Oanda offers 3 main accounts, a standard account, a core account, and a swap-free/Islamic account. Each account type has its own set of conditions for commission, margin call, leverage, and minimum deposits.
| 📈 Standard | 🌐 Core | ☪️ Swap-free | |
| ✔️ Full account verification | Not needed for gross account deposits below US$9,000 | Not needed for gross account deposits below US$9,000 | Not needed for gross account deposits below US$9,000 |
| 📈 Spread | 1 | 0.2 | 1.6 |
| 💳 Commission (per million) | US $0 | US $40 | US $0 |
| 🗺️ Leverage from | 200:1 | 200:1 | 200:1 |
| 💠 Minimum order size | 0.01 lots | 0.01 lots | 0.01 lots |
| 📒 Instruments | 81 | 81 | 26 |
| 📊 Stop-out level | 50% | 50% | 50% |
| One-click trading | Yes | Yes | Yes |
| 🏆 Strategies allowed | All | All | All |
| 🔥 Base currencies | USD, EUR, HKD, SGD | USD, EUR, HKD, SGD | USD |
| 🥇 Suitable for | All traders | Expert advisors (EAs), short-term traders, high frequency traders | Traders who do not wish to pay or receive interest on their accounts |
| 💱 Acceptance criteria | Available to all | Available to all | Available upon request at OANDA's discretion |
Min Deposit
USD 1
Regulators
ASIC, BVI, CFTC, FCA, FFAJ, FSC, IIROC, MAS, NFA
Trading Platform
MT4, MT5
Crypto
Yes
Total Pairs
45
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
Oanda Account Types – 8 key points quick overview:
Oanda Account Types- Oanda Account Features
- Oanda Demo Account
- Oanda Islamic Account
- Oanda Pros and Cons
- Oanda at a glance
- Conclusion
- Frequently Asked Questions
Oanda Overview
Established in 1996, Oanda is a multi-regulated broker that offers traders a range of trading instruments that can be traded through powerful proprietary trading platforms.
Oanda was founded by professionals who saw a need for improved, comprehensive trading solutions in the market. Oanda was incorporated in the United States but expanded operations to Canada, the United Kingdom, Japan, Singapore, and Australia, offering competitive trading conditions to traders in several regions and jurisdictions.
Oanda consists of a team of expert analysts who provide traders with updated news, analysis, and commentaries, guiding their trading and helping them make informed trading decisions. Oanda has won more than 50 industry awards in the time that it has been in operation, from mobile apps, customer service, to trading education, and several others.
The unique business and trading model that Oanda uses ensures that it is the sole execution venue for traders’ orders. This means that there is no order book and Oanda does not take or provide liquidity. All orders are executed at the best possible prices at lightning-fast speeds, making Oanda one of the best brokers to deal with.
Oanda Account Types
Oanda provides traders with a choice in account options depending on the country in which traders reside. This means that features on one account type may not be available to another as a result of regulatory requirements and restrictions.
The accounts that Oanda offers traders offer competitive trading conditions and a variety of features. The account types are as follows:
- Standard account
- Core account
- Swap-free account
Oanda Account Features
Standard account
The Standard account is the retail account that is offered to most beginner and experienced traders.
Traders can expect the following features from this account:
- Spreads from 1 pip depending on market conditions
- Base currencies of USD, EUR, HKD and SGD
- No minimum deposit
- Leverage up to 1:200
- Instruments 81
- Commission (per million) $0 / ZAR R0
- Stop out level 50%
Core account
The Core Account, as the name suggests, caters specifically to professional traders, expert advisors (EAs), short-term traders, and high-frequency traders.
Traders can expect the following features from this account:
- Spreads from 0.2 pips EUR/USD depending on market conditions
- Base currencies of USD, EUR, HKD and SGD
- No minimum deposit
- Leverage up to 1:200
- Instruments 81
- Commission (per million) $40 / ZAR R640
- Stop out level 50%
Swap-free account
The Swap-free account caters to traders who do not wish to pay or receive interest on their accounts.
Traders can expect the following features from this account:
- Spreads from 1.6 pips depending on market conditions
- The base currency of USD
- No minimum deposit
- Leverage up to 1:200
- Instruments 26
- Commission (per million) $0 / ZAR R0
- Stop out level 50%
Oanda Demo Account
Oanda offers traders a demo account that can be opened for a variety of purposes, including:
- A practice account can be used by new and beginner traders to gain experience, knowledge, and skills before they trade with live trading accounts
- More advanced traders can use the demo account to develop and test their trading strategies without risking actual capital
- Traders can use the demo account to evaluate Oanda’s service and offer before they commit to a real account
The demo account registration is quick and hassle-free, and traders also have the option of using MetaTrader 4 or the proprietary Oanda platform to use their demo account.
Traders are granted enough virtual funds and access to real-time pricing, giving them the perfect platform and environment to practice trading.
The features that traders can expect from their demo account will depend on the account that the trader registers as a demo, the features, and functions that Oanda allows to be used in demo mode, and the features that are available on MetaTrader 4.
Oanda Islamic Account
Yes, Oanda offers Muslim traders an Islamic Account option, known as a Swap-free account.
The purpose of an Islamic Account is that it caters specifically to Muslim traders who follow Sharia law. The law prevents its followers from paying any type of interest, such as overnight fees, which is seen as wasteful or exploitive.
Oanda Pros and Cons
| ✔️ Pros | ❌Cons |
| Multi-regulated by reputable entities | Restricted leverage |
| Segregated client funds | Social trading not offered or supported |
| FSCS and CIPF member | Fixed spread accounts not offered |
| Advanced trading tools offered | Spreads are not the tightest |
| Flexible and powerful trading platforms offered | |
| No minimum deposit requirement | |
| MT4 and MT5 | |
| Variety of accounts offered |
Oanda at a glance
| Category | Information |
| 🏢 Company Information | |
| 🗓️ Year Founded | 1996 |
| 👔 Current CEO | Gavin Bambury |
| 👨💼 Founder/s | Michael Stumm, Richard Olsen |
| 👥 Amount of Staff | 600+ |
| 📊 Amount of Active Traders | 100,000+ |
| 📈 Publicly Traded (Listed Company) | No |
| 🛡️ Regulation and Security | |
| 🏦 Regulation | FCA, CFTC, ASIC, MAS, IIROC |
| 🌍 Country of Regulation | UK, US, Australia, Singapore, Canada |
| 💼 Account Segregation | Yes |
| ❌ Negative Balance Protection | Yes |
| 🔐 Two-step Authentication | Yes |
| 🛡️ Investor Protection Schemes | Yes (For FCA-regulated clients) |
| 🗂️ Account Types and Features | |
| 🏢 Institutional Accounts | Yes |
| 🤝 Managed Accounts | No |
| 💱 Minor Account Currencies | EUR, GBP, AUD, etc. |
| 💵 Minimum Deposit | No minimum deposit |
| 📊 Trading Conditions | |
| 💰 Average Deposit/Withdrawal Processing Time | 1-3 business days |
| 💸 Fund Withdrawal Fee | $0 for debit/credit cards, bank charges may apply |
| 📉 Spreads From | 0.8 pips (EUR/USD) |
| 💼 Commissions | No commissions on standard accounts |
| 💱 Number of Base Currencies Supported | 9+ |
| 📈 Swap Fees | Applicable |
| ⚖️ Leverage | Up to 50:1 (depends on region) |
| 📉 Margin Requirements | 2% |
| 🕌 Islamic Account (Swap-Free) | Yes |
| 🧑💻 Demo Account | Yes |
| ⏱️ Order Execution Time | < 1 ms |
| 🖥️ VPS Hosting | Yes (via third-party providers) |
| 📈 Trading Instruments | |
| 📊 CFDs - Total Offered | 120+ |
| 📉 CFD Stock Indices | 16+ |
| 🛢️ CFD Commodities | 30+ |
| 🏦 CFD Shares | 500+ |
| 👀 Watch List | Yes |
| 🔔 Trade Alerts | Yes |
| 📈 Trading Stocks with GP | Yes |
| 📉 Trading Indices with GP | Yes |
| 🔄 Swap on Trading Board | Yes |
| 💰 Deposits and Withdrawals | |
| 🏦 Deposit Options | Bank transfer, Credit/Debit Cards, PayPal |
| 💸 Withdrawal Options | Bank transfer, Credit/Debit Cards, PayPal |
| 🎁 Welcome Bonus | No |
| 💻 Trading Platforms and Tools | |
| 📊 Trading Platforms | OANDA fxTrade, MetaTrader 4 (MT4) |
| 🛑 Stop-Loss Instrument | Yes |
| 🛡️ Investor Protection Schemes | Yes |
| 💻 OS Compatibility | Windows, Mac, Android, iOS |
| 🛠️ Forex Trading Tools | Yes (including technical analysis tools) |
| 📞 Customer Support | |
| 💬 Live Chat Availability | Yes (24/5) |
| 📧 Customer Support Email Address | frontdesk@oanda.com |
| 📞 Customer Support Contact Number | +1 877 626 3239 |
| 🌐 Languages Supported on OANDA Website | English, French, Spanish, etc. |
| 🎓 Educational Resources and Support | |
| 🧑🏫 Beginners Trader Friendly UX | Yes |
| 📚 Forex Course | Yes |
| 🎥 Webinars | Yes |
| 📖 Educational Resources | Yes |
| 🤝 Partnerships and Programs | |
| 👥 Affiliate Program? | Yes |
| 🤝 Amount of Partners | 10+ |
| 👨💼 IB Program | Yes |
| 🎯 Do They Sponsor Any Notable Events or Teams? | No |
| 💵 Rebate Program | No |
| 🗣️ Community Forum | Yes |
| 🌐 Social Media Platforms | Facebook, Twitter, LinkedIn, YouTube |
| 🌍 Social Media and Website Links | |
| 🌐 Official Website Address | www.oanda.com |
| 📘 Official Facebook Page | OANDA Facebook |
| 🐦 Official Twitter Page | OANDA Twitter |
| 🎥 Official YouTube Channel | OANDA YouTube |
| 👔 Official LinkedIn Page | OANDA LinkedIn |
| 📸 Official Instagram Page | OANDA Instagram |
| 🌍 South African Traders | |
| ✅ Accept South Africa Traders? | Yes |
| ⚖️ Is OANDA Regulated by the South Africa Regulatory Body (FSCA)? | No |
| 💼 Does OANDA Offer an Affiliate Program for South African Traders? | Yes |
| 💱 Does OANDA Allow Accounts to be Opened in ZAR / Rands? | No |
| 🚀Sign up | Open Account |
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Conclusion
Oanda offers 3 main accounts, a standard account, a core account, and a swap-free/Islamic account. Traders can with confidence try out trading with Oanda since the company is regulated by top-tier regulators, there is no minimum deposit, and its inactivity fee only kicks in after two years.
Frequently Asked Questions
Can traders in South Africa trade on Oanda accounts?
Yes, traders from South Africa trade with Oanda Global Markets Ltd, who is registered in the British Virgin Islands and regulated by BVI Financial Services Commission (SIBA/L/20/1130). Minimum deposit is $0/ ZAR 0.
Does Oanda have ECN accounts?
Oanda is not an ECN broker and as such does not have ECN accounts.
Which live trading accounts does Oanda offer?
Account types by Oanda include: Standard account, Core account and a Swap-free account to suit your trading needs.
Does Oanda offer a demo account?
Yes, a free demo account is available from this broker.
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