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Oanda review
Oanda


On-line since: 1996
Country of origin: The United States
Regulation: NFA, CySEC, ASIC, CFTC, MiFID, FCA
Payment options: cheques, credit cards, wire transfers
Minimum account size: 0$
Minimum lot size: 0.00001 lot
Leverage: up to 1:50
Spreads: floating

About the company:

OANDA is one of the pioneers of online trading in the world. The company was founded in 1996 by computer engineering professor Michael Stumm and Dr. Richard Olsen, a specialist in econometric research.

Trading platforms

OANDA offers two trading platforms MetaTrader4 (MT4) and FXTrade WebTrader.

FXTrade has simple but efficient interface and fast execution speed. According to OANDA, the platform executes deals in less than a second. The platform has the function of charts plotting; traders can test their trading strategies, view financial news and market analysis from leading news providers.

Moreover, OANDA offers the MetaTrader 4 platform, which is very popular as it allows traders to fully automate their

transactions. Tech-savvy traders can build their own automated trading systems with the help of OANDA FXTrade API.

Trading conditions

The line of trading assets includes currency pairs, indices, commodities and bonds, CFDs and precious metals.

The good news is that OANDA does not require the minimum deposit to open an account, leaving the decision up to traders. This is especially attractive to those who are not ready to invest a lot of money. The company has one standard account category.

Commission and spreads

The broker offers floating spreads. For the EUR/USD pair, the spread is 1.4 pips on the whole, which is the average in the industry. Spreads for indices start from 0.5 pips.

Clients can make use of commission-free trading as OANDA does not charge commission for its services and for maintenance of accounts. The broker’s earnings come from spreads.

Education and analysis

Traders can learn with the help of video training and webinars. They can monitor up-to-date financial news and experts’ analysis of market trends. In addition to this, traders can take advantage of the economic calendar and articles about Forex, which can be interesting for both newcomers and professional traders.

Client support service

The client support service is available round-the-clock from Sunday (13:00 EST) until Friday (18:00 EST). For more efficient communication, clients are offered to choose the product with which they have difficulties so that they are automatically connected with the right specialist.

Traders can ask their questions by phone, email, fax, chat or by visiting the company’s office in the US, Canada, the UK, Tokyo, Australia, or Singapore.

Regulation

OANDA is regulated in six countries by local regulatory bodies – NFA, CySEC, ASIC, CFTC, MiFID, and FCA.

Conclusion

The popularity of the broker among traders is due to the option of automated trading, absence of requirements for minimum deposit and trading volume.

Brokers’ advantages:

  • variety of trading platforms;
  • no initial deposit requirements;
  • no restrictions on minimum lot size;
  • no commission for account service.

Broker’s disadvantages:

  • the broker is a market maker;
  • it has low leverage.

Oanda 9/10 (votes 4137)
Comments Interested in other brokers?
Author of Oanda: piphence | Date 2017-09-19
OANDA is an excellent broker and I had a lot of good experience with this broker and their service. I fell easy to trader with them using their super-fast platform that process every order easily and fast. I also like this broker because I can make very minimum deposit without a limit and they had bonus offer which 30% in every deposit. Every time I get excellent service that make every trading process run fast and accurate. I complete my withdraw process about 4 hours and I can do it via wire transfers. I can also trade by their mobile apps or web traders from anywhere, so I think they a highly recommended broker.
Author of Oanda: pinpincahya | Date 2017-07-31
They support wire transfer for only $20 and they have a very nice platform. They also support all of the operating system including in the mobile and tablets. I would say they used to have really good spreads that go as low as 0.8 pips for EURUSD during a certain period The staff has always been good to me..I highly recommend them and hope they continue accepting US clients!
Author of Oanda: Sans | Date 2017-04-18
For 6 months of trading with Oanda, I learned a lot and experienced to be a better trader. My account number is 4235615 and started out with $100. Everything went fine and even my account manager has been very helpful and professional. The trading conditions were good and never got any requotes. The withdrawal and deposits are fast and I used Bank transfer so it can process quickly. I increased my funds to $550 now and so far my trades are doing better because their platform and charts are fair.
Author of Oanda: Vind | Date 2017-03-15
I joined up with Oanda on the recommendation of another trader. Upon downloading the platform I was having trouble with indicator loading so I contacted the Customer Support. The help I received from the lady at the other end was just superb. I won’t go into all the details but nothing was too hard for her and I have never had such great Customer support. Finally we got things up and running and she offered to come back the next day which she did. I am looking forward now to live trading with Oanda, they’re high on my list and other comments left by traders here seem to agree that this is a good company to deal with.
Author of Oanda: Amy | Date 2016-11-28
This company never has given me any issues with any withdrawal or any of my scalping trading style or the signal providers I use. I highly recommend them. If you are a position trader they are the best out there. Excellent and fair interest rates that reflect actual money market conditions. No better place for carry trades.
Author of Oanda: artzee2011 | Date 2016-09-23
There was a time that my profits were cancelled. When I requested for a refund about the money that I lost, they simply told me to review my trading strategies. According to them, they could not make a refund because I heavily broke the rules. So, I tried to review my trading history and found nothing. I didn't break any rules. This company fabricates lies just to prevent the clients from withdrawals. My profit that time was only $76 and the amount was too small for a big Forex company like them. How could they do that to me?
Author of Oanda: Howie | Date 2016-09-20
I have been using Oanda for the past month after reading many positive reviews of their broker platform and services. The first technical problems, I had with their Java FXTrade platform which suffered from 'connection problems' during trying to close out a winning trade. The charting software isn’t the best that I have used but they also offer MT4 for use. This gave me more problems. Trades would sometimes be executed straight away, other trades were sometimes up to 15 second delays. I had the last withdraw today when trying to trade around news time. Their Java FXTrade was 'lost connection' again when I’ was in a winning trade. Upon logging back into my account, the winning trades appeared to be losses removed from my account. I am sad to say the Oanda is the same as all the other bucket shop outfits out there. I was really hoping that they would be the broker I stick with, goodbye Oanda, I do not recommend Oanda to any trader.
Author of Oanda: Nieve | Date 2016-08-16
They offer a lot of features, which can push them even further, if only the order execution and customer support weren’t at this poor level. They apparently have problems with profit calculations and also with explaining about these calculations.
Author of Oanda: Charles56 | Date 2016-08-01
I don't like this broker. Their support is not helpful. My profits were cancelled with no prior notification and I don't know the reason yet. I don't understand their weird rules.
Author of Oanda: Favbian | Date 2016-07-11
The offer from this broker is very poor. They don´t solve customers problems immediately, sometimes you must wait for 2 or 3 days. It is horrible!
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