OANDA is a world-renowned broker that welcomes traders from Europe, Asia, the US, and elsewhere. Its forex selection is of note, seeing as it encompasses 60+ currency pairs, including majors, minors, and exotics. As trading currencies involves a range of costs that can heavily impact the trading experience of forex enthusiasts, our team has set out to provide insight into OANDA’s overall fee structure.
OANDA Trading Costs
At select OANDA entities, you can pick between two main pricing models: spread-only and core pricing + commission. The latter’s “core pricing” refers to the spreads, which are generally lower than the spreads of the other pricing model. We should also note that OANDA’s account types include Standard Trader, Premium Trader, and Premium Plus Trader. Only the Premium Plus Trader account offers the lower-spread model. These pricing models are available for traders in the US, Australia, and countries where OANDA Global Markets Ltd operates.
Spread-Only Costs
OANDA offers two pricing models to its customers, starting with the one that has the costs built into the spread. By trading the EUR/USD pair with this model, you can enjoy average spreads of 1.4 pips. If your account’s base currency is USD, the spread translates to a $14 cost per standard lot after we multiply the 0.00014 spread value by 100,000 currency units. No commissions are charged.
The option to trade micro lots is also available. When it comes to the EUR/USD pair, this means multiplying the spread by 1,000, which results in $0.14. The costs of a range of other currency pairs can be observed in the following table:
| Average Spread Costs With Spread-Only Pricing Model | ||||
|---|---|---|---|---|
| Currency Pair | Spreads | Commission Per Lot, Per Side | Costs per Micro Lot | Costs per Standard Lot |
| AUD/USD | 1.4 | $0 | $0.14 | $14 |
| EUR/GBP | 1.7 | $0 | $0.20932 | $20.9321 |
| EUR/JPY | 1.8 | $0 | $0.11597 | $11.59719 |
| EUR/USD | 1.4 | $0 | $0.14 | $14 |
| GBP/JPY | 3.1 | $0 | $0.19973 | $19.97294 |
| GBP/USD | 2 | $0 | $0.2 | $20 |
| NZD/USD | 1.7 | $0 | $0.17 | $17 |
| USD/CAD | 2.2 | $0 | $0.14976 | $14.97587 |
| USD/CHF | 1.8 | $0 | $0.19643 | $19.64251 |
| USD/JPY | 1.4 | $0 | $0.0902 | $9.02004 |
Commission + Core Pricing Costs
The other pricing model features lower spreads, and a fixed commission of $5 per side is charged. Applying the same calculations to the EUR/USD spread leads to the following results: 0.00004 x 100,000 = $4.
With the core pricing established, all that is left to do is add the commission. This leaves us with a cost per standard lot of $9 (per side), which is noticeably lower than the $14 clients need to pay if they use the spread-only model. When it comes to trading micro lots, the cost amounts to $0.09 after we add the core spread value and the micro lot commission.
As noted previously, this pricing model is exclusive to the Premium Plus Trader account. If you are interested in giving this account type a try and wish to see the costs of pairs like USD/JPY, AUD/USD, and more, the table below will be of use:
| Average Spread Costs With Commission + Core Pricing Model | ||||
|---|---|---|---|---|
| Currency Pair | Spreads | Commission Per Lot, Per Side | Costs per Micro Lot | Costs per Standard Lot |
| AUD/USD | 0.4 | $5 | $0.09 | $9 |
| EUR/GBP | 0.9 | $5 | $0.16082 | $16.0817 |
| EUR/JPY | 0.7 | $5 | $0.0951 | $9.51002 |
| EUR/USD | 0.4 | $5 | $0.09 | $9 |
| GBP/JPY | 2 | $5 | $0.17886 | $17.88577 |
| GBP/USD | 1 | $5 | $0.15 | $15 |
| NZD/USD | 0.7 | $5 | $0.12 | $12 |
| USD/CAD | 0.9 | $5 | $0.11126 | $11.12649 |
| USD/CHF | 0.8 | $5 | $0.1373 | $13.73 |
| USD/JPY | 0.3 | $5 | $0.06933 | $6.93287 |
OANDA Overnight Funding Costs
According to the OANDA financing costs page, the broker’s costs are published just after 5 pm ET on a daily basis. OANDA specifies both the annual rates and the daily costs. According to OANDA, the financing charges are calculated based on 100,000 currency units when it comes to forex. As for other instruments, the units are:
- Share CFDs: 100 units
- Indices: 1 unit
- Metals: 10 units (excluding Copper)
- Commodities (including Copper): 100 units
The following table showcases forex swap rates that OANDA published on 03.02.2025. When referencing OANDA’s Financing Costs page, which is where you can find the daily rates, do keep in mind that your positions’ final rates might be slightly different from what is shown depending on your account type.
| OANDA Swap Fees (03.02.2025) | |||||||
|---|---|---|---|---|---|---|---|
| Currency Pair | Base Currency | Volume in Lots | Annualised Long Rate | Annualised Short Rate | Long | Short | Number of Days |
| AUD/USD | USD | 1 | -1.08% | -0.96% | -$1.82 | -$1.61 | 1 |
| EUR/GBP | USD | 1 | -2.83% | 0.75% | -$7.93 | $2.10 | 1 |
| EUR/JPY | USD | 1 | 1.65% | -3.68% | $4.63 | -$10.33 | 1 |
| EUR/USD | USD | 1 | -2.41% | 0.38% | -$6.76 | $1.07 | 1 |
| GBP/USD | USD | 1 | -0.63% | -1.40% | -$2.12 | -$4.71 | 1 |
| NZD/USD | USD | 1 | -1.23% | -0.90% | -$1.87 | -$1.37 | 1 |
| USD/CAD | USD | 1 | 0.38% | -2.46% | $1.04 | -$6.74 | 1 |
| USD/CHF | USD | 1 | 3.01% | -5.07% | $8.25 | -$13.89 | 1 |
| USD/JPY | USD | 1 | 3.21% | -5.24% | $8.79 | -$14.36 | 1 |
Swap-Free Trading Costs at OANDA
Although OANDA used to be among the brokerages that offer Islamic accounts to trading enthusiasts, that practice has been halted. If you wish to trade without swaps, OANDA will not be a viable option.
OANDA Non-Trading Costs
In order to get a full picture of how much it costs to trade at OANDA, forex enthusiasts will need to familiarize themselves with the non-trading fees the broker might charge. Here is a brief summary of the said costs:
| OANDA Costs at a Glance | |
|---|---|
| Deposit Fees | Free |
| Withdrawal Fees | $20 (BVI, bank wire transfers only) |
| Account Opening Fees | Free |
| Inactivity Fees | 10 currency units per month after 12 months of inactivity |
| VPS Hosting Subscription |
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For the most part, OANDA does not attach fees to transactions. Deposits are fee-free, traders are not charged for opening an account, and most cashout solutions do not involve any OANDA-issued fees. Bank transfer withdrawals are the one exception, however. Clients of OANDA Global Markets Ltd, which is regulated by the British Virgin Islands Financial Services Commission, will need to pay $20 per transaction when they use bank transfers.
Other potential costs can be incurred if one decides to trade by using a virtual private server. Usually referred to as VPS, this tool offers superior execution speeds and serves to make trading more secure. OANDA has partnered with two VPS services, starting with BeeksFX. Its servers are based in London, and Beeks clients can enjoy different perks depending on the plan they go with. Below, you can observe a brief overview of the provider’s offers:
- Bronze: £30 a month, 2560MB RAM, 30GB disk space, 1 vCPU
- Silver: £53 month, 4096MB RAM, 50GB disk space, 2 vCPU
- Gold: £94 a month, 6656MB RAM, 75GB disk space, 4 vCPU
The other VPS service is Liquidity Connect. Its servers are hosted in London and New York, and its pricing is as follows:
- VPS1: $30 a month, 1x vCPU Core, 3096MB/ 3GB RAM, 50GB SSD
- VPS2: $50 a month, 2x vCPU Cores, 4096MB / 4.0GB RAM, 60GB SSD
- VPS3: $75 a month, 3x vCPU Cores, 6144MB / 6.0GB RAM, 75GB SSD
- VPS4: $95 a month, 4x vCPU Cores, 8192MB / 8.0GB RAM, 100GB SSD
OANDA clients who have a Premium Plus Trader account can enjoy the benefits of a VPS without having to pay a monthly fee. Of course, we should also highlight that using a VPS when trading at OANDA is not mandatory, which makes the above fees optional even if you do not use a Premium Plus Trader account.
Another potential cost you might not need to deal with is the inactivity fee. OANDA charges users 10 currency units per month for inactivity, but only if someone has left their own account dormant for 12 months. Do keep in mind that in this context, both dormancy and inactivity refer to a failure to execute traders.
Closing Thoughts on OANDA Fees
All in all, OANDA is worth a try if you are looking for a broker that has reasonable costs and features plenty of forex pairs. Its two pricing models offer flexibility, and the option to take advantage of a free VPS is a notable perk for experienced traders.
