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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: Mazila | Date 2010-08-08
The demo platform behaves in exactly the same way as the actual one. They have very good customer support. But they have extremely wide spreads during news too.
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Author of Oanda: Freddy Trader | Date 2010-07-24
oanda sucks. i haven't faced a single problem, but now i'm so angry so i guess i could blow up their office! here's my story. i transfered my funds via bank and the money appeared at the account just in two days. now when i ordered a withdrawal, i've been already waiting for 3 damn weeks!! what's wrong with the withdrawals? what has changed since i made the deposit? i ll tell you what! they just don't want to pay! they tell me it's the bank's problem. but how can it be if i use the same banking details? and i consulted their client manager before making request. he said everything was fine. now what? when will i get my money back?
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Author of Oanda: Saho | Date 2010-06-24
I've been using Oanda for a few months now and so far have been very happy with both their platform and customer service. As mentioned by some, sometime during major announcement the spreads will spike to around 10 pips but thus far this has not effected my trading. The other things I like about them is that there is never any requoting like other brokers. Also processing of deposits and withdrawals has been very quick. I'm glad I chose them over other brokers.
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