OANDA Review 2024 | Best Online Forex Trading & Forex Broker
OANDA is one of the oldest forex brokers operating currently on the online currency markets. The company was established in 1996 through combined efforts of a informational technologies scientist and a financial expert who had foreseen that the internet would change global financial markets in the nearest future to evolve processes for efficiency in an electronic commerce. Oanda broker provides a wide range of services on online international financial markets. Besides trading software the broker provides up-to-date trading information, investing instruments and resources for private traders and investing companies. The company’s main office is located in New York, United States. Additionally, the broker has representative offices and sales centers in Singapore, Canada, United Kingdom and Japan.
OANDA offers to traders the most high-tech and advanced trading and informational technologies to ensure efficient online currency trading and the most fresh and exact financial information to all traders, from private traders to major financial companies, from personal account managers to institutional brokers. OANDA is an acknowledged market maker and a reliable financial data source. The company gives its’ customers access to one of the largest economical and financial databases in the world. The broker offers trading a wide range of currency pairs including such exotic pairs as eur chf and jpy cad. OANDA offers its services to the traders from USA and other countries of the world.
Among the advantages of trading with Oanda there are: fxTrade, which is a transparent, user-friendly, low-cost and customizable currency trading platform for traders, investment managers, financial institutions, and corporations; website OANDA.com providing currency information, tools, and resources for investors, businesses, and traders; Forex Blog, providing RSS feeds and daily market reviews and forecasts from the broker’s resident currency analysts; OANDA Research and Innovation Center, which is a blog about innovation, product design, and next-generation trading technologies.
On the website of Oanda forex company you can find the answers to the questions why is oanda a good broker , how to trade on oanda and how safe is oanda as long as a lot of useful data such as currency charts, currency converter, rates, news and promotion actions.
On the Oanda forex broker profile page at our website you can read oanda reviews by other traders as well as write your personal oanda review of your personal experience with the broker. To add a broker review you need to login to the site. The gold stars signify reviews ratings according to their usefulness as considered by other visitors of the site.
OANDA Review 2023 – Best Online Forex Trading & Forex Broker
Who can Use OANDA?
Seasonal traders will find OANDA very helpful as they offer numerous assets for traders. Further, the traders who want to conduct effortless trading can use the OANDA broker without any doubt. Therefore, it can be said that global forex traders of any level can use the OANDA platform.
However, US traders can’t trader cannot offer all the instruments except forex. So, with the forex offerings, OANDA is the second-best forex broker in the USA.
OANDA is the perfect forex broker for new traders as well as expert traders, as anyone can use OANDA algorithmic trading for effortless trading.
OANDA Regulation
As per different OANDA reviews, it is a highly regulated broker that is regulated by almost all the tier-1 regulatory bodies in the world. Hence, you can understand how credible the OANDA broker is! Following is the list of the OANDA regulations.
Australia – Australian Securities and Investment Commission (ASIC)
UK – Financial Conduct Authority (FCA)
US – Commodity Futures Trading Commission (CFTC)
Singapore – Monetary Authority of Singapore (MAS)
Canada – Investment Industry Regulatory Organization (IIROC)
Japan – Financial Services Agency (FSA + FFAJ)
BVI – British Virgin Islands Financial Services Commission (BVIFSC )
Offered Instruments
OANDA may not offer hundreds of instruments, but they offer all the top assets across the world. OANDA instruments include metal, forex, bitcoin CFDs, indices, and commodities. However, OANDA reviews suggest that individual stocks are not offered in OANDA while other forex brokers allow trading individual stocks as well as cryptos. So, if you are looking for crypto or individual stocks, OANDA might not be a good pick. But, for the CFD traders, OANDA offers 55 CFD instruments all over the world.
OANDA: Trade Cryptocurrencies
Cryptocurrencies are digital currencies that do not require third-party intermediaries such as banks for complete financial transactions. They use cryptography to ensure the security, integrity and privacy of all transactions. Due to its security and value, cryptocurrency has become a recent trend all over the world. On that note, OANDA has started providing cryptocurrency trading services for its users.
Currently, they offer cryptocurrency CFDs on 4 major cryptos, which include Bitcoin, Bitcoin Cash, Litecoin and Ethereum. They usually offer crypto trading against US dollars. Nevertheless, the spreads at OANDA start from US$80 while the margin begins from 10% for Bitcoin trading.
With the OANDA trading account, you can trade Bitcoin as well as Bitcoin cash using MetaTrader 4 and MetaTrader 5. Nevertheless, you can trade these as CFDs right from your mobile, tablet as well as a laptop. Keep in mind that the spread for bitcoin is $80 and for Bitcoin Cash is $2.
Apart from these two currencies, Ethereum is another option for your crypto trading. Ethereum cryptocurrency has the second-largest market capitalization of any digital currency, after Bitcoin. It is also growing at a very fast rate. Ethereum cryptocurrency is not an actual coin but is known as “ETH” or “Ether”, which is used to power the blockchain platform Ethereum. At OANDA, it has a $5 spread.
OANDA Account Types
OANDA broker review indicates that there are three OANDA account types available: standard account, core account, and swap-free account. All these accounts are different from each other, but all of them offer a 0.01 lot size. Nevertheless, the swap free account is applicable for the special trader who doesn’t want to work with the interest due to religion. The standard and core accounts are accessible by all levels of traders.
OANDA Demo Account Review
Multiple OANDA forex review suggests that before opening a real account, traders can also open an OANDA practice account which gives the opportunity to check out the broker precisely. Usually, the new traders open the OANDA demo account as it can give a clear view of the real account. Besides, the expert traders can also open a practice account with OANDA to see if it is feasible according to their needs.
The demo account OANDA is exactly the same as the OANDA real account. But, the demo account doesn’t need any sort of deposit to start, while the real account will need some money to start the trading. OANDA demo trading account will have virtual money in it, which can never be withdrawn.
Other OANDA Account Types
Sometimes forex traders want to start ECN trading. Therefore, traders look for the OANDA ECN account. But, OANDA doesn’t have an ECN account. Hence, OANDA copy trading and OANDA social trading are not available either.
However, traders may also be interested in OANDA scalping, but they don’t provide any idea about scalping trading. Besides, it is not sure about the OANDA PAMM accounts too.
OANDA Minimum Deposit
The minimum deposit for OANDA can be any amount and it doesn’t depend on the OANDA account types. So, traders can start trading even with $1. So, OANDA forex minimum deposit can be zero-dollar too! However, it doesn’t mean that traders can deposit any large amount easier. OANDA forex review suggest that the users will need to provide some additional documents if they go for depositing more than $9000. The additional documents include bank statements as well as a passport. So, if you are a retail trader and don’t want to go through the documentation hassle, you can continue trading with an OANDA min deposit of less than $9,000. But, if you deposit money frequently, you may provide the documents and deposit a large amount.
OANDA Review: OANDA Deposit Fees
Some forex brokers may charge deposit fees for some funding methods. However, deposit fees are mainly incurred from the payment system, but it doesn’t rely on the OANDA account types. For example, some banks may charge deposit fees via wire transfer. Other than that, deposit fees from the broker’s end are zero. So, it can be said that deposit fees are zero for most of the forex brokers, and OANDA is also the same. They don’t require any fees for funding to the OANDA trading account. Depositing via credit may require high fees, as banks charge interest on that. But, considering the fees, funding via bank transfer is safe.
OANDA MetaTrader 4 ( MT4 OANDA)
Apart from the fxTrade custom platform, OANDA also offers MetaTrader 4 or MT4 as the trading platform. According to several OANDA review, MT4 offers numerous advanced charting features alongside the OANDA algorithmic trading with access to different expert advisors (EA).
Furthermore, MT4 also lets the user save the chart profile along with the user layouts for future references. Besides, traders will also be able to draw up the swap rates. MT4 OANDA also works on providing monthly exchange rates along with the live rates.
But the new inexperienced traders might face difficulties in creating EAs.
OANDA Forex Review: Other Tools
To get an excellent trading experience, OANDA broker offers some built-in tools that are especially available only for OANDA traders.
- MotiveWave: A professional charting tool from OANDA, which also works as a technical analysis platform with more than 250 built-in indicators. Besides, MotiveWave also offers more than 30 trading strategies that can be used as default. Hence, its user-friendly feature, along with the high-performance feature, can make forex trading enjoyable.
- OANDA Market Reports: The idea of this tool is to provide the market summary with the Autochartist. OANDA market supply offers market reports for the next 48 hours. Usually, they send an email to the users before starting the market analysis.
OANDA MetaTrader 5 ( OANDA MT5 )
MetaTrader 5 is an updated version of MT4, and OANDA broker also offers MT5 for its users. Although it is similar to the MetaTrader 4, it has some new features.
- 12 extra timeframes
- 13 extra objects for graphical presentation
- Community chart accessibility
- 8 additional built-in indicators
- Partial order filling feature
- Economic calendar
- 2 extra pending order types alongside the additional features for order execution
- Compress the log file automatically
- Multiple trading strategy testing feature
- MQL5 programming language
- Comes with an HTML chart feature to present different reports
Final Words
Since this OANDA review is written by the industry experts, all the things discussed here are legit. Furthermore, this article is good enough for any prospective trader to think if trading through OANDA is worth it.
Different OANDA account types are there for any type of trader. Considering the accessibility of the tool, licenses from tier 1 regulation, features, etc., OANDA is one of the best forex brokers to have an excellent trading experience. Furthermore, the OANDA rating of 91 is good enough to start trading with them without any hesitation.
But, keep in mind that you will not get hundreds of CFDs with the OANDA. So, if your primary goal is to trade CFDs, you should look at the offered CFDs at OANDA. Although they don’t provide a wide range of CFDs, you will surely get the top CFDs available globally.
OANDA is a great platform for trading Forex in that the company provides an entry for smaller level traders and also on a larger scale, from what I’ve determined. Good and fair spreads. Great customer service.
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OANDA is a rip-off. They have a low-quality education and research section that is useless and misleading. They also have a lot of fake and positive reviews that they pay for. They are not trustworthy and they don’t provide any value.
I regret trading with OANDA. They are a scam. They manipulated the prices and caused me to lose all my money. They also ignored my emails and calls when I tried to complain. They are not regulated and they don’t care about their clients.
OANDA is a terrible broker. They have high spreads, slow execution, and poor customer service. They also charge hidden fees and commissions, and make it hard to withdraw your money. Stay away from them.
OANDA is a joke. They have a outdated and buggy platform that crashes all the time. They also have a lot of technical issues and glitches that affect the trading experience. They are not reliable and they don’t fix their problems.
OANDA is a scammer. They have a shady and dishonest business model that exploits their clients. They also have a lot of hidden clauses and terms that they use to cheat their clients. They are not ethical and they don’t respect their clients.