OANDA Review: Everything That You Wanted to Know
OANDA is a premier forex broker that caters to hundreds and thousands of CFD and forex traders around the globe. Established by Dr. Richard Olsen and Dr. Michael Stummin 1996, OANDA operates through eight financial centers and serves clients in more than 196 countries including the UK, US, Australia, Canada, Singapore, Europe, and Japan. Read on to find about comprehensive OANDA review.
OANDA Trading Platforms
OANDA provides CFD and forex trading features to traders via the fxTrade platform, which is a fully automated trading platform that was first introduced in 2001. The platform is available on the web, desktop as well as mobile app format. The broker also provides the much sought-after MetaTrader 4 trading platform in addition to 3rd party tools and platforms via its application marketplace. The broker also has the mobile version for both the platforms for those who prefer to use their mobile devices for trading. In addition to this, technology-savvy traders can access OANDA’s FxTrade API tools to set up their very own auto trading systems to access historical and current market data and place stop loss and take profits as well as entry orders.
Deposit & Withdrawals
With OANDA, there isn’t any minimum balance or deposit required to create or even maintain an account. In fact, funds are only needed for opening positions. Traders can deposit funds into their accounts via bank wire transfers, check and even debit card supported by Mastercard or Visa. On the other hand, withdrawals can be executed by signing into the ‘My funds’ section on the broker’s website. The time required for processing of withdrawals depends on the mode use as well as the forex currency that is being withdrawn. Traders must note that debit/credit card withdrawals may take as many as 2-3 days.
Commission & Spreads
Similar to several other online fx brokers, OANDA does not charge commissions for offering their services. Traders pay a spread which is calculated on the basis of the market values in real-time. Typically, spreads at OANDA start low at 1.1 pips. Spreads for the indices are much lower at 0.5 pips.
Regulations and Safety
When it comes to the safety of customer accounts, OANDA really needs to step up and do more. Even though the broker has managed to build a solid reputation among traders, they need to take additional steps in the direction. The broker has been duly authorized by the ASIC, IIROC, JFSA, MAS, FCA and the CFTC.
To sum up the OANDA review, it is one of the best forex trading brokers in the globe. The broker allows traders to trade as many 71 forex pairs and a wide range of other assets. OANDA’s trading platform is easy to access and user-friendly. However, the broker does not offer cryptocurrency and single stock CFDs for trading. Also, there is no slippage protection for traders’ accounts, which is something that may discourage some traders to use the platform. Overall, the broker offers excellent customer support and the ability to open an account with zero minimum deposit.
|Regulated by||CFTC, DFSA, IIROC, MAS, NFA, FSA|
|Broker Type||Market Maker|
|Base Currency||AUD, CAD, EUR, GBP, HKD, JPY, SGD, CHF, USD|
|Website Language||Chinese, English, French, German, Italian, Japanese, Korean, Portuguese, Russian, Spanish|
|Minimum Deposit||1 USD|
|Islamic Account (Swap Free)|
|Deposit Methods||Credit Card, PayPal, Wire Transfer|
|Withdrawal Methods||Credit Card, Wire Transfer|
|Trading Platforms||MetaTrader 4, Oanda fxTrade|
|Commission on Trades|
|No Deposit Bonus|
|Support During Weekends|
|Support Language||English, Spanish, German, Russian, French, Chinese, Japanese, Korean|
|Address||Floor 9a, Tower 42, 25 Old Broad St, London EC2N 1HQ|