OANDA US is a trusted Forex broker regulated by top-tier financial authorities, including FCA, ASIC, CFTC, NFA, and BVI FSC. This New York-based broker offers trading services for over 68 major, minor, and exotic currency pairs and 8 cryptocurrencies in MetaTrader 4 and the OANDA platform.
With over 25 years of experience in the industry, OANDA has established itself as a reputable name in the world of online trading. In this OANDA US review, we'll explore everything you need to know about this broker, from account types to trading platforms and customer support.
OANDA US Company and Regulatory information
OANDA US was founded in 1996 in New York. Over the years, this award-winning global company has expanded its reach, opening offices in key financial hubs like London, Singapore, and Australia.
OANDA's commitment to transparency and client protection is evident in its robust regulatory framework. The company is overseen by several prestigious financial authorities worldwide, including:
- National Futures Association (NFA)
- Commodity Futures Trading Commission (CFTC)
- Financial Conduct Authority (FCA)
- Malta Financial Services Authority (MFSA)
- Monetary Authority of Singapore (MAS)
- Australian Securities and Investments Commission (ASIC)
- Financial Futures Association of Japan (FFAJ)
- British Virgin Islands Financial Services Commission (BVI FSC)
This extensive regulatory oversight ensures that OANDA operates with integrity and safeguards client funds and interests.
OANDA US Broker Summary of Specifications
To fully understand OANDA US broker position among other Forex brokerages, Let’s review its key specifications:
Broker | OANDA US |
Account Types | Standard, Elite Trader |
Regulating Authorities | CFTC, FCA, ASIC, BVI FSC, CIRO, MAS, NFA, FFAJ |
Based Currencies | USD |
Minimum Deposit | $0 |
Deposit Methods | Credit/Debit Cards, ACH Bank Transfers, Wire Transfers, Bpay |
Withdrawal Methods | Credit/Debit Cards, bank transfer |
Minimum Order | 0.01 lot |
Maximum Leverage | 1:50 |
Investment Options | No |
Trading Platforms & Apps | OANDA web, OANDA app, TradingView, MT4 |
Markets | Forex, cryptocurrencies |
Spread | Floating average around 2.0 pips |
Commission | Starts from $0.01 |
Orders Execution | Market |
Margin Call/Stop Out | 50%/50% |
Trading Features | Forex calculator, Spread |
Affiliate Program | No |
Bonus & Promotions | No |
Islamic Account | Yes |
PAMM Account | No |
Customer Support Ways | Email, phone, SMS |
Customer Support Hours | Monday to Friday, 6 am to 8 pm |
Restricted Countries | North Korea, Lebanon, Iran, Syria |
OANDA US Account Types Review
OANDA US offers two primary account types to cater to different trading needs and volumes:
Account types | Standard | Elite |
Trading platform | OANDA web, OANDA app, TradingView, MT4 | OANDA web, OANDA app, TradingView, MT4 |
Average spread | 2.0 | 2.0 |
Commission | No | Yes |
Tradable instruments | FX, cryptocurrencies | FX, cryptocurrencies |
Minimum trading volume | No | From 10M |
The Elite Trader program is designed for high-volume traders and offers additional benefits based on trading volume.
OANDA US Sign Up & Verification Process Guide
Getting started with OANDA US is a straightforward process. Here's a step-by-step guide:
- Enter the OANDA US website and click on “Start Trading;”
- Enter your personal details
- Choose your citizenship, add your ID number, and add tax information
- Enter your residential address
- Fill in the information about your employment
- Upload your proof of ID and proof of address documents
OANDA US Available Trading Platforms
OANDA US provides a suite of powerful trading platforms to suit different trading styles and preferences.
OANDA Trade Web Platform
OANDA's primary trading platform is OANDA Web, which offers an all-in-one package for traders. Key features of this platform include:
- Fully customizable web-based trading platform
- Advanced charting and analysis tools
- Real-time market data and news
OANDA Mobile
OANDA mobile is designed for traders who prefer trading on the go. Main features of OANDA mobile:
- Available for iOS and Android devices
- Seamless trading where every you go
- Access to full account functionality
Links:
MetaTrader 4 (MT4)
MT4 is the most well-known trading platform used by traders worldwide. Key features of this trading platform:
- Popular third-party platform
- Advanced technical analysis tools
- Customizable indicators and expert advisors
Links:
TradingView
TradingView is a modern trading platform with a variety of different features, including:
- Integrated third-party platform
- Powerful charting capabilities
- Social trading features
Additionally, OANDA offers APIs and tools for partners to identify trading opportunities, enhancing the overall trading experience.
OANDA US Broker Trading costs (Spreads and Commissions)
OANDA US offers flexible pricing options to cater to different trading styles:
Spread-Only Pricing
- Pay only the bid-ask spread
- No additional commissions
- Suitable for traders who prefer simplicity
Commission Plus Core Spread
- Lower spread
- Additional commission per trade
- Ideal for high-volume traders
Compared to other brokers, OANDA has higher fees, which could significantly impact traders’ profitability. OANDA also charges a $14 inactivity fee, which is a major downside for semi-active traders.
OANDA US Broker Deposits & Withdrawals
OANDA US provides several convenient options for deposits and withdrawals:
- Credit/Debit Cards
- ACH Bank Transfers
- Wire Transfers
- Bpay
It’s worth mentioning that OANDA only offers bank wire and Credit/Debit card withdrawals, and the withdrawal process is slow. In order to withdrawal funds from OANDA US follow these steps:
- Choose the account you want to withdraw from;
- Click on "Withdrawal" and choose your preferred withdrawal method;
- Enter the neccessary information and the withdrawal amount;
- The amount will be deducted from your account balance.
Copy Trading & Investment Options Offered on OANDA US
OANDA doesn't offer a dedicated copy trading feature, which could be a drawback, especially for beginner traders who want to use the knowledge and skills of experienced traders. If you insist on using copy trading, we suggest checking out AVA Trade and Pepperstone offerings.
OANDA US Broker Bonuses
Unfortunately, OANDA US doesn’t offer bonuses. The welcome and referral bonus is only available for traders outside the CFTC regulation.
Traders outside this zone can receive a $888 welcome bonus by depositing at least $10,000 and meeting the trading requirement for 30 days. OANDA also has a referral program that allows traders to gain commissions for bringing new traders to the platform.
OANDA US Support Channels
OANDA US provides comprehensive customer support through various channels:
- Email: frontdesk@oanda.com
- Phone: +1 212 858 7690 (Sunday 4 p.m. ET to Friday 6 p.m. ET)
- SMS/Text: +12128587690 (US number)
OANDA's multi-channel support ensures that traders can get assistance through their preferred method of communication.
OANDA US Ratings and Trust Scores
OANDA has established itself as a highly trusted forex and CFD broker with a 4.2/5 Trustpilot score. This shows that OANDA has created a secure trading environment for traders worldwide.
TF Expert Suggestion
OANDA US stands out as a well-established, regulated forex broker with over 25 years of experience in the industry. This broker has regulation licenses from top-tier financial authorities, including CFTC, FCA, ASIC, FSC, and many more.
Although OANDA offers excellent services, it’s important to remember that this broker has higher-than-average spreads and commissions, which could significantly affect your trading experience. Ultimately, it's traders' job to compare broker offerings and decide if they provide what they need.
