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 / 25 737 RWP offered to first-time traders. OANDA offers three retail accounts and has a Trust Score of 91% out of 100.

Updated : July 21, 2022

Jump to:

Regulation and Safety of Funds

Account Types and Features

Account Registration

Trading Platforms

Range of Markets


Deposits and Withdrawals

Education and Research

Affiliate Program

Final Verdict

Pros and Cons


Overall Rating

Min Deposit




Trading Desk

Metatrader 4 and Metatrader 5



Total Pairs


Islamic Account


Trading Fees


Account Activation Time

24 Hours

OANDA Overview

OANDA Review Overview

👉 Overall, OANDA is considered low-risk, with an overall Trust Score of 92 out of 100. OANDA is licensed by eight Tier-1 Regulators (high trust), zero Tier-2 Regulators (average trust), and two Tier-3 Regulators (low trust). OANDA offers three different retail trading accounts namely a Standard Account, Core Account, and a Swap-Free Account.


👉 OANDA accepts Rwandan clients and has an average spread from 0.1 pips with $40 commission according to trading volume. OANDA has a maximum leverage ratio up to 1:200 and there is a demo and Islamic account available. OANDA, MT4, MT5, and TradingView platforms are supported. OANDA is headquartered in the United States and regulated by IIROC, ASIC, CFTC, NFA, FCA, FFAJ, JFSA, MAS, MFSA, and BVI FSC.


👉 Oanda is a publicly-traded corporation that specializes in retail trading, currency data and analytics, and worldwide recognition. Dr Michael Stumm established the firm in 1996, and it currently has operations in over 195 countries throughout the world.


👉 The United States, the United Kingdom, Australia, Canada, and Japan are among the eight top-tier organizations that govern OANDA.


👉 Customers can trade currencies, as well as commodities, equities indexes, and precious metals, thanks to Oanda’s robust trading technology, which has won several awards, and its excellent execution across a diverse range of asset classes.


👉 Oanda has a remarkable trading platform and a mobile app that is consistently upgraded, which enables advanced traders to develop intricate trading methods and get the most recent market intelligence.


👉 In addition, OANDA is also known for providing clear pricing in addition to first-rate research tools and insights. This OANDA review for Rwanda will provide local retail traders with the details that they need to consider whether OANDA is suited to their unique trading objectives and needs.


OANDA Distribution of Traders

OANDA Review Distribution of Traders

👉 OANDA currently has the largest market share in these countries:

➡️ United States – 18.4%

➡️ Germany – 8.2%

➡️ United Kingdom – 6.9%

➡️ Canada – 3.7%

➡️ Spain – 3.3%


Popularity among traders who choose OANDA

🥇 OANDA is a well-known global broker that has a significant presence not only in the United States but also in other worldwide countries. OANDA is popular with traders in Africa, which places it in the top 40 of the list of forex brokers used by traders in Rwanda.

OANDA at a Glance

🏙 HeadquarteredUnited States
🏛 Global OfficesUSA, Canada
💻 Local Market Regulator in RwandaThe National Bank of Rwanda (BNR)
💸 Foreign Direct Investment in Rwanda99.92 USD Million in 2020
🔄 Foreign Exchange Reserves in Rwanda1,806 million US dollars in 2020
🏛 Local office in Kigali?No
👨‍⚖️ Governor of SEC in RwandaNone, John Rwangombwa is the Governor of the National Bank of Rwanda
✔️ Accepts Rwandan Traders?Yes
🗓 Year Founded1996
☎️ Rwandan Traders Office Contact NumberNone
📲 Social Media Platforms• Facebook
• Twitter
• LinkedIn
• YouTube
1️⃣ Tier-1 Licenses• Investment Industry Regulatory • Organization of • Canada (IIROC)
• The Australian Securities and Investments Commission (ASIC)
• The Commodity Futures Trading Commission (CFTC)
• National Futures Association (NFA)
• Financial Conduct Authority (FCA)
• Financial Futures Association of Japan (FFAJ)
• Japanese Financial Services Authority (JFSA)
• Monetary Authority of Singapore (MAS)
2️⃣ Tier-2 LicensesNone
3️⃣ Tier-3 Licenses• Malta Financial Services Authority (MFSA)
• British Virgin Islands • Financial Services Commission (BVI FSC)
🪪 License Number• IIROC
• Australia – ABN 26 152 088 349, AFSL No. 412981
• United States – NFA ID 0325821
• United Kingdom – 542574
• Japan (FFAJ) – 1571
• Japan (JFSA) – FIBO 2137
• Singapore – 200704926K
• Malta – VLT1455
• British Virgin Islands – 2026433
⚖️ BNR RegulationNone
🏛 Global RestrictionsNone indicated
☪️ Islamic AccountYes
💻 Demo AccountYes
🛍 Retail Investor Accounts3
✔️ PAMM AccountsNo
💵 Liquidity ProvidersJP Morgan, Deutsche Bank, Royal Bank of Canada
💰 Affiliate ProgramYes
➡️ Order ExecutionMarket
📊 Starting spreadFrom 0.1 pips
💸 Minimum Commission per TradeFrom $40
💵 Decimal Pricing5th decimal pricing after the comma
📞 Margin Call100%
🛑 Stop-Out50%
📉 Minimum Trade Size0.01 lots
📈 Maximum Trade Size1,000 lots
💰 Crypto trading offered?No
✔️ Offers an RWF Account?No
👥 Dedicated Rwandan Traders Account Manager?No
📊 Maximum Leverage1:200
📈 Leverage Restrictions for Rwanda?None
💵 Minimum Deposit (RWF)0 Rwandan Franc
✔️ Rwandan franc Deposits Allowed?Yes
📊 Active Rwandan Traders Trader Stats50,000+
👥 Active Rwandan Traders-based OANDA customersUnknown
🔄 Rwanda Daily Forex TurnoverUnknown, the overall trading volume of over $6.6 trillion
💰 Deposit and Withdrawal Options• Local Transfers
• Debit Cards
• Credit Cards
• Bank Wire
• Bank Transfers
• Skrill
• Neteller
• Mobile Bank Transfers
International e-Wallets
📉 Minimum Withdrawal Time1 business day
📈 Maximum Estimated Withdrawal Time7 to 10 business days
💰 Instant Deposits and Instant Withdrawals?No
🤝 Segregated Accounts with Rwandan Traders Banks?No
💻 Trading Platforms• MetaTrader 4
• MetaTrader 5 (BVI Website)
• OANDA Platform
• TradingView
💵 Tradable Assets• Index CFDs
• Forex
• Metals
• Commodity CFDs
• Bonds CFDs
• Precious Metals
• Real-time Rates
💸 Offers USD/RWF currency pair?No
📊 USD/RWF Average SpreadN/A
✅ Offers Rwandan Traders Stocks and CFDsNo
📖 Languages supported on the WebsiteEnglish, Chinese (Traditional), Spanish, Portuguese
📘 Customer Support LanguagesMultilingual
🗣 Copy Trading SupportYes
⏰ Customer Service Hours24/5
📞 Rwandan Traders-based customer support?No
💰 Bonuses and Promotions for Rwandan TradersYes
📚 Education for Rwanda beginner tradersYes
📱 Proprietary trading softwareYes
🏅 Most Successful Rwandan TraderUnknown
✔️ Is OANDA a safe broker for Rwandan Traders?Yes
🎖 Rating for OANDA Rwanda8/10
🥇 Trust score for OANDA Rwanda92%
👉 Open An Account👉 Open Account

OANDA Regulation and Safety of Funds

OANDA Regulation in Rwanda

OANDA Review Regulation And Safety

👉 OANDA is globally recognized and well-regulated. However, OANDA is not locally regulated by The National Bank of Rwanda (BNR).


OANDA Global Regulations

👉 OANDA is subject to regulation from a total of ten different authorities, eight of which are Tier-1 and two of which are Tier-3.


👉 On the websites of the various market regulators and in the registries that follow, OANDA’s licenses and regulatory status may be independently verified. Even though the National Bank of Rwanda (BNR) does not regulate or oversee OANDA on a local level, the broker is subject to the following regulations:

💻 Entity1️⃣ Tier⚖️ Regulator📍 Country🪪 License Number
OANDA (Canada) Corporation ULC1IIROCCanada
OANDA Australia Pty Ltd.1ASICAustraliaAFSL 412981
OANDA Corporation1CFTCUnited StatesNFA ID 0325821
OANDA Corporation1NFAUnited States0325821
OANDA Europe Limited1FCAUnited Kingdom542574
OANDA Japan Co. Ltd1FFAJJapan1571
OANDA Japan, Inc.1JFSAJapanFIBO 2137
OANDA Asia Pacific Pte Ltd.1MASSingapore200704926K
OANDA Europe Markets Limited3MFSAMaltaVLT1455
OANDA Global Markets Ltd.3BVI FSCBritish Virgin Islands2026433


OANDA Client Fund Security and Safety Features

👉 OANDA must produce financial reports to regulators in the countries where it does business, as well as retain an international professional accounting company to audit its financial statements. Furthermore, OANDA often collects and discloses financial data to authorities.


👉 OANDA is obliged by financial standards to maintain specific amounts of capital reserves, and OANDA’s capital reserves exceed these values.


👉 OANDA keeps client assets in separate bank accounts with world-class banking institutions, and the broker’s policy is to only withdraw customer funds in reaction to trading-related activities or withdrawal requests.


👉 In addition, OANDA partners with the world’s leading institutions to acquire access to and offer international FX liquidity. OANDA uses unique risk management technologies to automatically and anonymously net aggregate customer holdings to limit currency exposure and risk.


👉 Furthermore, OANDA will immediately hedge outstanding aggregated amounts exceeding certain parameters with all partner institutions.


👉 Even though there is a high degree of regulatory oversight, each account has only a limited amount of protection if there is a default. The degree of security provided for each account may also fluctuate depending on where the account is kept.


👉 OANDA Europe Limited, for example, provides negative balance protection according to ESMA rules, while OANDA Asia Pacific Pte Ltd. provides guaranteed stop-loss orders.


👉 Customers in the United States are exempt from this requirement since OANDA Corporation does not offer such protection for their accounts. Because OANDA Europe is situated in the United Kingdom, consumers in that nation are eligible for additional asset protection of up to £85,000 via the Financial Services Compensation Scheme (FSCS).


👉 OANDA is also a member of the Canadian Investor Protection Fund (CIPF), which implies that Canadian traders have investor protection if OANDA fails to meet its financial commitments. All general accounts, registered retirement accounts, and registered education savings plans have CIPF protection limits of up to $1 million.

OANDA Awards and Recognition

OANDA Awards and Recognition

👉 OANDA has racked up an impressive number of accolades for the complete nature of the trading services and solutions it provides, including “Best Education Materials,” “No. 1 Forex Broker in Singapore,” “Most Popular Broker,” “Best Forex and CFD Broker,” and a substantial number of other accolades.

OANDA Account Types and Features

OANDA Review Account Types And Features

👉 In addition to the Standard and Core Accounts, OANDA offers a Swap-free Account for Muslim customers. OANDA’s accounts are intended to suit both new traders and those with more extensive experience.


👉 OANDA’s commission-free accounts are perfect for inexperienced traders and there is the benefit that the Standard and Swap-Free account are commission-free. More experienced traders will benefit from the Core Account, especially because of its tight and competitive spreads, fast trade execution, and unique features.

💻 Live Account💰 Minimum Dep.📊 Average Spread💸 Commissions💵 Average Trading Cost
➡️ Standard0 RWF1 pipNone, spread10 USD
➡️ Core0 RWF0.1 pip$40 per million6 USD
➡️ Swap-Free0 RWF1.6 pipsNone16 USD


OANDA Live Trading Accounts

Standard Account

👉 The Standard Account is ideal for regular traders who wish to trade in a variety of markets. This account is suitable for both novice and experienced Rwandan traders, and it provides commission-free trading as well as access to a large choice of products and reasonable leverage levels. Rwandans may also anticipate the following account features:

Account FeaturesValue
💻 Full Account Verification Needed?cTrader
📊 Average Spreads$3 per side and $6 per round turn
💵 Commissions (Per 1 mil traded)0.0 pips
📈 Maximum Leverage200,000 RWF or an equivalent to $200
📉 Minimum lot size1:500
🔨 Instruments2,000
📞 Margin CallLondon
🛑 Stop-OutYes
📱 One-Click Trading offered?64
✔️ Strategies allowedYes
💰 Base Account Currency100%


Core Account

👉 The Core Account is designed for highly experienced traders and those who utilize fast-paced trading techniques that need the finest pricing and transaction execution speeds. As a result, the OANDA Core Account is ideal for Rwandan mobile day traders, scalpers, algorithmic traders, and others.

Account FeaturesValue
💻 Full Account Verification Needed?No, not for account deposits under 9,200,000 RWF or an equivalent to $9,000
📊 Average SpreadsVariable, from 0.1 pips
💵 Commissions (Per 1 mil traded)40 USD / 140,000 UGX
📈 Maximum Leverage1:200
📉 Minimum lot size0.01 lots
🔨 Instruments81
📞 Margin Call100%
🛑 Stop-Out50%
📱 One-Click Trading offered?Yes
✔️ Strategies allowedAll
💰 Base Account CurrencyUSD, EUR, HKD, SGD


Swap-Free Account

👉 The Swap-Free Account is like the Standard Account, except that it provides halal trading conditions to Rwandan Muslim traders who adhere to Sharia law. This implies that no interest will be paid or levied on overnight holdings. However, an extra commission is levied for Islamic trading to compensate for the lack of overnight costs.

Account FeaturesValue
💻 Full Account Verification Needed?No, not for account deposits under 9,200,000 RWF or an equivalent to $9,000
📊 Average SpreadsVariable, from 1.6 pips
💵 Commissions (Per 1 mil traded)None
📈 Maximum Leverage1:200
📉 Minimum lot size0.01 lots
🔨 Instruments26
📞 Margin Call50%
📱 One-Click Trading offered?Yes
✔️ Strategies allowedAll
💰 Base Account CurrencyUSD


OANDA Base Account Currencies

👉 OANDA only offers traders a choice between USD, SGD, HKD, and EUR as the base currencies for accounts.


OANDA 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.


👉 It is strongly advised that you establish a free practice account to get acquainted with trading CFDs. There are 100,000 virtual currency units to use while trading CFDs, and this practice will help you improve your CFD trading skills and reduce your risk of losing money.


👉 A demo account reduces your fear of making a mistake by enabling you to practice trading without risk, and it may educate you on what to expect while trading in the actual market.


OANDA 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.


👉 Instead of just providing a conversion option on the Standard or Core Accounts, OANDA allows traders to open a separate Swap-Free Account, which eliminates the need for them to pay overnight costs.


👉 In addition, the Swap-Free account does not charge any commissions; nevertheless, there is a markup applied to the spread that begins at 1.6 pips for EUR/USD trades.

How to open an Account with OANDA in Rwanda

OANDA Review Account Registration

👉 To register an account with OANDA, Rwandan Traders can follow these steps:

➡️ Go to the OANDA website and from the homepage, pick the option to register for an account.

➡️ There are seven parts to complete, each with mandatory fields that must be filled out with pertinent information.

➡️ You can submit your application electronically, and the OANDA onboarding team will notify you about the progress of your application.

➡️ Account verification is not required if you deposit less than 33,000,000 UGX ($9,000). If your deposits surpass this limit, you will be required to verify your identity and residence address as part of the AML and KYC processes.

OANDA Vs Axi Vs eToro – Broker Comparison

🥇 OANDA🥈 Axi🥉 eToro
💻 Trading Platform• MetaTrader 4
• MetaTrader 5
• OANDA Platform
• TradingView
• MetaTrader 4eToro proprietary platform
💵 Withdrawal FeeYes, bank wireYesYes
✔️ Demo AccountYesYesYes
💰 Min Deposit0 RWF0 RWF200,000 RWF
📊 Leverage1:2001:500• 1:30 (Retail)
• 1:400 (Professional)
📈 SpreadVariable, from 0.1 pips0.0 pipsFrom 1 pip
💸 Commissions$40From $3.5None
🛑 Margin Call/Stop-Out100%/50%From 90%/50%None indicated
📲 Order ExecutionMarketMarketMarket/Instant
✔️ No-Deposit BonusNoNoNo
✅ Cent AccountsNoNoNo
💻 Account Types• Standard Account
• Core Account
• Swap-Free Account
• Standard Account
• Pro Account
• Elite Account
• Retail Account
• Professional Account
⚖️ BNR RegulationNoNoNo
💵 RWF DepositsYesYesNo
✔️ Rwandan franc AccountNoNoNo
📞 Customer Service Hours24/524/524/6
🛍 Retail Investor Accounts331
☪️ Islamic AccountYesYesYes
📉 Minimum Trade Size0.01 pips0.01 lots0.01 lots
📈 Maximum Trade Size1,000 lots1,000 (US500)Depends on the instrument and account balance
📊 Minimum Withdrawal Time1 business dayInstantInstant
⏱ Maximum Estimated Withdrawal Time7 to 10 business daysBetween 1 to 3 DaysUp to 10 Working Days
✔️ Instant Deposits and Instant Withdrawals?NoYesYes

Overall Rating

Min Deposit




Trading Desk

Metatrader 4 and Metatrader 5



Total Pairs


Islamic Account


Trading Fees


Account Activation Time

24 Hours

OANDA Trading Platforms

OANDA Review Trading Platforms

👉 OANDA offers Rwandan Traders a choice between these trading platforms:

➡️ MetaTrader 4

➡️ MetaTrader 5

➡️ OANDA Platform

➡️ TradingView


Desktop Platforms

OANDA Review Desktop Platforms

➡️ MetaTrader 4

➡️ MetaTrader 5

➡️ OANDA Platform


MetaTrader 4 and MetaTrader 5

👉 OANDA’s pricing and execution were seamlessly integrated with MT4’s charting and analytical capabilities thanks to a custom bridge built for the purpose.


👉 Tick chart and keyboard trading, chart-ladder order entry, a five-minute order book, and alert trading are just some of the extra indicators and EAs that may be accessed with an MT4 premium account upgrade.


👉 In addition, a five-minute order book, OCO orders, chart ladder order input, and micro charts are available. MT5 is more powerful and efficient than MT4 when it comes to the capability of back-testing automated trading algorithms.


👉 Additionally, MetaTrader 5 has a news feed, market depth indicator, economic calendar, and the ability to trade directly from the charts.


OANDA Platform

👉 OANDA’s proprietary trading platform may be readily accessed by Rwandan traders by downloading and installing the software. OANDA’s platform gives traders access to the following features:

➡️ More than 100 charts, overlays, technical indicators, and sketching tools assist traders to analyse market movements.

➡️ Rwandans can find successful trading opportunities utilizing advanced technical analysis tools like chart pattern detection, position ratios, and a novel backtesting function.

➡️ With the help of prominent suppliers like Dow Jones International, Rwandans have access to the most up-to-date market information.


WebTrader Platforms

OANDA Review WebTrader Platforms

➡️ MetaTrader 4

➡️ MetaTrader 5

➡️ OANDA Platform

➡️ TradingView


MetaTrader 4

👉 Trading on the MT4 platform is simple, flexible, and contains a wide range of key trading features that can all be customized online. Additional trading possibilities for Rwandans who have an OANDA account include the following:

➡️ Real-time price quotes are available via the market monitor window.

➡️ Nine timeframes are available for viewing candlestick, bar, and line charts.

➡️ Over 30 technical indicators and more than 20 drawing tools.

➡️ Automated trading with the help of an Expert Advisor (EA).


MetaTrader 5

👉 Web-based MetaTrader 5 is meant to enable Forex and stock traders to automate their trading activities using robots, signals, and fundamental research.


👉 Online trading, algorithmic trading, mobile trading, and competent technical analysis are among the most critical components. By doing extensive price research and creating accurate predictions, teams utilizing MetaTrader 5 may anticipate future market moves.


👉 In addition to tracking all essential financial instruments, the program provides Rwandan users with the ability to analyse both short and long-term pricing patterns as well as monitor price changes.


OANDA Platform

👉 OANDA’s platform is more user-friendly than other trading platforms, and it provides a wider range of trading goods, as well as the following specific features:

➡️ A large variety of instruments, order types, and analytics are available.

➡️ Offers competitive spreads and faster order processing.

➡️ Useful charting tools include charts, technical indicators, and sketching tools. — Charting

➡️ You may enter, monitor, and close transactions, and use stop and limit orders.

➡️ Customize the platform to suit your needs and goals.

➡️ You can look at pending orders and current positions as snapshots.

➡️ Access to significant news providers’ news feeds and market assessments, such as Dow Jones International.

➡️ A trailing stop order may be used to mitigate losses and minimize margin closeouts.



👉 A Rwandan OANDA account, whether live or demo, may be used to trade on TradingView’s industry-leading charts from any trading platform of the trader’s choice. Trades in Rwanda may benefit from OANDA’s connection with TradingView, which allows them to use both platforms at once.


👉 OANDA’s transparent pricing, fully automated risk management systems, and market data may be combined with TradingView’s community, advanced charting, and analytical tools to benefit Rwandans.


Trading App

OANDA Review Trading App

➡️ MetaTrader 4

➡️ MetaTrader 5

➡️ OANDA Platform


MetaTrader 4 and 5

👉 MetaTrader 4 and 5 both have mobile trading apps for Rwandans that can be downloaded and installed on iOS and Android devices. While the mobile apps have some of the same functions as the desktop and web-based traders, some features are not included.


👉 However, with the MT4 and 5 apps, the following benefits can be noted:

➡️ All asset classes have real-time access to the most exact pricing information.

➡️ Technical analysis can be done using a visual representation of data.

➡️ A streamlined user interface that can be tailored to the needs of each unique user.

➡️ You can track live financial markets, charts, and news while you are away from your terminal.


OANDA Platform

👉 Through OANDA’s mobile trading application, you may have access to your investment portfolio at any time. You will be able to stay on top of the many trading opportunities with the assistance of the software’s useful features. There is accessibility to account data, advanced order kinds, and competitive spreads, among other things.


👉 Utilize the mobile chart to place orders and determine profitability requirements for orders that are currently pending. Alerts on the market’s attitude as well as up-to-date price indicators


👉 You can design your strategy with the use of technical analysis tools by making use of charts, overlays, technical indicators, and drawing tools. Individualization of an instrument’s trading settings is possible. Trade directly from the charts, modifying your stop-loss and limit orders as the situation warrants.


👉 The trading capabilities of the mobile application would be identical to those of the trading version available on desktop computers.

OANDA Range of Markets

OANDA Review Range of Markets

👉 Rwandan Traders can expect the following range of markets from OANDA:

➡️ Index CFDs

➡️ Forex

➡️ Metals

➡️ Commodity CFDs

➡️ Bonds CFDs

➡️ Precious Metals

➡️ Real-time Rates


Financial Instruments and Leverage offered by OANDA

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