OANDA Review 2026
Rare CFTC-regulated option for US and global traders.
One of the few brokers regulated in the US by the CFTC. No minimum deposit. Spread of 1.2 pips is wider than ECN brokers but the US regulation is rare.
The basics
OANDA was founded in 1996 and is headquartered in New York, USA. It is privately owned. The broker offers CFDs on 300 instruments across forex, indices, commodities, and crypto. All positions are contracts for difference — there is no real asset ownership.
MetaTrader is available on all account types. Copy trading is not offered.
| Founded | 1996 |
| Headquarters | New York, USA |
| Instruments | 300+ |
| Platforms | OANDA Trade, MT4, MT5, TradingView |
| MetaTrader | Yes — MT4 and MT5 |
| Copy trading | No |
| Real stocks | No — CFDs only |
Is OANDA safe?
FCA-regulated brokers must keep client funds in accounts segregated from company funds, provide negative balance protection, and contribute to the Financial Services Compensation Scheme (FSCS), which covers up to £85,000 per client if the broker becomes insolvent.
| Regulator | Licence | Entity |
|---|---|---|
| CFTC | 0325821 ✓ | OANDA Corporation |
| FCA | 542574 ✓ | OANDA Europe Ltd |
| ASIC | 412981 ✓ | OANDA Australia Pty Ltd |
| IIROC | N/A ✓ | OANDA (Canada) Corp |
| MAS | 200704926K ✓ | OANDA Asia Pacific Pte Ltd |
| JFSA | 関東財務局長(金商)第2137号 ✓ | OANDA Japan Inc |
You can verify the FCA licence at register.fca.org.uk. The registration shows the entity name, authorisation status, and full permissions list. It takes under a minute.
OANDA spreads
These are the typical spreads on OANDA's standard account. Spreads vary by market conditions and account type. ECN or raw-spread accounts offer lower spreads in exchange for a per-trade commission.
| EUR/USD | 1.2 pips |
| GBP/USD | 1.5 pips |
| USD/JPY | 1.1 pips |
| Gold (XAU/USD) | 40c/oz |
| S&P 500 | 1.0pt |
OANDA's EUR/USD spread of 1.2 pips is competitive for a retail broker without a per-trade commission.
OANDA withdrawal fee and processing time
Fee: None in most regions. OANDA may apply fees for international wire transfers in some cases.
Processing time: 1 to 5 business days. OANDA processing time is standard. Bank wires take longer than card withdrawals.
Withdrawal requests must pass identity verification before processing. If your account is not yet fully verified (proof of identity and address submitted), expect additional delays. Verified accounts follow the standard processing times above.
OANDA minimum deposit by entity
The minimum deposit depends on which OANDA entity serves your country. Offshore entities often allow lower minimums but with less regulatory protection.
| Entity | Regulator | Min deposit | Max leverage (forex) |
|---|---|---|---|
| OANDA Corporation | CFTC 0325821 | None | 1:50 |
| OANDA Europe Ltd | FCA 542574 | None | 1:30 |
| OANDA Australia Pty Ltd | ASIC 412981 | None | 1:30 |
| OANDA (Canada) Corp | IIROC N/A | None | 1:30 |
| OANDA Asia Pacific Pte Ltd | MAS 200704926K | None | 1:20 |
| OANDA Japan Inc | JFSA 関東財務局長(金商)第2137号 | None | 1:25 |
OANDA vs IG Group
| OANDA | IG Group | |
|---|---|---|
| Primary regulator | FCA 542574 | FCA 195355 |
| Min deposit | None | None |
| EUR/USD spread | 1.2 pips | 0.6 pips |
| MetaTrader | Yes | Yes |
| Instruments | 300+ | 17,000+ |
| Copy trading | No | No |
| Withdrawal fee | None in most regions | None |
Both brokers are regulated and legitimate. OANDA suits traders who value MetaTrader and algorithmic trading. IG Group is better for traders who prioritise tighter spreads.
Regulation — the numbers that matter
| CFTC | 0325821 — OANDA Corporation |
| FCA | 542574 — OANDA Europe Ltd |
| ASIC | 412981 — OANDA Australia Pty Ltd |
| IIROC | N/A — OANDA (Canada) Corp |
| MAS | 200704926K — OANDA Asia Pacific Pte Ltd |
| JFSA | 関東財務局長(金商)第2137号 — OANDA Japan Inc |
Leverage for retail clients in the EU and UK is capped at 1:50 on major forex pairs under ESMA rules.
Pros and Cons
What works
- CFTC regulated (accepts US clients)
- FCA regulated
- No minimum deposit
- MT4 and MT5
- TradingView integration
- Strong API for developers
What does not work
- EUR/USD spread 1.2 pips — widest reviewed
- Only 300 instruments
- No copy trading
- $10/month inactivity after 12 months
The verdict
OANDA is a legitimate, regulated broker. The FCA licence number 542574 is verifiable on the public register. It is best suited for traders who want MetaTrader on a regulated platform. Rating: 4.1 out of 5.
Alternatives to OANDA
If OANDA does not fit your needs, these regulated alternatives are worth comparing:
Frequently asked questions
Is OANDA safe?
FCA-regulated brokers must keep client funds in accounts segregated from company funds, provide negative balance protection, and contribute to the Financial Services Compensation Scheme (FSCS), which covers up to £85,000 per client if the broker becomes insolvent. OANDA holds FCA licence 542574, which is publicly verifiable on the official register.
What is the OANDA minimum deposit?
The minimum deposit is None. This applies to the main regulated entity. Some offshore entities may differ. See the entity table above for full breakdown.
What is the OANDA EUR/USD spread?
The EUR/USD spread on OANDA standard accounts is typically 1.2 pips. Spreads vary with market conditions. ECN or raw accounts offer lower spreads with a per-trade commission instead.
How long does OANDA take to process withdrawals?
1 to 5 business days. OANDA processing time is standard. Bank wires take longer than card withdrawals.
Does OANDA charge withdrawal fees?
None in most regions. OANDA may apply fees for international wire transfers in some cases.
Does OANDA have MetaTrader?
Yes. OANDA supports both MT4 and MT5 on all account types. This allows automated trading, custom indicators, and expert advisors.