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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: Scas | Date 2016-02-02
Hi everyone, I am struggling since longtime but my money is stuck in the platform hence with them. Poor customer support No technical analysis or guidance provided Delays in deposit transfer to account which creates panic and you have to hedge at higher levels. Although they promise you trade recommendations, they leave you to trade on your own and incur losses.
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Author of Oanda: Ntxa | Date 2016-01-29
I opened an account with them because all the good reviews here and the "deposit bonus" can be withdraw with a certain number of trades and volume, however when I ask for my bonus they said that the bonus is just for MT4 accounts, (I choose ctrader account) but when I check again the "bonus rules" they said: Deposit bonuses can be credited to any account type.* I contacted them in the live chat and told me: MT4 accounts are meant, sir. Both Micro and ECN accounts are eligible for this promotion. And that's how I didn't receive my deposit bonus by a lack of information in the web page.
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Author of Oanda: Namsa | Date 2016-01-27
They are a big scam. They took my money $1900 by a fraud. Please don't use them. They will eat your money.
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Author of Oanda: abarky2k | Date 2016-01-26
I only got half of my deposits & the rest was eaten by these crooks.
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Author of Oanda: Ceros | Date 2016-01-26
Every time I wanted to place an order if it was to my advantage it would freeze up or give me the trade when it was too late. If the market was not to my advantage it would let the negative position go through so fast it's unbelievable. There scams are shown clearly like day light. Please be very careful. Please be aware that every positive review you see here are by someone representing the broker. Not everyone want's to spend there time to promote other brokers for free.
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Author of Oanda: Loya | Date 2016-01-22
Their customer support truely go out of their way to accomodate all questions. is a truely reliable plaltform to handle your trades.
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Author of Oanda: Supplet | Date 2016-01-20
I've tested out a demo account for a month and found that their servers froze at least a few times a day but what worried me the most was on 12th of August 2015 at 16:06 there was a spike in the EURUSD of 20 pips down then up.
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Author of Oanda: Priz | Date 2016-01-19
hen the broker initiative was strongly and illegally adjusted by changing the opening prices. For example, USD / CHF trades and EUR / CHF trades open price was changed about 1200-1300 pips against me. I lost thousands of euros profit. I think FXDD Scam number one.
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Author of Oanda: Lantin | Date 2016-01-18
what a pity! i have to cancel the five star review,because they canceled my profit usd1064.71 without an reasonable reason.my account is 152282,the order ticket is 26586006. detail is below 26586006 2014.05.09 15:30 buy 2.00 usdcad 1.0837 stoploss 1.0823 TP:1.0895 2014.05.09 15:30 1.0895 0.00 0.00 TRADE P/L 1064.71
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Author of Oanda: Manan | Date 2016-01-18
The server appears to have crashed a few min ago ans their web site is unavailable. I sent an mail to support and the account executive and have not received a response. I hate to think what traders are doing now who were in the middle of a trade and need to monitor their trades and perhaps exit them. This is totally unbelievable !
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