One of the earliest internet-era FX data/trading firms, OANDA began as an online FX-rate service in 1996 before becoming a retail broker. Large multi-jurisdiction footprint across the US, Canada, UK, Australia and Singapore.
| Regulated entity | OANDA Europe Limited |
|---|---|
| Regulation | FCA No. 542574 |
| Other Tier-1 regulators | ASIC, NFA/CFTC (US), CIRO, MAS |
| Founded | 1996 |
| Headquarters | New York, USA (deep Canadian roots -- co-founded by a University of Toronto professor, with a long-standing Toronto presence) |
| Minimum deposit | Not independently confirmed |
| Avg. spread (EUR/USD) | Not independently confirmed |
| Platforms | MT4, MT5, Proprietary (OANDA Trade / fxTrade) |
| Instruments | 70+ forex pairs plus indices, metals/commodities, share CFDs, ETF CFDs, and crypto CFDs (crypto CFDs not available to UK/EU retail clients), per OANDA's own instrument-specification page. No official total instrument count; one third-party estimate of ~1,700 symbols is unverified. |
See OANDA's full regulation dossier → · How to check whether a forex broker is regulated
Derived from the same confirmed data behind this broker's score (regulation, cost, platforms, deposit minimum) -- not a separate editorial judgment.
Via its FCA-regulated UK entity, eligible clients are covered by the UK's Financial Services Compensation Scheme (FSCS) up to £85,000 per person if the firm fails.
Beyond the headline spread and minimum deposit above. Where our research hasn't independently confirmed a specific detail, we say so rather than guess -- verify directly with the broker before relying on it.
| Account types | A single Standard account plus a Premium/high-volume tier (volume rebates, discounted financing, relationship management). Sources conflict on Islamic/swap-free account availability -- some comparison sites imply it's offered, while a UK-specific source states OANDA Europe Limited does not offer one. This is an unresolved contradiction worth confirming directly before publishing either claim. |
|---|---|
| Execution model | Described by multiple sources as a market-maker model, which can mean wider spreads than STP/ECN peers but guarantees fills. |
| Withdrawals & deposits | No OANDA-side deposit fee and no minimum deposit; card deposits may incur a processor fee of 1-3%, not charged by OANDA itself. Withdrawals are free via PayPal, debit or credit card; bank wire and international transfers can be costlier, with typical processing of 1-3 business days (up to 5 for some methods). |
| Overnight financing (swap) | For most FX and metals, financing is based on blended tom-next swap rates from liquidity providers plus an instrument-specific admin fee, annualized. For indices, OANDA applies a roughly 2.5% admin fee plus the relevant alternative reference rate (e.g. SOFR, ESTR, a SONIA-style rate, depending on currency) -- it moved from interbank rates to these reference rates in November 2021. |
| Currency conversion cost | A conversion fee applies when depositing or trading in a currency other than the account's base currency, but no specific percentage was independently confirmed in this research pass. |
| Inactivity fee | $10/month if the account has no transactions for 12 consecutive months; no minimum deposit is required to open an account. |
| Customer service | Trustpilot ratings vary sharply by entity: OANDA Europe Limited (the entity reviewed here) scores a strong 4.8/5 (around 340 reviews), notably higher than OANDA Corporation in the US (3.0/5) or OANDA Canada (2.5/5). Praise centers on responsiveness and reliable execution; complaints mention onboarding delays and rigid withdrawal-dispute handling. |
| Mobile experience | Reported in the 4.6-4.7 range on both the App Store (around 23,000 ratings) and Google Play per most aggregators, though at least one source cites a notably lower figure -- treat the high-4s range as the better-supported estimate. |
| Educational offering | Offers a dedicated education portal (videos, eBooks, webinars) from beginner to technical/fundamental analysis, plus an in-house MarketPulse research and news feed that's well regarded; at least one independent review describes the broader educational material itself as comparatively limited, supplemented by third-party Autochartist tools. |
See how OANDA's spread cost compares across every researched broker → · Forex broker fees explained
Is OANDA regulated?
Yes -- FCA No. 542574. See the regulation dossier on this page for the underlying licence numbers.
Is my money protected if OANDA fails?
Via its FCA-regulated UK entity, eligible clients are covered by the UK's Financial Services Compensation Scheme (FSCS) up to £85,000 per person if the firm fails.
What is the minimum deposit at OANDA?
Not independently confirmed in our research -- verify directly with the broker.
What trading platforms does OANDA offer?
OANDA offers MT4, MT5, Proprietary (OANDA Trade / fxTrade).
What is OANDA's average spread on EUR/USD?
Not independently confirmed in our research -- verify directly with the broker.
When was OANDA founded?
OANDA was founded in 1996.
How is OANDA's overall score calculated?
OANDA currently scores 3.84/5 overall under our disclosed nine-category methodology -- regulation & client protection 30%, trading costs 20%, non-trading fees 10%, platforms & tools 10%, execution/trading conditions 10%, product range 5%, deposits/withdrawals 5%, transparency 5%, track record 5%. It is not a comparison to other brokers and not based on hands-on testing.
A dated log of when our own published data about this broker actually changed -- not a reconstructed history of what the broker itself did. See the full change log tool for every broker.
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