OANDA Review 2026

OANDA scores 79.6 out of 100, earning its place among the most trusted names in retail forex. Founded in 1996 and regulated across six Tier 1 jurisdictions (including the US), OANDA is built for traders who prioritise regulatory safety and flexible trade sizing over the lowest possible spreads. Its 28+ years of continuous operation make it one of the longest-standing online forex brokers in existence.

Overall Score: 79.6 / 100

Affiliate disclosure: We may earn a commission if you open an account through links on this page. This doesn't affect our scores. How we rate brokers.

OANDA at a Glance

| Detail | Value | |--------|-------| | Founded | 1996 | | Headquarters | New York, United States | | Parent Company | OANDA Corporation (acquired by FTMO Group, 2025) | | Top Regulators | FCA, CFTC/NFA, ASIC, CIRO, MAS, JFSA | | Min. Deposit | $0 | | EUR/USD Avg. Spread | 1.40 pips (Standard) | | Commission | $0 (Standard) | | Max Leverage (Retail) | 1:30 (non-US), 1:50 (US) | | Platforms | OANDA Trade, MT4, MT5, TradingView | | Instruments | ~250 | | Inactivity Fee | $10/month after 12 months |

Score Breakdown

| Category | Score | Weight | |----------|-------|--------| | Regulation & Trust | 95 / 100 | 25% | | Trading Costs | 62 / 100 | 20% | | Platforms & Tools | 78 / 100 | 15% | | Account Conditions | 82 / 100 | 10% | | Deposit & Withdrawal | 78 / 100 | 10% | | Customer Support | 78 / 100 | 10% | | Education & Research | 80 / 100 | 10% | | Overall | 79.6 / 100 | |

OANDA's Regulation & Trust score of 95 is the second highest in our audit, trailing only IG at 98. Six Tier 1 licenses, including the US (CFTC/NFA), Japan (JFSA), and Canada (CIRO), give OANDA one of the broadest regulatory footprints available. The drawback is Trading Costs at 62, reflecting average spreads that run significantly wider than raw-spread competitors.

Regulation & Safety

| Regulator | Tier | License | Entity | |-----------|------|---------|--------| | FCA (UK) | Tier 1 | 542574 | OANDA Europe Limited | | CFTC/NFA (US) | Tier 1 | 0325821 | OANDA Corporation | | ASIC (Australia) | Tier 1 | 412981 | OANDA Australia Pty Ltd | | CIRO (Canada) | Tier 1 | N/A | OANDA (Canada) Corporation | | MAS (Singapore) | Tier 1 | CMS100058 | OANDA Asia Pacific Pte Ltd | | JFSA (Japan) | Tier 1 | 2137 | OANDA Japan Inc |

Six Tier 1 regulators. No Tier 2 or Tier 3 entities. Like IG, OANDA routes all clients through fully regulated entities. US traders can open accounts under CFTC/NFA oversight, and Canadian traders through CIRO. This is exceptionally rare.

OANDA provides negative balance protection, segregated client funds, and investor compensation through schemes like the FSCS (UK). The 2025 acquisition by FTMO Group is worth monitoring for any structural changes, but so far the regulatory framework and operational model remain intact.

Trading Costs

Spreads

This is where OANDA falls behind. Standard account spreads are notably wider than raw-spread competitors:

| Pair | Standard Avg. | |------|---------------| | EUR/USD | 1.40 pips | | GBP/USD | 1.90 pips | | USD/JPY | 1.40 pips |

A 1.40 pip average on EUR/USD is roughly 14x wider than what IC Markets or Pepperstone offer on their raw accounts (0.10 pips). Even factoring in those brokers' commissions, OANDA's all-in cost is higher per trade.

The Core Pricing account offers tighter spreads from 0.0 pips with no separate commission, but requires a $10,000 minimum deposit. That's a significant barrier.

Other Fees

• Inactivity fee: $10/month after 12 months
• Deposit fees: Free
• Withdrawal fees: Free (bank transfer may incur bank-side fees)

The inactivity fee is moderate. 12 months before it kicks in is more reasonable than XM's 90 days, and the $10 amount is lower than AvaTrade's $50.

Account Types

| Feature | Standard | Core Pricing | |---------|----------|-------------| | Min. Deposit | $0 | $10,000 | | Spread From | 1.00 pips | 0.00 pips | | Commission/Lot | $0 | $0 | | Max Leverage | 1:200* | 1:200* |

*Leverage varies by jurisdiction: 1:50 in the US, 1:30 in the EU/UK/AU, up to 1:200 in some regions.

OANDA's unique selling point on account conditions is flexible trade sizing. You can trade any amount, with no minimum lot size requirement. Want to trade 1 unit of EUR/USD? You can. This granularity is unmatched and particularly useful for precise position sizing.

Demo accounts and Islamic accounts are available. Micro lot trading is supported.

Trading Platforms & Tools

OANDA offers its proprietary OANDA Trade platform, MT4, MT5, and TradingView integration.

OANDA Trade is a clean web-based platform with solid charting, order management, and integrated research. It's well-designed for the average retail trader.

MT4 and MT5 are both available, giving traders the full MetaTrader ecosystem. Expert Advisors and custom indicators work as expected.

TradingView integration allows direct trading from TradingView's charting interface.

No cTrader. No VPS hosting. No copy trading. The platform selection is good but not at the level of Pepperstone (which offers all four major platforms).

API trading is available through OANDA's REST v20 API, which is well-documented and popular with developers building custom trading solutions.

Deposit & Withdrawal

Standard payment methods are accepted. All deposits and withdrawals are free from OANDA's side, though bank transfers may incur fees from the receiving bank.

Nine base currencies supported: USD, EUR, GBP, AUD, CAD, JPY, CHF, SGD, HKD.

Customer Support

Available 24/5 via live chat, phone, and email in 8 languages. Standard for the industry. Response quality was solid in testing, with knowledgeable agents who could handle both basic and moderately technical queries.

Education & Research

OANDA provides webinars, video tutorials, trading courses, market analysis, economic calendar, and trading calculators. The education content is decent and well-organised. OANDA's market analysis has a strong reputation for quality, particularly its currency conversion and historical rate data tools that have been industry references for years.

No trading signals are offered.

Pros & Cons

Pros:

• 28+ years of history, one of the oldest online forex brokers
• Six Tier 1 regulatory licenses with no offshore entities
• No minimum deposit
• Flexible trade sizing (no minimum lot requirement)
• TradingView integration
• US clients accepted (CFTC/NFA regulated)
• Well-documented API for developers

Cons:

• Wider spreads than raw-spread competitors (1.40 pips EUR/USD)
• $10/month inactivity fee after 12 months
• Limited instrument range (~250)
• No cTrader
• Core Pricing account requires $10,000 minimum
• No copy trading or VPS hosting

Final Verdict

OANDA is for traders who value trust and regulatory safety above trading costs. With six Tier 1 licenses and no offshore entities, your money is under the strongest possible regulatory protection. The flexible trade sizing is a genuine differentiator that no other broker in our review matches.

But you pay for that safety through wider spreads. Active traders will pay noticeably more per trade at OANDA than at raw-spread brokers. The limited instrument range (~250 vs 17,000+ at IG) also restricts multi-asset traders.

OANDA is an excellent choice for US traders (one of few options under CFTC/NFA), for traders who prioritise regulation above all else, and for those who need API access for custom solutions. For cost-sensitive trading, IC Markets or Pepperstone are significantly cheaper.

Compare OANDA with other brokers | See our beginner broker rankings

Frequently Asked Questions

Is OANDA available for US traders? Yes. OANDA is regulated by the CFTC and NFA in the United States (license 0325821). It's one of the few forex brokers in our review that accepts US clients.

What is OANDA's minimum deposit? $0. OANDA has no minimum deposit requirement.

How do OANDA's spreads compare? OANDA averages 1.40 pips on EUR/USD with no commission. This is wider than raw-spread brokers but competitive for a spread-only model. The Core Pricing account offers tighter spreads but requires $10,000.

Does OANDA offer MT5? Yes. OANDA offers MT4, MT5, TradingView, and its proprietary OANDA Trade platform.

Who acquired OANDA? OANDA was acquired by FTMO Group in 2025. The regulatory structure and operational model remain intact.

Review by Neil C, BrokerAudit. Data verified April 2026. Read our methodology.