OANDA TradingView Review: Pros, Cons and Verified Analysis

Daniel Meyer, 7 min read
Last Updated: 25 March, 2024

OANDA was established in 1996 and is now a leading financial trading broker, offering a robust platform, multi-asset trading, analytical tools, and historical data. It also offers services such as FX payments and exchange rate history to thousands of businesses.

With a growing trading community spanning six global locations, OANDA provides a social and copy trading platform with diverse tools to help investors build, test, deploy, and share strategies. This review takes a deep dive into the OANDA trading environment to give readers honest opinions about their products and services.

  • Tradable assets: Crypto, currencies, indices, shares, ETFs, commodities.
  • Leverage: Up to 1:50 (differs according to the maximum set by regulatory bodies)
  • Regulations: USA, UK, EU, Middle East, Asia Pacific, Australia.
  • Payment methods: Crypto, PayPal, debit card (Visa, MasterCard), wire transfer, ACH bank transfer, Neteller, Skrill.
  • Currencies: 212 (70+ pairs).
  • Crypto assets: 18.
  • TrustPilot ratings: 3.9

Who Is OANDA Suitable for?

Our careful review of OANDA’s platforms shows that the broker is ideal for:

  • Beginner traders: The user-friendly platform has guides and simple tools. Beginner traders can also use the social trading and copy trading features.
  • Third-party traders: for traders who prefer third-party platforms, available ones are TradingView at Oanda, MetaTrader4 and MetaTrader 5 provides flexible and extensive analytical tools for trading.
  • Crypto asset traders: The broker offers CFD trading on 18 crypto assets as a regulated broker.
  • Skilled traders: Traders with higher skills and complex strategies will find useful tools on OANDA.

Although OANDA offers share trading, the feature is limited by location; stock traders may require other brokers to trade stocks outside the EU. Multi-language support means OANDA is suitable for international traders.

Features of OANDA’s Trading Platforms

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OANDA boasts a rich but simple trading platform that enhances flexibility and accessibility. The key features we found are:

  • Web-based app; no download is required to use this
  • Mobile (Android and iOS) and desktop app (Windows and macOS)
  • Multi-language support
  • Guides and clear navigation instructions/guides
  • Demo account with virtual funds
  • Customer support
  • Fast account opening

These features make OANDA easy to use, especially for beginners, and they may enhance the process for experienced traders looking to invest and share ideas with others.

Trading Lessons

We also found that OANDA has an extensive learning program covering leverage trading, fundamental analysis, technical analysis, and indicators & oscillators.

The lessons are well-spaced, in-depth (in most cases), and use relatable examples. The broker hosts webinars and events regularly, inviting experts to teach participants.

The lessons are open to anyone, whether or not they are registered with OANDA. The premium webinars are only available to users with live accounts.

Trading Assets

OANDA offers CFD trading across all product offerings; from currencies to metals, commodities, and bonds, traders can access CFD trading on OANDA and enjoy low spreads, guaranteed stop loss, and margin relief benefits.

OANDA offers CFD trading for different instruments:

  • Forex: over 70 pairs
  • ETFs: 40+
  • Indices: 59
  • Metals: 4+
  • Shares: 26+ (EU traders can access 2200+ stocks)
  • Bonds: 6+
  • Commodities: 8+
  • Cryptocurrencies: 18
  • Total trading assets: 2500+

Shares Trading

OANDA allows traders to explore US, UK, and EU shares, providing 26+ shares for full trading and dozens more for “Long” and “Close” only trades.

We found no minimum commissions for shares, and margins were as low as 5%. OANDA share trading is available on third-party platforms and their proprietary fxTrade mobile app.

EU traders can access over 2000 stocks with 100% shares and no commissions for EUR, PLN, and CZK accounts. We found that this platform has a search + filter option for share trading.

Cryptocurrency Trading

OANDA began offering crypto assets to meet the growing interest in the crypto market; there is no direct exposure, but traders can track the price differences on OANDA.

We found that OANDA partners with Paxos to do spot crypto trading on Paxos’ itBit exchange through OANDA’s trading platform.

Bitcoin, Bitcoin Cash, Ether, and Litecoin are popular crypto assets to trade, but other altcoins bring the total available assets to 18.

The commissions could be as low as 0.25%, and the coins traded are not held in a wallet. All crypto assets are paired against the U.S. Dollar on OANDA and not against other cryptos.

Trading ETFs With OANDA

There are about 40 ETFs on OANDA for ETFs CFD trading. These include baskets of popular and less-popular stocks across the EU, US, UK, and Latin America.

Again, this offering is primarily closed to OANDA traders outside the EU.

A 20% minimum deposit is required for ETFs CFD trading and minimum and maximum order values of 1 and 45, respectively. The leverage for this offering is 5:1.

Commodities Trading

OANDA’s impressive commodities market offers CFDs on Brent Crude Oil, Corn, Copper, Natural Gas, Soybeans, Sugar, West Texas Oil, and Wheat, with spreads starting from three pips on Brent Crude Oil. There is no minimum deposit to trade commodities on OANDA.

Forex Trading on OANDA

OANDA’s forex CFD offering has over 70 pairs and 212 currencies, including major and minor ones. There are also exotic pairs.

The broker provides essential tools for beginner and experienced traders, an easy-to-navigate trading environment, and competitive trading conditions.

Traders may need to use TradingView and other third-party OANDA platforms to access advanced charting tools.

OANDA’s forex spreads as low as 0.6 pips.

OANDA Trading Platforms: Pros and Cons

Pros

  • User-friendly platform; well-designed and optimized for the modern trader.
  • Investors can choose from a wide range of assets and markets.
  • OANDA is regulated across many countries, having CySEC, FCA, and other regulator badges, which gives investors confidence to trade with them.
  • Perks like premium pricing, high-volume rebates for traders, dedicated account managers, and institutional market analysis for high-value traders.
  • OANDA is one of the few brokers globally that accepts U.S. traders.

Cons

  • OANDA charges holding and inactivity fees, which could impact profit potential. However, they also offer rebates on inactivity fees for a certain period.
  • OANDA is not regulated or permitted to operate in some countries.

Mobile Trading Applications

The broker offers “three ways” to trade: the proprietary fxTrade app, MetaTrader 4, and MetaTrader 5.  These platforms are available as web apps and downloadable software.

OANDA web, mobile, MetaTrader 4, MetaTrader 5, and TradingView give traders more options to choose how and where to trade. Third-party platforms also enhance the experience of using trading robots on OANDA.

Mobile trading is popular on OANDA, and perhaps that’s another reason the broker integrates with third-party platforms.

The fxTrade app retains most features on both the web app and the installed app, leaving out only a few complex features.

Trading Fees and Commissions

OANDA has an extensive margin and spread table where traders can find information on every asset. They charge a fixed commission per trade, starting from 0.1 pips, and an overnight financing fee for credit or debit positions.

The fees for indices are automatically factored in the spread, which begins from 0.3 for indices.

OANDA does not charge deposit or withdrawal fees for debit cards, but other charges by banks or payment processors may apply. A $20 per transaction fee applies to wire withdrawals.

The inactivity fee is ten units of the currency in which the trading account is denominated. The first card withdrawal for each month is free. Currency exchange/swap may incur additional fees on OANDA.

Cashier Actions: Accepted Payment Methods

We found many payment options on OANDA for deposits and withdrawals; traders can withdraw funds using the method they deposited. The available options are:

  • Card (VISA, MasterCard)
  • Wire transfer
  • ACH transfer
  • Neteller
  • Skrill
  • PayPal

These payment methods ensure investors have flexible options and can fund their accounts quickly.

Other Services

OANDA offers FX payment services to users at an average $10 fee, depending on the recipient’s location.

The broker partners with Wise for the FX payment service for corporate and individual clients, allowing users to make cross-border payments in 35 currencies at less expensive rates than banks charge.

The FX data services offer a currency converter, historical exchange rates, and an API to integrate live exchange rates for third parties.

Copy Trading

OANDA does not offer a built-in copy trading feature but allows traders to connect their live accounts through third-party software to copy other traders.

Regulatory restrictions on CFDs may impact the extent of copy trading and the availability in the U.S. Traders are always advised on the risks of copy trading before they connect.

Demo Account for Learning on OANDA

Beginners and professional traders will find OANDA’s demo account helpful for practicing strategies. Demo accounts come with $100,000 in virtual funding.

The process is smooth and easy; traders select their country of residence, sign up using the Messenger or Telegram gateways, or complete a registration form to gain access.

OANDA’s demo accounts come with the full features of a live account, simulate market conditions, and can be closed or opened at any time.

OANDA Trading Account Types

OANDA has systems for high-value (institutional) and retail (individual) traders. Retail traders have different account options: Standard, Core, Premium, and Premium Core, with varying conditions.

Traders don’t need to submit verification documents for the Standard and Core accounts until they deposit or withdraw $9000. There’s no minimum deposit, but a 0.01 minimum lot size applies to all accounts.

Regulation and Security Features

OANDA meets regulatory compliance requirements from several authorities, including CySEC, FCA, ASIC CFTC, NFA, IIROC, FCA, MAS, ASIC, and FSA badges.

Two-factor authentication, active threat monitoring, partnerships with leading cybersecurity firms, and compliance with security regulations are essential to OANDA’s security systems. Traders are also required to submit details to comply with local laws.

OANDA segregates clients’ monies and will return such “minus administrator’s fee” if they go insolvent. OANDA will not refund monies lost if the third-party holding company goes insolvent.

Customer Service

For 24/5, you can access OANDA’s customer service via the live chat and email channels. Some users have complained about poor customer service (usually about the waiting time), so expect a longer waiting time if you contact OANDA’s customer service agents.

Eligible Countries for Trading

OANDA has offices in Singapore, Australia, Japan, Canada, the U.S., London, the U.K., Poland, Malta, and Spain. There are 27 EU countries on OANDA’s clientele, and traders from  North America, Europe, Asia Pacific, Africa, the Middle East, India, Latin America, and the Caribbean.

There’s a long list of ineligible countries; you can confirm your eligibility from the registration page.

Trustpilot Reviews

OANDA has a 3.9 overall rating from 628 reviews; 52% of respondents gave five stars, 7% gave four stars, and 31% gave one star.

One user rated one star on March 22, 2024, saying, “Have a lot of problems withdrawing. Couldn’t get my bank account verified even after waiting at least three business days. Tried using Skrill to withdraw, got denied, and was asked to withdraw via bank transfer. Very slow customer support. Overall, very disappointed.”

However, another user, Daniel Vella, gave five stars on March 20, 2024, saying, “Tax Free Spread Betting & Low Spreads! As a UK customer, the option to have a tax-free Spread Betting account with these guys is invaluable. I trade commodities, mostly Gold, Silver, Oil (BCO & WTI), Copper, & Natural Gas using Expert Advisors (AI Trading Algorithms) on MT4. They have super quick execution times and are also rolling out MT5 soon with 1600+ Stocks, which will be a welcomed addition. You can also find these guys on TradingView. Customer Service is consistently fabulous!”

Pinkmoon also rated OANDA 5 stars, saying, “New to FOREX trading and Brett has done.

[I am] new to FOREX trading, and Brett has done a sterling job of setting up my account and fixing teething problems regarding depositing initial funds. There’s a lot of email correspondence and a support desk that I’ve engaged with already (I was trying to access my account during a Maintenance period when the markets were closed). It’s been a good start for me, and I hope a prosperous one.”

OANDA Review 2024: Should You Trade With OANDA?

OANDA offers one of the most dynamic trading platforms and competitive trading conditions for trading CFDs on currencies and crypto. You should consider trading with OANDA for the following reasons: regulatory compliance, customer support, low trading fees, tight spreads, and a comprehensive asset offering. OANDA’s integration with third-party platforms can enhance your flexibility. It also allows expert advisors (EAs) to do automated trading and has a robust security architecture to secure your funds and data.

How to Open an OANDA Account?

Opening an OANDA account is easy:

  1. Visit the OANDA.com website
  2. Click on the “Start Trading” button
  3. Complete the registration and three simple steps to start on OANDA

Prepare your government-issued ID and supporting documents for identity verification.

Daniel Meyer

Daniel was specifically recruited by Ecoinomy for his high-level expertise in crypto trading platform analysis. With a solid background in blockchain technology and a track record of successful trading, he offers precise, insightful reviews. His approach combines technical knowledge with practical experience, providing valuable, clear guidance for serious investors. Daniel's work is an essential resource for understanding the nuances of various trading platforms, making him a key figure in Ecoinomy's commitment to top-tier cryptocurrency education.