OANDA Review 2024

Autor

Revisor

Last update: 4 months ago

Our veredict

OANDA presents itself as a competent and user-friendly option for those interested in trading cryptocurrencies, especially beginners. The platform offers an accessible entry point with no minimum initial deposit required, which is particularly appealing for new traders who may want to start small. This feature, combined with its strong regulatory backing from respected bodies such as the FCA and NFA, adds a layer of trust and security for users. The integration of a free demo account allows newcomers to practice and familiarize themselves with trading without any financial risk, further enhancing its suitability for beginners.

However, there are notable limitations within OANDA’s service that potential users should consider. The absence of customer support during weekends could pose a significant inconvenience, particularly for those who might encounter issues or need assistance during these times. Additionally, the limited payment options, with no support for e-wallets, might restrict the ease of transactions for some users. The lack of account protection measures such as guaranteed stop-losses, particularly for U.S. and U.K. clients, might also be a drawback for traders looking for more risk management tools in their trading strategy. These factors may necessitate a trade-off between the accessibility of the platform and the flexibility and support some traders may require.

Pros

Cons

4,8

Threenvest Score

Fees

Low 4,3/5

Regulated

FCA, CFTC

With the confidence of Threenvest

Year Founded: OANDA was founded in 1996, establishing a long track record of reliability and innovation in the financial markets. This extensive experience provides a level of confidence that newer brokers may not offer .

Number of Users: With millions of users worldwide, OANDA has built a solid reputation among both retail and institutional traders. Its wide user base is a testament to its credibility and the trust it has garnered over the years .

Security Methods: OANDA employs robust security measures, including two-factor authentication and encryption, to protect user data and funds. The partnership with Paxos ensures secure and regulated crypto trading, further enhancing trust .

Regulation: OANDA is regulated by top-tier financial authorities, including the Financial Conduct Authority (FCA) in the UK, the Commodity Futures Trading Commission (CFTC) in the US, and the Australian Securities and Investments Commission (ASIC). These stringent regulatory standards provide a high level of protection and transparency for users .

Reputation and Reviews: OANDA has consistently received positive reviews for its reliability, customer service, and comprehensive trading platform. Its commitment to transparency and customer satisfaction has solidified its position as a trusted broker in the industry .

Best Crypto Brokers

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To better understand our editorial guidelines and the investment methodology that supports our ratings, you can explore the information in our editorial policy.

About OANDA

OANDA is a globally recognized broker known for its wide array of financial services, including forex, commodities, and cryptocurrencies. Established in 1996, OANDA has built a strong reputation for reliability and security, making it a preferred choice for many traders worldwide. The company is headquartered in New York and has offices across major financial hubs, including London, Tokyo, and Singapore.

What is OANDA?

OANDA is a multi-asset broker that offers trading services for forex, commodities, indices, and cryptocurrencies. It provides both CFD trading and direct access to physical cryptocurrencies through its partnership with Paxos Trust Company. OANDA’s platform is known for its robust technical analysis tools, competitive spreads, and strong regulatory framework.

Background and History

Founded by Dr. Michael Stumm and Dr. Richard Olsen, OANDA started as a technology-driven company focusing on providing comprehensive currency exchange rate data. Over the years, it evolved into a full-fledged online broker offering a wide range of trading instruments. OANDA’s commitment to innovation is evident from its early adoption of algorithmic trading and API solutions, which have attracted both retail and institutional clients.

Founders

Dr. Michael Stumm, a computer scientist, and Dr. Richard Olsen, a renowned economist, co-founded OANDA. Their vision was to leverage technology to provide transparent and efficient currency data services. This vision expanded into offering a comprehensive trading platform that caters to both novice and experienced traders.

Interesting Facts and Headlines

OANDA was one of the first brokers to offer automated trading through APIs, providing access to deep historical data and real-time rates.
The company’s robust trading platform is powered by TradingView, offering over 65 technical indicators.
OANDA was acquired by CVC Capital Partners in 2018, which has further strengthened its financial stability and global reach.

OANDA offers a secure and reliable trading environment with no minimum deposit requirement, making it accessible to traders of all levels. Its extensive educational resources and user-friendly platform make it a suitable choice for beginners, while its advanced tools cater to the needs of professional traders .

Why Choose OANDA?

OANDA stands out as a reliable and well-regulated broker with a robust offering for cryptocurrency traders. One of the strongest points is its comprehensive regulatory oversight, which includes top-tier authorities like the FCA in the UK, ASIC in Australia, and the CFTC in the US. This ensures a high level of security and trust for users, making it an excellent choice for those concerned about the safety of their funds .

Another significant advantage is the user-friendly trading experience provided by OANDA’s platform. The integration with TradingView offers advanced charting tools and over 65 technical indicators, making it suitable for both novice and experienced traders. The platform supports a wide range of cryptocurrencies, including Bitcoin, Ethereum, and Litecoin, with access to 63 crypto trading pairs through its partnership with Paxos Trust Company. This variety allows traders to diversify their portfolios effectively .

Lastly, OANDA’s transparent fee structure and commitment to providing a seamless trading experience make it a favorable option. There are no minimum deposit requirements, which lowers the entry barrier for new traders. The platform also offers extensive educational resources and 24/7 customer support, ensuring that traders have all the necessary tools and assistance to succeed .

Where it falls short

High Withdrawal Fees: One of the main areas where OANDA could improve is in its withdrawal fees. Currently, withdrawals via bank transfer can be quite expensive, costing up to $20 or more per transaction. This high fee structure can be a significant drawback for traders who need to move their funds frequently. Reducing these fees or providing more free withdrawal options would make OANDA more competitive and user-friendly .

Limited Leverage Options: Another area for improvement is the lack of leverage for cryptocurrency trading. OANDA does not offer leveraged trading for cryptocurrencies, which can be a limitation for traders looking to maximize their exposure with smaller capital. Introducing leverage options for crypto trading could attract a broader range of traders who are looking for more flexible trading conditions .

Features	Explanation
Minimum Trade	No minimum trade requirement, making it accessible for all traders.
Trading and Transaction Fees	Competitive fees, but high withdrawal costs for bank transfers.
Number of Cryptocurrencies	Supports 63 crypto trading pairs, offering good variety.
Crypto-to-Crypto Trading Pairs	Wide range of pairs available, enhancing trading opportunities.
Website Transparency	Highly transparent with detailed information about fees, regulations, and services.
Credit/Debit Card
Storage Offering	No dedicated crypto wallet service; relies on Paxos integration for custody.
Staking and Rewards	Does not offer staking or rewards programs.
Mobile App and Desktop	User-friendly mobile and desktop platforms with advanced charting tools.
Customer Service	24/7 support available, though response times can vary.
Deposit and Withdraw	Multiple methods available but high fees for bank transfers.

Xavier Tarrasó

EIP and Cryptocurrency Investor

As an expert on our website, I highly recommend OANDA for its reliability and robust security measures in cryptocurrency trading. OANDA’s regulation by top-tier authorities such as the FCA and CFTC ensures a secure trading environment. The platform offers a user-friendly experience with advanced charting tools and over 60 crypto trading pairs through its partnership with Paxos Trust Company. Despite its higher withdrawal fees and lack of leverage for crypto, OANDA is an excellent choice for traders seeking a trustworthy and well-regulated broker.

Fees

OANDA offers a transparent and straightforward fee structure for cryptocurrency trading, which makes it an appealing choice for many traders. The platform charges a 0.25% fee on all executed crypto orders, with a minimum fee of $0.01. This fee is calculated based on the order quantity and fill price, ensuring that traders know exactly what they are paying upfront. Unlike many other brokers, OANDA does not apply a spread markup or custody fee on crypto trades, which can help keep trading costs lower. Deposits via credit/debit cards and electronic wallets like PayPal, Skrill, and Neteller are free, but bank transfers, which can take up to three business days to process, may incur conversion costs if the currency differs from the account base currency. Withdrawal fees are notably higher, especially for bank transfers, which can cost up to $20 or more per transaction, depending on the currency and region. While OANDA does not offer leverage for cryptocurrency trading, which could limit the potential for higher returns, this also reduces the risk of significant losses. The absence of short selling options is another limitation for those looking to profit from falling markets. Overall, OANDA’s fee structure is designed to be clear and straightforward, with no hidden costs, making it a reliable choice for crypto traders who prioritize transparency and security .

Pros

Cons

Comprehensive Analysis of OANDA’s Crypto Trading Fees

OANDA offers a transparent fee structure for its cryptocurrency trading, designed to ensure clarity and predictability for traders. Here’s a detailed breakdown of the various fees associated with trading cryptocurrencies on OANDA.

Trading Commissions

OANDA charges a flat fee of 0.25% on all executed crypto orders, with a minimum fee of $0.01. This fee is calculated based on the order quantity and fill price. For instance, if you place an order worth $1,000, the trading fee would be $2.50, which is relatively competitive compared to industry standards .

Deposit Fees

Deposits via credit/debit cards, as well as electronic wallets like PayPal, Skrill, and Neteller, are free of charge. This makes funding your account straightforward and cost-effective, particularly for smaller traders who may frequently need to deposit funds .

Withdrawal Fees

Withdrawal fees, however, can be quite high, especially for bank transfers. For example, withdrawing funds via bank transfer can cost up to $20 per transaction. This fee can increase to $35 for subsequent withdrawals within the same calendar month. Withdrawals to credit/debit cards and electronic wallets are generally free, but it’s important to note that not all withdrawal methods are available in every region .

Additional Costs

OANDA does not charge a spread markup on crypto trades, which means that the cost of trading is purely the commission fee. This absence of a spread markup helps keep the overall trading costs lower, as the fee remains a predictable percentage of the trade value. However, it’s worth noting that OANDA does not offer leverage for cryptocurrency trading, limiting traders to using only their deposited funds .

Hidden Fees

One potential hidden cost could be currency conversion fees, which apply if the deposit currency differs from the account base currency. This could affect traders who operate in multiple currencies, adding an extra layer of cost to their trading activities .

Conclusion

OANDA provides a transparent and straightforward fee structure that is competitive in the cryptocurrency market. While the high withdrawal fees for bank transfers may be a drawback, the lack of deposit fees and the absence of a spread markup help mitigate overall costs. This fee structure, combined with OANDA’s strong regulatory standing and comprehensive trading tools, makes it an attractive choice for crypto traders seeking a reliable and predictable trading environment.

Product selection

OANDA offers a comprehensive range of services and products designed for cryptocurrency traders. Through its partnership with Paxos, OANDA provides access to spot trading for a variety of cryptocurrencies, including Bitcoin, Ethereum, and Litecoin. This collaboration allows OANDA to offer real-time trading and reliable custody services, ensuring that traders have a secure and efficient trading experience. Additionally, OANDA supports over 60 crypto trading pairs, enabling traders to diversify their portfolios with various digital assets. The platform’s integration with advanced trading tools, such as TradingView, enhances the overall trading experience by providing access to sophisticated charting and analysis features. OANDA’s user-friendly mobile app further simplifies the trading process, allowing users to manage their accounts and execute trades on the go. Despite the absence of leverage for crypto trading, OANDA’s competitive fees, starting at 0.25% per trade, and the absence of hidden charges make it an attractive choice for both novice and experienced traders. OANDA’s dedication to providing a seamless trading experience is evident in its extensive educational resources, including webinars, tutorials, and market analysis, which help traders stay informed and make better trading decisions. The platform’s robust customer support, available through phone, email, and live chat, ensures that users receive timely assistance whenever needed. Overall, OANDA’s combination of secure trading infrastructure, comprehensive product offerings, and excellent support services makes it a reliable choice for cryptocurrency traders.

Pros

Cons

Read more about product selection in OANDA

Comprehensive Overview of OANDA’s Services and Products

OANDA offers a wide range of services and products designed to cater to different types of traders, including those interested in cryptocurrencies. Here is a detailed look at what OANDA provides in its crypto trading segment.

Crypto Trading

OANDA supports the trading of 13 popular cryptocurrency CFDs, such as Bitcoin, Ethereum, Litecoin, and others. These CFDs allow traders to speculate on the price movements of these cryptocurrencies without owning the underlying assets. Additionally, through its partnership with Paxos, OANDA offers access to 63 crypto trading pairs, providing a comprehensive selection for crypto traders.

Trading Platform

The trading platform is integrated with TradingView, offering advanced charting tools and over 65 technical indicators. This makes it suitable for both novice and experienced traders who need detailed technical analysis capabilities. The platform is available on both desktop and mobile, ensuring that traders can manage their accounts and trade efficiently from any device.

Account Types

OANDA offers a single type of trading account for individual clients, with the flexibility to open multiple sub-accounts to manage different base currencies. The account opening process is straightforward and fully digital, allowing traders to start trading quickly. There is no minimum deposit requirement, making it accessible for traders of all levels.

Mobile and Desktop Apps OANDA’s mobile app is user-friendly and provides access to real-time data, charting tools, and easy order management. The desktop platform integrates seamlessly with the mobile app, ensuring a consistent trading experience across devices. Educational Resources

OANDA offers extensive educational resources, including tutorials, webinars, and market analysis articles. These resources help traders improve their skills and stay informed about market trends.

Customer Support

OANDA provides 24/7 customer support through multiple channels, including live chat, phone, and email. This ensures that traders can get assistance whenever they need it, enhancing the overall user experience.

Security

OANDA is regulated by top-tier authorities such as the FCA, CFTC, and ASIC, ensuring a high level of security and trust. The platform employs robust security measures, including two-factor authentication and encryption, to protect user data and funds.

Deposit and Withdrawal Options

OANDA supports various deposit methods, including credit/debit cards, PayPal, Skrill, and Neteller, with no deposit fees. However, withdrawal fees can be high, especially for bank transfers, which can cost up to $20 or more per transaction. This is an area where OANDA could improve to enhance user convenience.

Staking and Rewards

Currently, OANDA does not offer staking or rewards programs, which might be a limitation for traders looking for passive income opportunities through their crypto holdings.

Leverage and Margin Trading

OANDA does not offer leverage for cryptocurrency trading, limiting traders to using only their deposited funds. This can be a drawback for those looking to maximize their exposure with smaller capital.

Innovative Features

API Access: OANDA provides API access, allowing developers to build custom trading applications and integrate with the platform.
Advanced Order Types: The platform supports various order types, including market, limit, and stop orders, giving traders the flexibility to implement complex trading strategies.

In summary, OANDA offers a reliable and secure trading environment with a wide range of services and products. Its strong regulatory framework, comprehensive educational resources, and advanced trading tools make it an excellent choice for both new and experienced traders. However, improvements in withdrawal fees and the introduction of leverage options could further enhance its attractiveness.

Account opening

Opening an account with OANDA is a straightforward and fully digital process, designed to be completed in a matter of minutes. To get started, you’ll need to visit the OANDA website or mobile app and create an account by providing some basic personal information such as your name, address, and date of birth. You’ll also be required to select your nationality and home address, and provide details about your employment status and income. Additionally, you’ll answer a few questions to demonstrate your trading knowledge and experience, which helps OANDA understand your familiarity with trading concepts. The final step in the account opening process involves verifying your identity and residency. This can be done by uploading a copy of your government-issued ID, such as a passport or driver’s license, along with a recent utility bill or bank statement to confirm your address. Once your documents are submitted, the verification process typically takes a few days, but it can be expedited if you promptly respond to any follow-up requests for additional information. Once approved, you’ll be able to fund your account and start trading cryptocurrencies immediately.

Pros

Cons

Read more about account opening in OANDA

Detailed Account Opening Process at OANDA

Opening an account with OANDA is a quick and fully digital process that can be completed in less than 10 minutes. Here’s a detailed, step-by-step guide to help you get started: 1. Set Up Account Details:

Create a username and password for your account.

2. Enter Personal Information:

Provide your basic personal information such as your name, address, and date of birth.

3. Nationality:

Fill in your nationality details.

4. Home Address:

Enter your home address accurately.

5. Employment Information:

Provide information regarding your employment status, income, and wealth.

6. Trading Experience:

Answer questions related to your trading experience to help OANDA understand your background.

7. Knowledge Quiz:

Complete a short quiz to assess your understanding of trading concepts, such as the impact of changing leverage on potential profit/loss.

8. Identity Verification:

Upload a copy of your ID or passport to verify your identity.
Provide a bank statement or utility bill to verify your residency.

Once you have submitted all the required information and documents, your account will typically be approved within a few days. The quick and efficient process ensures that traders can start trading swiftly.

Additionally, OANDA offers a demo account that can be opened in minutes. This allows you to explore and familiarize yourself with the trading platform without any financial risk.

How to Use OANDA

1. Registration and KYC:

The registration process involves providing your email, setting up a password, and verifying your identity through KYC (Know Your Customer) protocols. This includes uploading identification documents and proof of residence .

2. Opening an Account:

Follow the steps mentioned above to open your account.

3. Buying Your First Cryptocurrency:

Once your account is set up and verified, you can deposit funds using various methods such as credit/debit cards, PayPal, or bank transfer.
Navigate to the cryptocurrency trading section, select the cryptocurrency you wish to buy, and place an order using the OANDA trading platform.

4. Account Types:

OANDA offers a single type of trading account for individual clients, with the flexibility to open multiple sub-accounts to manage different base currencies .

OANDA’s streamlined account opening process, combined with its robust trading platform, makes it a great choice for both novice and experienced traders. If you need assistance with deposits, refer to the next section on how to deposit money .

Security

OANDA prioritizes the security of its users’ funds and data, employing a range of robust security measures. The platform is regulated by several top-tier financial authorities, including the Commodity Futures Trading Commission (CFTC) in the U.S. and the Financial Conduct Authority (FCA) in the UK. These regulatory bodies ensure that OANDA adheres to strict financial standards and practices, providing an additional layer of trust and security for users. Furthermore, OANDA offers negative balance protection, ensuring that clients cannot lose more than their account balance, which is particularly important in the volatile crypto market. To safeguard personal and financial data, OANDA uses advanced encryption technologies and secure socket layer (SSL) protocols. This ensures that all data transmitted between the user and the platform remains confidential and secure. OANDA also implements rigorous verification processes during account setup and transactions to prevent unauthorized access and fraudulent activities. With these comprehensive security measures in place, OANDA provides a secure trading environment, allowing users to trade cryptocurrencies and other assets with confidence.

Pros

Cons

Is OANDA Legit?

OANDA is a well-established broker with a strong reputation for reliability and security. Founded in 1996, OANDA has built a solid track record over the years, successfully navigating various financial crises and market fluctuations. This longevity in the market is a testament to the company’s stability and trustworthiness. Moreover, OANDA is regulated by several top-tier financial authorities, including the Financial Conduct Authority (FCA) in the UK, the Commodity Futures Trading Commission (CFTC) in the US, and the Australian Securities and Investments Commission (ASIC). These regulatory bodies enforce stringent financial standards, ensuring that OANDA operates transparently and adheres to the highest levels of customer protection.

Regulation

OANDA operates under multiple regulatory frameworks globally. In the UK, it is regulated by the FCA, which provides up to £85,000 in investor protection. In the US, it is regulated by the CFTC and is a member of the National Futures Association (NFA). Canadian clients are protected under the Canadian Investment Regulatory Organization (CIRO) with up to CAD 1,000,000 in investor protection. In Australia, OANDA is regulated by ASIC, although there is no investor protection for Australian clients. This extensive regulatory oversight across various jurisdictions underscores OANDA’s commitment to maintaining high standards of security and reliability in its operations.

Is OANDA Safe?

OANDA employs robust security measures to protect clients’ funds and personal information. The company uses advanced encryption technologies and secure socket layer (SSL) protocols to ensure data privacy and security during transactions. Additionally, OANDA provides negative balance protection for retail clients in the European Union, ensuring that clients cannot lose more than their account balance. This feature is particularly important in the volatile world of cryptocurrency trading. While OANDA does not offer insurance for crypto assets, its regulatory compliance and stringent security measures provide a high level of protection for traders.

Conclusion

Overall, OANDA is a legitimate and safe platform for trading cryptocurrencies. Its long-standing presence in the financial markets, coupled with regulation by multiple top-tier authorities, offers traders peace of mind regarding the security of their investments. While there are some areas for improvement, such as transparency in security practices and the lack of insurance for crypto assets, OANDA’s comprehensive regulatory compliance and advanced security measures make it a reliable choice for cryptocurrency trading.

Customer service

OANDA provides a comprehensive customer service experience that is well-regarded for its responsiveness and effectiveness. The platform offers multiple channels for support, including live chat, email, and phone support, ensuring that users can get help through their preferred method. Live chat is particularly noted for its speed, typically providing responses within a minute during business hours. This feature is especially useful for resolving quick queries or technical issues on the spot. Phone support is available 24/7, which is a significant advantage for traders who may need immediate assistance outside of regular business hours. The availability of regional support numbers ensures that users can receive help in their native language, contributing to a more personalized and effective support experience. Additionally, email support is also robust, with response times generally within 24 hours, providing detailed and thorough answers to more complex questions. One standout aspect of OANDA’s customer service is its commitment to trader education. The platform offers a wealth of educational resources, including webinars, tutorials, and articles, aimed at helping traders improve their skills and knowledge. This dedication to education not only helps traders make more informed decisions but also enhances their overall trading experience. While no customer service is perfect and some users may experience occasional delays, OANDA’s overall support framework is strong and reliable, making it a solid choice for traders at all levels.

Pros

Cons

Read more about customer service in OANDA

Customer Service Section

Customer Support

OANDA provides robust customer support, ensuring that traders have access to assistance whenever needed. The support team is available through multiple channels, including live chat, email, and phone. Live chat is especially beneficial for quick inquiries, offering instant responses during business hours. Phone support is available 24/7, which is crucial for traders who might encounter issues outside regular business hours. Email support, while not as immediate, typically offers detailed and thorough responses within 24 hours.

Reputation and Customer Feedback

OANDA has built a strong reputation over the years, primarily due to its reliable and responsive customer service. User feedback is generally positive, with many traders praising the quick response times and the helpfulness of the support staff. The educational resources provided by OANDA, such as webinars, tutorials, and market analysis, are also well-received, helping traders enhance their skills and make informed decisions. However, there are occasional complaints about delays in response times and the need for more specialized support for cryptocurrency-related issues.

Methods of Contact

Traders can reach OANDA’s customer support through various methods:

Live Chat: Accessible via the OANDA website and trading platform, providing instant responses to most queries.
Email: Suitable for more detailed inquiries, with responses typically within 24 hours.
Phone: Available 24/7, offering immediate assistance for urgent issues. Regional support numbers ensure that users can receive help in their native language.

Response Time

Live Chat: Typically responds within a minute during business hours, making it ideal for resolving quick queries and technical issues.
Email: Responses are usually provided within 24 hours, offering detailed and comprehensive solutions to more complex questions.
Phone: Immediate assistance available 24/7, ensuring that urgent issues can be addressed promptly.

Additional Considerations

OANDA’s customer support is designed to cater to traders at all levels, from beginners to experienced professionals. The platform’s commitment to trader education is evident through its extensive library of resources, including webinars, tutorials, and market analysis. These resources not only help traders improve their skills but also provide valuable insights into market trends and strategies.
For those new to trading, OANDA’s user-friendly interface and responsive customer support can make the learning curve less steep. However, for more seasoned traders, the availability of advanced tools and detailed support ensures that they can execute complex strategies with confidence.

Overall, while OANDA’s customer service is highly regarded, there is always room for improvement, particularly in providing more specialized support for cryptocurrency-related issues and ensuring that all inquiries are resolved promptly.

Is OANDA Right for You?

You Value Comprehensive Regulation and Security: If you prioritize trading on a platform that is heavily regulated by top-tier authorities such as the FCA in the UK, CFTC in the US, and ASIC in Australia, OANDA is an excellent choice. These regulations ensure that the platform adheres to stringent financial standards, providing a high level of security for your funds and personal data.
You Appreciate Advanced Trading Tools and User-Friendly Platforms: OANDA offers a range of sophisticated trading tools, including integration with TradingView for advanced charting and analysis. The platform’s user-friendly interface, available on both web and mobile, makes it accessible for traders of all experience levels. Whether you are a beginner looking for simplicity or an experienced trader seeking advanced functionalities, OANDA caters to your needs.
You Require Reliable and Responsive Customer Support: If having access to reliable customer support is important to you, OANDA’s 24/7 phone support, responsive live chat, and comprehensive email assistance make it a strong contender. The platform’s commitment to trader education through webinars, tutorials, and market analysis further enhances the trading experience, providing you with the resources needed to make informed decisions.

OANDA might not be right for you if you require extensive leverage options for cryptocurrency trading or if you seek a platform with specialized crypto support features. However, for those looking for a secure, well-regulated, and user-friendly trading environment with excellent customer support, OANDA is a compelling option.

Threenvest score

4,8

Fees

Low 4,3/5

Regulated

FCA, CFTC

Available cryptocurrencies

30 (CFDs)

On the crypto broker website

Threenvest score

4,7

Fees

Low 3,7/5

Regulated

CySEC

Available cryptocurrencies

7 (CFDs)

Naga

Threenvest score

4,7

Fees

Regulated

CySEC

Available cryptocurrencies

7 (CFDs)

Available cryptocurrencies and countries available

OANDA offers access to a substantial range of 63 cryptocurrency trading pairs, catering to traders looking to diversify their portfolios with various digital assets. These pairs include major cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC), along with other popular options like Chainlink (LINK), Uniswap (UNI), and PAX Gold (PAXG). This extensive selection ensures that traders have numerous opportunities to engage with different market trends and trading strategies.
However, there are some limitations to be aware of. Notably, OANDA does not provide access to certain cryptocurrencies that might be available on more specialized exchanges. Additionally, due to regulatory restrictions, retail traders in the UK are not able to trade crypto CFDs, and the platform does not support U.S. residents for crypto trading, except through specific arrangements with partners. These constraints can limit the accessibility of OANDA’s crypto offerings for some traders.
Overall, OANDA’s comprehensive crypto selection and robust trading infrastructure make it an appealing choice for traders in eligible countries, but it is important to verify your eligibility based on your location and the specific regulations that apply.

Main cryptocurrencies available

Bitcoin (BTC)
Ethereum (ETH)
Litecoin (LTC)
Bitcoin Cash (BCH)
Ripple (XRP)
Chainlink (LINK)
Uniswap (UNI)
Dogecoin (DOGE)
Cardano (ADA)
Polkadot (DOT)
Stellar (XLM)
EOS (EOS)
Tezos (XTZ)
Dash (DASH)
Aave (AAVE)
Solana (SOL)
Compound (COMP)
Synthetix (SNX)
Maker (MKR)
PAX Gold (PAXG)

Main countries where you can open an account

United Kingdom
Canada
Australia
Germany
France
Singapore
Japan
South Africa
New Zealand
Switzerland
Netherlands
Sweden
Italy
Spain
Belgium
Austria
Denmark
Norway
Ireland
Portugal

FAQs

1. Is OANDA regulated?

Yes, OANDA is regulated by several top-tier financial authorities, including the Financial Conduct Authority (FCA) in the UK, the Commodity Futures Trading Commission (CFTC) in the US, and the Australian Securities and Investments Commission (ASIC), ensuring strict adherence to financial standards.

2. How many cryptocurrencies can I trade on OANDA?

OANDA offers access to approximately 63 cryptocurrency trading pairs, including popular assets like Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC).

3. What are the fees for trading cryptocurrencies on OANDA?

OANDA charges a 0.25% fee on all executed crypto orders, with a minimum fee of $0.01, providing a transparent fee structure with no hidden costs.

4. Can I use leverage for cryptocurrency trading on OANDA?

No, OANDA does not offer leverage for cryptocurrency trading, focusing on providing a straightforward and secure trading experience.

5. How can I contact OANDA customer support?

You can contact OANDA customer support through live chat, email, and phone. Live chat is available during business hours, phone support is available 24/7, and email responses are typically provided within 24 hours.

6. What methods can I use to deposit and withdraw funds on OANDA?

OANDA supports multiple deposit and withdrawal methods, including credit/debit cards, bank transfers, and popular e-wallets like PayPal, Skrill, and Neteller.

7. Are there any countries where I cannot open an account with OANDA?

Yes, residents of certain countries, including the United States (for crypto trading), United Kingdom (for crypto CFDs), Iran, North Korea, Sudan, Syria, Myanmar, Cuba, and Zimbabwe, cannot open an account with OANDA due to regulatory restrictions.

Final opinion on OANDA

OANDA stands out as a reputable and secure platform for cryptocurrency trading, offering a robust selection of 63 crypto trading pairs and advanced trading tools integrated with platforms like TradingView. The exchange’s commitment to security is evident through its regulation by top-tier authorities such as the FCA, CFTC, and ASIC, providing traders with peace of mind regarding the safety of their funds and personal data. OANDA’s user-friendly interface, coupled with responsive customer support available through live chat, email, and 24/7 phone assistance, makes it an attractive option for both novice and experienced traders. Additionally, the platform’s transparent fee structure, with a 0.25% charge on executed crypto orders, ensures that traders are not surprised by hidden costs.

However, OANDA has some limitations compared to dedicated crypto exchanges. The absence of leverage for cryptocurrency trading and the lack of specialized crypto features might be a drawback for more advanced traders seeking higher-risk opportunities. Furthermore, regulatory restrictions in certain countries, including the inability for U.S. residents to trade crypto directly on OANDA, may limit its accessibility. Despite these weaknesses, OANDA remains a strong contender in the market, particularly for those who value security, regulatory oversight, and a comprehensive trading experience. At Threenvest, we believe OANDA offers a well-rounded platform that meets the needs of many traders while maintaining high standards of security and service.

How do we review crypto exchanges?

At Threenvest, we conduct a thorough review process to evaluate and rank the world’s leading crypto exchanges. Our goal is to offer an unbiased assessment, providing you with the information you need to make informed decisions on which ones best suit your needs. We strictly adhere to the guidelines of our editorial policy.

We collect data directly from exchanges through detailed questionnaires and conduct first-hand testing and observations during crypto exchange demonstrations. Questionnaire responses, combined with demonstrations and hands-on research from our experts, feed into our proprietary evaluation process that scores each provider’s performance on more than 15 factors. The end result produces star ratings ranging from poor (one star) to excellent (five stars).

For more details on the categories considered when rating brokers and our process, read our full methodology.

Risk Disclaimer

Investing in cryptocurrencies is very risky, you should only invest the money you are willing to lose. Also you should not expect to be protected if something goes wrong.

Neither Threenvest, nor the author, are recommending you to invest with this article.

Alejandro Borja Fuentes

Economist | Cryptocurrency exchange analyst

The author of the review

Alejandro Borja is an accomplished economist with a distinguished career spanning various facets of the financial industry. His academic journey began with a degree in Economics, laying the foundation for his deep understanding of financial markets.

Over the years, Alejandro has honed his skills by working with some of the largest financial media outlets, analyzing and reporting on economic trends and investment opportunities. His expertise in financial analysis has made him a respected voice in the economic community.