Oanda Review

MIN. DEPOSIT $1
Up to 50:1
0 Users (0 votes)
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Overview

Company Information Oanda is one of the most recognizable names in the online trading history. The Oanda Corporation was created in 1995, and their forex trading history began in 2001…. more

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Details

Broker Oanda
Website URL https://www.oanda.com/
Founded 1996
Headquarters London, United Kingdom
Support Number +44 20 3151 2050
Support Types Phone, Contact Form
Languages English, Chinese, German, Spanish, French, Italian, Japanese, Portuguese, Russian
Minimum 1st Deposit $1
Minimum Trade Amount 0.01 lots
Maximum Trade Amount 100 lots
Payout Up to 50:1
Free Demo Account Yes
Regulated Yes
Regulation Many regulators in different countries
Account Types Live, Demo
Deposit Methods Visa, MasterCard, PayPal, Wire Transfer
Withdrawal Methods Visa, MasterCard, PayPal, Wire Transfer
Types of Assets Forex, CFDs, Precious Metals
Account Currency USD, EUR, GBP, CAD, HKD, JPY
US Traders Allowed No
Mobile Trading Yes
Tablet Trading Yes

Full Review

Company Information

Oanda is one of the most recognizable names in the online trading history. The Oanda Corporation was created in 1995, and their forex trading history began in 2001. Their country of origin is Canada, but they’re mostly recognized with their US subsidiary in Delaware. Nowadays, the company has offices in Toronto, New York, San Francisco, London, Tokyo, and Singapore. As a legitimate company with over 20 years of experience in the Forex trading industry Oanda have made the effort to acquire all the needed licenses. They are regulated by the NFA, ASIC, FCA, FFAJ, CySEC, and MiFID. It is the only forex broker that has managed never to be fined by the CFTC or NFA. With such a spotless record it’s easy to see why millions of traders have chosen to join the platform and take advantage of the services they offer. The have been ranked amongst the best in the industry by many reviewers and have won many awards throughout the years. They have some of the most accurate databases in the world and can handle more than a million queries every day. Let’s see what their forex trading services look like.

 

Trading Information

Oanda is mainly famous for their Forex trading and, in fact; there’s an estimation that shows that more than 20% of the world’s forex trading goes through their servers. The number of currency pairs the offer is the incredible 72 which well above the industry standard. Despite their main focus being the Forex, they also have gold and silver and CFD’s as trading instruments.  Spreads are fixed and go around 1.2 pips. Their leverage is limited to 1:50 for all trading instruments but in some cases European traders can go up to 1:1000 and even higher. Scalping and hedging are allowed.  Trailing stops, one-click trading, and automated trading is possible along with chart trading. OCO orders and limit order are not available for now, but will soon be implemented.  There no email alerts but you can get mobile alerts.  There is no dealing desk which makes faster execution possible, and trading is less complicated. Minimum margins are variable depending on the currency pair chosen. They can go from 2% to 4%. There is only one type of account available with a minimum deposit requirement of $1.

 

Trading Platforms

As a well-known brand and with a lot of history behind it Oanda have chosen the reliable and stable Metatrader4 platform. It goes without saying that this is the most popular choice for online brokers as the platform is simple and offers all the needed features and options.  However, the company has decided to make their platform that can offer more tools and visuals. The fxTrade platform will allow you to have a simpler interface and the opportunity to trade easier with high volumes. Both platforms require download and installation, and there is no web trading platform for now. For people who prefer don’t have access to a desktop computer all the time and travel a lot, there is the fxWeb app. It’s available for both Android and IOS and allows some excellent customizations. There is also a demo platform available for all people who would like to try a risk-free trading experience.

 

Security and Customer Services

To win that many awards mean that Oanda has made some right choice throughout the years and their customer service is flawless. The option of having segregated and managed accounts is something that many of their competitors lack. Their registration page is protected by an SSL encryption that ensures all personal data is safe. Their “open and transparent” policy shows that they mean to stay legit and under the regulation of all financial authorities. Customer support is the usual 24/5 and is nothing but excellent.  The site is translated into 10 languages, and the company’s representatives can speak 8 of them. You can contact them via phone, email, live chat or using their online contact form. Something that the people from Oanda are very proud of is their educational program. The have the so-called “Academy” where beginner traders can get the free education. There is also the “Premium” option of their educational program that is reserved only for Oanda clients. Helpful links to online magazines about trading markets are available on their site.

 

Deposits and Withdraws

Deposits and withdrawals depend on the Oanda registration division that your country has. With some minor differences, the usual payment methods are credit and debit cards. Bank wire is also available and if you have access to one of their offices the checks are also accepted. Digital wallets like Paypal are also available and usually are the fastest deposit method and withdrawal method. Processing times are quick, and there are no internal deposit fees charged by the company (there might be from your bank or the usual 2.5% from PayPal). Withdrawal options are the same as the deposit methods. There are some fees charged for withdrawals when they are more than 1 per month. You can choose from 9 currencies for your account.

 

Deposit Bonus and Loyalty Programs

There are no bonuses offered by Oanda in most of their divisions. There is, however, one bonus offer in their Asia Pacific division (OAP). It’s a $100 welcome bonus which has a $200 deposit requirement. It’s a limited time offer at the time of writing this review, so don’t be surprised if it’s already expired when you’re reading it. Despite the lack of welcome bonuses, Oanda has held a lot of trading contests throughout the years, and some of them have very generous prizes. They also depend on the country you’re registering from, so be sure to check if there is such a contest for this particular division.

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