Market Transparency

We publish spread data to help you understand your trading costs. Get 24 hour summaries of OANDA client open positions and pending orders with our Forex Order Book.

View 7 day
historical spreads


View recent spreads

Real-time spreads
for all pairs


See live spreads

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market sentiment


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Pricing Transparancy

Trading Partners

In keeping with our core principle of fairness, our client trade execution is fully automated. Spreads are generated algorithmically with no dealing desk intervention or asymmetrical price slippage practices.

Automated Pricing Engine

Our proprietary pricing engine aggregates live prices from our pool of liquidity providers and automatically calculates a mid-point, in real time. (This mid-point fluctuates throughout the day as wholesale prices change.)

A custom-built pricing algorithm calculates our spreads symmetrically (again, in real time) around the mid-point for each tradable instrument on our platform.

This automated process ensures that OANDA spreads closely parallel the prevailing currency exchange rates in the wholesale market, which reflect global forex market activity.

What affects OANDA spreads

Market Volatility

Market volatility and market liquidity are the two primary factors that affect market spreads. As a market maker, OANDA faces increased market risk periods of price volatility, such as economic and political news announcements.

When market spreads increase, our pricing engine widens our spreads accordingly. When market spreads spreads decrease, we narrow our spreads accordingly.

Liquidity

As a market maker, OANDA provides you liquidity even when pricing is not available to us from banks or other trading partners.

Global market liquidity changes throughout the day and reacts to news events, end-of-day rollover periods, and trading session openings. At times of scarce liquidity our partner banks act to limit their own risk. For example, they limit trade sizes, they may refuse to quote prices, or they provide “indicative quotes” which cannot be traded against.

OANDA Advantage

We’re a different type of market maker

OANDA approaches forex trading differently than banks and other market makers. In fact, we’ve made it our mission to change the way forex trading is done—to make it more efficient, less costly, and fair.

We make powerful forex trading technology simple to use.

OANDA fxTrade is the result of more than 30 years of currency market research and expertise. Designed to reduce trading costs and speed up execution, fxTrade has the power to execute millions of transactions per day—without missing a beat.

We deliver low spreads.

A fair platform with a powerful, reliable trading engine. When you trade with OANDA you get the advantage of competitive spreads and exceptional execution quality on our award-winning trading platform, fxTrade.

We focus on quality of execution.

Trade with a forex leader primed to support a liquid market

The tighter the spread, the better for you. But tight spreads are meaningful only when coupled with fast execution. It's the quality of execution that determines whether you actually receive the tight spreads being advertised.

OANDA fxTrade is a fully automated trading platform in which OANDA plays the role of market-maker. Our technology ensures your trades are executed efficiently and settled instantly.

We use sophisticated risk management technology to net client positions automatically and anonymously, and hedge the aggregate of these positions, second-by-second, with our partner banks.

We don’t follow outdated rules that cost you money.

Why limit yourself to someone else's idea of the perfect lot size?

A computer scientist and an economist founded OANDA, so smart systems design, macroeconomic perspective, and critical thinking are in our DNA. We're a company built to innovate forex trading through efficiency and common sense.

We developed OANDA fxTrade to give you the flexibility to tailor your trading to fit any strategy, at any time. Our platform supports trades of any size, from $1.00 to $10 million.

Second-by-second finance charges—no rollover swaps:

In the forex trading industry, standard practice for financing calculations is the rollover swap. By contrast, OANDA fxTrade calculates financing charges for all open trades—continuously, by the second, over the entire 24-hour day.

Receive (or pay) financing based on the length of time you hold open trades—not based on the time of day you hold them. Turn intraday trades into longer-term trades, without worrying about rollover swaps.

Know what you're being charged, with access to current rates. Finance charges are posted to your account every day.

We make an open, transparent market.

We believe market data and costs should be visible to all:

At OANDA, our aim is to give you the information you need to make smarter trades. We work to eliminate hidden processes in pricing and execution, and we provide open forums where our traders can communicate freely with each other.

It's only fair to offer clients:

Clearly visible current spreads.
Easy access to an archive of past spreads published in plain view.
Current and past financing credits and charges.
Compliments and complaints posted on an open forum, for all to see.
A public snapshot of open orders and positions on major pairs to share information on market sentiment.

Reputation matters

We believe being fair pays dividends in customer satisfaction:

OANDA has been in the currency business since 1996. We are a market maker and a trusted source for currency data, with access to one of the world's largest historical, high frequency, filtered currency databases.

Our trading platform, OANDA fxTrade, was launched in 2001. It revolutionized online forex trading at a time when internet use was growing explosively. OANDA technology has helped push trading costs down for everyone—ten years ago, the typical spread on EUR/USD was 5-8 pips whereas today it is typically 1-2 pips.

Fully regulated:

Financial regulations require OANDA to maintain capital reserves at specified levels. Our capital reserves far exceed these levels. We are also required to file financial reports with regulators in the jurisdictions where we do business; and retain an international professional accountant firm to audit our financial statements. We compile and submit our financial data to regulators on a regular basis.

How we manage counterparty risk:

OANDA keeps customer funds in accounts at top tier banks, and it is our policy to only withdraw customer funds as a direct result of their trading-related activities or withdrawal requests.

We partner with the world's leading banks to both access and provide global forex liquidity. To manage currency exposure and risk, we use sophisticated risk management technology including stress testing abd back testing to ensure that risk levels are managed effectively and efficiently.

We support our customers with resources that help them trade better.

So we do everything we can to help you make smarter trades. Whether you're a casual or professional trader, you get the tools, information, and support you need from OANDA.

Practice makes perfect:

Get the ultimate forex training tool—the full OANDA fxTrade platform, in demo mode. Experience the benefits of fxTrade in a practice environment. You get 100,000 units in virtual money in a demo account that never expires. Practice trading and test out strategies on a full-featured forex platform.

Stay on top of market events:

Read daily news from our team of economists and currency strategists. Enjoy free access to news feeds from Dow Jones, UBS, and 4Cast. Monitor our news aggregator of leading news sources for a global perspective.

Trade smarter:

Make better trading decisions. Hone your forex trading strategies with educational resources and analytical trading tools like our open OrderBook, which aggregates the real-time limit orders and positions of thousands of traders to create a market sentiment index.

Trading FX and/or CFDs on margin is high risk and not suitable for everyone. Losses can exceed investment.