OANDA Prop Firm Review

OANDA Prop Trader Challenges

OANDA offers two types of prop trading challenges – Classic Challenges and Boost Challenges, both aimed at assessing prop traders’ ability to meet profit targets while managing risk effectively.

Both Classic and Boost challenges involve two evaluation phases, where you must meet set profit targets and stay within specific loss limits to progress and secure a funded trading account.

OANDA Prop Trader has just recently reduced their challenge fees for a few of their prop accounts, with audition fees now as low as $35. Account sizes range from $5,000 to $500,000 in the Classic Challenge and up to $100,000 in the Boost Challenge.

One of the differences between the two challenge types is the classic Challenges offer an 80% profit share, while Boost Challenges provide a higher profit share ranging from up to 90%.

Additionally, the Boost challenges offer a static maximum drawdown and a fixed daily loss limit, making them more attractive to experienced traders seeking higher rewards and larger funding options.

Classic Challenges

The Classic Challenge is structured to provide varying levels of virtual funding at an affordable entry point, ideal for beginner prop traders.

The profit share remains consistent across all Classic accounts at 80%, with account sizes ranging from 5K to 500K.

Key Features of OANDA’s Classic Challenges

• Accounts Sizes and Fees: For Classic challenges, the minimum account size is $5,000 with a $35 fee, maximum size is $500,000 with a $2,400 fee.
• Profit Targets: Traders must achieve a 8% profit target in Phase 1 and a 5% profit target in Phase 2 to pass the challenge.
• Loss Limits: The maximum daily loss is capped at 5% of account equity, while the overall loss limit is set at 10% (a trailing drawdown cap at the starting balance).
• Fees and Virtual Funding: As the virtual funding level increases, the challenge fees also increase.
• Profit Share: After passing both phases, traders receive 80% of profits from the funded account.
• Challenge Fee Refund: Upon the first profit share payout, traders are refunded the fee they paid for their most recent challenge.
• Retry Discount: Classic challenges ranging from 5K to 50K will receive a 20% discount when reattempting a challenge, classic plans from 100K to 500K will receive a 10% discount.

Boost Challenges

The Boost Challenge provides a more aggressive structure, offering larger virtual funding levels and higher profit shares, but at the cost of higher challenge fees.

Key Features of OANDA’s Boost Challenges

• Account Sizes and Fees: Minimum account size for Boost challenges is $10,000 with a $99 fee, maximum size is $100,000 with an $699 fee.
• Profit Targets: Traders must meet a 10% profit target in Phase 1 and a 5% profit target in Phase 2.
• Loss Limits: The maximum daily loss is also capped at 5%, with a total maximum loss of 10% (static drawdown).
• Higher Profit Share: Boost Challenge accounts offer higher profit shares of 80% to 90%, compared to the capped 80% in Classic accounts.
• Retry Discount: Boost challenges receive a 10% retry discount

Trading Rules and Restrictions

OANDA’s prop trading challenges include key rules for managing risk and trading consistently. These apply to both Classic and Boost challenges.

• Consistency Rule: Daily maximum profit is capped at 5% in Phase 1 and 2% in Phase 2. Exceeding this limit results in all open positions being closed, and trading is paused until the next day.
• News Trading Restrictions: No trades (opening or closing) allowed 2 minutes before and after major news events. Any trades executed in this window may be automatically closed, and profits from such trades can be forfeited.
• Stop Loss & Flatten on Friday: No mandatory requirement to use stop losses or close positions on Fridays.
• Profit Share & Challenge Fee Refund: Traders receive a refund of their challenge fee upon their first profit share payout after passing both phases.
• Inactivity Rule: Traders must place at least one trade every 20 consecutive calendar days. Failure to do so results in account closure.

Verdict on OANDA’s Prop Trader Programs

OANDA Prop Trader combines flexibility and affordability with two distinct challenges, Classic and Boost, catering to traders of different experience levels. The Classic challenge is ideal for beginners with lower fees and consistent 80% profit splits, while the Boost challenge offers up to 90% profit splits and static drawdown for experienced traders

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Spreads and Commission Fees

The prop trading firm operates with an all-in spread pricing model, meaning that the cost of trading is embedded within the spread itself, without any additional commission per lot.

Spreads

The spreads for major forex pairs, such as EUR/USD, are competitive, typically ranging around 1.1 pips. The spreads vary slightly depending on the currency pair or CFD being traded, with examples like USD/JPY having a spread around 1.4 pips and GBP/USD around 1.6 pips.

Commission Fees

There are no additional commission fees on trades for OANDA Prop Trader accounts. All trading costs are included within the spread, simplifying the fee structure for traders.

Verdict on OANDA’s Spreads and Commissions

OANDA Prop Trader offers a straightforward and cost-effective pricing structure by incorporating all trading costs within the spreads. The absence of additional commission fees makes it an attractive option for traders, particularly those who prefer a simplified fee model without surprises.

Financial Markets and Leverage

OANDA provides access to 56 instruments across three asset classes: forex, indices, and commodities. With leverage up to 100:1 for forex and 50:1 for indices and commodities, traders can take advantage of sizable market exposure.

Although OANDA’s product range is smaller compared to some prop firms and lacks emerging markets, particularly cryptocurrencies and a wider variety of asset classes, it remains a strong choice for those focused on currency trading.

If you are a prop trader interested in crypto markets, we recommend exploring our Funded Trading Plus review.

Foreign Exchange Markets

OANDA provides access to 36 forex pairs, enabling traders to engage with both major and minor forex pairs, as well as more exotic currency pairs. With a maximum leverage of 100:1, traders can capitalise on smaller price movements across currencies while amplifying their positions.

This includes widely traded pairs such as EUR/USD, GBP/USD, and USD/JPY, alongside more niche pairs like USD/CNH and USD/ZAR.

Indices

OANDA offers 15 major global indices, giving traders exposure to leading stock markets from North America, Europe, and Asia. These instruments allow traders to speculate on the overall performance of a market or hedge their portfolios using index-based products.

With leverage of up to 50:1, prop index trading at OANDA is suitable for those looking to take advantage of both upward and downward trends in stock markets.

Commodities

OANDA provides 5 commodities, including energy products such as crude oil and natural gas, as well as precious metals like gold and silver.

The ability to trade these highly volatile markets with leverage up to 50:1 allows traders to gain exposure to global demand and supply dynamics, driven by geopolitical factors, macroeconomic trends, and natural events.

Tiered Margin

OANDA employs a tiered margin system that adjusts the margin requirements based on the size of a trader’s position. As the position size increases, so does the required margin, ensuring that higher-value trades are supported by more capital.
This structure reduces risk by requiring greater collateral for larger trades, thus managing exposure effectively.

Verdict on OANDA’s Markets and Leverage

OANDA provides access to 56 instruments, including forex, indices, and commodities, with leverage up to 100:1 for forex and 50:1 for other assets. While the selection is narrower than some competitors, it suits prop traders focused on major markets, though the absence of cryptocurrencies may be a drawback for some.

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Trading Platforms

OANDA offers its prop traders access exclusively to MetaTrader 5 (MT5), available across on multiple devices with a WebTrader, desktop version, and mobile app available for prop trading.

Despite the flexibility of MT5, OANDA’s platform selection is limited compared to other prop firms, which often support popular platforms like TradingView, cTrader, and Match-Trader.

The absence of MetaTrader 4 (MT4) may also be a drawback for traders who prefer its simplicity and familiarity, leaving those seeking variety in their trading platforms with fewer options.

MetaTrader 5

MetaTrader 5 is known for its advanced capabilities and powerful features, catering to both beginner and experienced traders.

Key features of MT5 include:

• Advanced Charting Tools: MT5 offers a wide variety of chart types and 21 timeframes, making it easier for traders to analyse market movements. The platform supports various technical indicators and graphical objects, essential for technical analysis.
• Depth of Market (DOM): The integrated Depth of Market feature allows traders to see the full range of buy and sell orders, helping them make more informed decisions based on liquidity and market depth.
• Automated Trading with Expert Advisors (EAs): MT5 supports automated trading through EAs, which allows users to deploy pre-programmed strategies without manual intervention. This is especially useful for traders using algorithmic trading.
• Multiple Order Types: MT5 offers more order types than MT4, including buy stop limit and sell stop limit orders, providing greater control over trade execution.
• Comprehensive Trade History and Reporting: Traders can easily access detailed trade history and analyse their past trades for better decision-making. This feature is valuable for improving trading performance over time.
• Multi-Currency Strategy Testing: The strategy tester in MT5 allows traders to test automated strategies on multiple currencies simultaneously, enhancing the backtesting process.
• Economic Calendar: Built directly into MT5, this tool keeps traders updated on important economic events that could impact the markets, making it easier to integrate news into trading strategies.

Verdict on OANDA’s Trading Platforms

While MetaTrader 5 offers advanced tools and features, OANDA’s platform selection is limited. The lack of MT4, TradingView, and cTrader may disappoint traders looking for more variety and flexibility. However, for those focused on advanced trading features, MT5 remains a solid choice.

Payments and Payout Process

OANDA Prop Trader offers flexible payment options for traders participating in their challenges, with methods such as credit cards, Apple Pay, Google Pay, and cryptocurrency (where available). Payouts are processed every 14 days, with profit shares ranging from 80% to 90%, yet unfortunately the minimum withdrawal amount of $200 is on the high side.

Fee Payments

OANDA offers various payment methods to cover the one-time challenge fees, which start from $35. To pay the audition fee, you can use credit and debit cards, Apple Pay, Google Pay, and cryptocurrency, though there are some restrictions for certain locations for e-wallet and crypto payments.

For those who fail the challenge and wish to try again, you can receive up to a 20% retry discount depending on the challenge you purchase, providing an incentive to continue with the challenge.

Profit Payouts 

After successfully passing both phases of the challenge, traders become signal providers with the ability to receive profit payouts. OANDA offers profit shares ranging from 80% up to 90%, depending on the chosen challenge plan. Profit payouts are processed every 14 days and can be withdrawn once a trader closes all open positions.

The minimum withdrawal amount is $200, which can be a drawback for traders looking to withdraw smaller amounts, though many top prop firms like IC Funded set a minimum around between $200-$250.

All payouts are credited to the trader’s OANDA Global Markets (OGM) account. From the OGM account, traders can withdraw funds via bank transfer, Neteller, Skrill, or transfer the funds to their OANDA brokerage account to continue trading.

Verdict on OANDA’s Deposits and Payouts

OANDA offers a flexible payment and withdrawal process, but the $200 minimum withdrawal limit may restrict traders from accessing smaller profits. While multiple payment options are convenient, location-based restrictions on certain methods like e-wallets and cryptocurrency can limit some traders.

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Customer Support and Education

OANDA Prop Trader offers support through email and live chat, along with a range of educational tools via OANDA Labs Trader. While the email service is reliable, live chat availability is inconsistent. The educational resources focus on enhancing traders’ skills with practical tools and guides.

Customer Service

OANDA’s primary customer service channels include email and live chat. Email support is generally reliable for handling detailed queries. Live chat, while available, can be inconsistent, often “no agents available.”
It does not appear to operate 24/7, which could be a limitation for traders needing immediate assistance at different times of day.

Prop Trading Education

OANDA offers comprehensive educational resources through OANDA Labs. This includes guides on trading strategies, platform tutorials, and analytical tools like the Order Book and Position Book, Currency Strength Tool and Sentiment Tool.

These resources aim to assist traders in improving their decision-making and understanding market dynamics. While the educational materials cover both beginner and advanced topics, the focus remains on practical trading tools and techniques.

Verdict on OANDA’s Customer Service and Education

OANDA provides useful educational content, but the inconsistent availability of live chat support is a downside. Email support remains dependable, and OANDA Labs offers detailed learning tools that support informed trading decisions. However, the limitations in immediate customer service may be an issue for some traders.

Trust and Community

OANDA’s prop trading service operates under the well-known OANDA brand, offering a degree of trust based on its long-standing reputation in the financial industry.

Reliability and Trust

OANDA’s prop trading program, while operated by the well-known OANDA brand, is distinct from the company’s regulated CFD trading and financial services.

The prop trading arm is not regulated by financial authorities such as ASIC in Australia, the FCA in the UK, or other regulatory bodies that oversee OANDA’s traditional brokerage services.

This separation is essential for traders to understand, as the prop trading division operates under different guidelines and does not fall under the same regulatory framework.

Prop Trading Community

OANDA maintains an active presence in the trading community through its social media channels. The OANDA Prop Trader account has 15,000 followers on Facebook and over 2,000 followers on X / Twitter, where it shares updates, market analysis, and educational content.

However, there is limited interaction among traders, as the focus is on sharing information and updates rather than fostering direct community engagement. Currently, there is no separate LinkedIn profile specifically for OANDA Prop Trader.

TrustPilot Reviews

OANDA has a TrustPilot rating of 4.1 out of 5 stars, based on 844 reviews, with the majority of users giving it a 5-star rating. However, these reviews largely reflect the broader OANDA brand’s forex and CFD trading services.

There is currently no separate TrustPilot profile for OANDA’s prop trading services, making it difficult to assess the specific experiences of prop traders using OANDA’s platform.
Common positive reviews highlight excellent customer service and efficient support, while negative reviews mention issues with withdrawals and trade execution.

Verdict on OANDA’s Trust and Community

OANDA’s prop trading service benefits from the brand’s established reputation and active online presence. While it lacks direct regulatory oversight, traders can take confidence in OANDA’s broader industry standing. For traders seeking a trusted name in the industry, OANDA remains a solid option.

How Do I Sign Up for the OANDA Prop Firm Challenge?

To sign up for the OANDA Prop Firm Challenge, visit the OANDA Prop Trader website and select your desired account size and challenge type (Classic or Boost).

Once you choose the appropriate challenge, complete the registration form, and proceed with the payment of the audition fee.

After that, you will gain access to the evaluation phases where you can begin trading to meet the profit targets and loss limits set by OANDA.

Restricted Countries

OANDA Prop Trader does not accept traders from several countries due to regulatory restrictions. These restricted countries include:

• Americas: United States, Canada, Venezuela, Cuba
• Oceania: Australia, New Zealand
• Europe: Belarus, Russia, Spain, Cyprus, Crimea
• Africa: Kenya, Libya, Somalia, Sudan, Zimbabwe, Democratic Republic of the Congo
• Asia: Afghanistan, Iran, Iraq, Syria, North Korea

Final Verdict on OANDA Prop Trader

OANDA Prop Trader offers a trusted option with a variety of account sizes and competitive profit splits, supported by the reliable MT5 platform. The Lucky 888, Platinum, and Black accounts provide the best value, offering high virtual capital amount for lower fees. The 5k and 10k challenges are attractively priced. The Boost challenges offer good value and rules favoured by prop traders.

With clear challenge rules, a good range of financial markets, and retry discounts, OANDA is one of the best prop firms worldwide, though limited platform choices and higher spreads may be a drawback.

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