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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 8/10 (votes 4648)
Author of Oanda: Xalo | Date 2016-04-06
Although the minimum deposit is good, I think they need to increase leverage as it's too low, so you can't create good strategies with such a low leverage. Trading in its platform is very complicated as this is not stable and there are continuous slippages.
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Author of Oanda: Fxone | Date 2016-04-04
Execution is really really slow. This i see like problem. I not need bonsues and so much services like brokers offers but execution id for me on first place but here i not find unfortunately. And support? Really not fine. You must waiting so long times to get reply that all could be fine but what if i sometimes need urgent reply or help and i not have it? Hm? Thats a question is not it?
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Author of Oanda: Allison | Date 2016-04-04
I have used OANDA since 2006, and they are professionals. OANDA is not a scam. Actually, they have steadily provided additional services which I have found very helpful such as — the Global Transfer, the desktop platform etc. Every trader should plan to use more than one broker!
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Author of Oanda: Honey | Date 2016-04-01
The customer Service ignored my follow-up regarding my withdrawal request 3 days ago.
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Author of Oanda: Samson | Date 2016-03-28
I am tired of trading with this broker because of their unprofessional systems. Their execution was very slow that made my trades delayed many times.
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Author of Oanda: fxjelitav | Date 2016-03-22
Given system is very complicated, and sometimes I find it difficult when trading in this broker. The provision of information that is often not clear. I feel broker can't provide maximum service. I saw many traders were disappointed to this broker. Many who leave bad comments for this broker. I guess what they say is true, because I also experienced the same thing.
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Author of Oanda: Andrew | Date 2016-03-14
Oanda is very old and reliable broker, with many licenses. But still it's a market maket that will always be against you. So i advise you to choose only true STP/ECN brokers where conflict of interest will not exist. If you don't know what broker to choose, I can help you , just add me in skype - vovkfx.
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Author of Oanda: Kirsten | Date 2016-03-14
I experienced problems the very first time I replenished my account. I wanted to open some sure-winner positions the next day, but my deposit was delayed for 2 days and I couldn’t seize the opportunity. Fortunately, I also trade with much more reliable brokers.
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Author of Oanda: ForexGenius | Date 2016-03-10
Such a miserable company. I have no less than 4 brokers. Each time I enter a trade price moves against me. Still now don't know how to withdraw from them. They don't have details on their website, and did not reply my email for several times when I asked this question.
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Author of Oanda: Sue | Date 2016-03-02
I have a long and prosperous relationship with Oanda and I still consider them as one of the best and most trustful market makers around. Especially ideal for beginners because of the user friendly platform and flexible position size. It’s really simple and evident to open-close-and modify your trades, orders, SLs and TPs. They are improving as well adding new things to trade with besides currencies. Their customer support is class above, always been very friendly and resourceful.
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