OANDA was set up in 1996 by computer scientists Michael Stumm and Richard Olsen. It became known as the first company to publish exchange-rate data for free online, and only later turned into a retail forex broker. Thirty years on it has a new owner. The Czech prop-trading firm FTMO bought OANDA from CVC Capital Partners in a deal that closed on 1 December 2025. Our OANDA review takes the broker as it stands in November 2026. It holds licences from several top-tier regulators, offers spread-only and core (raw-spread plus commission) pricing, has no minimum deposit on standard accounts, and lists 68+ currency pairs. The main weakness is that clients outside its licensed regions are served by a British Virgin Islands company.
OANDA at a glance
| Item | Details (as of November 2026) |
|---|---|
| Founded | 1996 (Michael Stumm and Richard Olsen) |
| Owner | FTMO (acquisition completed 1 December 2025) |
| Top-tier regulators | FCA, CFTC/NFA, ASIC, MAS, CIRO, FSA Japan, KNF (Poland) |
| Offshore entity | OANDA Global Markets Ltd, BVI FSC licence SIBA/L/20/1130 |
| Minimum deposit | None on Standard accounts (UK and BVI help centres) |
| Maximum leverage | Up to 888:1 (BVI entity); 50:1 on EUR/USD in the US (2% margin) |
| EUR/USD spread | From 1.0 pip spread-only, or from 0.1 pip plus commission (BVI) |
| Platforms | OANDA Web and Mobile, MT4, MT5, TradingView, API |
Regulation and safety
OANDA has one of the widest sets of licences in retail FX. The group page lists these entities:
- OANDA Europe Limited: authorised by the UK FCA under firm number 542574.
- OANDA Corporation (New York): registered with the CFTC as a Futures Commission Merchant and Retail Foreign Exchange Dealer, and an NFA member (ID 0325821).
- OANDA Australia Pty Ltd: holds ASIC licence AFSL 412981.
- OANDA Asia Pacific Pte Ltd: holds a Capital Markets Services licence from the Monetary Authority of Singapore.
- OANDA (Canada) Corporation ULC: a CIRO member.
- OANDA Japan: a Type I Financial Instruments Business, registration no. 2137 with the Kanto Local Finance Bureau.
- OANDA TMS Brokers S.A. (Warsaw): supervised by the Polish Financial Supervision Authority (KNF).
- OANDA Global Markets Ltd: licensed by the British Virgin Islands Financial Services Commission (SIBA/L/20/1130).
Your level of protection depends on which of these companies holds your account. UK clients of the FCA entity get FSCS cover of up to £85,000 if the firm fails. CIRO members are covered by CIPF in Canada. US forex accounts carry no equivalent compensation scheme. Clients signed up through the BVI company get offshore supervision, which is much lighter: leverage can go up to 888:1 and no compensation fund applies. If you live in a country that OANDA serves through the BVI entity, the strong brand does not mean you get FCA-level protection.
The change of owner is worth watching. FTMO runs a prop-trading business, and in March 2026 OANDA’s own prop-trader programme moved into the FTMO Group. So far the brokerage licences have stayed with the same regulated companies.
OANDA fees and spreads
OANDA uses two pricing models. Spread-only puts the whole cost into the spread. Core pricing offers tighter raw spreads plus a separate commission. The exact figures depend on the entity, as the table below shows (all values “from”, as published in November 2026).
| Entity / model | EUR/USD | GBP/USD | USD/JPY | Commission |
|---|---|---|---|---|
| BVI spread-only | 1.0 | 1.2 | 1.1 | None |
| BVI core pricing | 0.1 | 0.1 | 0.1 | USD 40 per USD 1m per leg |
| Singapore spread-only | 0.8 | 1.1 | 0.6 | None |
| Singapore core pricing | 0.0 | 0.1 | 0.0 | USD 3 per 100,000 units |
| US spread-only (listed) | 1.4 | 2.0 | 1.4 | None; Elite rebates USD 5-17 per million |
In practice, USD 40 per million per leg comes to USD 4 per standard lot each way, or about USD 8 round turn. That is in line with the market for raw-spread accounts. One catch is that BVI core pricing is limited to Premium Plus clients, who need at least USD 50 million in monthly volume. Most retail clients will pay the spread-only rates. In the US, traders doing USD 10 million or more a month can join the Elite Trader programme, which pays cash rebates of USD 5 to USD 17 per million traded. Overnight financing applies to positions held past the daily rollover.
Accounts and products
Every client starts with a Standard account. At OANDA Global Markets you can then move up:
- Standard: no initial deposit and spread-only pricing.
- Premium: a USD 10,000 deposit or USD 10 million in monthly notional volume. Adds better spreads or volume rebates and a relationship manager.
- Premium Plus: USD 50 million in monthly volume and more than USD 200 million per quarter. Unlocks core pricing.
The US site lists more than 68 major and minor currency pairs. Outside the US, CFDs also cover indices, shares, precious metals, commodities, bonds and cryptocurrencies, with the exact list depending on the entity. UK clients can open personal, joint, professional and corporate accounts. Hedging is supported on the main account types. A free demo account is available. We could not find a swap-free (Islamic) account in OANDA’s help pages.
Platforms and tools
OANDA built its own web and mobile platforms years before many rivals. These sit alongside MetaTrader 4, MetaTrader 5 and a TradingView integration, and the Singapore entity also lists access through the OANDA API. OANDA is a TradingView broker, so you can trade from TradingView charts. Its OANDA price feed is also one of the most widely used FX data sources on TradingView. Its long-running exchange-rate service, now run as OANDA FX Data Services, comes from its origins as a data company.
Deposits and withdrawals
Funding options vary by region. The Australian help centre lists Visa and Mastercard debit and credit cards, bank transfer, BPAY and PayID. OANDA charges no card or bank-transfer fees there and sets no minimum deposit. Card deposits are capped at EUR 50,000 a day, or EUR 20,000 for a new card in its first three days. Local bank transfers take one to three business days and international ones up to five. Other entities have their own lists, and the BVI funding page needs a login to view, so check the options in your region before you sign up.
Who OANDA suits and who should look elsewhere
Good fit: traders who want a long-established, heavily licensed broker, especially in the US, UK, Canada, Australia, Singapore or Japan where OANDA has a local company. US traders in particular have few comparable choices. It also suits TradingView users and anyone who values no minimum deposit.
Less suitable: small accounts that want raw spreads at the BVI entity, because core pricing there needs Premium Plus volumes. It also lacks a confirmed swap-free option, and traders who want a wide range of real shares rather than CFDs will find more elsewhere. Remember that CFDs and leveraged forex are high-risk. Most retail accounts lose money, and high offshore leverage can wipe out a deposit fast.
Final verdict
To sum up our OANDA review: OANDA remains a trustworthy, well-regulated broker with three decades of history. It offers solid platforms, 68+ FX pairs and no minimum deposit. Its pricing is fair rather than the cheapest. Spread-only EUR/USD starts at 1.0 pip at the BVI entity, and the best raw-spread deals are reserved for high-volume or Singapore clients. Before you open an account, check which OANDA company will hold your money, because that decides your protection. We rate it 4.1 out of 5.
Compare OANDA with the other top forex brokers, or read our FBS review and CMC Markets review.
FAQ
Is OANDA regulated?
Yes. OANDA group companies are authorised by the FCA (OANDA Europe Limited, FCA No. 542574), ASIC (AFSL 412981), the CFTC/NFA (NFA ID 0325821), MAS, CIRO, the Japanese FSA and the Polish KNF. Clients in countries without a local entity are served by OANDA Global Markets Ltd, licensed by the BVI Financial Services Commission, which is an offshore regulator.
What is the minimum deposit at OANDA?
OANDA’s help centre says there is no minimum deposit for a Standard account at the UK and BVI entities. The Premium tier at OANDA Global Markets requires a USD 10,000 deposit or high monthly trading volume.
How much does OANDA charge on EUR/USD?
As of November 2026 the BVI pricing page lists EUR/USD from 1.0 pip on spread-only pricing, or from 0.1 pip plus commission on core pricing. Under the BVI entity, core-pricing commission is USD 40 per USD 1 million traded per leg; the Singapore entity charges USD 3 per 100,000 units.
Who owns OANDA?
Czech prop-trading firm FTMO completed its purchase of OANDA from private equity firm CVC Capital Partners on 1 December 2025. CVC had owned OANDA since 2018.
Does OANDA offer an Islamic account?
OANDA’s own help pages we checked do not mention a swap-free account, and an independent review lists it as not offered. Ask OANDA support directly if you need swap-free trading.
Facts compiled on 8 November 2026 from the official website, regulator registers and independent reviews listed in the sources. Fees and conditions change; confirm on the official site before opening an account.
