Oanda Review | The Oldest American Broker or a SCAM?

by Kevin Berry
  1.7/5   Reviews: 3
Oanda Logo

One of the oldest American brokers, Oanda, still provides customers with high-quality service and excellent trading conditions. At first glance, this company has no drawbacks. Let’s see if there is a scam waiting for traders here and what problems they describe in the reviews.


🏛️ Country Canada, UK and Australia, British Virgin Islands
⚠️ Regulation FSC – BVI, ASIC, IIROC, FCA
🖥️ Website oanda.com
🎲 Demo Account Yes
⏳ Start Time 1996
💲 Minimum Deposit $1
⚖️ Minimum and Maximum Leverage 1:1, 1:200
⚙️ Trading Platform MT4, MT5, Webtrader
📨 E-mail frontdesk@oanda.com
📞 Phone 1 877 626 3239, 13000 62632

First Impression of Oanda.com

Oanda website leaves a binary impression. It looks pretty simple. It seems to us that a broker with such a long history should be better suited to its design. There is not enough useful content here. Additionally, you will not find a description of the accounts and trading conditions, or important information about the company. Content translated into several popular languages. However, at least the client is introduced to the team working on this project.Oanda - website

Partnership and Bonuses

The company has an offer called Oanda Affiliate. You can invite new traders to the site and receive rewards for this. Its size will be from 5% to 15% of the trading spread. Conditions are quite standard in the industry. You can earn a lot only if you build a large affiliate network.

Account Opening on Oanda.com

Since the broker is regulated, you will have to fill out a form with full personal details. We can even say that some of the data is redundant. For example, Oanda wants to know how much you are earning and how much you are saving. Besides, you will need to fill out:

  • First and last name
  • Phone number and email
  • Date of birth
  • Number of an identity document
  • Tax number
  • Residential address.

You won’t get into your personal account immediately. The broker’s employees will first check the information you provided and will write or call you if they need any other documents from you.

Oanda - registration


Unfortunately, the verification process is not described in detail. However, it’s already clear that Oanda will ask for photos or scans of documents to confirm the information you wrote about yourself in the form. By the way, how quickly the support will contact you is not indicated anywhere.

  • You can always contact support if you have any questions.
  • It is not specified which documents will be needed.
  • You will likely have to send them to the email. It is unknown how long the verification process will take.

Trading Software

Without verification, Oanda does not give access to the trading platform. Nevertheless, we know that it provides two types of trading terminals. The first is the broker’s own development. The company even says that it deserved the awards. However, this software is not very popular among traders, so we do not recommend choosing it. It’s good that Oanda offers more standard solutions; for example, MetaTrader. There are no complaints about this terminal. You can install it on your smartphone or PC.

Features Oanda IC Markets Axi
Demo Account ✔️ ✔️ ✔️
Mobile App ✔️ ✔️ ✔️
Own Development ✔️ ✔️

How Can I Trade With Oanda?

Trading conditions differ depending on which branch you open an account in. It is not very convenient, because traders will not be able to choose where they will receive services. For example, a branch that is regulated by the FCA will allow you to get leverage only until 1:30. And if your account is in the British Virgin Islands, then you can count on leverage up to 1:200.

All Info About Accounts

Oanda doesn’t have too many account types either. There are only two of them: Standard and Premium. Moreover, they are not too different in conditions. It is believed that the first account is well suited for beginners, because it can be deposited even for $1. The second one is intended for more experienced traders. Here the minimum deposit is 20 thousand dollars. The only advantage that the Premium account gives, you will be assigned a personal manager. Oh, and your requests will always be a priority for technical support. Neither the spreads nor the size of the commission differ.

  • There is a premium account.
  • Demo account.
  • The premium account requires too much deposit.
  • In fact, the services that are provided to premium customers are no different.

Market Analysis and Education With Oanda.com

Oanda promises to help new traders in education. There is a special section on the site where clients can read useful information and get access to webinars. However, there is not enough useful data here. This information cannot be called comprehensive. In any case, the trader will have to look for another data source.

Deposit, Withdrawal, and Fees

There are three ways to fund your account on the site. You can use a credit card, wire transfers, or PayPal. At the same time, the withdrawal of money takes a very long time. Traders complain that this process lasts from three to seven days. Even worse, if you withdraw money once a month, Oanda will not take the commission, as promised. As soon as you want to withdraw money for the second time, you will immediately pay a $15 commission.

Features Oanda IC Markets Axi
Debit/Credit Cards ✔️ ✔️
Electronic Payments ✔️ ✔️ ✔️
Crypto Transfers
Deposit Fee
Withdrawal Fee ✔️ ✔️ ✔️

How Can I Contact It?

You can contact support by phone, by email, or in a special form on the site. All answers are in English only. Priority response to questions is received only by premium customers. The rest of the traders will have to wait about three days.

  • Contact details are full.
  • All answers are in English only
  • No live chat
  • You will have to wait 3-4 days for a response.

Is Oanda Dangerous?

Since the company has licenses from respected regulators, we cannot say that it is a scam. However, there are still some problems here.

How Long Does The Broker Work?

There are no complaints about the term of work to Oanda. The broker was launched in 1996. We checked its domain and it also started working in 1996. Long life is a very good indicator of a reliable broker.

Oanda - domain info

How Is Oanda Regulated?

The management company is registered in several countries. Also, Oanda got several licenses in Canada, UK, and Australia. The broker has an offshore branch in the British Virgin Islands. We do not recommend opening an account there, because you will get poorer trading conditions and weaker supervision of authorities.

Features Oanda Vantage Axi
European Zone ✔️ ✔️ ✔️
Asian Zone ✔️
American Zone
African Zone
Offshore ✔️ ✔️

Frequently Asked Questions (FAQ)

How to Trade With Oanda?

To start trading with this broker, you need to fill out a form with detailed personal data. Then you should wait for technical support to contact you. After they confirm your identity, you can get into your Client Portal, fund your account, and start opening orders.

Is Oanda Legit?

Yes, the company is legit. It has received licenses in several countries.

How Risky Is It?

Oanda offers to trade CFDs. These are very risky instruments. 78% of traders lose their deposit on this site.
Kevin Berry
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Expert Opinion

Well, it’s a pretty old broker with around 6 million monthly traffic. I think they work not half bad, and in general, you have nothing to be afraid of. You just have to carefully watch where you open an account, as the law only works in the “Old World”. In other less popular countries, it can be dangerous. For the rest, keep an eye on commissions and order execution.

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Oanda rating

The level of trust
Quick withdrawal of funds
Efficiency of technical support
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The level of trust
Quick withdrawal of funds
Efficiency of technical support

3 reviews about Oanda

Benjamin November 11, 2022 - 12:51
The broker does not withdraw money
The level of trust
Quick withdrawal of funds
Efficiency of technical support

I do not understand anything. My account has been verified. I traded for about a month and wanted to withdraw my profits. It turned out that those documents that I sent were not enough. Support requested a whole list of documents to make sure that I was not a scammer. Which one of us is the scammer?
They will just ignore you.

Gareth November 21, 2022 - 09:21
They will just ignore you.
The level of trust
Quick withdrawal of funds
Efficiency of technical support

I confirm the negative reviews. Oanda is deceiving its clients. I made a withdrawal request two weeks ago. Since then, the money has not been credited to my card. What’s even more interesting, I contacted support. I was ready to wait three or four days. But I was absolutely not prepared for the fact that I would be ignored for weeks and would not answer any of my emails.

Alfred November 23, 2022 - 14:46
Account funding fraud!
The level of trust
Quick withdrawal of funds
Efficiency of technical support

I haven’t even started trading with Oanda, but I’ve already made sure that this broker is a scam. I confirmed my account, after which I made a transfer from my credit card. Three days later, the money was not credited to the account. I contacted support. Michael told me that I didn’t receive any money. However, I checked the details and found no errors. The money was not returned to the card either. Oanda continues to claim that I didn’t send anything. How could this be if the details were correct?


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