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OANDA - Review

Last Updated: 15 Sunday, Sep-2019
OANDA
For verified ratings of our services, please view our: 4.9 Star Rating on OANDA4.9 Star Rating on OANDA
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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 reviews

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 The time required for processing of withdrawals depends on the mode use as well as the forex currency that is being withdrawn.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.

Conclusion

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.

 

Broker NameOANDA
Company NameOANDA
Foundation Year2001
HeadquartersUnited States
Regulated byCFTC, DFSA, IIROC, MAS, NFA, FSA
Broker TypeMarket Maker
Base CurrencyAUD, CAD, EUR, GBP, HKD, JPY, SGD, ‎CHF, USD
US Traders
Website LanguageChinese, English, French, German, Italian, Japanese, Korean, Portuguese, Russian, Spanish
Trading Preference
Minimum Deposit1 USD
Maximum Leverage1:50
Minimum Spreads
Demo Account
Mini Account
Standard Account
VIP Account
Premium Account
Segregated Account
Islamic Account (Swap Free)
Managed Account
Pamm Account
Affiliate Account
Payment Options
Deposit MethodsCredit Card, PayPal, Wire Transfer
Withdrawal MethodsCredit Card, Wire Transfer
Trading Features
Trading PlatformsMetaTrader 4, Oanda fxTrade
Fixed Spreads
Commission on Trades
Hedging
Scalping
Swing Trading
Automatic Trading
Mobile Trading
Web Trading
Signals
VPS Services
Email Alert
Trading Instruments
Forex/Currencies
Commodities
CFDs
Indices
ETFs
Stocks
Crypto Currency
Promotion
No Deposit Bonus
Deposit Bonus
Contest
Other's Promotion
Support
24-Hours Support
Support During Weekends
Web Form
Live Chat
Call-Back
Support LanguageEnglish, Spanish, German, Russian, French, Chinese, Japanese, Korean
Contact Information
Websitehttps://www.oanda.com
Email[email protected]
TelephoneNo
FaxNo
AddressFloor 9a, Tower 42, 25 Old Broad St, London EC2N 1HQ

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