When it comes to forex trading in the United States, OANDA is one of the brokers with deep roots in the U.S. market.
The list of trusted brokers is much shorter in the US compared to global options.
This is because the regulatory standards are stricter, and many offshore brokers don’t serve U.S. clients.
Today’s review provides a closer look at OANDA and its inclusion on the list of top US forex brokers.
Ready to find out why? Let’s dive in!
NB: Some links in this post are affiliate links. This means we may earn a commission if you open an account through them (at no extra cost to you). We only recommend brokers that we have thoroughly tested or researched.
OANDA Overview
OANDA is a veteran broker in the industry, providing CFD trading services for nearly three decades.
Established in 1996, it has earned a reputation for transparency and consistency with a leadership team made up of great minds in the finance industry.
From forex pairs to indices, shares, metals, and commodities — plus crypto CFDs for eligible international clients.
It has built a reputation as an award-winning, reliable, transparent, and regulation-compliant broker.
OANDA Corporation is a registered Futures Commission Merchant and Retail Foreign Exchange Dealer with the Commodity Futures Trading Commission.
It is also a member of the National Futures Association.
OANDA Corporation has its office at 17 State Street, Suite 300, New York, NY 10004-1501.
U.S. traders can access forex markets through its regulated U.S. branch, while international clients may also trade commodities, indices, shares, metals, and crypto CFDs.
For U.S. clients, the focus is primarily on forex, as regulations limit access to certain CFDs.
Next in line are the features of the platform. Let’s see that in the next subheading.
Risk Warning:
OANDA offers complex derivatives, such as contracts for difference (“CFDs”). These products
may not be suitable for all clients, and trading them puts you at risk.
Please make sure that you
understand the following risks before trading OANDA products:
a) You may lose some or all of the money
you invest in the trade, and
b) If your trade involves currency conversion, exchange rates will affect your
profit and loss.
You should never trade with borrowed money or with money that you cannot afford to
lose.
Features of OANDA
Some notable OANDA features include:
- Enhanced security
- U.S. CFTC and NFA regulated
- Global flexibility
- Multiple account types
- Premium Trader program
- Platform diversity
- Institutional-grade execution
- Mobile app (Appstore & Google Play)
- Educational resources
- Partnership program
We will check out the services next.
OANDA Services
OANDA’s services differ slightly depending on whether you’re a U.S. client or trading from another area.
- In the U.S., it offers regulated forex CFD with transparent pricing and strict compliance standards.
- Internationally: Wider CFD range (indices, metals, shares, commodities, and crypto CFDs).
- Education & tools: Technical analysis, premium tools, and a TradingView link for chartists.
- Account structures: Spread-only or commission-based, with perks for high-volume traders.
For US traders, OANDA’s U.S. license alone makes it stand out because very few global forex brokers are NFA members.
Supported Assets and Countries
For U.S. Clients: Can access forex pairs such as:
- majors
- minors
- exotics
For International Clients: Can access wider CFD ranges:
- indices
- commodities
- shares
- metals
- crypto
OANDA has operations in:
- The U.S.
- Canada
- The UK
- Singapore
- Japan
- Australia, and
- The British Virgin Islands
Moving on, we will check out the available payment options and trading fees.
Supported Payment Methods and Fees
In the U.S., OANDA supports:
- ACH transfers (U.S. banks)
- Debit/Credit cards (Visa, Mastercard)
- Wire transfers
For international clients, additional e-wallet options may be available.
Fees and Costs:
- No deposit fees for U.S. traders.
- Withdrawal fees may apply for wire transfers.
- Spreads & commissions vary by account type — standard spread-only or commission + core.
- Overnight financing (swap rates) applies to positions held overnight.
But to start using this platform, you have to be verified.
In the next subheading, you will find the verification requirements for starting up trading on OANDA.
OANDA Verification Requirements
The broker requires full KYC compliance, particularly strict for U.S. accounts due to CFTC and NFA rules.
You will be asked to provide the following during the application:
- Name
- Address
- Date of birth
- Social security number (SSN)
- Employment details
- Financial information
- Bankruptcy status
- Trading experience
You will be identified electronically by matching the details you supplied during registration to details in your credit file.
This is known as electronic identification or EID.
You will receive an email within 24 – 48 hours following the submission of your application.
You will be asked for further supporting information or clarification of the information you provided during registration.
It is recommended to monitor your emails (including your junk folder) after you have submitted your application.
Even if you pass EID, please monitor your inbox and junk mail.
A member of the Onboarding Team may reach out to you to confirm or clarify details on your application.
Note that verification is mandatory for live trading and withdrawals.
Customer Support and Public Opinion
The platform provides support via:
- Live chat
- Phone support (including U.S. offices)
In terms of reputation, the broker enjoys a positive public image for:
- Regulatory trustworthiness in the U.S. and abroad.
- Strong execution and platform integration (especially with TradingView).
- A “no-nonsense” approach, focusing on reliability rather than aggressive promotions.
Some downsides noted by traders:
- Wider spreads during volatile events.
- Conservative toolset compared to brokers offering richer educational content.
Still, among U.S. brokers, OANDA is viewed as a safe, veteran choice.
OANDA FAQs
1. Can U.S. clients trade with OANDA?
Yes.
OANDA is fully regulated by the CFTC and NFA.
2. What assets can U.S. traders access?
Forex pairs.
CFDs (like crypto or indices) are available only to international clients.
3. Does OANDA accept crypto deposits?
No. U.S. clients can fund accounts via bank, card, or wire only.
4. What happens if I fail the EID?
You will be required to provide more documents for your verification.
See the full information here.
5. What is the applicable leverage?
Leverage levels depend on your region and account type.
In the U.S., the maximum allowed leverage is 50:1 for major pairs and 20:1 for minors/exotics.
For spot cryptocurrency trading, there is no leverage.
See the full list of leverage available for all of our financial instruments.
Conclusion
OANDA is one of the few trusted names in forex trading, with nearly 30 years of experience and strong CFTC/NFA regulation.
Its global branches provide broader CFD exposure, but U.S. clients remain limited to forex due to local rules.
If you value security, compliance, and execution quality, OANDA is a solid choice.
Yes, its spreads may not always be the lowest, and its educational tools aren’t the most expansive.
But the peace of mind that comes from trading with a well-regulated U.S. broker is hard to beat.
Now, I’m passing the keyboard over to you:
Do you use this platform? What has been your experience?
What other service will you want the OANDA Team to add for the US clientele?
Leave me your thoughts in the comment box below.
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Till my next post, hodl on!
OANDA® is a registered trademark of OANDA Corporation. Used here for descriptive and educational purposes only.
