OANDA
Forex & CFD broker · Est. 1996 · Owned by FTMO since December 2025 · Regulation checked: August 2026
TC RATING
Score in progress
Our regulation-first checks
OANDA operates through regulated entities in 8 jurisdictions and meets our regulation-first standard. We have verified its regulation but have not yet completed our full 50-point TC Rating. Note that OANDA’s US entity has a documented enforcement history, including a 2025 NFA settlement involving customer restitution, and OANDA has been owned by FTMO since December 2025. A complete TC Rating will be published once our scoring review is finished.
OANDA is an established forex and CFD broker with regulated operations in 8 jurisdictions, including the UK, US, Australia, Singapore, Poland, Canada, and Japan. Each operation uses a separate legal entity, and OANDA explains which entity clients trade with. Its BVI entity also has restrictions on where it can accept clients.
However, OANDA’s US business has a regulatory history, including a 2025 NFA settlement that involved customer restitution. OANDA has also been owned by FTMO since December 2025. Our full 50-point TC Rating is still in progress. Overall, OANDA has strong regulation and clear disclosures, but its US regulatory history and 2025 ownership change are worth considering.
OANDA quick summary
OANDA at a glance
OANDA is an established, multi-entity forex and CFD broker that has operated since 1996. It offers access to markets including forex, indices, commodities, metals, cryptocurrencies, and other CFDs, depending on the client’s location and OANDA entity. Key highlights include:
- OANDA operates through regulated entities in multiple jurisdictions.
- It has FCA-regulated operations in the UK.
- The broker offers forex and CFD trading across multiple markets.
- Trading is available through platforms such as MetaTrader and OANDA’s own trading solutions.
- OANDA provides API access for algorithmic and automated trading.
- It publishes information about its legal entities and execution model.
- OANDA provides mobile and desktop trading options.
- Spreads and trading costs vary by market, account, and entity.
These features make OANDA worth considering for both newer and experienced traders, especially those who value regulation and transparency.
Who is OANDA best for? / Who should avoid OANDA?
OANDA may suit traders who value transparency, regulation, and experience over marketing. It may be a good choice for:
Best suited for
May not be ideal for
The final point is particularly important. OANDA’s enforcement record does not mean the broker is fraudulent or that every OANDA entity has the same regulatory history. It does mean a serious review should acknowledge what happened rather than describing OANDA as having a spotless record.
Editor-in-chief’s note – Sasitharan Kumar
From my years of experience with regulated brokers, I believe transparency is one of the best ways to judge a broker. OANDA stands out because it clearly explains its legal entities, discloses its 2025 NFA settlement in the US, and publishes detailed information about trade execution and slippage in the UK. This does not remove its regulatory history, but it makes the facts easier to check. I prefer brokers that clearly show both the good and the bad rather than hiding important details behind marketing. We have not tested OANDA with a live funded account, so this review is based on regulatory records, primary-source checks, and OANDA’s own published documents.
Regulation & safety story
OANDA is not a single legal entity. It operates through different companies in different jurisdictions, each with its own regulator and rules. The entity that holds your account determines important factors such as leverage, client protection, and compensation arrangements.
This difference matters. A trader dealing with OANDA Corporation in the US is subject to a different regulatory framework from a trader dealing with OANDA Europe Limited in the UK. OANDA publishes the regulated markets and the entities serving clients, so traders should check which legal entity will hold their account before opening one.
OANDA regulator check
Anyone can copy a broker’s name and branding. A licence number is the one thing they can’t fake – check each one on the regulator’s own register before you deposit.
Regulator Check Table
6 VERIFIED ENTITIES| Region | Entity | Regulator | Licence | Verify |
|---|---|---|---|---|
| UK | OANDA Europe Limited | FCA | FRN 542574 | FCA REGISTER |
| US | OANDA Corporation | CFTC + NFA | NFA ID 0325821 | NFA BASIC |
| Australia | OANDA Australia Pty Ltd | ASIC | AFSL 412981 | ASIC Connect |
| Canada | OANDA (Canada) Corporation ULC | CIRO | Investment Dealer | CIRO |
| EU | OANDA TMS Brokers S.A. | KNF | KRS 0000204776 | KNF Register |
| Singapore | OANDA Asia Pacific Pte Ltd | MAS | CMS100122-4 | MAS FID |
How to check: do not rely on OANDA’s brand name, logo, or homepage. Confirm the legal entity named in your account documents on the relevant regulator’s official register before depositing.
OANDA’s offshore entity: An important positive
OANDA also operates OANDA Global Markets Ltd in the British Virgin Islands under BVI FSC regulation. OANDA states that this entity is used for clients in certain jurisdictions and that its whitelist excludes countries where OANDA already has a regulated operation. This is a positive from a transparency perspective because it shows that the offshore entity is not simply being used as a default option where stronger local regulation is available.
However, BVI regulation should still be viewed separately from OANDA’s FCA, ASIC, MAS, KNF, CIRO and US-regulated entities, as the protections can differ. The practical lesson is simple: When assessing OANDA, look at the legal entity behind your account, not just the brand.
OANDA’s regulatory enforcement history
OANDA has a regulatory enforcement history in the US. This does not mean the broker is unsafe, but it is an important part of its safety record.
2020 CFTC action: OANDA Corporation paid a US$500,000 fine over issues involving capital requirements, withdrawals, reporting, and supervision. The case related to 2019 and did not find customer losses from the capital issue.
2021 NFA action: OANDA received a US$200,000 fine. We are not adding further details because the available primary documents do not provide enough reliable information.
2025 NFA action: OANDA paid a US$600,000 penalty and up to US$428,592.26 in restitution. The case involved capital issues, incorrect security deposits, pricing problems, and supervision failures. Around 3,900 customers were affected by the pricing issue.
Brazil CVM action: OANDA’s BVI entity faced action over unauthorised solicitation of Brazilian residents. The order included a R$1,000 daily penalty.
The 2025 NFA case is the most important action because it involved customer impact and restitution.
What protects your money?
Client protection varies significantly by OANDA entity. There is no single worldwide OANDA protection package.
| Entity / region | Regulator | Protection |
|---|---|---|
| UK | FCA | Eligible retail clients receive negative balance protection and may access the FSCS and Financial Ombudsman Service frameworks. |
| US | CFTC + NFA | US retail forex clients do not have forex compensation protection or standard regulatory negative balance protection. |
| EU | KNF (Poland) | Eligible clients may have access to the local KDPW investor-compensation framework. |
| Australia | ASIC | Retail clients are covered by local CFD rules, including leverage limits and applicable negative balance protection. |
| Singapore | MAS | Protection depends on the rules and terms that apply to the Singapore entity. |
| Canada | CIRO | OANDA Canada is a CIPF member. Canadian clients have a different protection framework from US clients. |
| BVI | BVI FSC | Compensation and protection arrangements differ from the UK structure. |
Always check the entity holding your account
Your protections and trading rules depend on the specific OANDA entity that holds your account, not on the global OANDA brand.
OANDA’s execution model
OANDA mainly acts as a principal and market maker. This means OANDA can be the counterparty to your trade.
- OANDA clearly explains this relationship in its US and Polish documents.
- This model can create a potential conflict of interest, but it is common among CFD brokers.
- The main point is that OANDA openly explains how its execution model works.
OANDA’s execution transparency
OANDA Europe provides detailed information about trade execution and slippage.
- Its reports show positive and negative slippage across different instruments and platforms.
- It also publishes system-availability data.
- We are not including specific percentages because the source tables could not be verified reliably.
- This level of reporting is mainly available for OANDA Europe, not the entire OANDA group.
Overall, OANDA Europe provides useful execution data, but traders should check the information for the specific entity holding their account.
OANDA operational sections
The overall features of OANDA are explained in detail below.
OANDA fees, spreads and commissions
OANDA uses different pricing models depending on the account, entity and product. Traders may pay through the spread or through a tighter spread plus commission.
Spread transparency
- OANDA publishes live spread figures, but the pages reviewed do not always show an average period.
- This makes the figures harder to compare with other brokers.
- Spreads can vary depending on market conditions, liquidity, account type, and the product being traded.
Commission
- Commission charges depend on the account, entity, product, and pricing model.
- Under commission-based pricing, traders may receive tighter spreads but pay a separate fee when opening and closing a position.
- OANDA Australia, for example, publishes a commission of around $3 per side for EUR/USD.
- The total trading cost therefore includes both the spread and any applicable commission.
Inactivity fees
Inactivity fees also vary by entity:
- UK: £20 per month may apply after 12 months, subject to conditions. It does not apply while you have open positions.
- EU: OANDA TMS may charge up to €10 / 30 PLN after 365 days.
Currency conversion
- The UK entity applies a 1.0% currency-conversion mark-up.
- This can add to your costs when the account and transaction currencies are different.
OANDA account types
The account tiers below apply to OANDA’s BVI entity (OANDA Global Markets Ltd) standard, premium, premium plus structures and thresholds differ by entity. Check the tier table for the entity holding your account
| Features | Standard | Premium | Premium Plus |
|---|---|---|---|
| Full account verification | Not needed for gross account deposits below US$9,000 | Not needed for gross account deposits below US$9,000 | Not needed for gross account deposits below US$9,000 |
| Spread | Variable | Variable | Variable |
| Commission | $0 | $0 | $0 |
| Volume-based rebates | NA | $4 million with a minimum monthly volume of $20 million | $6 million with a minimum monthly volume of $50 million |
| Minimum order size | 0.01 lots | 0.01 lots | 0.01 lots |
| Instruments available | 1500+ | 1500+ | 1500+ |
| Stop-out level | 50% | 50% | 50% |
| One-click trading | Yes | Yes | Yes |
| Strategies allowed | All | All | All |
| Base currencies | USD, EUR, HKD, SGD | USD, EUR, HKD, SGD | USD, EUR, HKD, SGD |
| Platforms | MT5, fxTrade, TradingView | MT5, fxTrade, TradingView | MT5, fxTrade, TradingView |
| Suitable for | All traders | High volume traders | High volume traders |
| Acceptance criteria | Available to all | $10,000 deposit or $10 million notional trading volume per month. | $50 million notional trading volume per month. |
| Maintain a trading volume of > $30 million notional per calendar quarter. | Maintain a trading volume of > $200 million notional per calendar quarter. | ||
| Referral program | Yes | Yes | Yes |
| Core pricing account | No | No | Yes |
| Additional benefits | MT5 Premium toolsSignal Centre by AcuityTechnical Analysis by AutoChartist24/5 customer service | Standard benefits plus: Dedicated relationship managerZero deposit feesFunding fee reimbursement (up to $40 per transaction)Free withdrawalsExclusive 3rd party trading resources subscription (3cAnalysis & Macromicro)Invitation to exclusive events and webinarsAttractive Premium IB programFree VPN | Standard benefits plus: Dedicated relationship managerZero deposit feesFunding fee reimbursement (full amount per transaction)Free withdrawalsExclusive 3rd party trading resources subscription (3cAnalysis & Macromicro)Invitation to exclusive events and webinarsAttractive Premium IB programSpread discountOANDA Order book installed version (Trad. Chinese)VPN/VPS functionSeasonal Gifts |
Applies to OANDA Global Markets (BVI). Additional verification may be required in certain circumstances, including deposits or withdrawals above US$9,000
OANDA demo account review
OANDA offers a demo account for traders who want to practise without risking real money. It is useful for learning the platform, testing strategies, and understanding how trades work.
- Easy to open: Register through OANDA’s website and receive your demo login details by email.
- Practice markets: You can practise with forex, indices, commodities, metals, crypto, and shares, depending on availability.
- No real-money risk: Demo trading uses virtual funds.
- Platforms: Works with the web-based OANDA Trade platform, mobile apps, MetaTrader (MT4/MT5), and TradingView.
- Sub-accounts: Create multiple demo sub-accounts to test different strategies
Demo results may differ from live trading because real spreads, execution, and market conditions can be different.
OANDA leverage
Leverage at OANDA depends on the legal entity and country. The maximum available leverage is not the same everywhere.
| Region | Maximum leverage |
|---|---|
| US | Up to 50:1 major pairs, 20:1 other pairs |
| Japan | Up to 25:1 |
| Singapore | Up to 20:1 for retail clients |
| UK / EU / Australia | Local retail leverage limits apply |
| BVI | Up to 200:1 on eligible products |
The 200:1 figure applies to the offshore BVI entity. It should not be treated as OANDA’s standard leverage across all countries.
Why leverage matters
Leverage allows you to control a larger position with less money. However, it can also increase losses quickly. The maximum leverage available is not necessarily the right level for every trader.
Platform and trading tools
OANDA offers a range of trading platforms and tools for different trading styles, from simple web and mobile trading to advanced charting, automated trading, and market analysis.
- OANDA web: It is a browser-based platform with advanced charts, technical analysis, risk-management tools, and personalised layouts.
- OANDA mobile: Mobile app for trading, market monitoring, alerts, charts, and position management on Android and iOS.
- TradingView: It provides advanced charts, indicators, drawing tools, and analysis. OANDA also integrates its account with TradingView, subject to UK eligibility and platform rules.
- MetaTrader 4: Popular platform with charting, indicators, multiple order types, and automated trading support.
- MetaTrader 5: More advanced MetaTrader platform with 21 timeframes, Depth of Market, automated strategies, and additional analysis tools.
OANDA trading tools
Advanced Charts: TradingView-powered charts with 100+ indicators and drawing tools. Traders can also place and manage orders from the charts where supported.
- AutoChartist: Scans markets for chart patterns and potential technical setups.
- Economic overlay: Shows important economic events and announcements within the OANDA platform.
- Dow Jones FX Select: Provides forex news, market analysis, and policy commentary.
- APIs: OANDA supports API-based trading, which can be useful for automated strategies and connecting trading systems.
- GSLO: Guaranteed Stop Loss Orders are available on eligible forex, gold, and index products to help protect against certain market gaps and slippage.
Platform availability can vary by OANDA entity and jurisdiction. The list above is based on the OANDA UK / Europe Limited information you linked.
What can you trade?
OANDA offers access to several asset classes, but the exact products depend on the OANDA entity serving your account and your location.
- Forex: OANDA offers a wide range of currency pairs, including major, minor, and selected exotic pairs. Forex is one of the broker’s main markets.
- Indices: Traders can access index CFDs linked to major stock-market indices. These allow you to trade on index price movements without directly owning the underlying index.
- Commodities: OANDA offers commodity-based products, including markets such as oil and other major commodities, depending on the region.
- Metals: Gold and silver are among the main metals available for trading. These are generally offered as leveraged trading products rather than physical metals.
- Cryptocurrencies: Crypto products are available in selected jurisdictions. However, the product structure can differ between OANDA entities.
- Share CFDs: Selected entities also offer CFDs based on individual company shares. Availability depends on the client’s country and applicable regulations.
OANDA does not offer the same assets to every client. Your available markets depend on where you live and which OANDA entity holds your account.
OANDA deposits and withdrawals
OANDA does not require a minimum deposit to open or maintain an account. However, you still need enough funds to meet the margin required for any trade you want to open.
Deposits
- Deposits can be made by credit/debit card, bank transfer, Wise, Skrill, and Neteller.
- Some countries also have local payment methods.
- Bank and Wise deposits generally take around 3 to 5 business days.
- OANDA does not charge deposit fees, although your bank or payment provider may charge its own fees.
- Third-party payments are not accepted. The funding account must match the OANDA account holder.
Withdrawals
- OANDA generally follows a return-to-source policy.
- Card deposits must normally be returned to the same card.
- Withdrawals can also be made through bank transfer, Wise, Skrill and Neteller, where available.
- Card withdrawals generally take 1 to 3 business days.
- Bank withdrawals generally take 2 to 5 business days.
- Bank and intermediary charges may apply.
$9,000 documentation rule
- Deposits or withdrawals above US$9,000 may require additional documents.
- OANDA may request identification and bank statements before removing the funding restriction.
Support and education
OANDA provides customer support by email, phone, live chat, and other messaging channels. Contact details vary by region and OANDA entity. The Help Portal covers common topics such as account management, deposits, withdrawals, platforms, and technical issues.
OANDA provides educational content for new and experienced traders. This includes trading guides, videos, webinars, and market analysis. Topics include trading basics, technical and fundamental analysis, strategies, trading psychology, platforms, and risk management.
OANDA also provides platform guides for its own platforms, TradingView and MetaTrader. These guides can help traders learn how the platforms work before trading with real money.
OANDA pros and cons
The pros and cons of OANDA are as follows:
PROS
CONS
Conclusion
OANDA is an established broker with a long history, broad regulation, and clear information about its legal entities. It offers several platforms, markets, trading tools, and API options for automated trading. However, trading conditions, fees, leverage, available markets, and client protection depend on the OANDA entity you use.
Its US regulatory history, including the 2025 NFA action involving customer restitution, should also be considered. OANDA has been owned by FTMO since December 2025. Our full TC Rating is still in progress, so traders should check the specific entity and conditions that apply to them before opening an account.
Pro tip
Check the legal entity before you deposit money. OANDA operates through different regulated companies, and the entity you trade with determines your leverage, fees, available products, and client protections. Do not judge the broker only by its global brand or advertised trading conditions. Check your account documents and confirm the entity on the relevant regulator’s official register first.
Frequently Asked Questions
1. Is OANDA safe?
Yes, OANDA is regulated in multiple jurisdictions, but protections depend on the entity holding your account.
2. Is OANDA legit?
Yes, OANDA is an established broker that has operated since 1996.
3. How much does OANDA charge?
Costs vary by entity, account type, product, spreads, commissions, and other applicable fees.
4. Are OANDA spreads competitive?
Yes, OANDA offers variable spreads, but actual costs depend on market conditions and account type.
5. What platforms does OANDA offer?
OANDA offers its own web and mobile platforms, MetaTrader, and TradingView in supported regions.
6. What is the minimum deposit?
OANDA generally has a $0 minimum deposit, although you need enough funds to meet trading margin requirements.
7. Is OANDA good for beginners?
Yes, its demo account and range of platforms can suit beginners, but traders should understand leverage and trading risks first.
8. What leverage does OANDA offer?
Leverage varies by country and entity, with limits set by local regulations.
9. Can I use TradingView with OANDA?
Yes, TradingView is available with OANDA in supported regions and subject to eligibility.
10. Does OANDA offer MT4/MT5?
Yes, OANDA supports MetaTrader 4 and MetaTrader 5 in selected regions.
11. How do OANDA withdrawals work?
Withdrawals generally follow a return-to-source policy, with available methods depending on the entity and country.
12. What are the disadvantages of OANDA?
Potential drawbacks include variable spreads, entity-specific fees and conditions, limited support hours, and a documented US regulatory enforcement history.
