OANDA Corporation, established in 1996 as an FX rate provider in Delaware, USA, has expanded to become a multi-service financial company offering retail forex trading, Forex data services for institutions, and exchange rate information. The broker is well-suited for traders who prefer low-risk trading and offers unique features such as a comprehensive education suite, 1.0 pips spread, commission-free trading, and no minimum deposit.

OANDA Corporation best provide its clients with a reasonable selection of trading instruments, including Forex pairs, indices, commodities, cryptocurrencies, and options, which is adequate for traders starting in the Forex trading space. The broker supports the MT4 and MT5 platforms, and a range of helpful trading tools are available to help traders make informed trading decisions.

Interestingly, this OANDA  review gathered that the broker offers varying account protection based on the client’s region. For example, OANDA Europe Limited offers ESMA-mandated negative balance protection, while OANDA Asia Pacific Pte. Ltd. provides guaranteed stop-loss orders.

Supported Countries

Despite OANDA’s global presence, OANDA Corporation exclusively serves clients from the United States.

Customer Service Rating

OANDA is rated “average” with 3.4-star ratings on 351 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 complaints will soon be history.

OANDA Trading Platforms

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

• MetaTrader 4: The MT4 is a widely used trading platform, not only for Forex but also for other instruments such as commodities and cryptocurrency. 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.
• OANDA’s Mobile Trading Platform: OANDA provides mobile support for both OANDA’s best forex trade platforms MT4 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 best forex trading app is a decent trading platform.

Trading Denominations

Base currencies accepted are the United States dollar, the Japanese yen, the Canadian dollar, and the Australian dollar among other units. 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.

Company Structure

Since its establishment in 1996, OANDA Corporation has been registered with CFTC/NFA.

OANDA Corporation is regulated by the CFTC/NFA. OANDA is a member Firm of the NFA (Member ID: 0325821). CFDs are not available to residents in the United States.

OANDA Corporation Licenses and Regulatory Compliance

• 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 Corporation Customer Protection

This review discovered that some of the broker’s customer protection measures include:

• Regulatory Compliance: As mentioned earlier, OANDA’s different subsidiaries are regulated by several financial regulatory authorities. OANDA Corporation (US Subsidiaries) is regulated by the U.S. Commodity Futures Trading Commission (CFTC) and is also a member of the National Futures Association (NFA) of the United States. 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.

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

 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 ACH, Debit/MasterCard, Debit/Visa and Wire transfers,. When withdrawing via wire transfer OANDA will charge a fee on these
transactions.

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.

OANDA Trading Education and Training

A series of educational materials, such as videos and articles, are available for new and experienced investors. The materials available on OANDA are good for novice traders; Much of the advanced content on this platform is geared toward individual tools.

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 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.

The broker also hosts live webinars covering various subjects on market analysis and economic analysis. The platform also features the “OANDA classroom,” a series of webinars on live market analysis and basic platform navigation and analysis.

OANDA promotions, bonuses, and contest

Traders can also access OANDA promotions once they sign up with the broker as an Elite
trader terms and conditions apply. If you meet requisite trading volumes, you get access to benefits, including spread or OANDA commission rebates, assignment to a “dedicated relationship manager”, API support, free VPS and wire transfers, and discounted access to third-party platforms.

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 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.

Conclusion

In conclusion, OANDA is a reputable name in the forex market with a rating of 3.9/5; 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 in the United State. 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.