Oanda Review

OANDA is a global financial services company providing advanced currency solutions to both retail and corporate clients all over the world. In this article, we are going to review this broker’s trading options, tools, platforms, spreads, commissions, security measures, and educational resources to help traders make the right choice.

Oanda Tradable Assets

OANDA offers CFD pricing on a range of financial products to suit clients of all experience levels, goals, fund sizes, and trading habits. Below, we have listed some of the most popular assets availab

• Commodities

  OANDA offers traders 10+ most popular soft and hard commodities, such as Silver, Gold, Brent Crude Oil, West Texas Oil, Gas, Palladium, Platinum, Copper, Corn, Soybeans, Sugar, and Wheat.

• Forex

  The broker suggests 70+ pairs of major currencies including USD, AUD, EUR, GBP, JPY, CAD, and CHF. Also, one can trade less popular and even exotic ones, such as ZAR, SGD, CZK, INR, DKK, TRY, MXN, HKD, PLN, HUF, SEK, NZD, and NOK.

• Indices

  The platform allows trading of 16 major indices from all over the globe. For instance, Germany30, Aistralia200, Hong Kong 33, India50, UK100, France40, Europe50, Japan225, Singapore30, CHINA50, US Wall St 30, etc. are available on the platform.

Please note that the above securities were correct as at the time of publication.
Since then it is likely the above list has evolved.

How Much Leverage does Oanda provide?

The broker offers leveraged trading on all its instruments. However, the size of leverage may vary depending on assets, account type, and regulation. You can see the maximum leverage options below.

• Forex 100:1
• Indices 100:1
• Commodities 100:1
• Bonds 50:1

Please note that leverage exceeding 50:1 is not available to US residents.

Does Oanda accept US clients?

Is Oanda regulated and are my funds protected?

OANDA treats the security of clients' personal data and funds with specific attention. Therefore, it is authorized to conduct digital asset businesses by various world-known financial regulators, such as the Investment Industry Regulatory Organisation of Canada (IIROC), the Financial Conduct Authority (FCA) in the UK, the Monetary Authority of Singapore (MAS), the Australian Securities and Investments Commission (ASIC), the Malta Financial Services Authority (MFSA), Japanese Financial Services Authority (JFSA), and the British Virgin Islands Financial Services Commission (BVIFSC). Besides, the company is registered as a retail foreign exchange dealer with the Commodity Futures Trading Commission (CFTC) and stands forward as a member of the National Futures Association (NFA) in the US. The broker’s liquidity providers are reputable banking institutions such as J.P. Morgan, Deutsche Bank AG, and the Royal Bank of Canada.

Along with that, accounts of customers from Canada are covered by the Canadian Investor Protection Fund (CIPF). In fact, users can get up to $1 million in the event of the broker’s insolvency or bankruptcy. Similarly, clients from the UK are protected for up to £85,000 through the Financial Services Compensation Scheme (FSCS). As for European traders, they can get a €20,000 compensation as well if the company has financial issues.

Account Opening

You can open a live trading account with OANDA in three simple steps. First, complete an application form with your name, country, email, and phone number. Second, verify your identity. Third, deposit the funds you want to start with. After that, you will be able to place your first live trade.

The platform offers a number of deposit options such as bank wire transfer, debit and credit cards, PayPal, Skrill, and Neteller. There is no minimum deposit so you can start with $1 or the equivalent in other platform currencies: EUR, HKD, and SGD.

Account Closing Process

To close your account on OANDA you need to send a request to the support team or your account manager via email. However, before that, it is necessary to fully withdraw your money. Importantly, the platform returns all funds to the source. If you used multiple methods, you must withdraw the total sum to each source in the order you deposited.

Features

The OANDA platform offers its clients a great number of impressive features and tools some of which are listed below.

• Autochartist. In truth, it is the world's leading technical analysis application that provides continuous market scanning, performance statistics, market volatility analysis, etc.
• Affiliate program. Clients can get monthly passive income for attracting new clients to the platform. The reward size varies from 5% to 15% of the spread paid by the referral.
• Historical currency converter. In particular, this tool gives access to real-time rates for major Forex pairs plus 25+ years of exchange rates data across 38,000 currency pairs. In addition, it offers web-based charting and data downloads. Besides, it allows comparing quotes for up to 10 currencies.
• Negative balance protection. In short, this feature protects traders from losing funds. However, only retail clients from the European Union can benefit from this feature.
• Dow Jones FX Select. Specifically, this tool provides real-time news, expert trend analysis, and in-depth political commentary.
• Exchange rates API. In short, this tool delivers data on 200+ currencies with access to 25 central bank exchange rates.
• TradingView. This is an advanced charting solution offering trading through charts, drawing tools, and 65+ technical indicators for analyzing market trends.
• Advanced Trader program. Joining this loyalty program enables users to earn cash rebates from $5 to $15 per million when they meet minimum deposit requirements.

• Standard account. This type is available to all users regardless of where they reside. It comes with no minimum deposit, a floating spread type starting from 1.1 pips, and leverage up to 1:50. In addition, it gives users access to a spread betting sub-account, fully automated execution, and variable contract sizes starting from 1 unit. On the whole, it is the best fit for newcomers.
• Joint account. Basically, this option allows users to trade on the same standard account with their relatives or partners.
• Corporate account. In short, this account is for legal entities, which may trade for financial gain.
• Spread betting sub-account. In fact, this option allows users to access tax-free trading on all of the broker's instruments. However, it is only available to customers from the UK or the Republic of Ireland.
• Professional account. This account requires a minimum deposit of $20,000. Besides, traders must have at least one year of trading activity with 40 opening trades worth at least $50,000 to qualify. Also, they must have an investment portfolio exceeding €500,000 or 1 year of professional experience in the financial sector. In contrast to other account types, this one offers floating spreads from 1.1 pips, leverage up to 1:100, and access to a dedicated relationship manager.

Commission and charges

Usability

The platform offers an improved intuitive interface with fully automated execution. At the same time, it provides access to a range of powerful analytical tools to help traders of all experience levels identify potential opportunities and build a stronger trading strategy. In general, the level of its usability is pretty high.

After registering a live account and making a deposit, one can place a trade on the Oanda platform. First, choose a market. Second, pick an instrument, the number of units, and an order type. Finally, complete the rest of the necessary settings and you can open a position.

The following platforms are available for OANDA clients:

• Oanda Trade platform. In a nutshell, this is the broker’s own platform with Trading View integration. Particularly, one can choose from 10+ chart types, 10 chart layout types, and 50+ drawing tools. Additionally, the platform offers transparent pricing, fast execution speeds, a suite of risk management orders, automated trading, and market data. There is also a possibility to trade directly through charts.
• MetaTrader 4 (MT4). In fact, this platform is mainly optimized for Forex. Some of the major features of MT4 include Autochartist and Expert Advisors. Besides, the platform offers 50+ built-in indicators, a five-minute order book, keyboard trading, and alert trading.

Does Oanda Offer Demo Accounts?

OANDA provides users with the opportunity to open a demo account with access to the MT4 platform. On the one hand, novices can use it to learn how to trade and improve their skills. On the other hand, it allows experienced traders to test new strategies and study trading conditions without the risk of losing money. It is worth noting that OANDA demo accounts never expire.

What Are Oanda's Opening Hours?

In general, the broker's working hours coincide with the global financial markets, i.e. trading is available from 22:00 Sunday to 22:00 Friday (GMT). However, the trading times depend on the type of instrument and are subject to change. For instance, you can trade Forex from 18:10 Sunday to 16:58 Friday while bonds are available from 17:00 Sunday to 16:00 Friday.

Customer Services

On OANDA, the customer service team provides technical and operational support 24 hours a day from 1 pm Sunday to 6 pm Friday (EST time). Clients can resolve their issues by phone, email, or by filling out a feedback form on the website. Besides, every professional trader gets a personal manager and is served on a priority basis. Also, users can reach the broker’s representatives via social media (Facebook, Twitter, and YouTube). Apart from that, users can get help by visiting an OANDA representative office.

Does Oanda Provide Mobile Trading?

Users can trade on the go by downloading the free OANDA app from Google Play or App Store. It offers 32 overlay indicators, 11 drawing tools, 9 chart types, and alerts that inform traders about market changes. Besides, there’s an option to add funds to a trading account from a mobile phone. Apart from this, the mobile application allows you to trade a number of major cryptocurrencies, such as Bitcoin, Bitcoin Cash, Ethereum, and Litecoin. However, the availability of cryptocurrency CFDs varies by region.

Does Oanda Provide Trading Education?

OANDA provides a plethora of educational resources to help clients improve their trading knowledge and technical skills. First, they can use materials that explain the basics of trading, tools, strategies, order types, platforms, etc. Second, there are video tutorials on technical analysis, risk management, and margin trading. Besides, in Classroom users can join live webinars or watch recorded webinars to get insights from professional trading instructors. Another useful resource is the broker’s YouTube channel, where you can find 770+ videos highlighting economic news and providing their analysis.

Frequently Asked Questions (FAQs)

Is OANDA regulated?

Yes, it is regulated in 8 jurisdictions including the US, Europe, Australia, and Canada.

Does OANDA have a demo account?

Yes, it provides a free demo account with unlimited expiration.

Can I trade with leverage on the platform?

You can trade with a maximum leverage of up to 1:100 on all accounts.

How is my money insured?

Clients from European Union, Canada, and the UK are eligible for the compensation scheme.

Does the broker offer an Islamic account?

Yes, clients from Muslim countries can trade 26 popular instruments on a swap-free account.

What is the minimum deposit for OANDA?

There is no minimum deposit amount on the platform.

Conclusion

Out of all brokers available in the market today, OANDA comes with one of the broadest coverage options. The platform operates not only in the US but also in the EU and a number of other regions all across the globe. Its other benefits include a big number of tradable assets, a high level of regulation, and, therefore, a high level of security and a user-friendly interface. The account opening process is comparatively easy.

However, a big number of negative reviews may become a stop factor for those who want to use this platform for trading. Also, other negative aspects such as high withdrawal fees, overnight charges, and limited educational materials do not display OANDA may influence traders’ choices.