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Business Profile

Foreign Currency Exchange Broker

Oanda Corporation

This business is NOT BBB Accredited.

Find BBB Accredited Businesses in Foreign Currency Exchange Broker.

Complaints

Customer Complaints Summary

  • 19 total complaints in the last 3 years.
  • 2 complaints closed in the last 12 months.

If you've experienced an issue

Submit a Complaint

The complaint text that is displayed might not represent all complaints filed with BBB. Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business.

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Complaint status

Complaint type

  • Initial Complaint

    Date:10/25/2024

    Type:Service or Repair Issues
    Status:
    Answered
    Resolved:
    The complainant verified the issue was resolved to their satisfaction.
    Unresolved:
    The business responded to the dispute but failed to make a good faith effort to resolve it.
    Answered:
    The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
    Unanswered:
    The business failed to respond to the dispute.
    Unpursuable:
    BBB is unable to locate the business.
    I have a personal situation where I needed to liquidate my account. I put in a withdraw request. They denied it because I deposited money from a different bank account. That bank account is closed, they are asking for a letter of closure. HOWEVER they have accepted deposits from my debit card on my current bank account. I have to confirm my address with my new account? So why all of a sudden can I not get my money. 500 may not seem like a lot but I am under tremendous financial pressure right now and I literally just need to pay for a medical procedure for my daughter that is happening today. I am so disappointed they are giving me a hard time about my money to be deposited into an account that they have accepted DEPOSITS FROM. It's backwards.

    Business Response

    Date: 10/31/2024

    Dear Better Business Bureau,
     
    With regards to client's declined withdrawal concerns, please be advised that we require funds to be returned to the original funding source as part of our anti-money laundering safeguards. If a client deposits using different methods, withdrawal must exhaust the total original deposit in the following order:
     
    1. debit card
    2. wire transfer
     
    The withdrawal policy is also explained in our support webpage here:
     
    *************************************************************************************************
     
    In this case, the client has exhausted the withdrawal allowance via the **** card ending in **** and is required to withdraw the remaining funds via their funding ********************************* account ending ****. When a client's bank account that was previously used for funding has been closed, we require client(s) to provide us with bank closure documentation confirming that the funding bank account has already been closed.
     
    Here is the timeline of the complaint case of ******** *******:
     
    On October 23, 2024, the client contacted us via email regarding the declined withdrawal transaction(s). The client inquired why OANDA had declined wire withdrawal to the new bank, Navy ************************* account ending in ****, since the client claimed that their prior funded debit card ending in **** was linked to the new bank account.
     
    On the same day, we received feedback from Trustpilot regarding the client's withdrawal concern. We attempted to call the client to discuss these concerns. However, we were unable to reach the client via phone;  we sent an email to the client to request documentation showing the **************************** account was closed.
     
    Client provided the requested bank closure documentation on October 24. The document was reviewed by our internal team and we instructed the client to submit a withdrawal request to their new Navy ************************* account which was approved and processed on October 28, 2024. This resolution has been communicated to the client.
     

    It is my pleasure to assist you,

    ***** ******
    Client Experience Team

  • Initial Complaint

    Date:07/01/2024

    Type:Billing Issues
    Status:
    Unanswered
    Resolved:
    The complainant verified the issue was resolved to their satisfaction.
    Unresolved:
    The business responded to the dispute but failed to make a good faith effort to resolve it.
    Answered:
    The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
    Unanswered:
    The business failed to respond to the dispute.
    Unpursuable:
    BBB is unable to locate the business.
    Oanda is refusing to process my withdrawal. They are illegally holding my money for no reason. I recently closed a bank account and opened up a new one. The bank account I closed was the one I linked to oanda. I linked up my new bank account and even provided numerous statements showing this is my new account. They still refuse to process my withdrawal because its a different account. At this point ** sending everything to my attorney to proceed with legal action if oanda continues to illegally withhold my money.

  • Initial Complaint

    Date:02/20/2024

    Type:Billing Issues
    Status:
    Unanswered
    Resolved:
    The complainant verified the issue was resolved to their satisfaction.
    Unresolved:
    The business responded to the dispute but failed to make a good faith effort to resolve it.
    Answered:
    The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
    Unanswered:
    The business failed to respond to the dispute.
    Unpursuable:
    BBB is unable to locate the business.
    Oanda has refused to withdraw more than $21,000 I have had in the account with them. I have been requesting a withdrawal for almost 2 months now and they keep refusing it for different reasons. I provided everything they have asked for but they decided instead of withdrawing, they will be closing my account "as per my request." I did not request my account to be closed but now it is. I still do not have my money either. They are now refusing to respond or initiate a withdrawal.

  • Initial Complaint

    Date:01/18/2024

    Type:Service or Repair Issues
    Status:
    Unanswered
    Resolved:
    The complainant verified the issue was resolved to their satisfaction.
    Unresolved:
    The business responded to the dispute but failed to make a good faith effort to resolve it.
    Answered:
    The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
    Unanswered:
    The business failed to respond to the dispute.
    Unpursuable:
    BBB is unable to locate the business.
    very hard to withdraw funds can not remove banking account information from theit system can not withdraw funds without prividing checking account numbers account was set up with credit card which expired and new account numbers changed

  • Initial Complaint

    Date:01/10/2024

    Type:Billing Issues
    Status:
    Unanswered
    Resolved:
    The complainant verified the issue was resolved to their satisfaction.
    Unresolved:
    The business responded to the dispute but failed to make a good faith effort to resolve it.
    Answered:
    The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
    Unanswered:
    The business failed to respond to the dispute.
    Unpursuable:
    BBB is unable to locate the business.
    I had deposited 250$ in my account. Now I am trying to withdraw the remaining 160$ ( theres a 20$ withdraw fee). And theres all these problem. Oanda has a 10$ inactivity fee that hit you with every month some times twice in one month! It's so absurd, I have never experienced a brokerage like it, and I've been with a few. I'm trying to withdraw, but the original card I had on there is no longer active. They stated I needed to do a wire transfer instead. In the process of me emailing them and letting them know im closing my account they hit me with 2 more inactive fees! I stated that to them, they stated to me its "oandas policies". Please stay away from oanda corporation, they are unethical and could care less about the traders using their platform

  • Initial Complaint

    Date:04/24/2023

    Type:Delivery Issues
    Status:
    Resolved
    Resolved:
    The complainant verified the issue was resolved to their satisfaction.
    Unresolved:
    The business responded to the dispute but failed to make a good faith effort to resolve it.
    Answered:
    The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
    Unanswered:
    The business failed to respond to the dispute.
    Unpursuable:
    BBB is unable to locate the business.
    It was required to trade ****** units/0.5 lots in order to receive the $500 cashback bonus.I have completed all requirements and also contacted them multiple times.However I have not received bonus as yet inspite of repeated complaints.

    Customer Answer

    Date: 04/27/2023

    Better Business Bureau:

    I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me and the matter has been resolved.

    Sincerely,

    *****************************



     

  • Initial Complaint

    Date:04/10/2023

    Type:Order Issues
    Status:
    Unanswered
    Resolved:
    The complainant verified the issue was resolved to their satisfaction.
    Unresolved:
    The business responded to the dispute but failed to make a good faith effort to resolve it.
    Answered:
    The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
    Unanswered:
    The business failed to respond to the dispute.
    Unpursuable:
    BBB is unable to locate the business.
    I signed up for the Oanda new client deposit and trading volume bonus on 2/28/23. I deposited $50K and met/exceeded the $30 million trading volume requirement on 3/22/23. Under the terms and conditions I signed up, I am entitled to receive the $10K bonus after confirming that I met the requirements. Oanda changed the terms and conditions after I signed up for the bonus offer and met the requirements and claimed that they will ***** the bonus after 60 days of meeting the requirements. This is unfair, unacceptable, unscrupulous, and bait and switch. Oanda has continuously changed their T&C's to delay and avoid paying out my bonus and to hold my funds hostage. I want my full $10,000 bonus to post to my account immediately.

  • Initial Complaint

    Date:04/06/2023

    Type:Delivery Issues
    Status:
    Unanswered
    Resolved:
    The complainant verified the issue was resolved to their satisfaction.
    Unresolved:
    The business responded to the dispute but failed to make a good faith effort to resolve it.
    Answered:
    The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
    Unanswered:
    The business failed to respond to the dispute.
    Unpursuable:
    BBB is unable to locate the business.
    I haven't received the promised $500 bonus. I'm a household of 1 (one), but customer service stated that someone in my household had already received the bonus. I told my neighbor about this offer, but they live in a separate unit, and have a different last name.

  • Initial Complaint

    Date:03/24/2023

    Type:Order Issues
    Status:
    Resolved
    Resolved:
    The complainant verified the issue was resolved to their satisfaction.
    Unresolved:
    The business responded to the dispute but failed to make a good faith effort to resolve it.
    Answered:
    The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
    Unanswered:
    The business failed to respond to the dispute.
    Unpursuable:
    BBB is unable to locate the business.
    Oanda was running a promotion for new accounts, which promised a welcome bonus of $500 after creating a new account and completing a set number of trades.I signed up for a new account in response to this promotion, and saved a PDF export of the pages listing the promotion.Unfortunately, the bonus never posted to my account, and when I contacted Oanda their representative claimed that I do not qualify because I hadn't completed the appropriate sign up form (I had). Amazingly, the page that links to that signup form also indicates "If you already have an account, simply log in" -- implying that the form is not a requirement. I mentioned this fact to the representative, who said that I still cannot receive the sign up bonus.I would like the $500 posted to my account, in accordance with the terms of the promotion.

    Customer Answer

    Date: 04/18/2023

    Better Business Bureau:

    At this time, my complaint, ID ******** regarding Oanda Corporation has been resolved.

    (By clicking "OK", your complaint will be closed as Resolved.)


    Sincerely,

    ***********************

  • Initial Complaint

    Date:03/17/2023

    Type:Product Issues
    Status:
    Unanswered
    Resolved:
    The complainant verified the issue was resolved to their satisfaction.
    Unresolved:
    The business responded to the dispute but failed to make a good faith effort to resolve it.
    Answered:
    The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
    Unanswered:
    The business failed to respond to the dispute.
    Unpursuable:
    BBB is unable to locate the business.
    Oanda was offering a $500 opening bonus for $500 initial deposit and plus $50,000 in minimum notional trade volume requirements. I completed requirements but did not receive $500 opening bonus. They said that Based I did not qualify for the welcome bonus as we received multiple entries from your household. I live with a roommate who also registered with OANDA. We are not married and we do not file our taxes jointly. We are not considered a household for tax purposes by IRS and OANDA $500 opening bonus should be created because all terms were completed.

    Customer Answer

    Date: 04/11/2023

    Better Business Bureau:

    At this time, I have not been contacted by Oanda Corporation regarding complaint ID ********.

    Sincerely,

    ***************************

Oanda Corporation is NOT a BBB Accredited Business.

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