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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: Zet | Date 2016-01-15
: Certainly one of the better brokers I have ever dealt with. Angus is always fast and prompt in his replies to my queries and the spreads are consistently tight during normal market conditions. The commission rates are also very competitive for the MT4 platform option.
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Author of Oanda: Diondra | Date 2016-01-14
Im trading with another broker at this moment because of it, but over all, they are still a very good broker. if they got a better platform they would be close to perfect. it is definitely a broker you should consider if you are serious about trading. I will only rate them as good because of the shitty platform,
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Author of Oanda: Kaye | Date 2016-01-13
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, it’s 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. Their customer support is class above, always been friendly and resourceful.
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Author of Oanda: Zet | Date 2016-01-11
according to the terms and conditoins Unauthorized Activities 8.2.2 different accounts being traded by one trader simultaneously; it is true , i have two accounts but i stopped trading on the first one almost 6 month ago.
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Author of Oanda: Iki | Date 2016-01-08
I am new to trading, and sometimes the information can be overwhelming. I plan on reading more and watching the video tutorials
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Author of Oanda: Salentes | Date 2016-01-06
It's extremely prudent for a broker to follow strict ethical guidelines, we trust them with our money.
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Author of Oanda: Eda | Date 2016-01-06
I have learned a lot from their webinars and the customer service team are always readily available to answer questions and give information.
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Author of Oanda: Loirani | Date 2016-01-05
I think FX’s platforms are okay enough even though they are too flashy. After all, what matters is making more money through forex trading and not good art work
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Author of Oanda: Cya | Date 2015-12-28
Some people comment here without understanding forex at all. It is surprising to me but I guess we can't all be experienced traders.
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Author of Oanda: Nieva | Date 2015-12-28
Please stay well away. This broker has a dealing desk but claims to be an ECN broker.
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