OANDA Review
US traders and beginners · Founded 1996 · New York, USA
FCA-authorised
Reviewed by Adrian Rochester Updated 30 September 2026
Not financial advice. Our rankings and reviews are for general information only and are not a recommendation to open an account or to trade. Forex and CFDs are high-risk; consider independent advice and whether you can afford to lose your money.
76.6% of retail investor accounts lose money when trading CFDs with this provider. We may earn a commission if you open an account.
OANDA is one of the most established forex brokers, trusted for transparent pricing and available to US residents, with solid tools for newer traders.
Our verdict on OANDA
OANDA has more than 25 years of experience and is best known as a forex specialist. UK clients are served by OANDA Europe Limited, which is authorised and regulated by the FCA (FRN 542574).
Pricing is straightforward: spreads start from 0.6 pips on EUR/USD, 1 point on the UK 100 and 1.2 points on the Germany 40, with no commission on the standard account. There is no minimum deposit, and OANDA charges no deposit or withdrawal fees. There is an inactivity fee (up to £20 a month) once an account has had no trades for 12 months.
OANDA has broadened its offer in recent years. A standard account now includes a spread betting sub-account, and you can trade on OANDA's own web and mobile platforms, MT4, MT5 or TradingView. The market range is still narrower than at IG or CMC, so OANDA suits forex-focused traders best.
Ratings breakdown
Key facts
- UK status
- FCA-authorised (FRN 542574)
- EUR/USD spread
- 0.6 pips (from) (Standard (spread only) account)
- Commission
- None
- All-in cost
- £4.53 per standard lot
- Minimum deposit
- £0
- Max leverage
- 1:30 (UK retail limit)
- Instruments
- 120+
- Founded
- 1996
- Headquarters
- New York, USA
Pros
- No minimum deposit or withdrawal fees
- Spread betting and CFDs on MT4, MT5 and TradingView
- Long track record and strong regulation
Cons
- Inactivity fee after 12 months
- Standard spreads higher than ECN brokers
- Smaller range of non-FX markets
Regulation
Highlighted = tier-1 regulator. Protection depends on the entity you open an account with.
Platforms
Who OANDA is for
Good fit
- Forex-focused traders who want a long-established, FCA-authorised broker
- Beginners who want no minimum deposit and small trade sizes
- UK traders who want spread betting and CFDs on MT4, MT5, TradingView or OANDA's own platforms
- Algorithmic traders who want OANDA's well-known API
Look elsewhere if
- Traders who may leave the account unused for over a year (inactivity fee)
- Investors who want to buy and own shares, or use an ISA or SIPP
- Traders who want the lowest raw spreads with commission
OANDA fees and spreads
On the standard account, OANDA's charge is built into the spread; there is no separate commission. These are OANDA's published starting spreads.
| Market | Spread from |
|---|---|
| EUR/USD | 0.6 pips |
| USD/JPY | 1.3 pips |
| UK 100 | 1 point |
| Germany 40 | 1.2 points |
From OANDA's UK 'Our pricing' page. Spreads are variable and depend on market volatility and liquidity.
Other costs
| Charge | OANDA |
|---|---|
| Commission | None on the standard account |
| Overnight financing | A financing charge or credit on positions kept open overnight |
| Currency conversion | 1.0% mark-up or mark-down when profits or losses are converted to your account currency |
| Deposit fees | None (your bank or card provider may charge) |
| Withdrawal fees | None (your bank may charge to receive funds) |
| Inactivity fee | After 12 months with no trades, up to £20 a month per client; never charged while a position is open |
Account types
- Standard account
- CFDs on forex (65+ pairs), indices, commodities, metals and bonds, with no minimum balance. It has two sub-account types: v20 (OANDA web, MT4, API, trade sizes from 1 unit) and OANDA One (MT5, share and ETF CFDs).
- Spread betting sub-account
- Available inside the standard account. Spread betting profits are exempt from UK Capital Gains Tax and stamp duty for most people, but tax laws can change and individual circumstances vary.
- Professional account
- Higher leverage for clients who qualify as professional clients.
- Joint and corporate accounts
- Available on both sub-account types.
- Demo account
- Free demo to practise first.
Deposits and withdrawals
| Deposit methods | Debit card, credit card, Faster Payments/BACS (GBP), CHAPS, SWIFT wire and SEPA transfer |
| Minimum deposit | None, and no minimum balance |
| Deposit fees | None from OANDA |
| Withdrawal fees | None from OANDA |
Is OANDA safe?
- OANDA Europe Limited is authorised and regulated by the Financial Conduct Authority (FRN 542574) and follows the FCA's client money (CASS) rules.
- Client money is ring-fenced in segregated bank accounts held under trust, and cannot be used for OANDA's business activities.
- Retail clients have negative balance protection, so losses are limited to the funds in your account.
- Eligible clients may be able to claim from the FSCS if OANDA Europe Limited fails (the FSCS investment limit is currently £85,000).
- The OANDA group is also regulated in the US, Canada, Australia, Singapore and other countries.
Platforms and tools
- OANDA web platform & mobile app
- OANDA's own platforms, with advanced charts, depth of market and a trading performance dashboard.
- MetaTrader 4 & 5
- MT4 on the v20 sub-account and MT5 on the OANDA One sub-account, with premium MetaTrader indicators.
- TradingView
- Listed among OANDA's UK platforms for charting and trading.
- API
- OANDA's REST API is popular with developers building automated strategies.
Research and education
OANDA offers market analysis, technical analysis tools, advanced charts, day trading strategy guides and historical spread data.
Customer support
Support is available 24 hours a day while the markets are open (24/5), backed by a detailed online help centre.
OANDA FAQs
Is OANDA safe?
OANDA Europe Limited is authorised and regulated by the FCA (FRN 542574). Client money is held in segregated trust accounts, and retail clients have negative balance protection.
What is OANDA's minimum deposit?
There is no minimum deposit or minimum balance to open or keep an OANDA account.
Does OANDA charge an inactivity fee?
Yes. After 12 months with no trading, OANDA charges up to £20 a month per client. No fee is taken while you have an open position, and you can ask for up to three months back if you start trading again.
Does OANDA offer spread betting?
Yes. UK clients can open a spread betting sub-account within the standard account.
Which platforms does OANDA offer?
OANDA's own web platform and mobile app, MT4, MT5 and TradingView, plus an API.
What are OANDA's spreads?
OANDA's spreads start from 0.6 pips on EUR/USD, 1.3 pips on USD/JPY, 1 point on the UK 100 and 1.2 points on the Germany 40.
Featured in our guides
Where these figures come from
Checked on 30 September 2026 against OANDA's own website (UK site where available). Spreads, fees and deposits change often, so confirm them with OANDA before opening an account.
76.6% of retail investor accounts lose money when trading CFDs with this provider. We may earn a commission if you open an account.
How we make money: some links on this page are affiliate links. If you open an account through them we may earn a commission, at no extra cost to you. This never affects our ratings, which follow our published methodology.
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