The past twenty years have seen US-based Oanda grow into an established player on the global online brokerage scene. Today, they facilitate forex and indices/commodity CFD trading for clients worldwide.

This detailed Oanda review will cover everything from fees and trading platforms to accounts and regulations.

Risk Warning: CFDs are complex instruments and carry the risk of losing money quickly due to leverage. 73.5% of retail investor accounts lose money trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford the high risk of losing your money.

Summary History

Before we get bogged down in the facts and figures of this Oanda trader review, it might help to first paint a picture of where the Oanda corporation started and how far they have come.

Oanda’s humble beginnings date back to 1996, making it one of the early online forex brokers. It then provides investors with access to forex and CFD trading. Today, however, Oanda is well established in the forex market, offering 124 trading instruments, the company’s forex services, money management solutions, plus exchange rate data for global businesses.

Although its headquarters are in the US, it has several global offices, including Tokyo and London. In fact, Oanda operates across eight global financial centers, with clients in more than 196 countries. It has obtained licenses from major jurisdictions, including:

  • England
  • US
  • Canada
  • Japan
  • Singapore
  • Australia

Although not mentioned in many Oanda review forums, the FxTrade platform, launched in 2001, was actually the first fully automated forex trading platform.

You may have seen on Oanda viral betting reviews and forums where the company offers viral betting. While this is true, it is only available to customers of Oanda Europe Ltd, residing in the United Kingdom or the Republic of Ireland.

Minimum initial deposit

Oanda has historically stuck to no minimum initial deposit requirements. It ensures aspiring day traders and those with limited capital don’t have to deposit more than they can afford when they find their feet.

In addition, Oanda’s minimum lot size is the base currency of the quote. They also offer a lot of nano and a lot size calculator.

Margins and commissions

Whether you are looking for an Oanda Europe Limited, Singapore, Philippines or USA considering price, Oanda is highly competitive no matter your location.

The Oanda margin is comparable to other major players, such as FXCM and FxPro.

To provide traders with the best prices, Oanda uses an automated machine to monitor global prices, and the spreads will also respond to market liquidity and volatility. High volatility, in particular, can widen the spread. Both current and historical average spreads are clearly outlined, which should quell some traders’ concerns over hidden fees.

This transparent approach is echoed by Vatsa Narasimha, CEO of OANDA Global Group, who stated, we believe the entire retail trading industry will benefit from this approach. a more transparent approach, where brokers are held accountable for making questionable statements or falsely disclosing their interests .

There is one important point to make when comparing Oanda spreads with dealer brokers (no dealing desk). . So comparing spreads alone won’t give you a definite conclusion, as sometimes, other factors can affect transaction costs over a period of time.

 

 

Take advantage

For those who want to trade on margin, you will find leveraged services at Oanda. For retail clients, the maximum leverage is decided by the regulators in your geographic region, however, all Oanda users can further reduce their leverage limit.

It should also be emphasized that, while you can potentially increase your earnings, margin trading can also amplify losses. Therefore, using stop-loss orders to limit potential losses with leverage is a technique used by many.

Other fees

Oanda’s transaction fees are simple and highly competitive. However, Oanda introduced an inactivity fee in September 2016. Fortunately, this effective tax will only affect those who have not placed any trades for at least two years.

Note there is no deposit bonus when you sign up with Oanda. It’s worth keeping an eye on the official website for any changes to swap (rollover) fees, financing fees.

Oanda Exchange

FxTrade

It’s time to move on to the FxTrade section of the review, an essential component of the Oanda offer. Overall, the system is well designed and easy to use, offering loads of tools and analysis.

 

 

You can trade directly from the chart. You benefit from complex order types, such as buy, sell, plus stops. Account analysis is at your disposal. This financial trading software also includes charts from MultiCharts, allowing for sophisticated and advanced studies and visualizations. On top of that, you get watchlists, news feeds, plus economic analysis. Accessing historical and live exchange rates is also simple.

 

 

On the downside, the platform lacks an ultra-modern look and some functions are difficult to use. Instead of being able to open news, forums and economic analysis within the platform, they open as web pages in separate browsers. Again, you open Oanda’s order book outside of the app. This can all prevent a smooth trading experience at times. Speed tests show that server times and execution rates are the industry standard.

Conclusion – the FxTrade platform caters to the needs of traders of all experience levels. You get all the tools you need to trade with just a few clicks, not to mention a host of useful extras.

FxTrade API Library

Signing up for Oanda also means you can discover trading automatically. Python API tutorials can be found online to help you get the most out of your API tools. Automated trading allows you to make more trades than ever before. It also means you can operate in several markets at once, from gold and oil to binary options and bitcoin CFDs.

Notifications can be generated as you enter and exit positions, and pre-programming your criteria can be done with the help of Algo labs. This gives you more time to download historical data, analyze tick data, and devise effective strategies.

For experienced traders and technicians, the FxTrade API libraries can also help with all of the following:

  • Access current and historical market data
  • Stop loss, take profit or entry order
  • Access past transactions
  • Test without risk
  • Transaction request

MetaTrader 4

If Oanda’s desktop platform doesn’t appeal to you, you have the option of downloading MetaTrader 4 (MT4). This review shows industry standard including advanced charting, watchlists, plus trade automation via an ‘expert advisor’ (EA) plugin. You can also save chart layouts and profiles. Additionally, you can derive swap rates, as well as live and monthly exchange rate charts from within the platform.

On the negative side, creating or modifying EAs can be a challenge. This is especially true for new traders who may not be familiar with the unique programming language. While the sound warnings can be annoying, there are customization options, not to mention a mute button, so we can let that downside slide.

There are also some other great trading tools available at Oanda:

  • MotiveWave – This professional charting and technical analysis platform offers over 250 built-in studies/indicators and 30 built-in trading strategies. This high-performance and easy-to-use software is a powerful weapon to have in your trading arsenal.
  • Oanda Market Report – Powered by Autochartist, this tool provides a brief summary of the markets. An actual email is sent to traders before they start their analysis for the upcoming day. The market report provides a technical outlook of the forex market for the next 48 hours.

Creating a forex order book, indicators and potential strategies is also quick and easy. For those who want to hedge, it is not forbidden. You can view both long and short positions for the same product on the MT4 platform.

Note traders will also find additional platforms available in the Oanda Marketplace. These include third-party applications, plus algorithmic trading platforms, such as the Seer trading system.

Note Oanda does not offer Metatrader 5 (MT5).

Mobile Application

If you are constantly on the go, being able to enter and exit locations from your mobile phone or tablet can prove extremely useful. Those looking for an Oanda mobile and iPad review will be impressed with the capabilities of the FxTrade mobile trading platform. Not to mention the integration with a wide range of devices, from iPhone to Windows Phone 8.

Once you have your web login details, you can download historical quotes, battle forward rates and start speculating on the FTSE 100 or Nasdaq, for example. In addition, the platform is simple to navigate and the beautiful design allows for a stress-free experience. Get access to Oanda trading tools, viral history, account analytics, as well as complex order types.

You retain the ability to trade directly from the charts, plus you can benefit from charts with indicators and price overlays. You also have the option to adjust the display styles to find one that suits your trading style. As an added bonus, news, economic calendars, and financial announcements all open easily from within the app. This makes market sentimentsimple measurement.

There is regular maintenance to ensure the tooling list is up to date. This also means that any problems and glitches are rectified quickly.

Overall, their mobile service allows for a hassle-free transition from the desktop app.

Payment Methods

Understandably, more and more traders are looking for simple deposit and withdrawal systems.

You can deposit and withdraw funds to your Oanda account in any of the following ways:

  • PayPal
  • Bank Transfer
  • Credit and debit cards

Their website guides you through the process and their customer service will be able to help with any withdrawal issues.

There are also other options available, depending on your location. People in China can use China UnionPay and Bpay for example. So it’s worth visiting their website to see where you’re working.

It is worth noting that there may be a withdrawal fee. These can go up to 20 to 35 euros if you choose a bank transfer. With that said, you get a monthly card draw with no fees.

Overall, Oanda customer reviews have shown that traders are satisfied with the current remittance mechanisms.

Account Types

Oanda offers a single standard account, with no minimum deposit required. Unfortunately, high volume traders with deep pockets may be disappointed by the lack of additional perks that some brokers offer traders with substantial capital. However, that means everyone benefits from over seventy currency pairs and precious metals, plus trades of all sizes.

Demo account

Oanda demo account review quickly highlights an impressive skill set for the Oanda practice account. While many forex brokers offer practice downloads for a limited period of time, Oanda’s FxTrade demo account is available as long as a trader needs to hone his strategy and build his confidence. .

Once you have the demo login details, you have almost all the same functionality as the live account holder. Funded with simulation money, their practice account is the ideal way to familiarize yourself with market conditions and test drive Oanda as a potential broker.

As your confidence grows with volume indicators, currency heatmaps and backtesting, you can easily upgrade to a live account.

 

 

Additional Features

If you are asking what this review separates Oanda from the rest, their vast range of research and trading tools can do the job. Their offering surpasses many retail trading platforms.

Oanda’s Academy, for example, offers the following:

  • Webinars – These live videos cover a wide range of topics, from ‘Start Trading’ to more advanced topics, such as ‘Fibros Clusters and Retracements: An Advanced Look. high on trend formation’.
  • Interviews – Learn from experienced traders as they discuss a wide range of topics, from trading plans to strategies.
  • Articles – These detailed articles appeal to traders of all experience levels.
  • Tutorials – Tutorials can help users with a whole topic, including how to trade bitcoins, read feeds, and determine correlations. Plus, you can learn how to start scaling and compare recent live spreads. All of which can help increase your day-trading pay.

On top of that, Oanda has approached the historical average exchange rate simply. Viewing open and long position rates is also quick and easy. Furthermore, monthly and yearly averages, plus historical classical interest rates can be found. All of this can make conducting in-depth research a hassle-free process.

You can also benefit from news reports from a variety of sources on Oanda. These include MarketPulse, 4Cast, plus Dow Jones FX Select, where you’ll find breaking news, trend analysis, plus policy commentary. Plus, get direct access to margin and leverage calculators to help you establish potential profit and loss.

The only downside is that with so many resources available, locating them can be a bit of a minefield.

Safety & Security

With the rise of cybercrime, digital security has become a prominent concern in broker reviews in 2017. So, is Oanda a trustworthy broker? Fortunately, your personal data and trading activity are kept safe. They do this using sophisticated, high encryption technology.

Oanda Rules

In recent years, too many traders have fallen victim to unscrupulous brokers. This makes choosing a licensed and regulated broker all the more important. Oanda’s proactive approach to regulation will provide peace of mind for customers.

After receiving several international awards, it was a surprise to learn that customer reviews are content with regulatory oversight standards. Oanda is regulated in the following countries:

  • United States – Commodity Futures Trading Commission (CFTC)
  • Canada – Investment Industry Regulatory Organization (IIROC)
  • UK – Financial Conduct Authority (FCA)
  • Australia – Australian Securities and Investments Commission (ASIC)
  • Singapore – Monetary Authority of Singapore (MAS)
  • Japan – Financial Services Agency (FSA)

It should also be emphasized that, despite extensive regulatory scrutiny, the extent of account protection in the event of default can vary depending on where you keep your account.

Benefits

This Oanda review found the following key benefits:

  • Variety of products – As a day trader, a wide range of products can mean greater opportunities. With Oanda, you have access to 71 currency pairs, 16 stock index CFDs, 23 metal CFDs, 8 commodity CFDs and 6 bond CFDs.
  • Applications – You can use Oanda proprietary software and desktop platforms like MetaTrader 4. The developers also work hard to make updates regularly.</li >
  • Live Chart Trading – Traders can enter and close positions directly from the chart. You will find this feature in both Oanda and MetaTrader 4 trading platforms.
  • No minimum account size – This allows you to open accounts for as little as $1, making it ideal for testing and developing intraday strategies.
  • Regulation – As detailed above, Oanda impresses with regulatory oversight by several agencies, around the world. This obliges Oanda to comply with rules and regulations designed to protect you, the trader. This will help alleviate concerns about fraud and scams.
  • Demo Account – You get a long free trial and easy to download MetaTrader 4 demo account. Then you can open positions and get your head around the average exchange rate. direct flask. You can also practice with guaranteed stops and full loads more.

For all these reasons, Oanda is considered as one of the top 100 traders.

Restrictions

Although there are many benefits, oldng has some negatives Oanda to highlight in this review:

  • Lack of tools – Oanda is effective in facilitating the tools they provide. However, if you are looking for cryptocurrencies and trading single share CFDs, you will be disappointed.
  • Limited Extra Protection – While Oanda is compliant with regulatory standards, extra deposit protection and slippage can be even more beneficial for aspiring traders, especially in volatile markets. Also, more can be done in terms of negative balance protection.
  • Slow Customer Service – In a business where time is money, Oanda’s slow customer service can sometimes hinder and frustrate active traders.
  • Disorganized Resources – On the plus side, Oanda offers a wealth of educational and commercial resources, from webinars to news sources. However, these resources are somewhat disorganized and are only available after launching external websites. This may slow down your trading experience.
  • ECN – Oanda is not an ECN broker, it is a market maker and some believe you find lower spreads with ECN brokers.

Oanda trading hours

Oanda’s trading hours coincide with many global financial markets. Trading is available from approximately 17:00 on Sunday to 17:00 on Friday UTC – 5.

Having said that, Oanda’s operating hours will vary depending on which department you hold your account in. Asia Pacific traders can relax knowing all the major markets they want to access will be open to business on their Oanda trading platform.

Contact Customer Support

In the day trading business, every second is money. This means any platform glitches and account issues can cut into your profits. Therefore, having fast and efficient customer support can prove essential. Luckily, quick Oanda trading reviews highlight the company offering 24/7, multilingual support.

Outside of holiday trading hours, you can contact Oanda’s customer support team by email at any time. Additionally, live chat and phone support are also available during trading hours. See the official website for their contact phone number in your location.

You can find support in the following languages:

  • English
  • German
  • the Spaniard
  • Italian
  • French
  • Portugal
  • Russian

It’s also worth highlighting, some of the negative Oanda customer reviews indicate that customer service response times can be slow. However, the hotline staff remains polite and helpful, making an effort to use their support website and archives to answer your questions fully.

In general, users can trade with confidence knowing there is effective support, regardless of location and time zone.

Judgment

So is Oanda a good forex broker? Well, they score very well in ratings and reviews and it’s not too hard to see why. They offer a simple setup, competitive pricing, a wide range of product offerings, not to mention sophisticated trading platforms. So even if you compare Oanda vs FXCM and other famous brokers, Oanda still impresses.

However, there is definitely room for improvement in terms of customer service. Merchants who prioritize fast and reliable support may want to look elsewhere.

In the end, this Oanda review found the company to remain an attractive proposition for customers from all over the world.

Accepted countries

Oanda accepts merchants from Australia, Thailand, Canada, United Kingdom, South Africa, Singapore, Hong Kong, India, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates , Saudi Arabia, Kuwait, Luxembourg, Qatar and most other countries.

Traders cannot use Oanda from Belgium, France, Netherlands, Cyprus, USA.