OANDA general information
|Founded in:||1996 year|
|Offices in the country:||
Australia, United Kingdom, Canada, Singapore, USA, Japan
|Minimum Deposit:||0 $|
English, Spanish, Italian, Chinese, German, Portuguese, French, Japanese
USD, EUR, JPY, GBP, AUD, CHF, CAD, HKD, SGD
English, Spanish, Italian, Chinese, German, Portuguese, French, Japanese
ASIC (Australia) license №AFSL 412981
FCA (United Kingdom) license № 542574
NFA (USA) license № 0325821
FSA (Japan) license № 1571.
|Mobile trading:||iOS, Android|
|Types of offered accounts:||
Unlimited Demo accounts, Standard accounts
OANDA Forex broker description
Oanda is a United States-based forex trader that has gained popularity in recent times owing to its service provision. It was formed in 1997 in New York City with the aim of providing exemplary forex trading conditions. Over the two decades that it has been in operation, it has managed to surpass this aim and acquired many clients around the world who appreciate its services. This has prompted Oanda to expand to other territories and states to offer its services in ear proximity to its clients.
Its mode of operation has subsequently earned it superb credence in the forex sector as well as awards pertaining to the same.
To be able to execute trades on the various trading instruments that Oanda offers, you will be required to open a trading account. Oanda has two types of trading accounts which have been distinctively designed to meet individual trader needs. These account types are the demo account and the standard trader account.
The Demo Account
The demo account is a specially designed trading account, that as its name suggests, is meant for demonstrations and tutorials. It is meant to train inexperienced traders who have no idea of the forex trading concept, more so in execution of the trades.it is free to open and requires no deposits as it will utilize virtual funds to help the trader execute trades in a simulated environment.
The Standard Account
The standard account is an account type that is suitable for both novice and experienced traders. It has the following features.
- Base currencies accepted are the United States dollar, the Japanese yen, the Canadian dollar, and the Australian dollar among other units.
- Access to a vast range of trading instruments from CFD's, metals to energy sources. Market type of execution.
- Floating spread type.
- Allows for scalping.
About Oanda and the Security Of Funds.
Oanda as earlier indicated was founded almost two decades ago and it has managed to be a very great name in the forex industry due to its utter resiliency. It has managed to spread its tentacles to other territories. With this, it has also integrated its site to accommodate various languages for its accessibility to all its customers.
It has made great strides mostly due to its great customer service. The services are provided in great trading conditions as well as its great customer service. It has invested in among the best staff who are highly qualified and ensure that the site is up to standards. They are also dedicated to offering the best customer service and are available round the clock to answer the various arising customer queries.
It has set base in many countries around the globe such as the United Kingdom, Canada, Singapore, Japan, and Australia apart from its headquarters in New York City. In these various territories it has proved its legitimacy and credibility by being compliant by the standards set by the various regulatory authorities in these countries. Among the licenses that Oanda has received are as follows.
- It has a license from United States’ commodity futures trading commission that allows it to operate in the United States.
- It is licensed to operate in the United Kingdom by the financial conduct authority (FCA).
- Authorized to run its operations in Singapore by the monetary authority of Singapore (MAS).
- It has a license from Australia’s Australian securities and services commission (ASIC).
- It is authorized to operate in Japan by the local financial bureau.
- It is also a member of bodies such as the national futures association (NFA) of the United States.
- It has a license from the Canadian investment industry regulatory organization of Canada that allows it to operate in Canada.
Among the rules set by these regulatory bodies, is the one which safeguards clients’ funds. Oanda is compliant with these laws and has put up the following measures to ensure so.
- Using segregated bank accounts to separate clients’ funds from the company’s funds.
- Keeping the clients’ funds with credible and trusted banks.
Minimum Initial Deposit
Oanda does not have a minimum initial deposit.
Floating spreads starting from 1.3 pips.
No commissions are charged at all.
In order to enhance its clients’ trading experience, Oanda has invested in some of the best trading platforms. These trading platforms are advanced technologically and come with very excellent features t boot. The trading platforms include the Meta trader4 trading platform, the desktop trading platform and the mobile trading platform.
The Meta Trader4 Trading Platform
Among the best trading platforms, the Meta trader4 is beloved as a trading platform due to its many features which include:
- Advanced charting and analysis tools.
- Good statistical layout.
- Customizable indicators.
- It has a user-friendly interface.
The Desktop Trading Platform
The desktop trading platform comes as a desktop software that you will download and install to your personal computer. Among its many features include:
- Compatibility with most desktop operating systems.
- Comes with advanced charting and analysis tools.
- Has a vast range of drawing tools and customizable indicators.
- It is lightweight hence it will not take much of your device’s storage space.
- It is easy to use courtesy of its user-friendly interface.
The Mobile Trading Platform
The mobile trading platform is the downloadable application that will allow you to trade from your mobile device. Its features are as follows.
- It is very easy to download and launch from its download site.
- It is a lightweight application hence won’t take much of your phone’s storage space.
- Has advanced charting and drawing tools.
- It is easy to use.
Oanda offers promotions and bonuses occasionally but at the moment it doesn’t seem to have any running.
Withdrawals And Deposits
Withdrawals and deposits are easy to initiate and Oanda accepts a host of transaction modes for this. Among the accepted modes include Visa, MasterCard, Neteller, Skrill, and maestro. It also accepts bank and wire transfers. A little fee may be charged on these transactions and it takes a very short time for them to be effected.
Briefly about Oanda
When looking at Oanda customer reviews and comments, you can’t help but notice how lucrative this trader is. As a client signed up with this trader, you are assured of a superb service and exemplary trading conditions such as the no minimum deposit. This is a highly recommendable site for those who want to enjoy the services of a credible forex trader.
Trading accounts of OANDA
- Exceptional Execution
|Trading platforms:||MetaTrader 4, Oanda FxTrade, Meta Trader 4 Mobile|
|Minimum Deposit :||0 $|
|Deposit currency :||
USD - US Dollar
EUR - Euro
JPY - Japanese Yen
GBP - British Pound
AUD - Australian Dollar
CHF - Swiss Franc
CAD - Canadian Dollar
HKD - Hong Kong Dollar
SGD - Singapore Dollar
Number of currency pairs: 72
Energy sources 1:100
4 decimal places
Contacts of OANDA
Recent customer reviews of OANDA
Advantages: No minimum deposit or minimum trade amount
Disadvantages: long time cashout
Comment: Oanda is my top rated-forex broker. It has the best platform, both in terms of its ease of use and in the breadth of the tools it provides. It also offers the most currency pairs, which gives you an opportunity to trade in exotic pairs that have the potential for high returns. It is also a good platform for trading other investment types and may be a good choice if you want to make non-forex investments.
Advantages: stable payments, teaching tools
Disadvantages: wide spreads
Comment: I have been trading for over a year, so far so good. I do not risk much to send. maximum of 1k. But spreads too wide
Advantages: Been around over a decade, teaching tools, social updates
Disadvantages: Low leverage
Comment: Oanda is a good broker and it has been active since 1999. I chose them because no fraudulent broker can survive that long in business, and so far I was right. Everything about Oanda trading is effective and efficient, making them the best broker. I hate that I can't get leverage above 50:1, but in a way that also makes sure I don't lose too much money, kinda like an imposed safety net. Even with low leverage I don't want to change because I only see bigger complains about the other brokers, happy to stay where I am