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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: 4x_LeRoy | Date 2016-02-23
I have never seen such a horrible service! Sorry, guys, but when you say you will update my account balance - you should probably do that (it's now >8 days since you promised), and when you say you will resolve a small server problem in 2 hours - it should not take 3 days (promised twice, but the issue is still unsolved). The worst service I've ever seen, sorry... I'll have to find something else now.
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Author of Oanda: vivnz | Date 2016-02-23
I totally regrets my decision. I opened an account 4 months ago, at first everything went well. I got no issues and no tricky behavior that has been shown. Everything changed when I requested to get my earnings, that would be $6000 in all. First, they told me that my account was under supervision and they would contact me once they're done. Second, a few weeks later, I sent an email to follow my temporary disabled account but to my surprise they told me that they couldn't undone my account because I heavily violated the rules. My question, which rule that I had broke? Why they only made an action after I requested to take out my earnings?
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Author of Oanda: Urseer | Date 2016-02-16
horrible customer service. very wide spreads. false advertising about their ECN non-disclosure of financial statues making it impossible to gauge counter-party risk. I opened an account then closed it in 2 weeks.
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Author of Oanda: Hdi | Date 2016-02-16
I have never had a problem withdrawing except if you top up the account with a credit card you can't withdraw to a bank account for 3 months which can be annoying.
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Author of Oanda: Santa | Date 2016-02-12
started out as a good broker (I have been here for over two years), they are now destroying themselves .... I have no words to describe the small scams that I'm getting every day. I'm opening a complaint with the FSCL, I'm really angry
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Author of Oanda: Bane | Date 2016-02-10
this broker's MT4 has big problem and they used to hung and stop their MT4 . i have lost my money and they scam and fraud with me. i gonna put complaints against this scan and fraud broker.
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Author of Oanda: Giusi | Date 2016-02-09
The fills are fast and the platform is fine, but the customer service is the worst... and I do mean the worst. Representatives have an attitude and don't take anything you say seriously. Trouble tickets are probably thrown in some corner and forgotten.
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Author of Oanda: nguidot3 | Date 2016-02-08
Oanda does not have a complete trading tools. Some of the important tools are not included in demo account.
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Author of Oanda: Kosav | Date 2016-02-05
Good broker all around. no complains at all. I have been with them for over a year. You get everything as they claim.
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Author of Oanda: Yne | Date 2016-02-04
Quick fills off news, variable spreads can be very good at times, and a very intuitive platform (does require a restart from time-to-time when connected for long durations)
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