My opinion on Oanda
Oanda is a veteran broker established in 1996 and trusted by over a million traders worldwide. It is fully regulated in Canada by CIRO, providing strong investor protection and transparency. Oanda earns its strong score due to transparent, no-minimum accounts, a low barrier to entry for Canadians, and a platform suite that covers both OANDA Trade and MT4 with robust charting and algorithmic tools. Its spreads—starting from 1.4 pips on major FX pairs—are not the lowest, but fair for a no-commission, regulated environment and transparent fee structure (with no deposit fees and free first monthly withdrawal). Oanda’s offering includes 100+ instruments: a solid range of forex pairs, major indices, commodities, some crypto CFDs, and metals, though some asset classes (stocks, ETFs, spot crypto) are missing due to local laws. Recently rated at 4.0/5 by over 1,000 users on Trustpilot, Oanda stands out especially for Canadian traders who value safety and simplicity over ultra-low spreads or maximum product range. Against competitors, Oanda’s main market edge is local CIRO regulation and ease of use, though its asset list and spreads are outmatched by some offshore brokers.
According to my experience, OANDA is best suited for the following types of traders:
➡️ Beginner or intermediate Canadian forex traders:
Oanda is ideal for traders starting out or with moderate experience, thanks to its fully regulated environment (CIRO), no minimum deposit requirement, free demo account, and user-friendly platforms (OANDA Trade or MT4). Its secure and accessible setup makes it a great entry point for Canadian forex trading.
➡️ Traders seeking transparent and predictable fees:
With clear spreads starting from 1.4 pips on major pairs, no fixed commissions, and no deposit or inactivity fees (plus one free withdrawal per month), Oanda appeals to traders who prioritize simplicity and cost transparency. The lack of hidden charges makes it a smart choice for budget-conscious traders.
➡️ Users needing solid technical tools within a safe framework:
With powerful platforms like MT4 and OANDA Trade, robust charting tools, and API support, Oanda suits technically inclined traders who want to run automated or chart-based strategies. These users value security and reliability over ultra-tight spreads or exotic instruments.
- ✅CIRO-regulated and fully compliant with Canadian investor protection standards
- ✅No minimum deposit required for standard accounts
- ✅Transparent, spread-only pricing on standard accounts; commission option (Elite) available for active traders
- ✅Wide selection of forex pairs (68+) plus key indices, commodities, and major crypto CFDs
- ✅Access to both OANDA Trade (web, desktop, mobile) and MetaTrader 4 (MT4) platforms
- ✅Advanced charting, technical analysis, REST/FIX APIs for automation and algo-trading
- ✅Fast execution and generally low slippage
- ✅Free, unlimited demo accounts ideal for practice and strategy testing
- ✅Responsive and multilingual customer support, including live chat and WhatsApp
- ✅No deposit fees and first monthly withdrawal is free
- ❌Spreads on major FX pairs not as tight as some leading global brokers
- ❌Stock and ETF CFDs not available for Canadian clients due to regulations
- ❌Crypto assets and tokens are limited; only CFDs, no spot crypto, no staking or DeFi
- ❌Inactivity fee applies after 12 months of no trading activity
- ❌No built-in copy trading or PAMM/social trading tools for Canadian users
- ❌No Islamic (swap-free) account option clearly advertised for Canadians
- ❌Leverage on most assets is capped at Canadian regulatory limits (up to 50:1 forex)
- ❌Subsequent withdrawals in a month may incur fees
- ❌No in-house crypto wallet or custody services
Score- ✅CIRO-regulated and fully compliant with Canadian investor protection standards
- ✅No minimum deposit required for standard accounts
- ✅Transparent, spread-only pricing on standard accounts; commission option (Elite) available for active traders
- ✅Wide selection of forex pairs (68+) plus key indices, commodities, and major crypto CFDs
- ✅Access to both OANDA Trade (web, desktop, mobile) and MetaTrader 4 (MT4) platforms
- ✅Advanced charting, technical analysis, REST/FIX APIs for automation and algo-trading
- ✅Fast execution and generally low slippage
- ✅Free, unlimited demo accounts ideal for practice and strategy testing
- ✅Responsive and multilingual customer support, including live chat and WhatsApp
- ✅No deposit fees and first monthly withdrawal is free
My opinion on Oanda
- ✅CIRO-regulated and fully compliant with Canadian investor protection standards
- ✅No minimum deposit required for standard accounts
- ✅Transparent, spread-only pricing on standard accounts; commission option (Elite) available for active traders
- ✅Wide selection of forex pairs (68+) plus key indices, commodities, and major crypto CFDs
- ✅Access to both OANDA Trade (web, desktop, mobile) and MetaTrader 4 (MT4) platforms
- ✅Advanced charting, technical analysis, REST/FIX APIs for automation and algo-trading
- ✅Fast execution and generally low slippage
- ✅Free, unlimited demo accounts ideal for practice and strategy testing
- ✅Responsive and multilingual customer support, including live chat and WhatsApp
- ✅No deposit fees and first monthly withdrawal is free
- ❌Spreads on major FX pairs not as tight as some leading global brokers
- ❌Stock and ETF CFDs not available for Canadian clients due to regulations
- ❌Crypto assets and tokens are limited; only CFDs, no spot crypto, no staking or DeFi
- ❌Inactivity fee applies after 12 months of no trading activity
- ❌No built-in copy trading or PAMM/social trading tools for Canadian users
- ❌No Islamic (swap-free) account option clearly advertised for Canadians
- ❌Leverage on most assets is capped at Canadian regulatory limits (up to 50:1 forex)
- ❌Subsequent withdrawals in a month may incur fees
- ❌No in-house crypto wallet or custody services
Score- ✅CIRO-regulated and fully compliant with Canadian investor protection standards
- ✅No minimum deposit required for standard accounts
- ✅Transparent, spread-only pricing on standard accounts; commission option (Elite) available for active traders
- ✅Wide selection of forex pairs (68+) plus key indices, commodities, and major crypto CFDs
- ✅Access to both OANDA Trade (web, desktop, mobile) and MetaTrader 4 (MT4) platforms
- ✅Advanced charting, technical analysis, REST/FIX APIs for automation and algo-trading
- ✅Fast execution and generally low slippage
- ✅Free, unlimited demo accounts ideal for practice and strategy testing
- ✅Responsive and multilingual customer support, including live chat and WhatsApp
- ✅No deposit fees and first monthly withdrawal is free
Oanda is ideal for traders starting out or with moderate experience, thanks to its fully regulated environment (CIRO), no minimum deposit requirement, free demo account, and user-friendly platforms (OANDA Trade or MT4). Its secure and accessible setup makes it a great entry point for Canadian forex trading. ➡️ Traders seeking transparent and predictable fees:
With clear spreads starting from 1.4 pips on major pairs, no fixed commissions, and no deposit or inactivity fees (plus one free withdrawal per month), Oanda appeals to traders who prioritize simplicity and cost transparency. The lack of hidden charges makes it a smart choice for budget-conscious traders. ➡️ Users needing solid technical tools within a safe framework:
With powerful platforms like MT4 and OANDA Trade, robust charting tools, and API support, Oanda suits technically inclined traders who want to run automated or chart-based strategies. These users value security and reliability over ultra-tight spreads or exotic instruments.
Why trust Hellosafe?
I personally spent a considerable amount of time testing Oanda to ensure that my review would address the questions Canadian traders genuinely care about. I explored its trading platforms, analyzed the fee structure, evaluated customer service responsiveness, and checked execution speed and reliability in real-market conditions.
By comparing Oanda directly with other regulated brokers, I was able to see where it stands out, such as seamless account opening and CIRO-regulated security—key elements for trust. I also identified areas where it may fall behind others, like slightly wider spreads compared to offshore competitors and limited access to stock CFDs for Canadians.
My insights are based on hands-on experience, not just marketing claims or surface information. I believe this approach lets me clearly assess Oanda’s suitability for both new and seasoned traders, offering you a transparent, experience-driven perspective you can trust when considering your trading options.
Oanda at a glance
| Fonctionnalité | Détail |
|---|---|
| 💰 Dépôt minimum | No minimum deposit |
| 🛡️ Régulation | CIRO (Canadian Investment Regulatory Organization) |
| 🪙 Licence crypto | Crypto CFDs available; not a direct crypto license |
| 📄 Enregistrement FSMA | Not applicable |
| 📈 Actifs disponibles | 100+: Forex, indices, commodities, metals, crypto CFDs |
| 📊 Plateformes de trading | OANDA Trade (web, desktop, mobile), MetaTrader 4 (MT4) |
| 🛠️ Outils de trading | Advanced charting, automated trading (MT4 EAs), technical analysis, REST & FIX APIs |
| 🧪 Compte démo | Yes, free and unlimited duration |
| ☪️ Compte islamique | Not explicitly available in Canada (contact support) |
| 📝 Ordres clés | Market, limit, stop loss, take profit, trailing stop, conditional orders |
| ⚖️ Effet de levier | Up to 50:1 (forex), lower on other assets as per Canadian rules |
| 💸 Frais | Spread-only pricing (from 1.4 pips on EUR/USD), inactivity and withdrawal fees may apply |
| 📞 Support client | Web chat, WhatsApp, SMS, email; available Sunday 4pm to Friday 6pm ET |
| 🌟 Avis Trustpilot | 4.0/5 (1,094 reviews, global) |
Security & Regulation
Oanda stands out as a robust and trustworthy broker for Canadian clients, primarily due to its CIRO regulation and long-standing reputation in the industry. The local regulatory oversight means traders benefit from clear investor protections, strict financial standards, and reliable dispute resolution—considerable advantages compared to offshore brokers.
Client funds are held in segregated accounts, separating customer assets from company operational funds. While Oanda does not provide cold storage or proof-of-reserves for crypto (as it is not a crypto-native broker), its approach to forex and CFD fund security meets high regulatory requirements.
The suite of platform risk management tools—including stop loss, trailing stop, and negative balance protection—adds important layers of safety. Two-factor authentication is available, further enhancing account protection.
Oanda is widely respected among both retail and institutional traders. Its track record is reinforced by transparent pricing, responsive service, and positive user reviews both globally and within Canada. For security and reliability, I rate Oanda as particularly robust for Canadian forex and CFD clients.
| Indicator | Description | Evaluation |
|---|---|---|
| Regulatory compliance | CIRO-regulated in Canada; respected tier-1 licenses globally | 5/5 |
| Fund security | Segregated accounts for client funds; no crypto cold storage or proof-of-reserves | 4/5 |
| Risk management tools | Stop loss, negative balance protection, 2FA, trailing stop, standard order types | 4/5 |
| Notoriety and coverage | Trusted global broker, over two decades in business, strong user reputation | 5/5 |
Fees, Spreads & Commissions
Oanda applies a spread-only pricing model for most accounts, with spreads on major currency pairs starting from 1.4 pips for EUR/USD and USD/JPY. While these spreads are stable and transparent, they are slightly wider than the tightest spreads found at some global brokers that offer “raw” pricing plus commission. For higher-volume traders, the Elite Trader program reduces spreads further or introduces a commission-based option, which can bring fees closer to the best industry rates. The absence of account minimums is a notable advantage, keeping Oanda accessible for all clients.
For other CFDs, such as indices and commodities, Oanda’s spreads begin at 0.5 points for the S&P 500 and 25 cents for gold (XAU/USD), which is generally in line with what is found at other CIRO-regulated brokers. Overnight (swap/rollover) fees apply to any leveraged positions held past market close, and while not excessive, these costs should be considered by position traders. There are no direct custody or inactivity fees unless the account is dormant for a year, and most payment methods offer at least one free withdrawal per month.
Oanda’s crypto CFD offering is limited in Canada but available for a small number of major coins. Fees on crypto products are embedded in the spreads, and actual buy/sell costs can vary with market volatility, often making total costs higher than for forex or commodities. There are no custody or blockchain transfer fees, since clients never own the actual crypto. Currency conversion can be a hidden cost if you fund or trade in a currency different from your account base currency.
What are the account-related fees?
| Fee Type | Conditions at Oanda | Market Average |
|---|---|---|
| Opening fee | $0 | $0 |
| Maintenance fee | $0 | $0–$10/month |
| Withdrawal fee | $0 (first per month), $15 thereafter | $0–$25 |
| Inactivity fee | $10/month after 12 months of inactivity | $10–$20/month |
| Currency conversion fee | 0.5%–1% | 0.5%–1.5% |
Trader Tip
Trip: To minimize trading costs at Oanda, stick to major forex pairs with the tightest spreads and manage your cash flow to avoid unnecessary withdrawal and inactivity fees. High-volume traders should explore the Elite Trader program, as it can unlock better rates and commission-based pricing for further savings.
What are the fees on stocks and ETFs?
Oanda does not offer direct or CFD trading on stocks and ETFs to Canadian retail clients. For exposure to equities, consider brokers specializing in stocks or ETFs that provide registered account options and competitive commission structures.
| Fee Type | Conditions at Oanda | Market Average |
|---|---|---|
| Commission | Not available | $0–$10/trade |
| Spread fee | Not available | 0.05%–0.5% |
| Overnight fee | Not available | Yes, daily |
| Custody fee | Not available | $0–$10/month |
| UK stamp duty tax | Not available | 0%–0.5% (UK stocks) |
What are the fees on cryptocurrencies?
Oanda’s crypto CFD products are limited but present for larger digital assets like BTC and ETH. Trading costs are spread-based, with total buy/sell fees varying from about 0.5% up to 2.0% depending on the coin and underlying volatility. There are no withdrawal, custody, or transfer fees for crypto as all trades are settled in cash and not on-chain.
| Fee Type | Conditions at Oanda | Market Average (crypto or CFD brokers) |
|---|---|---|
| Buy/sell fees | Embedded in the spread, from 0.5%–2.0% | 0.5%–2.0% |
| Spread fees | Typically wider than major FX, varies by asset | Often 0.5%–2.5% |
| Overnight fees | Yes, daily swap for positions held overnight | Yes, often higher than FX |
| Custody fees | $0 (CFDs, no crypto custody) | $0–$20/month (if physical crypto) |
| Transfer fees | $0 (no blockchain withdrawals on CFDs) | $0–$25 (for physical withdrawals) |
What are the fees on CFDs?
Oanda’s CFD fee structure is spread-based with no fixed commission for most clients. For major FX pairs, spreads start at 1.4 pips, and for indices and commodities, minimum spreads and overnight charges apply. The broker’s overall cost structure is competitive for Canadian CIRO-regulated options but does not reach the ultra-low levels of global “raw” brokers. Actual trading costs may fluctuate based on liquidity and asset.
| Underlying Asset | Maximum Leverage | Spread at Oanda | Overnight Fee | Market Average (CFD brokers) |
|---|---|---|---|---|
| CFD Stocks | Not available | Not available | Not available | $5–$10/trade + spread |
| Gold (XAU/USD) | 20:1 | From $0.25 | Yes, daily | $0.30–$0.50/oz + overnight |
| Silver (XAG/USD) | 10:1 | From $0.02 | Yes, daily | $0.02–$0.05/oz + overnight |
| Oil (WTI) | 10:1 | From $0.03 | Yes, daily | $0.03–$0.10/barrel + overnight |
| EUR/USD | 50:1 | From 1.4 pips | Yes, daily | 0.6–1.2 pips (raw); 1.2–1.8 pips retail |
| EUR/GBP | 50:1 | From 1.7 pips | Yes, daily | 0.7–1.3 pips (raw); 1.3–1.8 pips retail |
| USD/JPY | 50:1 | From 1.4 pips | Yes, daily | 0.7–1.1 pips (raw); 1.2–1.8 pips retail |
| GBP/USD | 50:1 | From 1.6 pips | Yes, daily | 0.8–1.4 pips (raw); 1.4–1.9 pips retail |
| BEL 20 (BEL20) | 5:1 | Not available | Not available | $1–$3 + spread |
| BTC/USD (crypto CFD) | 2:1 | From ~1.0% spread | Yes, significant | 0.5%–2.5% spread + overnight |
Assets & Markets
Oanda offers a targeted yet high-quality selection of tradable markets, built around leveraged forex, popular global indices, commodities, and a modest selection of cryptocurrencies (CFDs only). The core strength is clearly in forex: with over 68 pairs covering majors, minors, and select exotics, the breadth provides substantial opportunities for both hedging international portfolios and executing short-term trading strategies.
The access to indices and commodities as CFDs is notable, allowing rapid, leveraged exposure to key benchmarks such as the S&P 500, Nasdaq, gold, silver, and crude oil. This makes the platform suitable for macro traders or those balancing forex with wider global themes. However, Oanda does not currently provide any direct or CFD trading on stocks or ETFs for Canadian clients, meaning investors seeking exposure to individual equities or exchange-traded funds will need to look elsewhere.
Cryptocurrency trading is available via CFDs on a handful of high-cap assets, giving clients speculative opportunities but without the diversity found on dedicated crypto platforms or the potential for spot positions. Importantly, Oanda does not offer access to actual crypto wallets, staking, NFTs, or stablecoins—a limitation for those interested in digital asset ownership or decentralized finance.
Oanda’s lack of bond CFDs and limited alternative derivatives means that fixed income traders or those targeting structured products are not its primary audience. This platform is best utilized by those who value regulated, straightforward forex and macro-CFD trading with robust order types and professional-grade tools.
| Asset Class | Type | Number at Oanda | Market Average | Example Assets |
|---|---|---|---|---|
| Stocks | – | 0 | 2,000+ | – |
| ETFs | – | 0 | 100+ | – |
| Cryptocurrencies | CFD | Limited (3–10 typical) | 20–100+ | BTC/USD, ETH/USD, LTC/USD |
| Currencies (Forex) | Spot (leveraged) | 68+ | 50–120 | EUR/USD, USD/CAD, GBP/JPY |
| Commodities | CFD | 10+ | 10–30 | Gold, Silver, Crude Oil |
| Indices | CFD | 8–15 | 10–40 | S&P 500, Nasdaq 100, FTSE 100 |
| Bonds | – | 0 | 5–20 | – |
| Stablecoins | – | 0 | 2–5 | – |
| NFTs | – | 0 | <5 (crypto platforms) | – |
| Other derivatives | CFD (limited) | Few (metals, etc.) | 5–15 | Copper, Palladium |
Trading Tools and Apps
Oanda’s proprietary platform, OANDA Trade, delivers an interface that balances usability with flexibility. Navigation is smooth, layouts can be customized, and both desktop and web versions load quickly, suiting traders who appreciate a modern, responsive experience. The built-in charting offers a strong suite of technical indicators, drawing tools, and historical data, making it practical for both active trading and strategy refinement. Mobile access is robust, offering order management and real-time monitoring, though intricate technical analysis is best reserved for desktop setups.
MetaTrader 4 (MT4) integration remains a valuable feature, especially for users who build or deploy algorithmic strategies. Oanda’s MT4 setup is stable and allows connection to a wide library of custom indicators, scripts, and Expert Advisors. While OANDA does not provide native support for TradingView or a proprietary crypto app, advanced users benefit from direct API access for automation, custom analytics, or high-frequency systems.
Order execution tools are comprehensive: a full range of order types is available, including limit, stop, trailing stop, and OCO. Negative balance protection is in place, meeting strict CIRO regulatory requirements—this is a significant advantage on a leveraged platform. Oanda does not offer trading signals via TradingView, social or copy-trading features, or asset staking/earning options. Equity or ETF spot trading is not available, focusing the offering on forex, commodities, indices, and select crypto CFDs.
For asset discovery, a search function and filters are streamlined, letting users quickly locate pairs or contracts. Beginners will find OANDA Trade’s demo mode highly useful for testing the platform’s features with virtual funds, while more advanced traders can tap into APIs and automation via MT4 or OANDA’s platform.
| Feature | Verified Details |
|---|---|
| Mobile app | OANDA Trade for iOS/Android; MetaTrader 4 mobile; no TradingView, crypto app, or mobile wallet |
| Usability | Fluid, intuitive, and customizable on web/desktop; seamless on mobile with minor analytical limits |
| Compatible software | MetaTrader 4 (MT4), proprietary OANDA Trade; REST and FIX APIs for quant/algo trading |
| Order types | Market, limit, stop-loss, take-profit, trailing stop, OCO |
| Charting and technical analysis | Built-in indicators, advanced charting via OANDA Trade/MT4; no TradingView integration |
| Auto trading / Automated strategies | Expert Advisors (MT4), API access for bots; no copy trading |
| Algorithmic trading | Custom scripts and coded strategies via MT4/OANDA API |
| Negative balance protection | Yes (CFD/Forex) |
| Trading signals | Limited to internal analytics; no TradingView/social signals |
| Asset search and filters | Fast search and filtering for currencies, indices, commodities, crypto CFDs |
| Spot stock purchase | Not available; CFD/forex/crypto only |
| Staking and earn | Not available |
Trader Tip
Trip: Use OANDA Trade’s demo mode to thoroughly test strategies, layout presets, and order routing. For algorithmic traders, leverage OANDA’s APIs or MT4’s scripting to automate or backtest new ideas before applying them to live markets. Always enable two-factor authentication for enhanced account security.
Account Opening & Deposits
Account opening
To open an account with Oanda, begin by completing an online registration form with your personal details. You will then be prompted to answer a regulatory suitability questionnaire to assess your trading knowledge and experience. Next, you must upload your identification documents, typically a government-issued photo ID and a recent proof of address, such as a bank statement or utility bill. Oanda may also request details about your employment and, in some cases, proof of income or source of funds.
Once you’ve submitted your application and documents, Oanda performs a KYC (Know Your Customer) check to validate your identity and perform compliance screening. The review and approval process usually takes 1 to 3 business days. Once approved, you’ll receive a confirmation email granting access to your live trading account.
Good to know
Select your preferred base currency carefully, as this affects both trading costs and conversion fees on future deposits or withdrawals.
| Item | Details |
|---|---|
| Opening procedure | Online form, regulatory questionnaire, KYC document upload |
| Validation time | 1–3 business days after submitting all documentation |
| Accepted deposit methods | Debit/credit card, bank wire transfer, ACH |
| Minimum required deposit | No minimum deposit for Canadian users |
| Required documents | Government-issued photo ID, proof of address, employment details |
| Practical tip | Prepare clear digital copies of all documents to avoid delays in account approval |
Deposits and withdrawals on Oanda
Depositing funds to Oanda is straightforward—use a debit or credit card (Visa, MasterCard, Discover), ACH bank transfer, or wire transfer in your chosen account currency. Most deposit methods are processed instantly or within one business day, but wire transfers may take up to 6 business days. Oanda does not charge deposit fees, but check with your bank for any external charges. Withdrawals can be issued back to your funding source, with ACH and wire transfer being the standard methods. The first withdrawal each month is free; subsequent withdrawals may incur a fee, and minimum withdrawal amounts can apply depending on your chosen method.
Oanda does not provide an integrated wallet or direct fiat-to-crypto conversion; cryptocurrency trading (if available) is handled as a CFD product, not as spot or wallet-based holdings.
Good to know
Before funding your account, confirm your base currency and review both Oanda’s and your bank’s fee policies—especially for international or currency conversions—to avoid unexpected charges and processing delays.
| Payment method | Accepted currencies | Minimum amount | Processing time | Possible fees |
|---|---|---|---|---|
| Credit card | CAD, USD, others | No minimum | Instant to 1 day | Bank fees possible; Oanda does not charge fees |
| Bank transfer | CAD, USD, others | No minimum | 2–6 business days | May incur bank charges; Oanda does not charge |
| E-wallets | Not offered in Canada | – | – | – |
| Stablecoins or cryptos | Not offered | – | – | – |
| Other local options | Not currently available | – | – | – |
Account Types
Oanda is a CIRO-regulated Forex and CFD broker designed to meet the needs of both novice and experienced Canadian traders. The platform’s primary offerings include a no-minimum Standard account, a multi-featured demo account, and an exclusive Elite Trader account with advanced pricing and service for high-volume clients. While Oanda offers a broad selection of global forex pairs and some crypto CFDs, it does not provide a Raw ECN account, classic securities trading, or tax-advantaged account options like TFSAs. Staking, earn, or cold storage features for crypto are not supported. Clients can choose their base currency and utilize powerful platforms like OANDA Trade Web, Mobile, and MT4 for flexible trading experiences.
| Account type | Available | Main features |
|---|---|---|
| Demo account | ✅ | Free, unlimited duration, $100,000 customizable virtual funds, risk-free trading |
| Standard account | ✅ | No minimum deposit, access to all supported markets, all trading platforms |
| Raw ECN account | ❌ | Not available for Canadian users |
| Islamic account | ❌ | Not explicitly listed; inquire with support |
| Professional account | ✅* | Elite Trader Program—available for traders with ≥US$10M volume/month, lower spreads |
| CFD account | ✅ | All Oanda live accounts support CFD trading |
| Classic securities account | ❌ | Not available (no real share/ETF trading) |
| Staking/earn account | ❌ | Not available (no crypto staking or earn products) |
| Cold storage account | ❌ | Not available; no crypto wallet/custody service |
| Tax-advantaged account | ❌ | Not available (no TFSA/RRSP) |
| Accepted base currencies | ✅ | CAD, USD, EUR, GBP (choose during account setup) |
Trader Tip
Tip: If you’re just starting out, begin with a demo account to become familiar with Oanda’s platforms and market conditions. For more active traders, compare Standard and Elite Trader pricing, and always confirm your chosen base currency before funding your account to minimize conversion costs.
How does Oanda compare to competitors?
| Feature | Oanda | Eightcap | Moomoo | Webull |
|---|---|---|---|---|
| Minimum deposit | $0 | $100 USD | $0 | $0 |
| Number of instruments | 100+ (Forex, Indices, Commodities, Crypto CFDs) | 800+ (Forex, Stock & ETF CFDs, Crypto CFDs) | 5,000+ (US & CA stocks, ETFs, options) | 5,000+ (US & CA stocks, ETFs, options) |
| Spreads (examples) | EUR/USD: from 1.4 pips USD/JPY: from 1.4 pips Gold: from 25¢ | EUR/USD: from 0.0 pips (+ comm.) GBP/USD: from 0.2 pips (+ comm.) Gold: from 7¢ | N/A (stocks/ETFs only; commission model) | N/A (stocks/ETFs only; commission model) |
| Trading platforms | OANDA Trade Web, Desktop, Mobile; MT4 | MT4, MT5, TradingView | Proprietary Web, Mobile, Desktop | Proprietary Web, Mobile, Desktop |
| Regulation | CIRO (Canada) | SCB (Bahamas, offshore for CA) | CIRO (Canada) | CIRO (Canada) |
| Demo account | ✅ | ✅ | ✅ | ✅ |
| Copy trading | ❌ | ❌ (possible via 3rd party) | ❌ | ❌ |
| Read the review | Read the review Eightcap | Read the review Moomoo | Read the review Webull |
USD/JPY: from 1.4 pips
Gold: from 25¢
GBP/USD: from 0.2 pips (+ comm.)
Gold: from 7¢
Customer reviews
Oanda currently holds a Trustpilot score of 4.0 out of 5, based on 1,094 reviews. Les utilisateurs mettent en avant plusieurs aspects positifs de la plateforme, notamment :
- Easy account opening process and no minimum deposit requirement
- Responsive and knowledgeable customer support
- User-friendly platform available on web, desktop, and mobile
- Competitive spreads in forex and major asset classes
- Reliable trade execution and advanced charting tools
En revanche, plusieurs points négatifs sont régulièrement évoqués dans les avis :
- Occasional slow withdrawal processing times
- Wider spreads compared to some international competitors
- Limited range of instruments and no stock CFDs for Canadian users
- Inactivity fees after periods of no trading
- No copy trading features or integrated social trading options
Voici quelques exemples représentatifs d’avis publiés sur Trustpilot :
- *i.N. – 21/03/2024 : “Oanda has consistently provided excellent service over the many years I have been with them. I value their reliability and support.”*
- a.M. – 08/01/2024 : “The platform is easy to use, and I appreciate the fast customer service, but I wish spreads were tighter on some currency pairs.”*
- *j.T. – 17/11/2023 : “Withdrawals can sometimes take longer than expected, but overall, I find Oanda to be a trustworthy broker and good for forex trading.”*
FAQ
Is Oanda regulated in CA?
Yes, Oanda (Canada) Corporation ULC is regulated by the Canadian Investment Regulatory Organization (CIRO), previously known as IIROC. This ensures Oanda complies with Canadian financial laws and offers a level of investor protection specific to users in Canada.
What is the minimum deposit on Oanda?
There is no minimum deposit required to open a standard account with Oanda in Canada. This allows new traders to start with any amount they are comfortable with, making it accessible to a wide range of investors.
Does Oanda offer a welcome bonus?
Oanda does not typically offer a welcome bonus or deposit promotion for Canadian users. Their focus is on transparent pricing and regulatory compliance, so any changes to this policy would be clearly indicated on the official Oanda website.
How does leverage work on Oanda?
Oanda provides maximum leverage of up to 50:1 for forex trading in accordance with Canadian regulations. Leverage for other asset classes like indices, commodities, or cryptocurrencies is lower and will vary depending on the instrument and market conditions.
How does Oanda make money?
Oanda primarily generates revenue through spreads, which are the differences between the bid and ask prices of assets. For certain account types, such as an elite trader account, a commission may also apply in exchange for lower spreads.
Who is behind Oanda?
Oanda was founded in 1996 and is an established international online broker. The company is owned by OANDA Global Corporation, which has a presence in several countries and operates under various regulatory authorities worldwide.
When was Oanda launched?
Oanda was launched in 1996, making it one of the first online platforms to offer web-based forex trading to retail clients. Over time, it has expanded its offerings to include CFDs, commodities, and limited cryptocurrencies.
Does Oanda offer copy trading or social trading?
Oanda does not currently offer copy trading or integrated social trading features for Canadian clients. Traders looking for automated or social trading solutions would need to use third-party tools independently.
How can I contact Oanda’s customer service?
Oanda’s customer service can be reached through web chat, WhatsApp, SMS, and email. Support is available from Sunday at 4 p.m. ET to Friday at 6 p.m. ET, providing help on account management, trading, and technical issues.
Does Oanda offer any promotions or referral programs?
As of the latest information, Oanda does not offer ongoing promotions or referral programs for Canadian users. Their approach prioritizes straightforward trading conditions and regulatory compliance rather than incentives.
Is Oanda regulated in CA?
Yes, Oanda (Canada) Corporation ULC is regulated by the Canadian Investment Regulatory Organization (CIRO), previously known as IIROC. This ensures Oanda complies with Canadian financial laws and offers a level of investor protection specific to users in Canada.
What is the minimum deposit on Oanda?
There is no minimum deposit required to open a standard account with Oanda in Canada. This allows new traders to start with any amount they are comfortable with, making it accessible to a wide range of investors.
Does Oanda offer a welcome bonus?
Oanda does not typically offer a welcome bonus or deposit promotion for Canadian users. Their focus is on transparent pricing and regulatory compliance, so any changes to this policy would be clearly indicated on the official Oanda website.
How does leverage work on Oanda?
Oanda provides maximum leverage of up to 50:1 for forex trading in accordance with Canadian regulations. Leverage for other asset classes like indices, commodities, or cryptocurrencies is lower and will vary depending on the instrument and market conditions.
How does Oanda make money?
Oanda primarily generates revenue through spreads, which are the differences between the bid and ask prices of assets. For certain account types, such as an elite trader account, a commission may also apply in exchange for lower spreads.
Who is behind Oanda?
Oanda was founded in 1996 and is an established international online broker. The company is owned by OANDA Global Corporation, which has a presence in several countries and operates under various regulatory authorities worldwide.
When was Oanda launched?
Oanda was launched in 1996, making it one of the first online platforms to offer web-based forex trading to retail clients. Over time, it has expanded its offerings to include CFDs, commodities, and limited cryptocurrencies.
Does Oanda offer copy trading or social trading?
Oanda does not currently offer copy trading or integrated social trading features for Canadian clients. Traders looking for automated or social trading solutions would need to use third-party tools independently.
How can I contact Oanda’s customer service?
Oanda’s customer service can be reached through web chat, WhatsApp, SMS, and email. Support is available from Sunday at 4 p.m. ET to Friday at 6 p.m. ET, providing help on account management, trading, and technical issues.
Does Oanda offer any promotions or referral programs?
As of the latest information, Oanda does not offer ongoing promotions or referral programs for Canadian users. Their approach prioritizes straightforward trading conditions and regulatory compliance rather than incentives.
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