OANDA Review |
|
| 📅 Year founded |
1996 |
| 📈 Multiple top-tier regulation |
Yes |
| 📍 Headquarters |
New York, United States |
| 🌍 Country of regulation |
United States / United Kingdom / Singapore / Canada / Australia / Japan / British Virgin Islands |
| ✅ Regulators |
CFTC / NFA / FCA / MAS / IIROC / ASIC / FSA / BVI FSC |
| 📈 Execution Type |
Market Execution |
| 💰 Minimum Deposit |
None |
| 🛡️ Negative Balance Protection |
Yes |
| 📉 Trading Platforms |
MetaTrader4 / MetaTrader5 / fxTrade Mobile App / OANDA Web Trader |
| ☪ Islamic account |
Yes |
| 📉 Trading Instruments |
Forex / Indices / Commodities / Shares / Cryptocurrencies |
| 📱 Mobile trading |
iOS / Android / Windows |
| 💳 Payment Types Accepted |
Debit and Credit Card / Bank Wire Transfer / Skrill / Neteller |
| 🎮 Demo Account |
Yes |
| ⓒ Copy Trading |
Yes |
| 🎁 Bonus Offer |
Welcome Bonus |
| 💰 Account Currencies |
USD / EUR / HKD / SGD |
| 📈 Minimum Trade |
0.01 Lots |
| 📈 Account Types |
STP / PAMM |
| 📈 Margin Trading |
Yes |
| 📈 Trading fees |
Low |
| 📈 Inactivity fee |
$10 USD monthly after 12 consecutive months |
| 💰 Withdrawal fee |
$20 USD for bank wire transfers |
| ☎ Customer Support |
24/5 |
| 💰 Max. Leverage |
200:1 |
| ✔️ Hedging Allowed |
Yes |
| ✔️ Scalping Allowed |
Yes |
| 💰 Commission |
Zero on Standard and Premium / $40 USD and $35 USD per million on Core and Premium Core respectively |
| 💰 Spreads |
From 0.1 pips |
| 💰 Leverage |
Flexible |
| 💰 Currency Pairs (Total Forex pairs) |
48 + |
| 🔢 Number of clients |
Unknowns |
| 🥇 Instruments Offered |
200 + |
| 📙 Education |
Webinars / Events / Introduction to Leverage Trading |
WHAT IS OANDA?
OANDA stands as a towering figure in the realm of online forex trading, revered for its ground breaking contributions and unwavering commitment to transparency and excellence.
Founded in 1996, OANDA emerged as a pioneering force in democratising access to the forex market, empowering traders of all backgrounds to participate in the thrilling world of currency trading.
Regarded as a global leader in online trading, OANDA boasts a diverse clientele spanning across continents, from individual retail traders to institutional investors.
With a presence in major financial hubs worldwide including the United States, the United Kingdom, Singapore, Canada, Australia, Japan and the British Virgin Islands, OANDA is regulated by a formidable array of regulatory authorities, ensuring the highest standards of financial integrity, security, and compliance.
In essence, OANDA’s regulatory pedigree, coupled with its rich history of innovation, reliability and customer-centric services, cements its position as a trusted partner for traders seeking a secure and transparent trading environment.
Whether you’re a seasoned trader or a novice investor, OANDA stands ready to empower you with the tools, resources and support needed to navigate the complex and dynamic world of forex trading with confidence and ease.
INTRODUCTION
Since its inception in 1996, OANDA has been a trailblazer in the world of online forex trading, reshaping the landscape of global finance with its innovative approach and unwavering dedication to customer satisfaction.
Headquartered in the vibrant financial hub of New York, United States, OANDA has established itself as a beacon of reliability, integrity and technological prowess in an industry marked by rapid evolution and intense competition.
With a rich history spanning over two decades, OANDA has witnessed the transformative power of technology first hand, leveraging cutting-edge advancements to democratise access to the forex market and empower traders of all backgrounds to participate in the dynamic world of currency trading.
From its humble beginnings as a pioneering online currency converter, OANDA has evolved into a comprehensive trading platform trusted by millions of traders worldwide.
At the heart of OANDA’s success lies a steadfast commitment to transparency, fairness and excellence in all aspects of its operations.
By prioritising the needs of its clients and upholding the highest standards of regulatory compliance, OANDA has earned the trust and loyalty of traders across the globe, cementing its reputation as a leader in the industry.
In an era defined by rapid technological advancement and geopolitical uncertainty, OANDA remains steadfast in its commitment to empowering traders with the tools, resources and knowledge needed to navigate the complexities of the global financial markets with confidence and ease.
Whether you’re a seasoned professional or a novice investor, OANDA stands ready to support you on your journey towards financial success and prosperity.
PROS & CONS
PROS
- Extensive range of trading instruments with over 200 available.
- Innovative trading platforms including MetaTrader4, MetaTrader5, fxTrade Mobile App and OANDA Web Trader.
- Competitive spreads starting from 0.1 pips.
- Robust educational resources.
- Strong regulatory compliance from multiple jurisdictions.
CONS
- Limited promotions and bonuses.
- Customer service response times can vary.
TRADING INSTRUMENTS
OANDA boasts a comprehensive selection of trading instruments, catering to the diverse needs and preferences of traders across the globe. Whether you’re interested in forex, indices, commodities, shares or cryptocurrencies, OANDA offers a wide range of assets to suit your trading strategy and objectives.
Forex
As one of the pioneers in online forex trading, OANDA provides access to an extensive array of currency pairs, covering major, minor and exotic pairs from around the world. With over 48 currency pairs available for trading including EUR / USD, GBP / JPY and USD/JPY, traders have ample opportunities to capitalize on global currency movements and diversify their portfolios.
Indices
OANDA offers a diverse selection of indices representing major global markets, allowing traders to speculate on the performance of stock indices such as the S&P 500, Dow Jones Industrial Average, FTSE 100 and Nikkei 225. With indices serving as barometers of market sentiment and economic health, traders can gain exposure to a broad range of industries and sectors through index trading.
Commodities
From precious metals like gold and silver to energy commodities such as crude oil and natural gas, OANDA provides traders with access to a wide range of commodity markets. Whether you’re looking to hedge against inflation, diversify your portfolio or capitalise on geopolitical events, commodities offer ample opportunities for profit potential and risk management.
Shares
OANDA enables traders to invest in a diverse selection of global equities including stocks from major exchanges such as the New York Stock Exchange (NYSE), Nasdaq, London Stock Exchange (LSE) and Tokyo Stock Exchange (TSE). With access to a wide range of companies spanning various industries and sectors, traders can build a well-rounded portfolio and capitalise on individual stock movements.
Cryptocurrencies
In response to the growing demand for digital assets, OANDA offers trading in cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Ripple (XRP). With cryptocurrencies gaining widespread acceptance as an alternative asset class, OANDA provides traders with the opportunity to speculate on price movements and participate in the burgeoning crypto market.
OANDA’s diverse selection of trading instruments spanning forex, indices, commodities, shares and cryptocurrencies, reflects the broker’s commitment to providing traders with access to global markets and investment opportunities. Whether you’re a seasoned trader or just starting out, OANDA offers the tools, resources and support needed to navigate the complex and dynamic world of online trading with confidence and ease.
TRADING PLATFORMS
OANDA distinguishes itself in the online forex trading arena by offering a diverse array of trading platforms designed to cater to the varied needs and preferences of traders. Whether you’re a seasoned professional or a novice investor, OANDA provides intuitive, feature-rich platforms that empower you to execute trades, analyse market trends and manage your portfolio with ease and precision.
MetaTrader4 (MT4)
Renowned for its robust features and user-friendly interface, MT4 remains a preferred choice among traders worldwide. OANDA’s MT4 platform allows traders to access a vast array of technical indicators, charting tools and customisable trading strategies, enabling them to make informed trading decisions with confidence.
With lightning-fast execution and seamless integration with Expert Advisors (EAs), MT4 empowers traders to automate their trading strategies and capitalise on market opportunities around the clock.
MetaTrader5 (MT5)
Building upon the success of its predecessor, MT5 offers enhanced functionality and advanced trading tools to meet the evolving needs of modern traders. OANDA’s MT5 platform provides access to a wider range of financial instruments including stocks and commodities, in addition to forex pairs and indices.
With its multi-asset capabilities, advanced charting features and built-in economic calendar, MT5 equips traders with the tools they need to stay ahead of the curve and seize profitable trading opportunities across global markets.
fxTrade Mobile App
For traders on the go, OANDA’s fxTrade Mobile App offers unparalleled convenience and flexibility, allowing you to access your trading account anytime, anywhere, from your smartphone or tablet device. With its intuitive interface and robust features, the fxTrade Mobile App enables traders to execute trades, monitor market movements and manage their positions with ease, ensuring that you never miss out on lucrative trading opportunities while on the move.
OANDA Web Trader
Designed for seamless integration and accessibility, OANDA’s Web Trader platform provides a user-friendly trading experience directly from your web browser, without the need for downloading or installing any additional software. With its intuitive interface and comprehensive suite of trading tools, OANDA Web Trader allows traders to analyse market trends, place trades and manage their portfolios effortlessly, all within a secure and reliable online environment.
OANDA’s diverse selection of trading platforms, including MT4, MT5, fxTrade Mobile App and OANDA Web Trader, reflects the broker’s commitment to providing traders with the tools and technology needed to succeed in today’s dynamic and fast-paced markets. Whether you prefer the advanced features of MT4 and MT5 or the convenience of mobile trading with fxTrade Mobile App, OANDA ensures that you have access to the platform that best suits your trading style and objectives.
ACCOUNT TYPES
OANDA offers a range of account types designed to accommodate the diverse needs and preferences of traders, from beginners to seasoned professionals.
Whether you’re just starting out in the world of forex trading or you’re an experienced investor looking for advanced features and personalized services, OANDA has an account type to suit your trading style and objectives.
Standard Account
The Standard account is ideal for new traders or those looking for a straightforward trading experience. With competitive spreads and no minimum deposit requirements, the Standard account provides access to OANDA’s full range of trading instruments and platforms, allowing traders to start trading with ease and confidence.
The Standard account also features spreads from 0.6 pips and the deposit may not exceed $9 000 USD.
Core Account
The Core account is tailored to meet the needs of active traders who require enhanced features and flexibility. In addition to competitive spreads starting from 0.1 pips and no minimum deposit requirements, Core account holders benefit from low trading fees of only $40 USD per $1 000 000 traded.
Premium Account
The Premium account is designed for high-volume traders seeking premium features and exclusive benefits. With tight spreads starting from 0.7 pips and priority customer support, Premium account holders enjoy preferential treatment and access to a range of VIP perks, including personalised trading strategies and dedicated account managers.
This account type does not charge any commissions and traders need to maintain a minimum account balance of $20 000 USD.
Premium Core Account
Combining the best of both worlds, the Premium Core account offers a comprehensive trading experience with enhanced features and competitive pricing. With tight spreads from 0.1 pips, priority support and a host of premium benefits, Premium Core account holders benefit from the flexibility of a Core account with the added advantages of a Premium account.
Commissions on this account are charged from $35 USD per $1 000 000 traded.
Regardless of the account type you choose, OANDA remains committed to providing traders with a secure, transparent and rewarding trading environment. With a range of account options to suit every trading style and budget, OANDA ensures that you have the flexibility and support you need to achieve your trading goals and maximize your potential in the global financial markets.
HOW TO OPEN AN ACCOUNT
Opening an account with OANDA is a straightforward process that can be completed online in a matter of minutes. Traders are required to provide basic personal information, undergo identity verification and agree to the terms and conditions of the broker.
Once documents have been verified, trades may deposit their funds and begin trading.
DEMO ACCOUNT
For those new to forex trading or looking to test their strategies in a risk-free environment, OANDA offers a comprehensive demo account. This invaluable tool allows traders to hone their skills, familiarise themselves with the trading platforms and gain confidence in their trading abilities without risking real capital.
SOCIAL TRADING AND COPY TRADING
OANDA recognises the growing popularity of social trading and copy trading among retail investors. While the platform does not currently offer built-in social or copy trading functionalities, traders can still leverage third-party tools and platforms to connect with other traders, share insights and replicate successful trading strategies.
This is easily done via tools such as EAs on the MT4 and MT5 platforms.
COMMISSIONS AND FEES
One of the standout features of OANDA is its transparent and competitive fee structure. The broker charges no commission on forex trades when traders use the Standard and Premium account and instead makes money through the spread, which is the difference between the buy and sell prices.
The broker only charges commissions of $40 and $35 USD per $1 000 000 traded on the Core and Premium Core accounts, respectively.
Additionally, OANDA charges an inactivity fee of $10 USD monthly for accounts which have remained inactive for a period of 12 consecutive months.
LEVERAGE
OANDA offers flexible leverage options, allowing traders to amplify their trading positions and potentially increase their profits. Leverage ratios vary depending on the trading instrument and the regulatory jurisdiction, with maximum leverage capped to ensure responsible trading practices.
The maximum leverage provided by OANDA is limited to 200:1.
WITHDRAWALS AND DEPOSITS
Depositing funds into an OANDA trading account is a seamless process, with a variety of payment methods available including bank wire transfer, credit and debit cards and various online payment processors. Withdrawals are similarly straightforward, with funds typically processed within a timely manner, subject to standard processing times and verification procedures.
The broker does charge withdrawal fees on the Standard and Core accounts of $20 USD for bank wire transfers. On other withdrawal methods and other account types, there are no withdrawal fees charged.
CUSTOMER SERVICE
OANDA prides itself on delivering exceptional customer service to its clients. Traders can reach out to the support team via email, phone or live chat for assistance with account-related inquiries, technical support or general questions.
While response times may vary during peak trading hours, OANDA strives to resolve customer queries promptly and efficiently.
SAFETY AND SECURITY
At OANDA, the safety and security of our clients’ funds and personal information are of paramount importance. As a globally regulated broker, OANDA adheres to the strictest standards of financial integrity, transparency and compliance, ensuring that their clients can trade with confidence and peace of mind.
Commodity Futures Trading Commission (CFTC) and National Futures Association (NFA) in the United States
As a registered Futures Commission Merchant (FCM) and Retail Foreign Exchange Dealer (RFED), OANDA is subject to stringent regulatory oversight by the CFTC and NFA. These regulatory bodies oversee the operations of futures and forex brokers in the United States, ensuring compliance with industry regulations and safeguarding the interests of retail investors.
Financial Conduct Authority (FCA) in the United Kingdom
OANDA is authorised and regulated by the FCA, one of the most respected regulatory authorities in the global financial industry. The FCA’s rigorous oversight ensures that OANDA operates with transparency, fairness and accountability, providing clients with the highest levels of consumer protection and regulatory compliance.
Monetary Authority of Singapore (MAS)
OANDA holds a Capital Markets Services (CMS) License issued by MAS, which regulates financial institutions and securities exchanges in Singapore. MAS imposes strict regulatory requirements on forex brokers operating in Singapore, ensuring the integrity of the financial system and protecting the interests of investors.
Investment Industry Regulatory Organization of Canada (IIROC)
In Canada, OANDA is a member of IIROC, a self-regulatory organization that oversees the investment industry and protects investors’ rights. IIROC sets and enforces high standards of business conduct and regulatory compliance for forex brokers and other investment firms in Canada.
Australian Securities and Investments Commission (ASIC)
OANDA holds an Australian Financial Services License (AFSL) issued by ASIC, Australia’s regulatory body for financial services providers. ASIC’s regulatory framework aims to promote market integrity, protect consumers and maintain confidence in the financial markets.
Financial Services Agency of Japan (FSA)
OANDA is registered with the FSA, Japan’s regulatory authority for financial services providers. The FSA ensures the stability and integrity of Japan’s financial system by supervising financial institutions and enforcing regulatory compliance.
British Virgin Islands Financial Services Commission (BVI FSC)
OANDA is licensed and regulated by the BVI FSC, which oversees financial services providers operating in the British Virgin Islands. The BVI FSC’s regulatory framework ensures that OANDA maintains high standards of corporate governance, financial transparency and regulatory compliance.
In addition to stringent regulatory oversight, OANDA employs advanced security measures to protect clients’ funds and personal information. Client funds are held in segregated accounts with reputable banking institutions, separate from OANDA’s operational funds, to ensure their safety and security.
Furthermore, OANDA utilises state-of-the-art encryption technologies and multi-layered security protocols to safeguard clients’ data and prevent unauthorized access or fraud.
By adhering to the highest standards of regulatory compliance, financial transparency and security, OANDA demonstrates its unwavering commitment to protecting the interests of its clients and maintaining the trust and confidence of the global trading community. When you trade with OANDA, you can rest assured that your funds and personal information are in safe hands.
PROMOTIONS
Currently, OANDA provides a Welcome Bonus of up to $888 USD when clients deposit at least $10 000 USD and meet the required trading volume within 30 days of depositing.
RESEARCH
OANDA equips traders with a some research tools including economic calendars and technical analysis, which is slightly limited when compared to other brokers. Additionally, traders are able to access the various research tools available on the MT4 and MT5 platforms.
EDUCATION
Education lies at the heart of OANDA’s mission to empower traders with the knowledge and skills needed to succeed in the forex markets. The broker offers a comprehensive range of educational resources including sections on fundamental analysis, technical analysis, webinars and events, ensuring their traders are up to date and well educated.
GLOBAL AWARDS
Over the years, OANDA has garnered numerous accolades and awards for its excellence in the forex industry. Some of their most recent awards include the following:
- Best in Class: Ease of Use Research (2023) – ForexBrokers.com.
- Best US Forex Broker (2023) – Compare Forex Brokers.
- Best Low Cost Broker (2023) – ADVFN International Financial Awards.
- Most Popular Broker (2023) – TradingView.
- Best Forex Broker (2021) – TradingView.
- Best Trading Tools (2021) – Online Personal Wealth Awards.
- Highest Overall Client Satisfaction (2021) – Investment Trends Awards.
SAFE OR SCAM?
When it comes to assessing the safety and reliability of a forex broker, regulatory oversight is a crucial factor to consider. OANDA stands out as a trusted and reputable broker in the forex industry, regulated by multiple regulatory authorities worldwide.
With oversight from reputable regulatory bodies such as the CFTC, NFA, FCA, MAS, IIROC, ASIC, FSA and BVI FSC, OANDA adheres to stringent regulatory standards aimed at protecting investors and ensuring fair and transparent trading practices.
Additionally, OANDA maintains segregated accounts for client funds, keeping them separate from the company’s operational funds. This provides an additional layer of protection for clients’ funds and safeguards against any misuse or misappropriation.
With a proven track record spanning over two decades, OANDA has earned a reputation for reliability, integrity and transparency in the forex industry. Traders can trade with confidence knowing that OANDA operates with the highest standards of regulatory compliance and financial integrity.
CONCLUSION
OANDA stands as a beacon of reliability, innovation and integrity in the world of online forex trading. With its user-friendly platforms, competitive pricing structures, comprehensive educational resources and commitment to customer service, OANDA continues to set the standard for excellence in the industry.
Whether you’re a seasoned trader or just starting out, OANDA provides the tools, resources and support you need to thrive in the global financial markets. The team at Brokersuggest.com highly recommends OANDA as a superb brokerage partner for all traders.
