Oanda: A Summary
- Strong Regulatory Oversight: OANDA is regulated by multiple Tier-1 authorities, including IIROC in Canada, the FCA in the U.K., and the CFTC in the U.S., ensuring a high level of safety for client funds.
- User-Friendly Platforms: The proprietary OANDA Trade platform and MetaTrader 4 (MT4) are intuitive and well-suited for beginners and experienced traders.
- Wide Range of Research Tools: OANDA offers extensive research tools, including market analysis, economic calendars, and currency heat maps, providing traders with useful insights.
- No Minimum Deposit: The broker does not require a minimum deposit, making it accessible for new traders or those with smaller budgets.
- Competitive Execution Speeds: With fast execution speeds and a robust trading infrastructure, OANDA ensures reliability during high volatility.
- Limited Product Offering: OANDA focuses mainly on forex and CFDs, with no access to stocks, ETFs, or cryptocurrencies, which may not meet the needs of traders seeking diversified investments.
- High Spreads: The broker's spreads, such as 1.1 pips on EUR/USD, are above the industry average, making trading more expensive compared to other brokers with tighter spreads.
- Restricted Customer Support Hours: Customer support is only available 24/5, which can be inconvenient for traders requiring assistance over weekends or in different time zones.
- Lack of Comprehensive Education: Educational resources are limited, which may not provide enough guidance for beginners looking to enhance their trading skills.
- Inactivity Fees: An inactivity fee is charged for dormant accounts after 12 months, which adds unnecessary costs for occasional traders.
- Oanda in brief
- Our opinion of Oanda
- What types of accounts are available with Oanda in Canada?
- Deposits and withdrawals at Oanda: How does it work?
- Does Oanda offer copy trading
- What is the tax treatment of income generated by Oanda?
- Contact: how do I contact Oanda's customer service?
- FAQs
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Oanda in brief
Feature | Details |
---|---|
📉 Minimum Deposit | $0 (No minimum deposit) |
📜 Regulations | IIROC, FCA, CFTC, ASIC, MAS |
✅ OSC, BCSC and ASC Registration | Yes |
📊 Available Assets | Forex (70+ pairs), CFDs on indices, commodities, metals |
⚙️ Trading Tools | OANDA Trade, MetaTrader 4 (MT4) |
🎮 Demo Account | Available |
🤝 Copy Trading | Not available |
🕌 Islamic Trading | Available |
📈 Leverage | 50:1 (maximum for Canadian traders) |
💰 Fees | EUR/USD spread: 1.1 pips (minimum), No commission |
📞 Customer Support | Phone, Email, Live Chat |
⭐ Trustpilot Verified Reviews | 4.1/5 (988 reviews) |
Our opinion of Oanda
We particularly liked OANDA’s strong regulatory compliance across multiple Tier-1 jurisdictions, including IIROC in Canada, which ensures a secure and trustworthy trading environment. The availability of both the proprietary OANDA Trade platform and MetaTrader 4 (MT4) makes it versatile and appealing to a wide range of traders.
We also appreciated the broker’s comprehensive research tools, which include market analysis, currency heat maps, and economic calendars, offering valuable insights for decision-making. The demo account availability is a welcome feature, especially for beginners who wish to familiarize themselves with the platform.
We would have liked to see a more diverse product offering, as OANDA is primarily limited to forex and CFDs, excluding access to stocks, ETFs, and cryptocurrencies.
Additionally, the broker’s spreads, such as 1.1 pips on EUR/USD, are higher than industry averages, making it less competitive for active traders or those with large volumes. The absence of copy trading options and limited customer support availability (24/5) are areas where the broker could improve.
Who is Oanda designed for?
OANDA is best suited for forex traders and intermediate-level investors who value reliability, user-friendly platforms, and robust research tools over low fees and product diversity.
Before you zero in on Oanda, explore other options in the market.
Let’s find out more about our test results on Oanda.
Security and reliability 3.5/5
OANDA is a globally recognized broker specializing in forex and CFDs, with a strong presence in the financial industry since its establishment in 1996. With over two decades of experience, it has built a reputation for offering reliable trading platforms and a wide range of currency pairs.
While exact user numbers are not disclosed, OANDA serves a broad base of traders across multiple regions, including Canada, the U.S., Europe, and Asia. The broker has received several accolades, including awards for its trading platform and execution speed, showcasing its commitment to service quality.
For Canadian traders, OANDA is considered a reliable broker, thanks to its regulation by the Investment Industry Regulatory Organization of Canada (IIROC). Additionally, OANDA is registered with provincial regulators such as the Ontario Securities Commission (OSC), British Columbia Securities Commission (BCSC), and Alberta Securities Commission (ASC).
Globally, it is also regulated by other Tier-1 authorities, including the FCA (U.K.), CFTC (U.S.), ASIC (Australia), and MAS (Singapore), ensuring a high standard of compliance.
To help manage risk, OANDA provides features such as negative balance protection, ensuring traders cannot lose more than their account balance, and customizable stop-loss and take-profit orders.
The broker’s educational materials and demo account further allow users to gain confidence and refine their trading strategies before committing to real funds. However, the absence of advanced risk management tools like guaranteed stop-loss orders may limit its appeal for risk-averse traders.
Market and asset diversity 2.5/5
OANDA is primarily positioned as a forex and CFD broker, catering to traders seeking access to the foreign exchange market and derivative products. While its focus on forex is notable, with 70+ currency pairs, the broker's overall asset diversity is limited compared to competitors.
It offers CFDs on indices, commodities, metals, and bonds, but the number of instruments in these categories falls short of market averages. Below is a detailed breakdown of OANDA’s available assets in comparison to its competitors.
Assets | Type | Number | Market Average |
---|---|---|---|
Forex | CFD | 70 | 80 |
Indices | CFD | 16 | 20 |
Commodities | CFD | 10 | 15 |
Metals | CFD | 8 | 10 |
Bonds | CFD | 6 | 10 |
Our opinion on the diversity of Oanda's offerings
OANDA’s focus on forex trading is a strength, but the limited selection of non-forex CFDs makes it less competitive for traders seeking broad market exposure. The broker is best suited for forex-focused investors rather than those requiring a diversified portfolio across multiple asset classes.
Platforms and tools 3/5
OANDA offers a range of trading platforms that cater to both beginners and experienced traders. Its proprietary OANDA Trade platform and the widely popular MetaTrader 4 (MT4) are the primary options. While these platforms provide essential trading tools, they lack advanced features that could appeal to more active or professional traders.
OANDA Trade Platform
The OANDA Trade platform is user-friendly and available on desktop, web, and mobile devices. It includes basic charting tools, customizable watchlists, and a built-in economic calendar. Users can also access advanced order types like stop-loss and take-profit orders. However, the charting tools lack some advanced customization and drawing capabilities found in platforms like TradingView.
MetaTrader 4 (MT4)
MetaTrader 4 (MT4) is a robust platform widely used in the forex industry. It provides advanced charting, automated trading through Expert Advisors (EAs), and technical indicators. OANDA's integration with MT4 is seamless, allowing traders to leverage its features for more sophisticated strategies. However, MT4's interface may feel outdated compared to newer platforms.
Analysis Tools and Decision Aids
OANDA provides an array of research tools, including:
- Currency Heat Maps: Visualizing market movements.
- Economic Calendars: Tracking global financial events.
- News Feeds: Real-time updates on market developments. While these tools are valuable for short-term traders, the absence of deeper analytical features like stock screeners or sentiment analysis limits their appeal.
Specific Order Types
OANDA supports a variety of order types, including market, limit, stop-loss, and take-profit orders. These options are sufficient for most traders, but the absence of guaranteed stop-loss orders may concern those who prioritize risk management.
Fees, spreads and commissions 2.5/5
OANDA is positioned as a mid-tier broker in terms of fees and spreads. While it does not charge commissions, its spreads are generally higher than market averages, making it less cost-effective for frequent traders. Below is a breakdown of OANDA’s fees compared to industry averages:
Asset Class | OANDA Fees/Spreads | Market Average Fees/Spreads |
---|---|---|
Forex (EUR/USD) | 1.1 pips | 0.8 pips |
Indices (S&P 500) | 0.5 points | 0.4 points |
Commodities (Gold) | 25 cents per unit | 20 cents per unit |
Metals (Silver) | 2 cents per unit | 1.5 cents per unit |
Bonds | 1 basis point | 0.8 basis points |
Other Fees
- Deposit Fees: Free, regardless of the method used, making account funding cost-effective.
- Withdrawal Fees: Free for ACH transfers, but wire transfers may incur fees of up to $25.
- Overnight Fees: Charged based on the asset and leverage used, making it variable and potentially costly for longer-term leveraged positions.
- Inactivity Fees: A $10 monthly fee applies after 12 months of inactivity, which can add up for occasional traders.
How is Oanda's price positioning?
OANDA’s higher-than-average spreads and inactivity fees make it less appealing for traders prioritizing cost efficiency. Although deposits and ACH withdrawals are free, the cost structure for trading and wire transfers may deter high-frequency or cost-sensitive traders. Competitors offering tighter spreads or commission-free trading provide more favourable options for active traders.
Customer reviews 4.1/5
OANDA has a Trustpilot rating of 4.1/5 based on 988 reviews, with users highlighting its strong regulatory compliance and platform reliability, while also noting concerns about higher trading costs and limited asset offerings.
Broker | Trustpilot Rating | Number of Reviews |
---|---|---|
AvaTrade | 4.4/5 | 8,975 |
Fusion Markets | 4.5/5 | 1,907 |
Star Trader | 4.3/5 | 472 |
OANDA | 4.1/5 | 988 |
IFC Markets | 3.8/5 | 508 |
XTB | 3.7/5 | 1,427 |
Moomoo | 3.7/5 | 137 |
QTrade | 2.1/5 | 15 |
Wealthsimple | 1.7/5 | 407 |
Scotia iTRADE | 1.7/5 | 19 |
Questrade | 1.6/5 | 236 |
Desjardins | 1.4/5 | 74 |
BMO InvestorLine | 1.3/5 | 1,032 |
Here are some recent testimonials from Canadian users:
- Laura P (February 10, 2025): "I've been using OANDA for forex trading, and the platform is easy to navigate. However, the spreads are noticeably higher than other brokers I've used, especially for major pairs like EUR/USD. The customer service was helpful when I had an issue with account verification, but I wish the support was available on weekends."
- Michael T (December 15, 2024): "As a beginner, I appreciated the availability of a demo account, which helped me get familiar with forex trading. Unfortunately, after switching to a live account, I found the overnight fees on leveraged positions to be quite expensive. The platform itself is reliable, but I was disappointed by the lack of asset variety beyond forex and CFDs."
- Priya S (March 20, 2024): "I chose OANDA because of its reputation and regulatory oversight. While the MT4 integration works well for my trading strategies, I find the spreads on gold and indices to be higher than average. On the positive side, the deposit process was seamless, and the ACH withdrawals are free, which is convenient for Canadian traders."
How is Oanda positioned in relation to its competitors?
Feature | OANDA | Broker A | Broker B | Broker C |
---|---|---|---|---|
📊 Assets | Forex (70+), CFDs on indices, commodities, metals, bonds | Forex, Stocks, Cryptos, CFDs, ETFs | Forex, Stocks, ETFs, Bonds, Commodities | Forex, Cryptos, Indices, Commodities, ETFs |
📉 Minimum Deposit | $0 (No minimum deposit) | $100 CAD | $50 CAD | No minimum deposit |
⚙️ Platforms | OANDA Trade, MetaTrader 4 (MT4) | Proprietary platform, MetaTrader 5 (MT5) | MetaTrader 4 (MT4), Web platform | Proprietary platform, TradingView integration |
💰 Fees | EUR/USD spread: 1.1 pips, No commission | EUR/USD spread: 0.8 pips, $5 commission | EUR/USD spread: 0.6 pips, $2 commission | EUR/USD spread: 1.0 pips, No commission |
🤝 Copy Trading | Not available | Available | Not available | Available |
🎮 Demo Account | Available | Available | Available | Available |
📜 Regulation | IIROC, FCA, ASIC, CFTC, MAS | FCA, CySEC, ASIC | IIROC, FCA, ASIC | FCA, CySEC |
Conclusion of our review on Oanda
OANDA offers a reliable trading environment backed by strong regulatory compliance and user-friendly platforms such as OANDA Trade and MT4. However, its asset offerings are heavily focused on forex and CFDs, lacking the diversity seen in brokers that include stocks or ETFs.
While its no-minimum-deposit policy is attractive, higher spreads make it less cost-efficient for active traders. The absence of copy trading further limits its appeal for beginners or traders looking for automated strategies.
This broker is ideal for intermediate forex traders who prioritize regulatory trustworthiness and platform reliability over competitive pricing and asset diversity.
Before opening an Oanda account, take the time to compare the best brokers in Canada.
Compare the best brokers in Canada and find the one that suits you!Compare brokers nowWhat types of accounts are available with Oanda in Canada?
OANDA offers a simple account structure to accommodate different trading needs. These include Standard Accounts, Premium Accounts, and Corporate Accounts. Additionally, the broker provides a Demo Account and Islamic Account to cater to specific trader requirements. Below is a summary table comparing the available account types:
Feature | Standard Account | Premium Account | Corporate Account |
---|---|---|---|
Minimum Deposit | $0 | $20,000 | Customized based on agreement |
Spread Type | Variable spreads | Lower variable spreads | Customized pricing |
Leverage | Up to 50:1 | Up to 50:1 | Up to 50:1 |
Trading Platforms | OANDA Trade, MetaTrader 4 | OANDA Trade, MetaTrader 4 | API integration, OANDA Trade |
Dedicated Support | No | Yes | Yes |
Additional Features | Basic trading tools | Exclusive market insights | Customized tools and services |
Demo Account | Available | Available | Not available |
Islamic Account | Available | Available | Not available |
Standard Account
The Standard Account is OANDA’s most accessible offering, requiring no minimum deposit. It is ideal for beginner and casual traders who want to explore forex and CFD trading. Spreads are variable, with the EUR/USD starting at 1.1 pips. Traders can access all supported platforms, including OANDA Trade and MetaTrader 4. While the Standard Account offers a wide range of tools, it lacks premium features such as exclusive market insights or dedicated customer support.
Premium Account
The Premium Account is designed for more experienced traders with higher balances, requiring a minimum deposit of $20,000. This account provides tighter spreads than the Standard Account and includes access to exclusive market research and a dedicated account manager. It also offers priority support for faster resolution of issues. Premium users can trade on all OANDA platforms while benefiting from lower trading costs and additional market insights.
Corporate Account
The Corporate Account is tailored for businesses and institutional clients. It features customized pricing, tailored tools, and API integrations to fit the needs of high-volume or automated trading. This account provides access to OANDA’s platforms, along with personalized services and account management. Specific terms, such as the minimum deposit, are determined based on individual agreements.
Demo Account
OANDA’s Demo Account allows traders to practice forex and CFD trading in a risk-free environment. It includes $100,000 in virtual funds and full access to OANDA Trade and MetaTrader 4 platforms. The demo account does not have a time limit, enabling traders to refine their skills for as long as needed. This is a valuable feature for beginners or those testing new strategies.
Islamic Account
The Islamic Account is available for traders who wish to comply with Sharia law. It operates without overnight swap fees and offers access to all platforms and assets provided by OANDA. The Islamic Account maintains the same minimum deposit requirements and spreads as the Standard and Premium Accounts, depending on the trader’s eligibility.
Compare the best brokers in Canada and find the one that suits you!Compare brokers nowDeposits and withdrawals at Oanda: How does it work?
Method | Currencies Supported | Timeframe | Fees |
---|---|---|---|
Bank Transfer | CAD, USD, EUR | 1-3 business days | Free |
Credit/Debit Card | CAD, USD, EUR | Instant | Free |
PayPal | CAD, USD, EUR | Instant | Free for deposits, up to $5 for withdrawals |
OANDA provides a flexible range of deposit and withdrawal methods, including bank transfers, credit/debit cards, and PayPal. The availability of instant processing for card payments and PayPal is a significant advantage for traders needing quick access to their funds.
However, the withdrawal fee of up to $5 for PayPal users is a drawback compared to some brokers that offer entirely fee-free transactions. While the overall options are competitive, other brokers may offer additional methods such as e-wallets like Skrill or support for cryptocurrencies, which are gaining popularity.
Does Oanda offer copy trading
OANDA does not offer copy trading or social trading features as part of its platform. The broker is primarily focused on providing a self-directed trading environment for forex and CFDs, catering to traders who prefer to make their own decisions using the provided tools and research resources.
Unlike brokers specializing in copy trading, OANDA does not integrate with platforms like ZuluTrade or Myfxbook for automated trade copying. There are no features that allow users to follow or replicate the trades of experienced traders. Additionally, there are no dedicated social trading networks or community forums where traders can interact, share strategies, or collaborate.
For traders who rely on copy trading as part of their strategy, this limitation could be a significant drawback. Investors looking for automated solutions or the ability to learn from experienced professionals will need to explore brokers that specifically offer robust copy or social trading capabilities.
What is the tax treatment of income generated by Oanda?
Income generated through trading on OANDA is subject to Canadian tax laws under the Income Tax Act. The tax treatment depends on the type of income earned and the nature of the trading activity. Below is an overview of the tax regime applicable to trading income and how it should be declared in Canada.
Applicable taxation
- Capital Gains: If trading is considered an investment activity, profits are taxed as capital gains, with only 50% of the gain being taxable at your marginal tax rate.
- Business Income: For active or professional traders, profits may be classified as business income, making 100% of the income taxable at your marginal tax rate.
- Dividends and Interest: Any dividends or interest earned on trading accounts are fully taxable, with dividends from Canadian companies eligible for a tax credit.
- Registered Accounts: Gains in TFSAs are tax-free, while RRSP gains are tax-deferred until withdrawal, at which point they are taxed as regular income.
How to declare trading income or revenues?
- Use Schedule 3 of your T1 General Income Tax and Benefit Return to report capital gains or losses, including details on the adjusted cost base (ACB) and proceeds of disposition.
- For business income, complete the T2125 Statement of Business or Professional Activities form and include details of all trading activity.
- Dividend and interest income should be declared in the appropriate sections of the tax return.
- Cryptocurrency transactions, if applicable, should include detailed records of fair market value at the time of each trade.
- Maintain accurate records of all trading transactions, including dates, costs, and gains/losses.
Points to remember while filing your taxes
- Registered Accounts: Gains in TFSAs are entirely tax-free, while RRSP withdrawals are taxed at your marginal rate.
- Capital Losses: Capital losses can be used to offset gains in the same year or carried forward to future years to reduce taxable gains.
- Frequent Trading: The CRA may classify frequent trading as a business activity, leading to higher tax obligations.
- Consult a Professional: For complex portfolios or large trading volumes, consulting a tax expert ensures compliance with Canadian Revenue Agency (CRA) regulations.
Contact: how do I contact Oanda's customer service?
Request Type | Means of Contact | Opening Hours |
---|---|---|
📄 Open an Account | Website: www.oanda.com, Phone: 1-877-626-3239, Email: [email protected] | Monday to Friday, 24 hours |
💵 Make a Withdrawal | Website: Withdrawal Request Form, Phone: 1-877-626-3239, Email: [email protected] | Monday to Friday, 24 hours |
🛠️ Contact Technical Support | Phone: 1-877-626-3239, Email: [email protected], Live Chat: Available on website | Monday to Friday, 24 hours |
📢 Make a Complaint | Email: [email protected], Contact Form: Available on website | Monday to Friday, 9 AM - 5 PM EST |
❓ General Inquiries | Phone: 1-877-626-3239, Live Chat: Available on website | Monday to Friday, 24 hours |