Oanda is one of the few forex brokers that accepts US traders. It offers access to over 70 currency pairs including major pairs and exotics like USD/ZAR, USD/SGD and TRY/JPY.
The spreads are relatively low with EUR/USD having an average of 1.4 pips and GBP/USD with 1.7 pips. This isn’t bad for the average forex trader. But high-volume traders – those who trade in millions and have large accounts – may find this option too expensive.
Luckily, Oanda offers two pricing models:
Regardless of the pricing model you choose, you’ll have access to multiple trading platforms, including MetaTrader 4.
All this makes Oanda a decent choice for any US trader looking to trade currency pairs.
Oanda lets you trade forex through its mobile platform, desktop and web — including TradingView — and MetaTrader 4.
The mobile app is available on iOS and Android and it has the same features as the desktop and web versions. You can do advanced technical analysis and set advanced orders, including trailing stops.
Traders who are familiar with TradingView or MT4 could use either of the two. The latter is especially useful because of the countless custom indicators and automated trading software, known as Expert Advisors (EAs), available for free or for a fee on the MQL marketplace. And if you don’t like any of those, create your own.
With so much to offer, Oanda can be an excellent choice for:
Sign up with Oanda following these 4 steps:
Oanda lets you deposit funds via:
When you request a withdrawal, Oanda can only transfer your funds via debit card or wire transfer.
Oanda was founded in 1995 and is now owned by CVC Capital Partners, a private investment and equity firm, based in Luxembourg. Oanda is based in New York, but it operates worldwide and it’s regulated in many countries, including Australia, Canada, Europe, Japan and the UK.
Oanda isn’t accredited with the Better Business Bureau (BBB), and it earns an F rating from 21 complaints as of April 2022. More than half of Oanda’s 128 Trustpilot reviews consider the broker “Bad.” The most common complaint is widening spreads and poor customer support.
| BBB rating | F |
| BBB accredited | No |
| BBB customer rating | 1/5 based on 1 customer review |
| Trustpilot score | 1.9/5 out of 128 customer reviews |
| Google Play app | 3.3/5 stars based on 4,444 reviews |
| Apple app store | 4.7/5 stars based on 14,015 reviews |
| Customer reviews verified as of | April 2022 |
Reach out to Oanda customer service via:
Interactive Brokers
★★★★★
Finder rating 4.7 / 5
Available asset types
Stocks, Bonds, Options, Mutual funds, ETFs, Cryptocurrency, Futures, Forex, Treasury Bills
Stock trade fee
$0
Minimum deposit
$0
Signup bonus
N/A
IG
Available asset types
Currencies
Stock trade fee
N/A
Minimum deposit
$250
Signup bonus
N/A
Oanda is one of the leading forex trading platforms. It comes with many features that could appeal to many types of traders. Its analytical tools and instant approvals could suit experienced traders, while having no minimum deposit amount and the ability to trade in virtual currency could appeal to newcomers.
Before deciding on any trading platform, it’s best to compare other options to find one that suits you best.
Trading stocks and forex may seem fairly similar, but there are a number of notable differences. Learn the risks involved with both.
A cross-currency swap could help you acquire foreign currency at a better price.
Foreign exchange derivatives are easy to understand — we explain them here.
The stop-loss order can help you avoid big losses on your currency holdings.
Learn the terminology and how the market works before you begin trading forex.
Good foreign exchange robots can simplify how you trade in foreign currencies and they can also work in maximizing profits, but relying on them is not a good idea.