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
This section covers everything about the broker's supported countries, their customer service rating, trading platform, and trading accounts.
This section covers all the trading information you need to start trading with Oanda
-Deposit & Withdrawal
This section covers everything you need to know about the broker’s regulations and customer protection.
-Licenses and Regulation Compliance
Covers all the commonly asked questions about how to trade with Oanda
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.
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.
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.
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:
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.
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.
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.
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.
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.
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:
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: