OANDA Review 2026: OANDA TMS in the EU — Fees, Stocks, CFDs and Safety

OANDA is a global brokerage group best known for forex. In Poland, France and other EU countries its services are provided by OANDA TMS Brokers S.A., a Warsaw-based investment firm supervised by the Polish Financial Supervision Authority (KNF) — formerly TMS Brokers, now part of the OANDA group. In other regions OANDA operates through separate local companies.

In short: OANDA TMS combines a CFD account (1,700+ instruments, MetaTrader 5, TradingView) with a brokerage account for real shares and ETFs — US shares with no commission and 10 commission-free ETF trades a month. Watch the monthly account fee after a year without trading and the higher spreads for balances below about €3,000. 77% of retail CFD accounts lose money. We checked the figures on 25 October 2026.

1. Is OANDA safe?

Yes. EU clients contract with OANDA TMS Brokers S.A., a Polish investment firm supervised by the KNF and covered by the KDPW investor compensation scheme (up to €20,100 per client). Retail CFD clients have negative balance protection and ESMA leverage limits.

2. Accounts and costs

3. Fees to know

• CFD account fee: free if you traded or held a position in the last 365 days (with consent to electronic correspondence); otherwise €10 / $10 a month (€100 a month without e-correspondence consent).
• Low balance: an extra spread mark-up applies when net deposits are below about €3,000 / $3,000.
• Currency conversion: a margin on the exchange rate applies to amounts in other currencies.

4. Pros, cons and verdict

5. How to open a OANDA account — step by step

1. Register on the OANDA website — EU clients should be served by an EU company: OANDA TMS Brokers S.A., Warsaw — supervised by the KNF (Poland). Check the company name in your client agreement before depositing.
2. Enter your personal details and complete the questionnaire. Before offering CFDs, an EU broker must assess your knowledge and experience (the MiFID II appropriateness test) and warn you if CFDs are not appropriate.
3. Verify your identity with a passport or ID card and a proof of address (e.g. a utility bill or bank statement), as required by anti-money-laundering rules.
4. Choose the account type and base currency. An account in the currency you deposit in saves conversion costs.
5. Fund the account. Deposits are accepted only from accounts or cards in your own name.
6. Install the platform (MetaTrader 5, TradingView, OANDA TMS platform and app) or log in via your browser. Practise on a demo account first, if the broker offers one.

6. What trading with OANDA really costs

Below are the costs from the summary table above — taken from OANDA’s website and documents when we updated this review:

• CFD account: 1,700+ CFDs; no commission on US and main German index CFDs, oil and gas
• ETFs: 10 commission-free trades a month (up to €200,000), then 0.10% (min €1)
• Account fee: free with a trade or open position in the last 365 days; otherwise €10/month

How to work it out: on EUR/USD one pip on a 1-lot position (€100,000) is worth about $10, so a 1-pip spread costs about $10 when you open the trade. A commission quoted “per lot per side” is charged twice — on opening and on closing. Add overnight swaps for every night the position stays open and any currency conversion if your account currency differs from the instrument’s. On 0.1 lot all these amounts are ten times smaller.

7. Withdrawing money from OANDA — how it works

You request a withdrawal in the client area. Under anti-money-laundering rules, funds usually go back via the method used to deposit (e.g. to the card up to the amount deposited by card) and only to an account or card in your own name. The first withdrawal may require full account verification, so upload your documents right after registering. Only free funds that are not used as margin can be withdrawn.

8. OANDA compared with other brokers

For comparison, here is OANDA next to other brokers whose reviews we updated in October 2026. Figures come from their summary tables — see the full reviews for details.

9. Leverage and client protection in the EU (ESMA)

As an EU investment firm, OANDA applies the restrictions introduced by ESMA and adopted permanently by national regulators to retail clients:

• leverage up to 1:30 on major currency pairs, 1:20 on other pairs, gold and major indices, 1:10 on other commodities and indices, 1:5 on shares and 1:2 on crypto;
• margin close-out at 50% of required margin;
• negative balance protection — retail clients cannot lose more than they deposited;
• a ban on bonuses and trading incentives for retail CFD clients;
• a mandatory risk warning with the share of losing retail accounts — for OANDA: 77% of retail investor accounts lose money when trading CFDs with OANDA TMS Brokers S.A.

Higher leverage is only available to professional clients who meet the MiFID II criteria — at the cost of some protections, including negative balance protection.

10. Tax on profits from OANDA

OANDA is a Polish entity and issues a PIT-8C tax statement by the end of February; Polish residents report profits in the PIT-38 return (19% tax). Residents of other countries should follow their local rules.

11. Glossary: terms to know before opening a OANDA account

• Spread — the difference between the buy and sell price, paid on every trade.
• Pip — the smallest typical price move of a currency pair (0.0001 for EUR/USD).
• Lot — the standard position size: 1 forex lot is 100,000 units of the base currency; 0.01 lot (micro lot) is 1,000.
• Commission — a fixed fee per trade, usually on raw-spread (ECN/Raw) accounts.
• Swap — the daily cost or credit for holding a position overnight, based on the interest-rate differential.
• Margin — the part of the position value set aside as collateral; at 1:30 leverage about 3.33% of the position.
• Margin call and stop out — a warning and automatic closing of positions when equity falls relative to required margin.
• Slippage — execution at a different price than requested, common around news releases and price gaps.

12. FAQ – Frequently Asked Questions

Risk warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77% of retail investor accounts lose money when trading CFDs with OANDA TMS Brokers S.A. This review is for information only and is not investment advice or a recommendation.