
OANDA Review
OANDA can be summarised as a trustworthy broker that offers 0% deposit and withdrawal fees, low spreads, and a sign-up bonus of up to $25 / KES (2, 881) offered to first-time traders. OANDA offers three retail accounts and has a Trust Score of 91%/100. OANDA is currently not regulated by the CMA of Kenya
- Louis Schoeman
Jump to:

Regulation and Safety of Funds

Account Types and Features

Account Registration

Range of Markets

Fees

Deposits and Withdrawals

Education and Research

Affiliate Program

Final Verdict

Pros and Cons

FAQ
Min Deposit
USD 0 / 0 KES
Regulators
ASIC, BVI, CFTC, FCA, FFAJ, FSC, IIROC, MAS, NFA
Trading Desk
Metatrader 4 and Metatrader 5
Crypto
Yes
Total Pairs
45
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
OANDA Review – 17 key points quick overview:
- ✅ Regulation and Safety of Funds
- ✅ Account Types and Features
- ✅ Account Registration
- OANDA Vs Alpri Vs FXTM – Broker Comparison
- Trading Platforms
- Range of Markets
- Broker Comparison for Range of Markets
- Trading and Non-Trading Fees
- Deposits and Withdrawals
- OANDA Education and Research
- Bonuses and Promotions
- OANDA Affiliate Program
- Verdict on OANDA
- OANDA Pros and Cons
- Frequently Asked Questions
OANDA Overview

Distribution of Traders

Popularity among traders who choose OANDA
🥇 OANDA is a leading worldwide broker with a strong presence in the United States and other developed nations. However, OANDA is used by many African traders, placing it among the Top 50 forex brokers for Kenyan traders.OANDA At a Glance
🏛 Headquartered | United States |
🏙 Kenyan Based Office | No |
✅ Accepts Kenyan Traders? | Yes |
🗓 Year Founded | 1996 |
📞 Kenyan Office Contact Number | None |
🤳 Social Media Platforms | • Facebook • YouTube |
⚖️ Regulation | IIROC, ASIC, CFTC, NFA, FCA, FFAJ, MAS, MFSA |
🪪 License Number | • IIROC • Australia – ABN 26 152 088 349, AFSL No. 412981 • United States – NFA ID 0325821 • United Kingdom – 542574 • Japan – 1571 • Singapore – 200704926K • Malta – VLT1455 |
⚖️ CMA Regulation | No |
🚫 Regional Restrictions | None indicated |
☪️ Islamic Account | Yes |
💻 Demo Account | Yes |
🛍 Retail Investor Accounts | 3 |
📊 PAMM Accounts | No |
🤝 Liquidity Providers | JP Morgan, Deutsche Bank, Royal Bank of Canada |
💸 Affiliate Program | Yes |
📲 Order Execution | Market |
📊 Average spread | From 0.1 pips |
📞 Margin Call | 100% |
🛑 Stop-Out | 50% |
✅ Crypto trading offered? | Yes |
💰 Offers a Kenyan shilling Account? | No |
👨💻 Dedicated Kenyan Account Manager? | No |
📊 Maximum Leverage | 1:200 |
🚫 Leverage Restrictions for Kenya? | No |
💰 Minimum Deposit (KES) | 0 Kenyan shilling |
✅ Kenyan shilling Deposits Allowed? | Yes |
📊 Active Kenyan Trader Stats | 70,000+ |
👥 Active Kenyan-based OANDA customers | Unknown |
💳 Kenya Daily Forex Turnover | $100 million+ |
💵 Deposit and Withdrawal Options | • Local Transfers • Debit Cards • Credit Cards • Bank Wire • Bank Transfers • Skrill • Neteller • Mobile Bank Transfers International e-Wallets |
⏰ Minimum Withdrawal Time | No |
💵 Instant Deposits and Instant Withdrawals? | Yes |
🏦 Segregated Accounts with Kenyan Banks? | No |
🕐 Maximum Estimated Withdrawal Time | Up to 5 Working Days |
📊 Trading Platforms | • MetaTrader 4 • OANDA Platform • TradingView |
✔️ Tradable Assets | • Index CFDs • Forex • Metals • Commodity CFDs • Bonds CFDs • Precious Metals • Real-time Rates |
💸 Offers USD/KES currency pair? | No |
📈 USD/KES Average Spread | N/A |
📉 Offers Kenyan Stocks and CFDs | None |
🗣 Languages supported on Website | English, Chinese (Traditional), Spanish, Portuguese |
📞 Customer Support Languages | Multilingual |
⏰ Customer Service Hours | 24/5 |
👥 Customer Support Languages | Multilingual |
✅ Bonuses and Promotions for Kenyans | Yes |
📚 Education for Kenyan beginners | Yes |
📱 Proprietary trading software | Yes |
💰 Most Successful Kenyan Trader | Patrick Mahinge (Net Worth – Private) |
✅ Is OANDA a safe broker for Kenyans? | Yes |
📊 Rating for OANDA Kenya | 8/10 |
🤝 Trust score for OANDA Kenya | 91% |
👉 Open an account | 👉 Open Account |
Regulation and Safety of Funds
Multi-jurisdictional OANDA is a worldwide broker. Other respectable regulatory bodies supervise OANDA, even though the Capital Markets Authority (CMA) in Kenya does not control it. OANDA is overseen by the following entities:
➡️ For Canadian traders who possess a bank account in Canada, OANDA (Canada) Corporation ULC is an option. Under its membership in the Investment Industry Regulatory Organization of Canada, OANDA (Canada) Corporation ULC is well-regulated (IIROC). All client accounts are safeguarded by the Canadian Investor Protection Fund under this rule, which includes an online advisor check database.
➡️ The Australian Securities and Investments Commission (ASIC) regulates OANDA Australia Pty Ltd under ASIC registration numbers ABN 26 152 088 349 and AFSL No. 412981.
➡️ OANDA Corporation is a member of the Futures Commission Merchant in the United States. Under license number 0325821, it is also a Commodity Futures Trading Commission (CFTC)-registered retail foreign exchange dealer and a member of the National Futures Association (NFA).
➡️ OANDA Europe Limited is registered in England (7110087) and regulated by the Financial Conduct Authority (FCA) with license number 542574.
➡️ With a Financial Instruments Business Director, OANDA Japan Co., Ltd. is registered with the Kanto Local Financial Bureau (Kin-sho) as a subscriber number 1571.
➡️ The Monetary Authority of Singapore (MAS) regulates OANDA Asia Pacific Pte Ltd (Co. Reg. No 200704926K), which possesses a Capital Markets Services License.
➡️ Malta – OANDA Europe Markets Limited is a Malta-registered company. The Malta Financial Services Authority (MFSA) is also in charge of overseeing it (MFSA).
Law mandates financial transparency for OANDA, as well as a certain level of capital reserves. Accountancy experts from a respected firm outside the United States will conduct an audit of OANDA’s financial records.
It is only in conjunction with clients’ trading activity or withdrawal requests that OANDA is permitted to remove funds held in top-tier banks. As an added benefit, OANDA works with major financial institutions across the globe to get access to and provide liquidity for the world’s currency and CFD markets.
When it comes to managing currency risks, OANDA uses innovative risk management technology to anonymously and automatically net client holdings, and the broker promptly hedges outstanding aggregated positions with partner banks beyond predefined thresholds.
Min Deposit
USD 0 / 0 KES
Regulators
ASIC, BVI, CFTC, FCA, FFAJ, FSC, IIROC, MAS, NFA
Trading Desk
Metatrader 4 and Metatrader 5
Crypto
Yes
Total Pairs
45
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
Account Types and Features
OANDA has three different kinds of retail investor accounts to choose from, each with its own unique features and benefits. OANDA Market Pulse, negative balance protection, and a host of additional perks are included with these accounts, as well as access to sophisticated instruments.
👉 The account options that OANDA offers Kenyans are:
➡️ Core Account
Live Trading Accounts
Standard Account
👉 This account type is a good fit for most traders, regardless of their trading goals or preferences.
Account Feature | Value |
💰 Full Account Verification Needed? | No, not for account deposits under 1,035,000 KES |
📊 Average Spreads | Variable, from 1 pip |
💸 Commissions (Per 1 mil traded) | None |
📈 Maximum Leverage | 1:200 |
💳 Minimum lot size | 0.01 lots |
🔧 Instruments | 81 |
📞 Margin Call | 100% |
🛑 Stop-Out | 50% |
✔️ One-Click Trading offered? | Yes |
✔️ Strategies allowed | All |
💵 Base Account Currency | USD, EUR, HKD, SGD |
Core Account
👉 It is ideal for day traders, high-frequency traders, algorithmic traders, and all other short-term traders who need low spreads and more competitive circumstances to trade.
Account Feature | Value |
💰 Full Account Verification Needed? | No, not for account deposits under 1,035,000 KES |
📊 Average Spreads | Variable, from 0.1 pips |
💸 Commissions (Per 1 mil traded) | 40 USD / 4,600 KES |
📈 Maximum Leverage | 1:200 |
💳 Minimum lot size | 0.01 lots |
🔧 Instruments | 81 |
📞 Margin Call | 100% |
🛑 Stop-Out | 50% |
✔️ One-Click Trading offered? | Yes |
✔️ Strategies allowed | All |
💵 Base Account Currency | USD, EUR, HKD, SGD |
Swap-Free Account
👉 Muslim traders who adhere to Sharia law can benefit from using this account to participate in financial markets, with the advantage that there is no interest earned/charged.
Account Feature | Value |
💰 Full Account Verification Needed? | No, not for account deposits under 1,035,000 KES |
📊 Average Spreads | Variable, from 1.6 pips |
💸 Commissions (Per 1 mil traded) | None |
📈 Maximum Leverage | 1:200 |
💳 Minimum lot size | 0.01 lots |
🔧 Instruments | 26 |
📞 Margin Call | 100% |
🛑 Stop-Out | 50% |
✔️ One-Click Trading offered? | Yes |
✔️ Strategies allowed | All |
💵 Base Account Currency | USD, EUR, HKD, SGD |
Demo Account
👉 A demo account is a practice account that offers traders a certain amount of virtual funds that they can use, allowing them to enter the live market without risking their capital.
👉 There is a certain degree of risk involved when trading financial markets and OANDA offers its clients a risk-free platform where they can test strategies, practice trading, and explore what the broker offers in a safe trading environment with real market conditions.
Islamic Account
Depending on the trading style and the trading strategy of the forex trader, they may keep their trading positions open for longer than 24 hours on a trading day.
This means that the trader could incur an overnight or rollover fee. This is a type of interest that is prohibited by Riba principles of Sharia law, which means that Muslim traders are often restricted in forex trading.
For Muslim traders, OANDA has created a Swap-Free live trading account with a variety of special features and trading conditions.
Account Registration
Kenyan traders can sign up for an OANDA account by visiting the company’s official website and selecting the option to establish an account. Filling out the form is the first step in getting started trading. A deposit of less than or equal to 1,035,000 KES (or $9,000) does not need the submission of evidence verifying the identification of the account holder.
Kenyan traders who want to open an account must be at least eighteen years old. Regulatory requirements necessitate answering the questions in the application since they are relevant exclusively to this procedure.
The OANDA onboarding team will assess and approve the application after it has been submitted. Kenyans can log into their new account to deposit, withdraw, or transfer money once the account application is authorized.
How to Register your OANDA Account
👉 Step 1 – Go to the Official Website
➡️ Go to the OANDA Website (https://www.oanda.com/us-en/) and click on “Open Trading Account”.
👉 Step 2 – Follow The Sign Up Steps
➡️ Firstly, you will be asked what your country of residence is.
👉 Step 3 – Follow The Prompts & Questions
➡️ Fill out further details and follow the steps until your account creation is comleted.
OANDA Vs Alpri Vs FXTM – Broker Comparison
OANDA | Alpari | FXTM | |
⚖️ Regulation | IIROC, ASIC, CFTC, NFA, FCA, FFAJ, MAS, MFSA | FSC | CySEC, FSCA, FCA, FSC Mauritius |
📱 Trading Platform | • MetaTrader 4 • OANDA Platform • TradingView | • MetaTrader 4 • MetaTrader 5 | • MetaTrader 4 • MetaTrader 5 • FXTM Trader |
💰 Withdrawal Fee | None | Yes | Yes |
📊 Demo Account | Yes | Yes | Yes |
📈 Minimum Deposit | 0 KES | 570 KES | 1,100 KES |
📈 Leverage | 1:200 | Up to 1:1000 | 1:2000 |
📊 Spread | Variable, from 0.1 pips | From 0.4 pips | 0.0 pips |
💰 Commissions | $40 | $1.5 | From $0.4 |
✴️ Margin Call/Stop-Out | 100%/ 50% | 60%/40% | • 60%/40% • 80%/50% |
✴️ Order Execution | Market | Instant and Market | Market, Instant |
💳 No-Deposit Bonus | No | No | No |
📊 Cent Accounts | No | No | No |
📈 Account Types | • Standard Account • Core Account • Swap-Free Account | • Forex Standard Account (MT4) • Forex Micro Account (MT4) • Forex ECN Account (MT4/5) • Forex Pro Account (MT4) | • Micro Account • Advantage Account • Advantage Plus Account |
⚖️ CMA Regulation | No | No | No |
💳 KES Deposits | Yes | Yes | Yes |
📊 Kenyan shilling Account | No | No | No |
👥 Customer Service Hours | 24/5 | 24/5 | 24/5 |
📊 Retail Investor Accounts | 3 | 4 | 3 |
☪️ Islamic Account | Yes | Yes | Yes |
📊 Minimum Trade Size | 0.01 lots | 0.01 lots | 0.01 lots |
📈 Maximum Trade Size | 1,000 lots | 250 | Unlimited |
Trading Platforms
👉 OANDA offers Kenyan traders a choice between these trading platforms:
➡️ MetaTrader 4
➡️ OANDA Platform
➡️ TradingView
Desktop Platforms
➡️ MetaTrader 4
➡️ OANDA Platform
👉 OANDA’s pricing and execution are combined with MT4’s charting and analysis in a custom-built bridge. An MT4 premium upgrade offers traders access to additional indicators and expert advisors (EAs) such as tiny charts, OCO orders, tick-chart and keyboard trading, chart-ladder order input, five-minute order book, and alert trading.
👉 Awarded several times, this is Oanda’s “next generation” platform. Advanced charting and trade management are only a few of the features available. For traders of all levels of experience, the platform provides a straightforward and adaptable trading environment.
WebTrader Platforms
➡️ MetaTrader 4
➡️ OANDA Platform
➡️ TradingView
👉 The MT4 web-based platform is user-friendly, adaptable, customizable, and loaded with a slew of key trading features. In combination with an OANDA account, Kenyan traders can discover a wide range of trading opportunities in addition to taking advantage of:
➡️ Access to the market monitor window that displays real-time price quotations
➡️ Candlestick, bar, and line charts that can be presented across a range of time intervals
➡️ There are over 20 sketching tools and 30 technical indicators integrated right in
➡️ Access is given to Expert Advisor-based trading automation (EAs)
👉 OANDA’s WebTrader has received several awards and the platform is known for helping traders identify ideal trading opportunities. Kenyan traders are given unlimited access to technical analysis tools to validate trade ideas along with strategies, helping them make improved trading decisions.
👉 In addition, Kenyan traders can track and analyze their trade performance statistics through OANDA’s platform, helping them understand their unique trading behavior. Traders can also personalize their platform according to their unique trading needs and preferences.
👉 Kenyans can start trading immediately on TradingView’s industry-leading charts from the platform of their choosing, using either an OANDA real or trial account. OANDA’s partnership with TradingView enables Kenyan traders to take advantage of the best of both worlds.
👉 By integrating an OANDA account with TradingView’s platform, Kenyans receive the benefits of TradingView’s community, sophisticated charting, and analytical tools, as well as OANDA’s transparent pricing, fully automated risk management systems, and market data.
Trading App
➡️ OANDA Platform
👉 Apps for iOS and Android run on the MetaTrader platform. Its features and functionality are identical to those of the desktop programs and include some of the following:
➡️ The most updated prices in real-time across asset classes
➡️ Graphical representations of data for use in doing technical analysis
➡️ An easy-to-use interface that can be tailored to the preferences of the user
➡️ Monitor live trading, charts, and news while on the go
👉 OANDA’s mobile app is an extension of the company’s user-friendly desktop platform. The desktop and mobile platforms of OANDA are identical in terms of trading features, which Kenyan traders can access through the mobile app in addition to:
➡️ A complete set of charting options. OANDA’s mobile app provides traders access to charting tools and capabilities.
➡️ Traders can analyse the results of their trades. OANDA’s performance metrics are a great way to see how trading progresses over time.
➡️ Updates on the market are given to traders in real-time. In addition to all current events, OANDA’s market news stream provides analysis from market analysts.
Range of Markets
👉 Kenyan traders can expect the following range of markets from OANDA:
➡️ Index CFDs
➡️ Forex
➡️ Metals
➡️ Commodity CFDs
➡️ Bonds CFDs
➡️ Precious Metals
➡️ Real-time Rates
Broker Comparison for Range of Markets
easyMarkets | SuperForex | XM | |
➡️️ Forex | Yes | Yes | Yes |
➡️️ Precious Metals | Yes | Yes | Yes |
➡️️ ETFs | No | No | No |
➡️️ CFDs | Yes | Yes | Yes |
➡️️ Indices | Yes | Yes | Yes |
➡️️ Stocks | Yes | Yes | Yes |
➡️️ Cryptocurrency | No | No | No |
➡️️ Options | No | No | No |
➡️️ Energies | Yes | No | Yes |
➡️️ Bonds | Yes | No | No |
Trading and Non-Trading Fees
Spreads
👉 All financial products may be traded with OANDA, which is noted for its low spreads. If there are large international events or geopolitical events taking place, OANDA says that spreads might widen at specific periods of the day.
👉 Spread-only pricing and commission pricing are two of OANDA’s choices for traders. There are no additional costs associated with spread-only pricing since the commission is already included in the spread.
👉 Alternatively, traders with spread-only accounts might take advantage of lower spreads. Trading costs are based on the appropriate spread, plus any additional fees incurred by traders.
👉 The average spreads that Kenyan traders can expect are as follows:
➡️ Standard Account – from 1 pip
➡️ Core Account – from 0.1 pips
➡️ Swap-Free Account – from 1.6 pips
Commissions
👉 Only if traders choose for the Core Account do they have to pay $40 every $1 million transacted in commissions.
Overnight Fees, Rollovers, or Swaps
👉 There are 26 popular products available to traders using the Swap-free account that are subject to fees between $4 and $7 for each lot traded except the Japan 225 Index, which is charged per 100 lots. A Muslim trader will be charged these charges if they leave their position open for longer than five days.
👉 Fees on forex pairings are computed by averaging the tom-next SWAP rates of the underlying liquidity providers, subtracting the instrument-specific admin charge, and then annualizing the result.
👉 A 2.5% administrative fee and the associated yearly financing rate are included in the indexes. This is represented as a negative rate, and so a charge.
Deposit and Withdrawal Fees
👉 There are no costs for depositing with OANDA, however, $20 is charged for bank wire transactions to and from the trading account.
Other Fees
👉 After 12 months of inactivity, a monthly inactivity fee is applied to trading accounts. A maximum of $10 per month in inactivity fees is taken until the account balance is zero, after which it is immediately closed.
Min Deposit
USD 0 / 0 KES
Regulators
ASIC, BVI, CFTC, FCA, FFAJ, FSC, IIROC, MAS, NFA
Trading Desk
Metatrader 4 and Metatrader 5
Crypto
Yes
Total Pairs
45
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
Deposits and Withdrawals
OANDA offers the following deposit and withdrawal methods:
➡️ Local Transfers
➡️ Debit Card
➡️ Credit Card
➡️ Bank Wire
➡️ Bank Transfers
➡️ Skrill
➡️ Neteller
➡️ Mobile Bank Transfers
➡️ International e-Wallets
How to Deposit Funds with OANDA
To deposit funds to an account with OANDA, Kenyan traders can follow these steps:
➡️ To fund an OANDA landing account for the first time, traders can log into the OANDA portal and click on “Fund Account” on the right-hand side of the screen.
➡️ To add a new bank account to your list of funding options, traders can choose between the available funding methods
➡️ Subsequently, once a trading account has been funded, the account will automatically be created.
How to Withdraw Funds with OANDA
To withdraw funds from an account with OANDA, Kenyan traders can follow these steps:
➡️ To withdraw funds from a trading account to a landing account, traders can use debit or credit card payments, bank transfers, or other methods.
➡️ Traders must understand that withdrawals are subject to OANDA’s hierarchical policies. This means that traders must withdraw the complete amount of money deposited by each method in the order they were deposited, for example, debit cards, credit cards, Skrill, Neteller, and finally bank wire transfer.
OANDA Education and Research
OANDA offers the following Educational Materials:
➡️ Introduction to Trading Analysis
➡️ Introduction to the trading platforms
➡️ Introduction to Capital Management
➡️ Live and Recorded Webinars
OANDA offers Kenyan traders the following Research and Trading Tools:
➡️ MetaTrader Premium Tools
➡️ Technical analysis offered by AutoChartist
➡️ VPS
➡️ Economic Calendar
Bonuses and Promotions
OANDA offers Kenyan traders the following bonuses and promotions:
➡️ Welcome Bonus
➡️ Referral Bonus
OANDA Affiliate Program
Customers of OANDA’s broker affiliate program can earn extra money by bringing in new traders to the platform. Traders could earn between 5% and 15% of the spread of the customers suggested by this referral program.
Verdict on OANDA
Online forex broker OANDA has a comprehensive trading platform for both novice and experienced currency traders. All OANDA’s desktop, web, and mobile platforms provide access to a broad variety of charting tools and indicators.
OANDA offers a wide range of trading products to suit the needs of all types of customers, including individuals, corporations, and multinational firms. Anyone can utilize their services, regardless of their trading money or expertise since there is no minimum deposit.
OANDA Current Popularity Trends
👉 According to Google Trends, OANDA has had an upwards number of visitors in Kenya in the past month.
OANDA Pros and Cons
✔️ Pros | ❌ Cons |
There is a choice between different account types | There is an inactivity fee that is applied |
OANDA is well-regulated in several regions around the globe | There is no KES-denominated account offered to Kenyan traders |
There are advanced trading tools that are offered | There are no local deposit or withdrawal methods for Kenyan traders |
There is no specific minimum deposit required | |
There are trading guides offered to beginners | |
There are trusted funding methods offered | |
The spreads offered by OANDA are competitive | |
There is a range of educational materials and advanced trading tools | |
There are flexible and powerful trading platforms offered |
Frequently Asked Questions
Is OANDA regulated and by whom?
Yes, OANDA is regulated by IIROC, ASIC, CFTC, NFA, FCA, FFAJ, MAS, and MFSA.
Which trading platforms are supported by OANDA?
OANDA supports the use of these trading platforms:
- MetaTrader 4
- OANDA Platform
- TradingView
Does OANDA offer leverage and what is the maximum ratio offered?
Yes, OANDA offers maximum leverage up to 1:200.
What is the overall rating for OANDA out of 10?
The overall rating is 8/10.
Is OANDA suitable for beginner and professional traders?
Yes, OANDA is an ideal broker that can be used by beginner and professional traders.