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OANDA Review
A long-established forex broker operating in both the US (spot forex) and UK/EU (forex + CFDs), known for transparency and data.
Best for
- Forex traders
- UK/EU CFD traders
- Traders who value data/transparency
Not best for
- You want US stock investing
- You dislike leverage products
Our verdict & scoring
OANDA is a veteran forex broker with a strong reputation for transparency and historical FX data. In the US it offers regulated spot forex (no CFDs, which are banned for US retail); in the UK/EU it offers forex and CFDs under FCA/ESMA rules with leverage caps and negative-balance protection.
Scores are based on our review methodology. Affiliate relationships do not buy higher ratings.
Pros
- Strong regulatory footprint
- Excellent FX data and transparency
- Available to US forex traders
Cons
- CFDs are high-risk (UK/EU only)
- Spreads vary by account type
- Not for stock investors
Fees & hidden costs explained
Spread-based (or core-pricing + commission) forex; CFD spreads and overnight financing in UK/EU.
Safety, regulation & availability
US: OANDA Corporation is CFTC-registered and an NFA member (ID 0325821) for spot forex (CFDs not offered to US retail). UK: OANDA Europe Limited is FCA-authorised (FRN 542574) for forex + CFDs. EU: regulated entity with ESMA leverage caps and negative-balance protection.
Account protection: US forex is not SIPC-insured. UK: FSCS eligibility up to £85,000 via the UK entity — verify per product.
Available to retail traders in:
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Frequently asked questions
Can US traders use CFDs on OANDA?
No. CFDs are prohibited for US retail traders. OANDA offers regulated spot forex to US clients instead.
Official sources
Risk warning: Trading stocks, options, futures, forex, crypto, CFDs and funded accounts involves risk. You can lose money. This website is educational only and does not provide financial, investment, tax or legal advice.
Leverage, volatility, fees, spreads, liquidity and platform rules can increase losses.
Affiliate disclosure: We may earn a commission when you click some links on our site. This does not cost you extra. Our comparisons are educational and transparent, and our rankings are not affected by commissions.