review determined that this company is regulated by separate regulatory bodies in five regions around the globe:

United States – In the USA, Oanda Corporation is registered with the U.S Commodity Futures Trading Commission (CFTC) and is a Forex Dealer Member (FDM) of the National Futures Association (NFA #0325821).

Canada – In Canada, Oanda (Canada) Corporation ULC is regulated by the Investment Industry Regulatory Organization of Canada (IIROC).

Europe – Oanda Europe Limited is authorized and regulated by the Financial Conduct Authority (FCA) under license number 542574.

Asia/Pacific – In Singapore, Oanda Pacific Pte. Ltd. is regulated by the Monetary Authority of Singapore under license number CMS100122-4 and the International Enterprise Singapore under license number OAP/CBL/2012 to trade commodity CFDs.

Australia – In Australasia, Oanda Australia Pty Ltd. is regulated by the Australia Securities and Investment Commission (ASIC) under license number 412981.

Reliability and Security

Our Oanda broker review identified a strong reliability and security rating where Oanda is concerned. The company has received many industry awards which are indicative of their high standing in the world of forex trading including recent 2015 awards for “Best Customer Service” and “Best Mobile Platform”.  In addition, the strict regulatory guidelines that they must follow ensure they are adhering to best practices.

The protection of client’s funds is maintained by segregating funds away from those of the company by using Tier 1 banks like Deutsche Bank and J.P Morgan Chase. Additional security for clients is evident in the use of Secure Socket Layer (SSL) encryption for the transmission of client information and personal data.

Oanda Trading Platform

Oanda provides access to both the highly-respected MetaTrader 4 (MT4) trading software platform developed by MetaQuotes Software Ltd and the FXTrade WebTrader platform. The major benefits in using MetaTrader 4 are outlined as follows:

  • User Friendly – easy to operate due to a clear and concise navigational interface.
  • Multiple Language Support –provides many language options for users from all over the world which ensures non-English speaking traders have a convenient, friendly experience.
  • Advanced Chart Packaging – MT4 possesses an advanced chart package which provides traders with incredibly in-depth information regarding the forex marketplace.
  • Advisors – This handy option allows traders to automate the trading process by using the expert advisor feature which can provide great advantages to trading success.

In addition to MetaTrader 4, Oanda provides access to FXTrade WebTrader, a JAVA run, web-based platform that can be accessed from anywhere in the world providing the user has access to the internet.

Mobile Trading Capability

Our Oanda broker review found that both the MetaTrader 4 and WebTrader platforms are available as mobile apps for the convenience of use on mobile devices.  This enables trading on the move when the trader is away from their home office or workplace.

Types of Trading

The company provides many different options to their client-base but please be aware that oanda usa clients can only engage in forex trading and are unable to trade with CFDs. The instruments that they offer are:

  • forex trading
  • commodity CFDs
  • bonds CFDs
  • index CFDs
  • precious metals

A major benefit of trading with Oanda is that they provide their clients with the ability to trade in over 60 currency pairings, which is significantly more pairings than many of their competitors. In relation to the highly popular cryptocurrency trading, Oanda does offer the ability to trade Bitcoin against the USD, but this is the only cryptocurrency type currently on offer to clients.

Account Types

Our Oanda review found that there is just one type of account offered to traders, and this is the standard trading account. The advantage of this is that there is no minimum deposit required and that trades of any size are permitted.

However, for those unwilling to spend real money without first experiencing a trial, there is the ability to setup an Oanda demo account which allows potential traders to test the trading platforms prior to deciding whether to deposit real money into the forex marketplace.

Spreads and Commissions

Our review of Oanda forex trading found that compared to many of their competitors, they offer highly competitive spreads. For currency pairings, the most popular types can start from as little as 1 pip. Spreads for indices are even lower, starting from 0.5 pips.

Oanda also does not charge any commissions for the trading services that they offer.

Payment Options

To provide a deposit, Oanda clients can use checks, debit and credit cards, or wire transfers. Withdrawals are processed using similar methods and all requests for withdrawals are processed quickly providing that the relevant client contact information is up to date on the company’s file system.

Promotions and bonuses

Our Oanda review in 2021 found that no current bonuses and promotional offers are available to their clientele.

Customer Support

Oanda provides customer support 24 hours a day, 5 days a week. Options for customer support include live chat, email, fax and telephone. With offices located in Singapore, USA, UK, Japan and Toronto, the ease in getting any questions answered is high.

Positive Attributes

  • High-quality customer support
  • Oanda demo account available
  • The very popular MetaTrader 4 trading platform is available to clients
  • Well-regulated
  • Generally possesses tight spreads
  • Available to USA clients
  • No minimum deposit to open a trading account

Negative Attributes

  • Not a very expansive range of cryptocurrency options
  • Lack of Social Trading Platforms and Social Trading options
  • No bonus or promotional offers for their clients
  • They are a market maker which causes them to have high spreads at times


Our Oanda review in 2021 has identified that when it comes to the very best forex brokers in the world, this company is right up there. Having won many awards for excellence, and with a 20% share of the forex trading market, new clients are assured that they are joining a highly respected brokerage. Extremely well-regulated, and with a long and established history as a leader in the forex industry, Oanda may be the perfect brokerage for you.


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