Oanda UK Review
For UK Traders
!! Regulator Warning !!
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Trading Conditions
| Min Trade | USD 1 |
| Min Deposit | USD 0 |
| Base Currencies | USD, EUR |
| EURUSD Spreads | 0 |
All Reviews
Customer support
Karl uk customer support is generally responsive and helpful, with most queries handled in a reasonable timeframe. The support team is fairly professional in addressing account and platform-related issues, although response speed can vary during high-demand periods. Overall, the service is functional and adequate for routine trading assistance.
Ever since they got taken over by FTMO they have b...
Ever since they got taken over by FTMO they have been asking me to verify my account by sending them docs I already sent in the past. Now they have locked me out of trading
Their customer support is really good and my accou...
Their customer support is really good and my account manager always checks on me from time to time. The Oanda mobile app is also very userfriendly but the charts seem to be out of sync sometimes when you compare it to tradingview charts
When i close my trade it always closes at a lesser...
When i close my trade it always closes at a lesser profit than what i saw on the screen before closing. It happened the first time and I thought i wasnt seeing clearly then it happened again. I complained to them and they spoke some technical language to me saying it wasnt theor fault. duh!
When it comes to currency trading there no broker ...
When it comes to currency trading there no broker with better spreads than Oanda. Their customer support is also surprisingly good because I stay in South Africa yet they always reach out to me even when there is no issue. kudos
Oanda has some of the best tools I have seen with ...
Oanda has some of the best tools I have seen with any broker especially their currency converter tool which is very useful to me.
I love Oanda for 2 things: Their account managers ...
I love Oanda for 2 things: Their account managers are so caring and their TradingView implementation is perfect. Oh i forgot to add, instant withdrawals !
Oanda has the best customer support I have experie...
Oanda has the best customer support I have experienced in a while. Not to mention their low spreads and great working tools
Oanda is an FCA & ESMA Regulated CFD & Spread Bet Provider with No Minimum Deposit & Guaranteed Stop Loss
| 👨 Broker | Oanda Europe LTD. |
| 👨 Trading Name | Oanda |
| 👨 Accepts UK Traders? | Yes |
| 📈 Publicly Listed Company | No |
| 📅 Year Founded | 1996, Canada |
| ⚖ Regulators | FCA UK, ESMA |
| ⚖ Reference No. | 542574 |
| ⚖ FSCS Compensation | Yes |
| 📈 CFD Instruments | Forex, Indices, Metals, Commodities, Bonds |
| 📈 Spread Bet Instruments | Forex, Indices, Metals, Commodities, Bonds |
| 🚀Leverage | 1:30 |
| 🔎Auditors | KPMG |
| 💻 Platforms | MT4, MT5, TradingView, Oanda Trade Mobile, Oanda Trade Web |
| 📋Account Types | Standard Account |
| 💰 Minimum Deposit | $0 |
| 💰 Minimum Withdrawal | $0 |
| 📞Live Support | 24/5 |
| 🏖️ Inactivity Fee | 10 GBP |
| 😭 No. of Traders That lose Money | 68% |
| ✅Reason To Trade | TradingView accessMT5 upgrade kit Spread betsNo minimum deposit Guaranteed stop loss Zero withdrawal fees, Personal account manager Great trading tools |
| ❌Reason To Avoid | Inactivity fees Limited range of accounts |
Regulation - 5/5
Is Oanda Available in the UK?
Yes, Oanda is available in the UK & is regulated by the Financial Conduct Authority (FCA). Oanda is also regulated by the European Securities & Markets Authority (ESMA).
Oanda is also a member of the Financial Services Compensation Scheme (FSCS) here in the UK.
Is My Money Safe With Oanda?
Yes, your money is safe with Oanda as their accounts are audited by KPMG & Oanda also segregates your funds, storing them in Tier-1 banks.
Oanda Deposit & Withdrawals - 5/5
What is Oanda Minimum Deposit in the UK?
Oanda minimum deposit is $0 so you can keep depositing little amounts, until your account balance is enough to trade the asset of your choice.
What is Oanda Minimum Withdrawal?
Oanda does not have a minimum withdrawal limit. You can withdraw your profits as they come.
Oanda Account Types - 3.5/5
What Are Oanda Account Types?
Oanda offers a Standard CFD Account & Standard Spread Bet Sub-Account. Both accounts have no minimum deposit requirement.
How To Open An Oanda Account
1. Register
To register, please visit the Oanda website & click on ''start trading''. Select your country of origin & click click on ''confirm''.
Proceed to submit your email address & create a password, then continue.
Enter your personal details at the next prompt.
you will be required to select your nationality, enter your national Insurance Number & disclose if you are paying tax in another country.
Next up you will need to enter your residential address, fill in your employment details, complete the trading experience assessment, complete the knowledge assessment. After this your registration is complete.
2. Submit Proof of Identity
The next stage is to verify your identity by uploading a Uk government issued Passport, Drivers License or Photo ID.
After your uploaded documents are verified as okay, you will be redirected to login to your client area from where you can access your free demo account & open a live trading account.
Oanda Fees - 4/5
What is the Average EUR/USD spread at Oanda?
Spreads at Oanda start from 0.6 pips but you can expect the EUR/USD to average at around 0.95 pips.
Oanda UK does not offer raw spreads so the commission is built into the spreads.
Oanda Tools - 4/5
1. Oanda Currency Converter Tool
The Oanda currency converter tool, helps you get the exchange rate of any currency at the present or past date.
To use this tool, go to the Oanda website, click on menu, then click on currency converter.
Select the currencies whose exchange rates you want to determine & then select the date. The converter will automatically give you the current exchange rate for today, or the exchange rate at a past date you selected.
2. Guaranteed Stop Loss Tool
On the Oanda Trade mobile or web platform, you can activate the use of a Guaranteed Stop. This feature helps you manage your risk by avoiding slippage during high market volatility.
3. MT4/5 Premium Upgrade Kit
Oanda offers you a downloadable kit containing additional technical indicators, depth of market, alarm manager, excel RTD etc. These features make optimize the MT4/5 platform and make it feel more modern.
Oanda Platforms - 4/5
1. MT4 & MT5
Oanda offer both MT4 & MT5 platforms.
2.TradingView
Oanda is a TradingView broker meaning you can connect your Oanda account to TradingView & trade from the super charts.
3. Oanda Mobile App
Oanda also has a mobile app which they developed in house.
How To Connect Oanda To TradingView
Log in to TradingView
Visit the TradingView website, click on sign in and you get the option to sign in with your Google Account, Apple Account, LinkedIn Account, X Account, or email. elect any sign in method to proceed.
Choose an instrument to trade
To select an instrument to trade on TradingView, click on Markets and then select any instrument of choice.
Navigate To Super Charts
After choosing an instrument to trade, opt to view the instrument on Super Charts by clicking on the "see on super charts" button.
Open Trading Panel
To see a list of brokers on TradingView, click on Trading Panel.
Proceed to expand the trading panel by clicking on the expand icon by the bottom far right hand side.
Choose Your Broker
After the trading panel opens, you will see a list of all the forex brokers on TradingView.
Locate Oanda on the list and click on connect.
Customer Support -3.5/5
Oanda UK offers 24/5 customer support via live chat, email & telephone (not toll-free).
Every account is assigned a Personal Account Manager, emails are responded to promptly & the live chat has a short wait time (a few seconds).
For education Oanda has some learning resources but they are not very in-depth & there are no videos to watch.
Final Verdict - 8/10
Oanda is a low cost forex broker with great trading platforms. Oanda is one of the best forex brokers in the UK for Standard Accounts.
However, Oanda customer support is not the best making it unsuitable for beginners.