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 8th out of the dozens of prop firms we’ve tested.
OANDA Summary
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
OANDA Prop Trader ranks 8th among the top 20 prop firms we’ve reviewed with a score of 85/100. When testing the firm, we found it to be a good option for beginner traders thanks to clear rules, competitive pricing, and some of the best educational resources for prop traders via OANDA Labs.
OANDA Prop Trader runs two challenge types with a Classic Challenge and a Boost Challenge. Both work through a two step evaluation process where you have to prove consistency and discipline before receiving a funded account.
The core difference lies in how risk is managed. Classic accounts use a trailing drawdown that moves up as profits build, while Boost accounts keep a fixed drawdown and reward stronger performance with a higher profit split.
| 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 | 8% | 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 is the more flexible route, ideal if you want room to grow while learning to manage risk. The trailing drawdown moves with your equity as profits increase, so your risk limit expands as you perform better.
Entry costs are low, starting at $35 for a $5K account, and larger accounts go up to $500K for prop traders who prove steady results.
Classic accounts are built for a smooth climb – you start with an 8% profit goal in Phase 1, then 5% in Phase 2. The daily loss cap is 5% and the trailing drawdown sits at 10%.
Fee refunds are issued once you complete your first payout, and there’s a retry discount for traders who come close but miss the target. You can also merge accounts up to a total allocation of $500K.
If you are a beginner trader, the Classic Challenge offers enough breathing room to trade naturally while still encouraging consistent results.
| Account Size | Fee | Phase 1 Profit Target ($ / 8%) | Phase 2 Profit Target ($ / 5%) | Daily Loss Limit ($ / 5%) | Max Drawdown ($ / 10%) | Profit Share |
|---|---|---|---|---|---|---|
| $5,000 | $35 | $400 | $250 | $250 | $500 | 80% |
| $10,000 | $60 | $800 | $500 | $500 | $1,000 | 80% |
| $25,000 | $199 | $2,000 | $1,250 | $1,250 | $2,500 | 80% |
| $50,000 | $299 | $4,000 | $2,500 | $2,500 | $5,000 | 80% |
| $100,000 | $599 | $8,000 | $5,000 | $5,000 | $10,000 | 80% |
| $188,888 | $888 | $15,112 | $9,444 | $9,444 | $18,888 | 80% |
| $250,000 | $1,200 | $20,000 | $12,500 | $12,500 | $25,000 | 80% |
| $500,000 | $2,400 | $40,000 | $25,000 | $25,000 | $50,000 | 80% |
The Boost Challenge is a good option for more experienced traders as its fixed parameters with faster progress. The static drawdown stays the same regardless of profits, so you’re working within a clear, constant limit. In return, payouts start at 80% and move up to 90% after your first successful withdrawal.
Boost accounts follow a tougher structure where the Phase 1 goal is 10% and Phase 2 is 5%, and risk limits are fixed at 5% daily and 10% overall.
The minimum payout depends on your account size, equal to 2% of your initial balance. That works out to $200 for a 10K account, $1,000 for 50K, and $2,000 for 100K. Fees are refunded after the first payout, and you get a 10% discount if you retry.
This setup is better suited if you are confident in your trading systems and comfortable managing tight risk under pressure.
| Account Size | Fee | Phase 1 Profit Target ($) | 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% |
OANDA keeps the trading rules consistent across both Classic and Boost challenges, with only minor differences between the two. The idea is to maintain structure and discipline while still giving traders the freedom to trade their own way.
Verdict on Challenges
We scored OANDA’s challenges a 9/10 thanks to their balanced structure, fair rules, and strong value for money. Both Classic and Boost accounts offer realistic profit targets, sensible drawdowns, and a full fee refund after your first payout. The conditions feel trader friendly without cutting corners, which makes the evaluation process tough but fair for anyone serious about getting funded.
OANDA recently moved to a core pricing plus commission model for forex and metals, bringing its pricing structure in line with most professional prop trading environments. This change replaced the old spread-only setup, where all costs were built into a wider spread. Now, spreads are much tighter, but each trade includes a small, fixed commission.
For forex pairs, spreads start from 0.0 pips, which means you can often enter positions at or near the true market price. Alongside this, OANDA charges a $7 commission per standard lot traded, calculated as $3.50 each way.
Index and commodity CFDs still operate under the spread only model, so no additional commission fee is charged on those instruments.
This pricing setup is designed to make trade costs clearer and fairer. The lower spreads mean tighter execution and less slippage for short term traders, while the fixed commission ensures transparency for anyone who wants to calculate exact trading costs.
Verdict on OANDA’s Spreads and Commissions
OANDA’s pricing scored 8/10 because of their balance of tight pricing and transparent costs. Spreads on forex start from 0.0 pips and gold from 0.1, paired with a flat $7 roundturn commission per lot. The pricing is fair and consistent, though if you are moving from spread only models you might need time to adjust to the added commission.
OANDA offers three core asset classes for the prop program, focused on forex, indices, and commodities. You can access 56 financial markets in total, with 36 forex pairs, 15 indices, and 5 commodities. Unfortunately, crypto trading in not available with OANDA prop trader.
Instead, the lineup targets the most traded markets, which keeps execution tidy and pricing consistent for day traders and swing traders.
The highest leverage is 100:1 for forex and gold, while indices and the rest of the commodity suite run at 50:1. This split matters for risk planning. If you trade XAUUSD, you get the same 100:1 headroom as EURUSD, but instruments like oil, silver, and index CFDs sit at the lower 50:1 setting.
| 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 | 100:1 on Gold, 50:1 on others | 5 | USOIL, UKOIL, NATGAS, XAUUSD (Gold), XAGUSD (Silver) |
Margin is tiered by position size, so larger tickets require more collateral. Think of it in bands rather than a single rate.
For example, on USDJPY the first 500,000 notional sits at 1% margin, the next band up to 2 million sits at 2%, then 5% for the slice between 2 and 5 million, and so on. If your total position is 1.5 million, your margin is 1% on the first 500,000 and 2% on the next 1,000,000, which totals 25,000 in required margin.
This structure rewards sensible sizing while keeping bigger exposures properly backed.
| 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 received their lowest score here of 7/10. This is because while the range of trading instruments is focused and practical, its limited compared to other broker backed prop firms, and no crypto markets are available. In saying that, you get decent forex access, gold at 100:1, and the major index set, which will work well for most funded strategies.
OANDA Prop Trader only offers MetaTrader 5 (MT5), which you can access via WebTrader, desktop, and mobile. The setup is simple, stable, and familiar, and you can utilise Expert Advisors and the platforms advanced charting features.
MT5 gives you advanced charting with 21 timeframes, a solid indicator library, Depth of Market (DOM), and an inbuilt economic calendar.
Expert Advisors are supported for automated strategies, and the strategy tester handles multi-currency backtests, which helps when you need to validate systems before taking them into the challenge phases. Order management is flexible with market, limit, stop, and stop limit types, so you can script or place trades to match your style.
Execution has felt consistent in testing, helped by OANDA’s core pricing model that feeds through to MT5 tickets cleanly.
But, what’s missing is trading platform variety, there’s no MT4, no TradingView, no cTrader, and no Match-Trader. For most funded strategies this isn’t a blocker, but it does narrow your options if you rely on a specific platform’s features or social charting tools.
Verdict on OANDA’s Trading Platforms
Platforms score 8/10, due to MT5 delivering strong charting, EA support, and clean execution, which covers what funded traders need, but the lack of alternative platforms limits flexibility for those with established non MT5 platforms.
OANDA accepts challenge fees by card, Apple Pay, Google Pay, and cryptocurrency where supported. Availability varies by location, so some e-wallet and crypto routes won’t show for everyone.
When you sign up, you pay a one time fee starting from $35, and retry discounts are built in. Classic offers 20% off for accounts up to 50K and 10% for 100K and above, while Boost offers a 10% retry.
Profit payouts run on a 14 day cycle once you pass both phases and become a signal provider. Profit splits sit at 80% for Classic, while Boost starts at 80% on the first payout and steps to 90% thereafter.
For withdrawals, Classic accounts have a flat $200 minimum withdrawal, while Boost accounts use a threshold equal to 2% of the starting balance (ie $200 on a 10K account, $1,000 on 50K, and $2,000 on 100K). All open trades must be closed before a payout can be requested.
Funds land in your OANDA Global Markets account first, and then from there you withdraw via bank transfer, Neteller, or Skrill, or move the money to an OANDA brokerage account if you want it available for self funded trading. Challenge fees are refunded after your first successful payout, which helps offset audition costs.
Verdict on OANDA’s Deposits and Payouts
Payouts score 9/10 for being consistent, fast, and transparent. The 14-day payout cycle is reliable, the fee refund after your first payout adds real value, and traders get clear minimums that scale with account size. Combined with multiple withdrawal methods and smooth processing through OANDA’s Global Markets account, the system feels organised and easy to manage.
OANDA handles support through email, live chat, and a detailed Help Center. The Help Center does the heavy lifting, with clear articles on the challenge steps, rules, payouts, country availability, and MT5 setup, so most questions get answered without waiting on an agent. Live chat is available through the site, but availability varies by time of day, so responses aren’t always instant. Email is better for account specific issues and tends to be more consistent for follow ups.
Education sits under OANDA Labs Trader and covers the practical tools most prop traders use. You get platform guides, strategy explainers, and walkthroughs for tools like the Order Book, Position Book, and Currency Strength and Sentiment indicators. The content is focused on application rather than theory, which makes it easy to plug into your process during the challenge and once funded.
Verdict on OANDA’s Customer Service
Support is documentation first, chat second, and it works well if you start in the Help Center. The education stack is practical and easy to use, and while live chat isn’t always available, email support and the written guides keep the experience steady.
OANDA Prop Trader runs under the trusted OANDA brand, which has been in global financial markets for over 25 years. That reputation gives the prop arm an advantage in credibility, even though it operates separately from OANDA’s regulated broker branch.
The OANDA Prop Trader program is managed by OANDA Assessments Limited Company and is not regulated by authorities like the FCA, ASIC, or CFTC. This is standard for most prop firms, but traders should note that it operates independently from OANDA’s regulated CFD and forex businesses. While this means prop accounts don’t carry the same regulatory protection, the backing of a long-standing global broker adds weight to its reliability.
The program is open to traders from a wide range of countries, but not everywhere. Traders from the USA, Canada, Australia, New Zealand, Spain, Cyprus, and several sanctioned regions (including Russia, Iran, North Korea, and others) cannot join. The full list of supported countries includes over 100 locations, covering much of Asia, Africa, and South America, as well as India, Malaysia, South Africa, and the UAE.
OANDA maintains a visible presence through its Prop Trader social media channels, including Facebook, X (Twitter), and YouTube, where it posts updates, market commentary, and challenge-related content. Interaction is mainly one-way, focused on education and firm updates rather than community discussion. There’s currently no Discord or dedicated trader forum, so engagement happens mainly through social media and the Help Center.
OANDA Prop Trader holds a 4.0-star rating on Trustpilot from over 300 reviews. Most traders praise its transparency, low costs, and platform stability, though a few mention slower responses from support during peak times. Overall sentiment remains positive, with most users highlighting that the firm “feels reliable” thanks to OANDA’s established brand and clear funding structure.
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
Trust scores 10/10. While the prop arm itself isn’t regulated, it benefits from OANDA’s long-standing global presence and professional reputation. Combined with transparent communication, clear program rules, and steady user feedback, OANDA stands out as one of the most dependable broker-backed prop firms currently operating.
OANDA Prop Trader sees steady global interest, pulling in around 3,600 Google searches each month and ranking as one of the more well-known broker-backed prop firms. In March 2025, Similarweb tracked roughly 90,000 site visits, putting it among the top 40 most visited prop firm websites.
Most of that traffic comes from India, the US, and the UK, with growing activity from traders in South Africa, Malaysia, and Vietnam. The mix shows that OANDA’s prop program has built a broad international reach, especially in regions where access to traditional funding is limited but retail trading communities are strong.
| Country | Q1 2025 Monthly Searches |
|---|---|
| India | 110 |
| United States | 90 |
| United Kingdom | 50 |
| South Africa | 40 |
| Malaysia | 30 |
| Germany | 30 |
| Vietnam | 30 |
| France | 20 |
| Nigeria | 20 |
| Italy | 20 |
| Canada | 20 |
| Pakistan | 20 |
| Indonesia | 20 |
| Brazil | 20 |
| Poland | 20 |
| Singapore | 20 |
| Hong Kong | 20 |
| Australia | 20 |
| Spain | 20 |
| Austria | 10 |
| Netherlands | 10 |
| Uzbekistan | 10 |
| Kenya | 10 |
| Philippines | 10 |
| Cyprus | 10 |
India
|
110
1st
|
United States
|
90
2nd
|
United Kingdom
|
50
3rd
|
South Africa
|
40
4th
|
Malaysia
|
30
5th
|
Germany
|
30
6th
|
Vietnam
|
30
7th
|
France
|
20
8th
|
Nigeria
|
20
9th
|
Italy
|
20
10th
|
OANDA Prop Trader earned a score of 85 out of 100 in our testing, ranking 8th overall in our shortlist of the best prop firms. There’s two clear challenge types, Classic and Boost, each with fair rules and a straightforward two step evaluation. Pricing feels competitive, with spreads from 0 pips and a $7 round-turn commission on forex and metals. Payouts are handled every 14 days, and traders get their challenge fee refunded after the first profit withdrawal, which helps offset the upfront cost.
The trading platform choice is limited to MetaTrader 5, and there’s no access to crypto markets, but execution quality and pricing make up for it. For traders who value transparency, consistent rules, and a strong brand behind their funding, OANDA Prop Trader delivers a balanced mix of structure, reliability, and value.
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.
At Best Prop FIrms, we help traders find the best prop trading firms by comparing platform features, costs, and execution speeds. Our methodology evaluates firms based on categories like profit payouts, account costs, leverage, and funding steps.
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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