OANDA Review

OANDA Review Summary

OANDA Rating - 3.47/5 stars

Oanda is well-regulated broker well-suited for traders who prefer low-risk trading and offers unique features such as a comprehensive education suite and low spreads

Introduction

This section covers everything about the broker's supported countries, their customer service rating, trading platform, and trading accounts.

-Supported Countries

-Customer Service

-Platform Accessibility

-Accounts types

Trading Information

This section covers all the trading information you need to start trading with Oanda

-Tradable Instruments

-Deposit & Withdrawal

-Trading Education

-Fees

Company Structure

This section covers everything you need to know about the broker’s regulations and customer protection.

-Licenses and Regulation Compliance

-Customer Protection

FAQs

Covers all the commonly asked questions about how to trade with Oanda

Conclusion

ABOUT OANDA

Supported Countries

OANDA offers its services to clients from over 132 countries internationally. These countries range from Tier 1, Tier 2, and 3 financial services countries. OANDA has obtained regulatory licensing in all these countries and is subject to the financial rules and regulations of the country's watchdog.

Citizens from these countries can access the financial offerings peculiar to their region by signing up on the platform. Supported countries include:

Bahrain, Brazil, Colombia, Dominican Republic, Egypt, Georgia, Grenada, Indonesia, Israel, Kazakhstan, Kenya, Lesotho, Liberia, Madagascar, Malawi, Mauritania, Mayotte, New Caledonia, Niger, Niue, Palau, Papua New Guinea, Paraguay, Peru, Seychelles, Sierra Leone, Suriname, Swaziland, Tajikistan, and the United States.

On the other hand of the scale, OANDA, like many other brokers, is banned from offering its services in some countries. These countries are:

Afghanistan, Albania, Bahamas, Barbados, Botswana, Burkina Faso, Cambodia, Cayman Islands, Congo Dem., Rep. Congo, Rep. Cuba, Gaza Strip, Ghana, Haiti, Iran, Iraq, Jamaica, Jordan, North Korea, Libya, Mali, Mauritius, Morocco, Myanmar, Nicaragua, Nigeria, Pakistan, Palestine, Panama, Senegal, Somalia, South Sudan, Sudan, Syria, Trinidad and Tobago, Turkey, Uganda, Vanuatu, Yemen, and Zimbabwe.

Customer Service Rating

OANDA is rated "average" with 3.2-star ratings on 396 customer reviews on Trustpilot. This average rating suggests the broker's satisfactory performance. Hence, its clientele is comfortable with the quality of trading services rendered by the broker.

On the positive side of OANDA forex reviews, longtime clients applaud the broker for the quality of its company's customer service, its swift withdrawal process, and its analytical trading tools. Some reviews considered the absence of a stop loss feature a plus to be risk-conscious and trading efficient.

On the other side, however, some traders expressed displeasure with the sudden closure of their accounts and withdrawal hitches. Others also complained about the unavailability of local customer support phone lines.

Despite the negative reviews, it's important to note that OANDA constantly works to improve its platform's functionality and its services to its clientele in various regions. Hopefully, these bad OANDA broker reviews will soon be history.

OANDA TRADING INFORMATION

OANDA Trading Platforms

OANDA supports its clients with the MT4 and MT5 trading platforms, including their associated desktop, mobile, and web-based applications.

Metatrader 4

OANDA MT4 is a widely used trading platform, not only for Forex but also for other instruments such as commodities, cryptocurrency, stock index, and stock CFDs. It is renowned for its auto trading features, including algorithmic trading and strategy backtesting with expert advisors. The platform boasts a built-in library of over 50 indicators and tools, analytical tools, algorithmic trading capabilities, customizable alerts, and access to the MetaTrader market and MQL4 community.

Metatrader 5

OANDA MT5 trading platform boasts a more robust and faster backtesting functionality for automated trading algorithms compared to MT4. It also includes several additional features such as a built-in news feed, market depth indicator, economic calendar, technical indicators, 6 pending stop order types, improved strategy tester for algorithmic trading and expert advisors, in-built market trading systems and trading functions, and alerts. Furthermore, the platform provides traders access to scalping robots, exchange trading, forex signals and copy trading, 21-time frames, and 8 order types. With over 80 technical indicators and 44 analytical objects, the MT5 platform also offers traders an extensive range of analytical tools.

OANDA’s Mobile Trading Platform

The OANDA app provides mobile support for both OANDA's best forex trade platforms MT4 and MT5 on Android and iOS devices. While some features differ between the mobile app and web-based platform, such as reduced time frames and fewer charting options, traders can still manage existing orders, calculate profits and losses, and trade on charts available on the mobile app. This OANDA's app reviews remain positive with users finding it intuitive.

OANDA’s Web Trading Platform

Oanda Web Trading platform offers traders an intuitive interface with a suite of advanced technical analysis tools including orderbook overly position ratios, and a news aggregator with a search function. Furthermore, the Oanda trading platform comes with a sophisticated charting package so traders can access in-depth drawing and charting tools.

This Oanda review also discovered that there are Tutorials and guides available to help traders learn about trading principles like how to limit when trading the financial markets.

Trading View

TradingView is a leading online platform that provides advanced charting tools, social networking capabilities, and real-time data for traders and investors. It offers customizable charts and technical analysis with advanced trading capabilities, one of the world’s largest platforms.

Social sharing is a community where users can share insights, strategies, and discuss market trends. The feature allows traders and investors to publish trading ideas, annotate charts with their insights, and share them with other users. This social aspect of TradingView adds a unique dimension, bridging the gap between data analysis and community-driven insights.

TradingView also has a mobile app that is optimized for both smartphones and tablets. The app allows traders to monitor markets, analyze trends, and engage with the community, all from the convenience of their mobile devices.

With an intuitive interface, real-time data synchronization, and a suite of analytical tools, the TradingView mobile app ensures that traders remain connected and informed, regardless of where they are.

OANDA MT4 Vs MT5 Platform

The OANDA trading platform you choose should depend on your trading needs, the assets you intend to trade, and preference for algorithmic trading capabilities. While both platforms offer a blend of functionality and performance, Oanda MT4 is user-friendly and more intuitive. On the other hand, Oanda MT5 offers advanced and more sophisticated features.

So, choose MT4 if you prefer a reliable, time-tested platform with robust charting tools and support for hedging. But, go for Oanda MT5 if you want more advanced Oanda stock trading features, access to additional asset classes, and an integrated economic calendar.

OANDA Account Types

OANDA forex brokers cater to both beginners and more experienced traders alike. Note that the minimum OANDA lot size is 0.01 lots for all account types. These accounts include:

Standard Account

This account offers access to all tradable instruments, with no OANDA minimum deposit required and leverage of up to 200:1. Additionally, the account is commission-free, and the spreads for the EUR/USD start at just 1.0 pips.

Core Account

With this account, traders can enjoy significantly tighter spreads than the Standard Account, starting as low as 0.2 pips for the EUR/USD pair. The account charges a reasonable commission of 4 USD per lot. The minimum deposit required to open a Core Account is 5000 USD, and the maximum leverage allowed is 200:1.

Swap-Free Account

This is also a commission-free account but with wider spreads than the Standard Account, starting at 1.6 pips for the EUR/USD pair since no interest is paid or received. This account only supports USD as the base currency, but other than that, it is similar to the Standard Account. To open a swap-free account, traders must first open a Standard Account and then contact OANDA's customer service to request the change.

Demo Account

This OANDA forex review gathered that the broker’s demo account accurately simulates the conditions of the Standard Account and comes with a virtual balance of 100,000 USD. Traders can continue to use the OANDA demo account indefinitely if they request it from OANDA's customer service.

Trading Denominations

OANDA broker offers a range of trading currency options to its clientele. Here is a list of the major trading currencies on OANDA:

EUR, USD, GBP, CAD, CHF, JPY, AUD, CZK, HUF, NZD, SEK, SGD, DKK, NOK, PLN, TRY, ZAR, CNH, DKK, HUF, MXN, PLN, SEK, THB, ZAR, HKD, NOK, SAR, XAG, XAU, BTC, BCH, ETH, and LTC.

Tradable Instruments

Given that OANDA advertises itself as doing "all things currency," it's no surprise that its primary focus is on forex trading. However, it also offers a range of CFDs, including:

Forex

Bonds

Precious metals

Indices

Commodities

Stocks

Options

The range of tradable instruments the broker offers varies across different regions due to the varying OANDA regulations in each region. For instance, in the US, only Forex CFDs are available, with a selection of over 70 currency pairs. US customers can also trade cryptocurrencies directly through a partner company. Popular US OANDA stocks include:

Leverage on OANDA

Oanda leverage ratios will depend on the country in which you are trading and your account type. This review has highlighted 3 countries and the broker’s leverage, they are:

•  United States

• United Kingdom

•  Denmark

Deposits and Withdrawals

We made an OANDA money transfer review and gathered that on the OANDA platform, traders can enjoy seamless deposits and withdrawals by using any of the available methods and base currencies. These methods include Bank cards, Wire transfers, Payment Services, and Crypto. 

Deposits

Withdrawals

Please note that OANDA only allows withdrawal through funding sources. This implies that depositions made via credit cards can only be withdrawn via that same card. 

All withdrawals are also subject to the broker's hierarchy rules of withdrawing the total sum deposited by each means in a set order. Once these rules are adhered to, trading on OANDA will be seamless.

Please note that OANDA only allows withdrawal through funding sources. This implies that depositions made via credit cards can only be withdrawn via that same card.

All withdrawals are also subject to the broker's hierarchy rules of withdrawing the total sum deposited by each means in a set order. Once these rules are adhered to, trading on OANDA will be seamless.

For more top brokers, make sure to check out our Roboforex review.

OANDA FEES, COSTS, AND COMMISSIONS

OANDA offers competitive spreads with low commissions on forex trades. Oanda fees and costs are generally steep, with high effective spreads across both its defaults and core pricing compared to the best brokers.

However, some extra costs might arise, such as fees for account inactivity or withdrawals. Additionally, traders might encounter charges linked to premium tools or services. You can learn more about Oanda stock trading fee structure here.

OANDA PROMOTIONS, BONUSES, AND CONTESTS

Traders can also access Oanda promotions once they sign up with the broker. You get access to benefits, including spread or Oanda commission discounts, assignment to a "dedicated relationship manager," API support, free VPS and wire transfers, and discounted access to third-party platforms.

Oanda bonuses vary per account type, but traders can expand upon their bonuses per account and offer discounts. OANDA also occasionally offers contests, educational incentives, or partnerships. Therefore, you should continually check the Oanda website for new bonuses and contests.

LEARNING RESOURCES OFFERED BY OANDA

Oanda offers a series of learning resources, including articles, guides, and videos that are available to both new and experienced investors. They offer educational videos and live interactive webinars designed to tackle different parts of trading.

Additionally, the broker also offers a spreads calculator to help traders calculate their spread. The calculator also lets traders see how Oanda spreads have changed over time. The Oanda demo account is also a great way to practice what you learn without risking anything.

However, this Oanda review discovered that the resources are a little disorganized and require some getting used to. The educational materials on OANDA are split into three subsections: Getting Started, Tools and Strategies, and Capital Management. The Getting Started section covers the basic aspects of Forex CFD trading, such as leverage and margin. The Tools and Strategies section covers analysis and market predictions, while the Capital Management section covers risk management and how to apply it in real market conditions. You can learn more about this in their blog.

COMPANY STRUCTURE

OANDA Licenses and Regulatory Compliance

Since its inception in 1996, OANDA has maintained a remarkable regulatory compliance record, registered with the CFTC, NFA, and FCA. The broker prioritizes regulatory oversight of its subsidiaries and the safeguarding of its traders, ensuring that it adheres to all regulatory requirements in the different regions it operates. OANDA forex broker's best subsidiaries and their respective watch dogs are highlighted below:

OANDA Corporation

This subsidiary is a registered Retail Foreign Exchange Dealer (RFED) in the U.S. and is subject to the U.S. Commodity Futures Trading Commission (CFTC) regulations. It is also a Forex Dealer Member (FDM) of the National Futures Association with registration number NFA # 0325821.

OANDA Asia Pacific Pte. Ltd

This is the broker's subsidiary in Singapore, and it is regulated and licensed by the Monetary Authority of Singapore with CMS Licence Number CMS100122-4. It is also a member of the International Enterprise Singapore with Commodity Brokers Licence Number OAP/CBL/2012.

OANDA (Canada) Corporation ULC

Our OANDA Canada review discovered that this Canadian subsidiary is regulated by the Investment Industry Regulatory Organization of Canada (IIROC).

OANDA Europe Limited

This OANDA subsidiary serves the entire European region and is authorized and regulated by the Financial Conduct Authority under license number 542574.

OANDA Japan Inc.

This OANDA Japanese subsidiary has a Type 1 Financial Instruments license from the Japanese Financial Services Agency. The company is registered under the Kanto Local Finance Bureau with license number #2137. It is also a member of the Financial Futures Association of Japan with registration number #1571.

OANDA Australia Pty Ltd.

This is OANDA's Australian subsidiary, and it is regulated by the Australian Securities and Investment Commission (ASIC) with ABN 26 152 088 349 and AFSL number 412981.

OANDA Customer Support

Many OANDA reviews agree that the broker has unique customer care support for its prospective and existing clientele. The broker's customer support service is available to existing clients 24/5 between 8:00 and 20:00 CET. The broker's customer care lines are:

Prospective clients can contact the customer support service 24/5 from 9:00 to 17:00 CET on the following phone lines:

CONTACTS OF OANDA

OANDA's sales team can be contacted via email at [email protected], and relocating Europe clients can contact [email protected] for seamless transfer of their investments. The broker's customer support team can provide support in English, French, German, and Spanish.

OANDA Customer Protection

This OANDA broker review gathered that the broker takes the financial and data protection of its clients seriously. This is evident in the broker's efforts to ensure the safety and security of its clients. This OANDA forex review discovered that some of the broker's customer protection measures include:

- Regulatory Compliance

As mentioned earlier, OANDA is regulated by several financial regulatory authorities, including the U.S. Commodity Futures Trading Commission (CFTC), Monetary Authority of Singapore (MAS), International Enterprise Singapore (IE Singapore), Financial Conduct Authority (FCA), Japanese Financial Services Agency (FSA) and Australian Securities and Investment Commission (ASIC)s. These regulatory bodies ensure that OANDA operates with transparency, fairness, and compliance with applicable Trading Information

- 2 Factor Authentication (2FA)

The broker uses this feature to protect its clientele's account and funds from unauthorized access. Traders, however, have to enable the 2FA feature to enjoy this protection.

- Comprehensive, Cutting-Edge Security

OANDA has invested significant resources into creating comprehensive security coverage to ensure your data is kept secure and private. With an internal security team, partnerships with multiple industry-leading security firms, and round-the-clock monitoring by a security operations center, the broker ensures that its platform is inaccessible to third parties.

It is important to note that each account's protection amount varies depending on the region the account is held. ESMA-mandated negative balance protection is offered by OANDA Europe Limited, while OANDA Asia Pacific Pte. Orders for guaranteed stop-losses are available from Ltd. OANDA Corporation in the U.S. does not provide its clientele with any of the above protections.

FAQs

Does OANDA accept US clients?

Yes, Oanda accepts US clients, though only for forex. Oanda is one of the few forex brokers that accept clients from the United States. Oanda regulation by top-tier authorities in the United States, including the US Commodity Futures Trading Commission (CFTC) and NFA (National Future Association) makes this possible. This ensures that US traders have a secure and transparent Oanda trading environment in line with the stringent regulatory requirements of the country. However, before opening an account in the United State, ensure you familiarize yourself with local trading restrictions and leverage limits imposed by the CFTC.

Is OANDA legit?

Yes, OANDA is considered safe and secure. The broker is a legitimate and well-established forex broker operating since 1996 and Oanda is regulated by several top-tier financial authorities globally, including the US Commodity Futures Trading Commission (CFTC) and the UK's Financial Conduct Authority (FCA). These rigorous regulatory frameworks ensure that OANDA upholds strict standards of transparency, security, and fairness, making it a trusted choice for traders worldwide.

Is OANDA a regulated broker?

Absolutely, OANDA CORPORATION IS A MEMBER OF NFA AND IS SUBJECT TO NFA's REGULATORY OVERSIGHT AND EXAMINATIONS. Established in 1996, OANDA is regulated by authorities such as the US Commodity Futures Trading Commission (CFTC), the UK's Financial Conduct Authority (FCA), and others in various jurisdictions. You can always check the latest regulatory details on OANDA's official website or with the respective regulatory bodies.

Is OANDA a good Forex broker?

Yes, OANDA is in the top tier of online forex brokers and is often recognized as a reputable forex broker, offering competitive spreads, a user-friendly platform, and robust research tools. With a long-standing history since 1996 and regulation by top-tier authorities, many traders trust OANDA stock trading for its transparency and reliability. Oanda reviews have also pegged the trader as a good forex broker.

Does OANDA have high fees?

OANDA offers competitive spreads with low fees and Oanda commision. The broker's costs and fees are low in general when compared to other brokers. However, you might have to pay fees associated with inactivity, withdrawals, or premium tools. We recommend that you compare Oanda fee structure with other brokers and assess its cost-effectiveness based on individual trading habits and needs. You can find the detailed fees here.

What is the minimum lot size for Oanda?

OANDA stands out for its flexibility in trade size, allowing traders to trade units rather than standard lots. A standard lot is 100,000 units of currency. The minimum OANDA lot size is one unit of the base currency, which essentially means you can trade as little as one currency unit. This scale is advantageous for precision and risk management, especially for small account sizes and Oanda stock trading.

FINAL THOUGHTS

In conclusion, OANDA is a reputable name in the forex market with a rating of 3.76/5; the broker sets itself apart with top-notch trade execution and transparency. The user-friendly platforms make it a good match for novice and experienced traders. Furthermore, the broker offers a low competitive spreads and accepts clients worldwide, even in the United States. Users get access to an extensive range of educational materials, including videos and webinars designed for any stage of experience.

However, OANDA's range of product offerings is relatively limited compared to its competitors, which is reflected in its ratings. Although its regulatory provisions are impressive, additional clientele protections would be desirable. Consider comparing the broker with other brokers to get the value. You can explore the best forex brokers on our site for reviews on all the Forex brokers.