Oanda Review 2024

Why choose Oanda

If you take your forex trading seriously, Oanda is a smart pick. It’s an established US-based broker with lots of sophisticated platform features and research tools. As an algo trader, I was mightily impressed by Oanda’s API options. Forex trading fees are also low, though not always the best on the market. You can choose from a variety of well-known platforms catering to all needs, including MetaTrader, TradingView, as well as Oanda’s own neat mobile app.

Pros

Great trading platforms
Outstanding research tools
Fast and user-friendly account opening

Cons

Only FX and CFD available for most clients (stocks only in EU)
No stock exchange listing and banking background
Customer support is not 24/7

Fees

Score: 4.4/5

Oanda has low forex and CFD fees. Withdrawal fees are low but not in all cases, while there’s also a small inactivity fee.

Pros

Low trading fees
Low forex fees
First card withdrawal each month is free

Cons

Inactivity fee
High fee for wire withdrawals

We compared Oanda’s fees with two similar brokers we selected, Pepperstone and FXCM. These competitors were selected based on objective factors like products offered, client profile, fee structure, etc. See a more detailed comparison of Oanda alternatives.

Low FX fees

All fees are built into the spread, so there is no separate commission charged. For example, the EUR/USD spread is 1.0.

Oanda forex spreads and commissions
Broker	EURUSD spread	FX commission per lot
Oanda	1.0	No commission is charged
Pepperstone	0.1	$3.50 commission per lot per trade
FXCM	0.7	No commission is charged

Low index CFD fees

All index CFD fees are built into the spread. The spread for S&P 500 index CFDs is 0.3.

Oanda index CFD spreads and commissions
Broker	S&P 500 CFD spread
Oanda	0.3
Pepperstone	0.4
FXCM	0.4

Low stock CFD fees

The commission for stock CFD trading is the following: 0.06% commission.

Oanda stock CFD spreads and commissions
Broker	Apple CFD
Oanda	$0.1
Pepperstone	$0.7
FXCM	$1.2

Low inactivity fee, no withdrawal fee

There is no account or deposit fee. Oanda charges a reasonable $14 (£10) monthly inactivity fee if you don’t use your account for trading for more than one year.

Oanda inactivity, withdrawal and other fees
Broker	Inactivity fee	Withdrawal fee
Oanda		$0
Pepperstone		$0
FXCM		$0

The first debit/credit card withdrawal in each calendar month is free, but there’s a charge for subsequent withdrawals. The withdrawal fee is rather high for bank transfers and PayPal (GBP, EUR, USD only).

Other commissions and fees

Commission-free real stocks: We have great news! At Oanda, you can trade real stocks at no cost.

Misc. fees compared with other brokers
Broker	US stock	UK stock fee
Oanda	$0.0	$0.0
Pepperstone	–	–
FXCM	–	–

Check out this article for a detailed analysis of all the fees, commissions and other charges levied by Oanda.

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