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OANDA

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Client Popularity

4/5

Competitive Costs

4/5

Regulator Rating

4.5/5

User Review Rating

4.5/5

INTRODUCTION

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According to our research, Oanda is an American forex broker founded in 1996. It is still a private company, thus not listed on any stock exchange. A forex broker is a company that provides traders with access to various platforms, allowing them to buy and sell foreign currencies.

 OANDA is regulated by top-tier authorities, such as the US Commodity Trading Futures Commission, the National Futures Association (CFTC) and the UK’s Financial Conduct Authority (FCA).

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Forex brokers are also known as retail brokers or foreign exchange brokers. Retail foreign exchange traders, in turn, use these brokerage companies to gain access to the 24/7 foreign exchange market for speculation and profit.Institutional clients and large companies such as investment banks,also use the services of a forex broker.

OANDA HISTORY AND HEADQUARTERS

OANDA is a US based forex brokerage company based in New York. OANDA was founded in 1996.

OANDA was one of the first companies to provide information covering online currency exchange. OANDA supported the development of its trading platform because it believed from the outset that the invention of the Internet would open markets and trade for everyone.

Since its inception, OANDA has grown to be an international company with offices in eight different financial centers in the US, Canada, UK, Japan, Singapore and Australia. OANDA serves customers in approximately 200 countries around the world.

OANDA adheres to the strict rules of six major regulators and is a leader in currency data, offering both Forex and CFD trading, corporate foreign currency payments and currency exchange services to many companies and investors around the world.

OANDA is a trusted company, and even some of the largest international companies turn to its services. These organizations include major brands such as Google, TESLA, Airbnb, KPMG, FedEx, IATA, PWC, Twitter, Expedia and others.

OANDA’s commitment to global financial markets has earned the company numerous awards, and customers praise OANDA for its incredible customer service, value for money, and overall satisfaction.

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OANDA - building a solid reputation among traders

OANDA has built a solid reputation for itself since its inception in 1996 and has rapidly become one of the world’s big names in forex trading and CFDs. Spreads, costs, platforms and data access are all highly competitive. You can also trade Bitcoin as BTC/USD.

Open a live account in 3 easy steps

You can open a live account with a bank transfer (local or international), credit/debit card, Skrill or Neteller, and trade in up to four currencies: USD, EUR, HKD and SGD. The accounts OANDA offers include: standard, core and swap-free. Negative balance protection and premium are in the pipeline. You can also set up a demo – paper or sim – account before committing to live trading. Document verification is not needed when you open an account and deposit below US $9,000.

Deposits and withdrawals

OANDA does not charge a fee for deposits and withdrawals are free except for the bank transfer option that incurs a US $25 transaction fee. All major forms of funding options are accepted including bank transfers, electronic wallets, debit cards, and credit cards.

Excellent range of forex pairs plus Bitcoin

OANDA offers a wide range of CFD and forex products. The CFDs cover indices, commodities and metals. For forex, you have all the majors and a good range of minors. However, metals and cryptocurrencies are narrow in their range. Also note, there are no stock and ETF CFDs, nor is there any option trading available.

Fees, leverage and competitive spreads

OANDA doesn’t charge for account funding options. There are no deposit or withdrawal fees charged, although OANDA does charge account inactivity fees if your trading account remains inactive for 12 months.

OANDA compensates for the lack of individual stocks and ETF options with high leverage (up to 200:1). They apply tiered margin requirements with open trade positions, so, generally, the higher the value of an open trade position the higher the margin you must maintain.

OANDA offers competitive spreads:

  • – FX spreads from 1.0 (spread only)
  • – FX core spreads from 0.2 (+ commission at $40 per million notional)
  • – Gold from 30 cents
Security and regulations

In the Virgin Islands OANDA is regulated by the BVI Financial Services Commission in the British Virgin Islands (BVIFSC). Traders aren’t provided with negative balance protection; only European users get protection through their respective regulatory authority. Servers are located in New York.

Login security

OANDA provides you with two-factor authentication for an additional layer of security.

Trading platforms

For Virgin Islands accounts OANDA offers the Metatrader 4 web, Premium and downloadable platforms and apps for mobiles and tablets.

Order types

OANDA offers a variety of trading order types:

  • – Market order
  • – Limit order
  • – Take-profit order
  • – Stop loss
  • – Trailing stop
  • – OCO (one-cancels-the-other) with MT4 Premium

Order execution is 100% automated, with no dealer intervention.

Charts, alerts, and premium tools

MT4 comes with powerful analytical and charting tools. OANDA integrates market research and charting tools to enhance your trading experience.

Some key features offered by OANDA for charting and analytical purposes include:

  • – 30 technical indicators
  • – 24 analytical objects: lines, channels, geometric shapes, as well as Gann, Fibonacci, and Elliott tools
  • – 9 time frames including M1, M5, M15, M30, H1, H4, D1, W1 and MN
  • – Popular features such as Renko charts, OCO, keyboard trading, Expert Advisor and MLQ4 language indicator
  • – MT4 technical analysis powered by AutoChartist

Through MT4 premium you can access quality web content inside your trading platform. From within the MT4 client terminal, you now have direct access to content from Dow Jones, market news sentiment, as well as two calendars to stay up to date. You can also access OANDA’s forex blog content.

Learning and support

OANDA offers an abundance of educational material, industry news, blogs, and trading guides. Its Market Pulse covers comprehensive industry news and events. They also provide useful customer training through live events and webinars.

OANDA offers 24 hours dedicated customer support on 5 weekdays. Its mode of communication are:

  • – Live Chat with an advisor
  • – Direct call support
  • – Email, and
  • – Chatbot for basic queries

The in-depth industry analysis and market news make up for the lack of 24/7 live support. Fortunately, the level of support on those 5 and a half days of the week is of a high standard with waiting times for calls being about 16 seconds and just 10 to 15 seconds for chat on average.

Things we like

OANDA has been in the trading business for well over two decades now. It ticks most of the boxes for traders looking for forex and CFD trading instruments.

Here are a few benefits that we particularly liked:

  • – Trusted brand, with a positive reputation
  • – Ease of account opening – no docs for deposits below USD 9K
  • – Tier-1 banking relationships
  • – Best-in-class MT4 bridge
  • – Excellent market research tools
  • – A lot of customer education and industry news sources
  • – Competitive spreads, margins, and trading costs
  • – No direct withdrawal or deposit fees

Things we would like to see

OANDA is a leading broker in forex trading and covers most of the basics when it comes to CFD trading. Here are a handful of features that OANDA lacks:

  • – Not yet listed on any stock exchange, and no banking licence as yet
  • – More modern trading platforms (currently offering only MT4)
  • – No individual stocks, stock CFDs, ETFs or Futures
  • – Customer portfolio analytical tools
  • – Social trading tools that most of its competitors offer
  • – 24/7 live support during market hours from Sunday at 5pm to Friday at 5pm (NY Time)

Good things coming soon

  • – MT5
  • – Proprietary mobile platform
  • – Single stock CFDs
  • – Social trading

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