OANDA Prop Trader lets you access funded accounts by completing a two step evaluation process, with fees starting as low as $35 and account sizes up to 500K. Scoring 85/100 overall during testing, they ranked 7th out of the dozens of prop firms we’ve tested.
OANDA Summary
OANDA Discount Code: PROPFIRMS15
Exclusive OANDA discount code for 15% off challenge fees (excluding 500K)
OANDA Prop TraderProp Firm Details
One Phase Evaluation
Two Phase Evaluation
Instant Funding
Scaling Plan
Fees From$35
Account Sizes5K -500K
Min Forex Spread0 pips
Commission Fee$3.50
Max Daily Loss5%
Profit Targets5% - 10%
Profit Share80% - 90%
Trading Platforms
Consistency Rules
Compulsory Stop Loss
High Impact News Trading 4 min window
Expert Advisors / Automated Trading
FOREX
INDICES
COMMODITIES
CRYPTO
SHARES
COUPON CODES
PROPFIRMS15
100K Boost
Our Rating8.3/10
Funding$100,000
Fee$699
250K Classic
Our Rating8.1/10
Funding$250,000
Fee$1,200
OANDA Prop Trader ranks 7th among the top 20 prop firms we’ve reviewed with a score of 85/100. With challenge fees from $35 and account sizes up to $500,000, it offers solid options for traders. The Classic Challenge suits beginners with an 80% profit split and trailing drawdown, while the Boost Challenge caters to experienced traders with up to 90% profit splits and a static drawdown.
OANDA has improved its pricing by switching to spreads from 0.0 pips on forex and 0.1 on gold, though it now charges a $7 commission per lot. While MetaTrader 5 is the only platform and crypto trading isn’t available, its tight spreads and transparent costs make it a strong choice for forex and CFD traders.
OANDA Prop Trader offers two challenge types: Classic Challenges and Boost Challenges, each designed to assess your trading skills and risk management.
Both follow a two-phase evaluation process, requiring you to meet specific profit targets and adhere to loss limits to secure a funded account.
| Feature | Classic Challenge | Boost Challenge |
|---|---|---|
| Account Types | 5K, 10K, 25K, 50K, 100k, 188K, 250K, 500K | 10K, 50K, 100K |
| Challenge Fees | $35 – $2,400 | $99 - $699 |
| Profit Share | 80% | 80% (first payout), then 90% |
| Phase 1 Profit Target | 5% for 5K & 10K accounts, 8% for others | 10% |
| Phase 2 Profit Target | 5% | 5% |
| Max Daily Loss | 5% - Dynamic | 5% - Fixed based on Initial balance |
| Max Total Loss | 10% - Trailing Drawdown | 10% - Static Drawdown |
| Refund of Challenge Fee | Yes, after the first profit payout | Yes, after the first profit payout |
| Who It’s For | Beginner traders | Experienced traders |
| Merging of Accounts | Yes | No |
| Minimum Payout Request | $200 | 2% of initial balance |
The Classic Challenge offers steady conditions with an 80% profit split and a trailing drawdown, making it suitable for beginners and intermediate traders. In contrast, the Boost Challenge provides up to a 90% profit split after the first payout, with stricter risk management rules, appealing to experienced traders seeking higher rewards.
Ideal for you are seeking affordable entry fees and a structured growth model, Classic Challenges offer account sizes ranging from $5,000 to $500,000. It features a trailing drawdown, meaning your maximum loss limit adjusts upward as your account balance grows.
| Account Size | Fee | Phase 1 Profit Target ($) | Phase 2 Profit Target ($) | Daily Loss Limit ($) | Max Drawdown ($) | Profit Share (%) |
|---|---|---|---|---|---|---|
| $5,000 | $35 | $250 (5% Phase 1) | $250 | $250 | $500 | 80% |
| $10,000 | $60 | $500 (5% Phase 1) | $500 | $500 | $1,000 | 80% |
| $25,000 | $199 | $2,000 (8% Phase 1) | $1,250 | $1,250 | $2,500 | 80% |
| $50,000 | $299 | $4,000 (8% Phase 1) | $2,500 | $2,500 | $5,000 | 80% |
| $100,000 | $599 | $8,000 (8% Phase 1) | $5,000 | $5,000 | $10,000 | 80% |
| $188,888 | $888 | $15,111 (8% Phase 1) | $9,444 | $9,444 | $18,888 | 80% |
| $250,000 | $1,200 | $20,000 (8% Phase 1) | $12,500 | $12,500 | $25,000 | 80% |
| $500,000 | $2,400 | $40,000 (8% Phase 1) | $25,000 | $25,000 | $50,000 | 80% |
Key Features of OANDA’s Classic Challenges
Classic Challenges cater to traders who want a balanced structure with room for account growth. The trailing drawdown allows for more flexibility as profits accumulate.
Designed for traders aiming for higher payouts and faster scaling, Boost Challenges offer an 80% profit share on the first payout, increasing to 90% thereafter. These accounts have a static drawdown, meaning risk limits remain fixed regardless of account growth.
| Account Size | Fee | Phase 1 Profit Target ($) | Phase 2 Profit Target ($) | Daily Loss Limit ($) | Max Drawdown ($) | Drawdown Type | Profit Share (%) |
|---|---|---|---|---|---|---|---|
| $10,000 | $99 | $1,000 | $500 | $500 | $1,000 | Static | Up to 90% |
| $50,000 | $399 | $5,000 | $2,500 | $2,500 | $5,000 | Static | Up to 90% |
| $100,000 | $699 | $10,000 | $5,000 | $5,000 | $10,000 | Static | Up to 90% |
Key Features of OANDA’s Boost Challenges
Boost Challenges help you aim for higher payouts but with fixed risk parameters. The static drawdown ensures your loss limits don’t adjust as profits grow.
Higher profit potential with controlled risk
OANDA enforces strict trading rules to maintain consistency and risk management across its prop trading challenges:
Verdict on OANDA’s Prop Trader Programs
OANDA Prop Trader is a cost-effective and flexible choice, catering to both beginner and experienced traders. The Classic Challenge provides a steady 80% profit split with a trailing drawdown, while the Boost Challenge offers higher profit splits but stricter risk limits. With low fees, retry discounts, and tight spreads, OANDA remains a strong competitor in the prop trading space.
OANDA has recently switched to a Core Pricing + Commission Model for FX and Metals.
Previously, all costs were built into the spread, but now traders will see lower spreads alongside a separate commission fee per trade.
This update is designed to offer more transparent pricing and tighter spreads, making it easier to execute trades at better prices.
However, traders accustomed to an all-inclusive spread model will now need to factor in commission costs when calculating trade expenses.
Verdict on OANDA’s Spreads and Commissions
OANDA’s pricing model now aligns with many top-tier prop firms, offering significantly reduced spreads for FX and Metals. However, the introduction of a $7.00 commission per lot means traders must adapt to a new cost structure.
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.
| Asset Class | Leverage Ratios | No. of Instruments | Financial Markets |
|---|---|---|---|
| Forex Pairs | 100:1 | 36 | AUDUSD, EURUSD, GBPUSD, NZDUSD, USDCAD, USDJPY, USDCHF, EURCHF, EURGBP, EURJPY, AUDCAD, AUDCHF, AUDJPY, AUDNZD, CADCHF, CADJPY, CHFJPY, EURAUD, EURCAD, EURNOK, EURSEK, EURNZD, GBPAUD, GBPCAD, GBPJPY, GBPNZD, GBPCHF, NZDCAD, NZDCHF, NZDJPY, USDNOK, USDSEK, USDCNH, USDMXN, USDZAR, USDSGD |
| Indices | 50:1 | 15 | AU200, EU50, DE40, US30, US100, US500, FR40, UK100, JP225, NL25, ES35, CH20, SG30, HK50, CN50 |
| Commodities | 50:1 | 5 | USOIL, UKOIL, NATGAS, XAUUSD (Gold), XAGUSD (Silver) |
If you are a prop trader interested in crypto markets, we recommend exploring our Funded Trading Plus review.
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.
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.
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.
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.
| Tier | Position Size (USD) | Margin Requirement | Example Calculation |
|---|---|---|---|
| Tier 1 | Less than $0.5 million | 1% | $500,000 position requires $5,000 margin (1% of $500,000) |
| Tier 2 | Between $0.5 million and $2 million | 2% | $1,500,000 position requires $30,000 margin (2% of $1,500,000) |
| Tier 3 | Between $2 million and $5 million | 5% | $3,000,000 position requires $150,000 margin (5% of $3,000,000) |
| Tier 4 | Between $5 million and $10 million | 10% | $7,000,000 position requires $700,000 margin (10% of $7,000,000) |
| Tier 5 | More than $10 million | 20% | $12,000,000 position requires $2,400,000 margin (20% of $12,000,000) |
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.
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 is known for its advanced capabilities and powerful features, catering to both beginner and experienced traders.
Key features of MT5 include:
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.
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.
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.
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.
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.
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.
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
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.
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.
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.
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 2,800 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.
OANDA’s proprietary trading platform currently holds a Trustpilot rating of 4.2 stars out of 5, based on over 80 reviews. Approximately 70% of users have rated the firm positively, praising its user-friendly interface, competitive spreads, and reliable trade execution. Many traders appreciate the platform’s overall efficiency and accessibility.
However, some traders have expressed dissatisfaction with occasional slow customer service. Despite these concerns, the broker-backed firm remains a popular choice among prop firm traders, offering solid services for those seeking a reputable platform.
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.
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.
OANDA Prop Trader does not accept traders from several countries due to regulatory restrictions. These restricted countries include:
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 trading platform choices may be a drawback.
Yes, OANDA offers a prop trading program through its OANDA Prop Trader service. This program allows traders to trade the firm’s capital by completing a two-phase evaluation. Once traders pass, they can trade funded accounts with profit splits between 80% and 90%.
OANDA’s prop trading service provides access to markets such as forex, indices, and commodities, and uses the MetaTrader 5 platform for trading.
The OANDA prop firm challenge is a process where traders prove their skills to earn a funded account, trading the firm’s capital rather than their own. Traders undergo a two-phase evaluation, where they demonstrate effective risk management and profitable strategies.
If successful, they gain access to larger trading accounts and share in the profits. This allows traders to trade at a higher level without risking personal funds, making it ideal for those wanting to scale up their trading.
Yes, OANDA’s Prop Trader Challenge is a legitimate prop firm scoring 85/100 during PropFirms testing, ranking much higher than prop firms like Lark Funding and Goat Funded Trader.
OANDA offers a structured two step evaluation process that tests traders’ skills and consistency, with clear rules and profit targets. Traders who successfully pass the challenge can access real capital, making it a credible option for those looking to trade professionally.
Yes, OANDA offers CFD and forex trading but the exact markets depend on where you’re located. We have a sister website (compareforexbrokers.com) that includes the following:
Yes, in the UK only OANDA offers spread betting with tax-free benefits. This niche product available for residents in the United Kingdom has a full evaluation on Spread-Bet.co.uk which can be viewed on the OANDA Spread Betting Review page.
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Our team rigorously tests and reviews trading tools and platforms, ensuring accurate comparisons. Key factors like spreads, account types, payments, and customer support are carefully analyzed to give traders the insights they need. We also assess trading platforms, financial markets, and community trust, providing a comprehensive resource for choosing the right prop firm.
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