OANDA has offered online currency trading since the late 1990s and is one of the few brokers authorised to offer retail forex in the United States. Since December 2025 it has been owned by FTMO. This review focuses on OANDA’s US business, and also summarises its entities elsewhere.
Risk warning: CFDs and leveraged forex are complex instruments and come with a high risk of losing money rapidly due to leverage. Most retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. This review is for information only and is not investment advice.
OANDA at a glance
| Founded | 1996 |
| US entity | OANDA Corporation: CFTC-registered Retail Foreign Exchange Dealer and FCM, NFA member |
| US products | Spot forex; spot crypto via a partner |
| Platforms (US) | OANDA web and app, MT4, TradingView |
| US leverage | Capped by US rules at up to 50:1 on major pairs |
Regulation and safety
OANDA operates through regulated entities in several regions:
- OANDA Corporation (US): registered with the CFTC as a Retail Foreign Exchange Dealer and Futures Commission Merchant, and a member of the NFA.
- OANDA Europe Ltd: FCA, UK.
- OANDA Europe Markets Ltd: MFSA, Malta (EU).
- OANDA Australia Pty Ltd: ASIC.
- OANDA Asia Pacific Pte Ltd: MAS, Singapore; plus entities in Japan and Canada.
- OANDA Global Markets Ltd: BVI FSC (offshore).
Licence details above are as stated by OANDA. Always check the firm and website on the regulator’s official register before you open an account, and confirm which entity your account will be held with. Regulation does not protect you against trading losses. See our guide: How to check if a broker is legitimate.
Products and platforms
- US clients: spot forex on a wide range of currency pairs. CFDs are not available to US residents. Spot crypto is offered through a partner, with custody outside OANDA Corporation.
- Outside the US: CFDs on forex, indices, commodities and more, depending on the entity.
- Platforms in the US: OANDA’s web platform and app, MetaTrader 4 and TradingView.
Accounts and fees
- Choice of spread-only pricing, or core spreads plus commission (OANDA US lists commission of $0.70 per 10,000 units per side, with a minimum balance requirement).
- Inactivity fee: OANDA US lists $20 per month after 12 months without trading.
- Financing (rollover) charges apply to positions held overnight.
Fees, spreads and minimum deposits vary by region and account type and can change at any time. Check OANDA’s current pricing pages for your country before trading.
Leverage
In the US, retail forex leverage is capped by regulation at up to 50:1 on major pairs and 20:1 on others, and OANDA may set lower limits. In the UK and EU, retail leverage on major pairs is capped at 30:1. Higher leverage increases both potential gains and losses. Read Can you lose more than you invest in forex?.
Things to be aware of
- In 2025 the NFA fined OANDA Corporation $600,000 and required customer restitution in a settlement concerning capital, pricing display, promotional material and supervision issues (settled without admitting or denying the findings).
- OANDA was acquired by FTMO, a proprietary trading firm, in December 2025.
- The US product range is narrower than outside the US (no CFDs).
- OANDA publishes the percentage of retail CFD accounts that lose money on its UK website; check the current figure.
Pros and cons
Pros
- One of few retail forex brokers authorised in the US
- Long track record
- Regulated in several major jurisdictions
- TradingView and MT4 available in the US
Cons
- Limited product range for US clients
- Inactivity fee after 12 months
- Recent NFA fine
- Commission pricing requires a minimum balance
Who might consider OANDA?
OANDA may suit US residents looking for a regulated spot forex broker, and traders elsewhere who want a long-established brand with major regulators.
Summary
OANDA is a long-standing broker with strong regulatory coverage, especially notable in the US. Consider the 2025 NFA settlement, the ownership change and the inactivity fee, and compare costs for your trading style.
Information in this review was checked against OANDA’s published information and public regulatory records in November 2026. Details change, so always confirm the current terms on the broker’s own website and the regulator’s register.
Risk warning: CFDs and leveraged forex are complex instruments and come with a high risk of losing money rapidly due to leverage. Most retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. This review is for information only and is not investment advice.