OANDA
OANDA
- Online Since 1996
- Spread as low as 1.2 pips
- Leverage 1:50
- 5 Digit (5 Decimal Pricing)
- Oanda trade, MT4 Platform
- Regulation: CFTC, NFA, FCA, MAS, ASIC, IIROC
- Scalping, Hedging, EA Robot, News Trading allowed
- Payment options : Credit/ Debit Cards, Bank wire transfer, PayPal
Details
| Broker | OANDA |
|---|---|
| Website URL | https://www.oanda.com |
| Founded | 1996 |
| Headquarters | United States |
| Support Types | Chat , Email , Telephone |
| Trading Platform | Oanda trade, MT4 |
| Minimum 1st Deposit | no minimum deposit |
| Leverage | 50:1 |
| Spread | 1.2 pips |
| Free Demo Account |  |
| Regulated | |
| Regulation | CFTC, NFA, FCA, MAS, ASIC, IIROC |
| Deposit Methods | Credit/ Debit Cards , Bank wire transfer , PayPal |
| Withdrawal Methods | Credit/ Debit Cards , Bank wire transfer , PayPal |
| Account Currency | EUR, USD, GBP, AUD, CAD, CHF, HKD, JPY, SGD |
| US Traders Allowed |  |
| Mobile Trading | |
| Tablet Trading | |
| Overall Score | 9.45 |
| Spread | |
| Trading Platforms | |
| Customer Service | |
| SUMMARY | 4.6 |
Why Must Trade in OANDA.com Broker ?
- Online Since: 1996
- Spread : Starting 1.2 Pips
- Leverage Up to 1:400 (Asian Clients), 1:50 for US Clients, 1:30 for European Clients
- 5 Digit (5 Decimal Pricing)
- Platform : Oanda trade, MT4
- Regulation: CFTC, NFA, FCA, MAS, ASIC, IIROC
- Scalping, Hedging, EA Robot, News Trading allowed
- Payment options : Credit/ Debit Cards, Bank wire transfer, PayPal
OANDA Forex and CFDs Trading Broker Review
Forex trading is one of the most profitable passive income jobs in the world. Forex trading, otherwise known as foreign exchange trading, is capable of helping you earn an adequate income for a living. To start as a trader, finding the right broker is crucial as it makes or breaks your entire trading experience. When you have the wrong broker, this could negatively impact all your existing and future trades. Finding a broker that matches your needs and expectations is the primary key to success. In this article, we’ll be talking about Oanda as a forex broker.
Overview
Founded in 1996, it’s a regulated American broker, which is one of the primary factors that prove that you can trust this broker. You won’t see this broker on any stock exchange as it’s a private company. Oanda has been regulated by various top-tier authorities, one of them being the US Commodity Trading Futures Commission. If you plan to trade only forex and CFDs, this is the perfect broker as it accommodates trades with these two instruments.
Fees
With any broker, it’s crucial to determine whether they have high or low costs. While they have an average trading fee, their forex fees are generally high. Oanda doesn’t charge withdrawal and deposit fees for the first m, but they charge a fixed $13 for inactivity if you don’t trade for at least a year. Withdrawals through debit cards, credit cards, and PayPal are free for your first withdrawal for the month. However, both credit card and bank transfer fees are high on the following withdrawals you are to make. Oanda forex broker also doesn’t have a minimum deposit of any amount so you can freely deposit any amount you’d like to trade with. Overall, the only cons with fees are that Oanda has high forex fees and financing rates.
Trading platform
Oanda’s overall trading platform is both user-friendly and easy to navigate. You won’t have trouble where certain aspects can be located. The only downside you’ll have with its trading platform is that there are no price alerts. Asides from this, you can enjoy the efficiency of their trading platform with features such as a two-step login and clear fee report. Oanda’s trading platform is accessible to be used for web, mobile, and desktop. Whichever device you’re most comfortable to use for trading, their trading platform is accessible for all devices. You can also choose to trade with either their trading platform or MetaTrader4. Available in several languages, you can change the language according to your own preference.
Markets and products
Oanda forex broker lets you trade only forex and CFDs, which can be a disadvantage if you’re looking to trade for more instruments. Trading CFDs come at a high risk of losing money so you should be sure to be ready before entering this risk. Compared to forex instruments, you have a higher risk with CFDs. Oanda lets you trade with their wide selection of CFD products such as stock index, commodity CFDs, and bonds. The downfall lies in being unable to trade instruments such as ETF, futures CFDs, and individual stocks. There are currently 71 currency pairs, 16 stock index CFDs, 31 commodity CFDs, 6 bond CFDs, and 3 cryptos. You can also manually set the leverage you want to trade with, unlike other brokers where that can’t happen.
Research
One of the best things about finding the right broker is the research it’s able to provide. Oanda broker provides remarkable features such as great API, data on assets fundamentals, and a good interactive chart. However, you may be disappointed that they don’t provide trading ideas and the research tools are organized poorly. One of their features, MarketPulse, is an analysis written by their research team that includes an economic calendar. This broker also provides real-time news, for a more accurate trade and analysis. Oanda broker doesn’t just help you with fundamental analysis, but this goes for your technical analysis as well. They also provide
Customer service
As another important part of any broker is their customer service as this is how they respond to your inquiries, concerns, and questions to help your overall trading experience. While they don’t provide 24/7 support, Oanda will respond efficiently through phone, email, and live chat. They have a fast response time despite the lack of 24/7 support, which is admirable. Their customer service is available 24/7, while their live chat is just available between Sunday to Friday. When you engage in live chat, they’ll respond as fast as one to two minutes approximately, which is a remarkable feature, especially if you have immediate concerns and inquiries you need to be answered. Regarding email support, the response time was also considered fast, approximately between one to three hours. Lastly, a chatbot is also available to answer your concerns and inquiries to act as your virtual assistant.
Education
Oanda broker provides features such as a demo account, education videos, and a trading platform tutorial. Similar to research, education is just as important as any part of this list. You can engage in this broker’s webinars and videos that help you learn more about the market and how to improve your trading skills. While the videos are informative, they could improve the organization of the educational materials. It could be seen as messy and disorganized by some individuals and it would be convenient to sort everything out.
In conclusion, Oanda as a forex broker is an overall adequate broker. They’re regulated and while they have their pros and cons, it’s a good enough trader that will encourage you to succeed in your forex trading journey. This broker has a user-friendly trading platform, efficient customer service, and accessible research and educational tools that will help you be a profitable forex trader. While it also has its cons such as high forex fees and the limitations with instruments, the good outweighs the bad with this broker. If you find that the cons are too much for you, there’s no harm in trying as Oanda is a free broker with no minimum deposit.
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