OANDA – Everything You Need to Know Before You Trade

OANDA – Everything You Need to Know Before You Trade title=
3.4/5
The best approach to puzzling out the genuine ones and minimizing the risk of falling prey to this set of imposters are in two degrees; the primary and secondary methods. The former involves using the “age” of the company and the number/reputation of organizations involved in regulating the company’s activities.
Min. deposit
$0
Website address
Demo account
Yes
Currency
AUDCADCHFEURGBPHKDJPYSGDUSD
Supported languages
EngFraPorRus
Active
Yes
Payment Methods
ACH TransferChequeCredit CardJCB CardMastercardNetellerPayNowSkrillSwiftTransferWiseVisaWire Transfer
Instruments
CFDCryptoForexSpreadbettingStocks
Min. trade price
$0
Regulated By
ASICBVIFCAFFAJIIROCMAS
MetaTrader 4
Yes
MetaTrader 5
No
cTrader
No
OmniTrader
No
AlgoTrader
No
TradingView
Yes
Trading Central
No
Autochartist
Yes
eSignal
No
STP Account
No
ECN Account
No
DMA Account
No
MAM Account
No
PAMM Account
No
LAMM Account
No
Demat Account
No
Mobile Apps
FxTrade, MT4
Margin Trading
Yes
Volatility Index
No
Spot Trading
Yes
Perpetual Swaps
No
ELWs
No
REITs
No
AI / Machine Learning
No
Robo Advisor
No
P2P Trading
No
Negative Balance Protection
No
VPS Hosting
No
Tournaments
No
Demo Competitions
No
Managed Accounts
No
Market Maker
Yes
Auto Trading
No
Social Trading
No
Copy Trading
No
Trade Signals
No
Islamic Account
No
Guaranteed Stop Loss
Yes
Stock Exchanges
Australian Securities ExchangeCAC 40 Index FranceDAX GER 40 IndexDow JonesEuronextFTSE UK IndexHang SengLondon Stock ExchangeNasdaqRussell 2000
Commodities
CopperCornGoldPalladiumPlatinumSilverWheat
Forex Trading
Take positions on major, minor and exotic currency pairs with competitive trading conditions.
Forex GBPUSD Spread
3.4
Forex EURUSD Spread
1.6
Forex EURGBP Spread
1.7
Forex Assets
70
Crypto Spread
$100
Crypto Lending
No
Crypto Staking
No
Crypto Mining
No
Crypto Auto Market Maker
No
Crypto Coins
AAVE, BCH, BTC, ETH, LINK, LTC, MATIC, PAXG, SOL, UNI
Ladder Options
No
Boundary Options
No
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* The amount that will be credited to the account in the case of a successful deal

*General Risk Warning: Your capital might be at risk

Trustpilot Real Time Reviews

Star

The Trustpilot rating is 3.4,
according to 351 reviews

4.5 Stars
Dan
Dan
stars
gb
Opened a new trading account with Oanda today. Had some questions before opening and the support team answered the phone quickly and were helpful. Account was easy to open and was contacted shortly after by a VERY helpful account manager who was very knowledgeable and answered all my questions quickly. Very impressed with service as a whole.

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Khondkar Hossain
Khondkar Hossain
stars
gb
Oanda is a renowned Broker. I am trading via Oanda. Also I have purchased a 1 year subscription of TradingView. Oanda has reimbursed the full amount and topped up the same amount into my trading account. This is a bonus for me. Spread is tight, execution is fast. My account Manager Georgi is very helpful, his customer service is great. Anytime if I need, I can contact with him and he replies promptly. Overall, it is a good experience trading with Oanda.

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Sunil Gandhi
Sunil Gandhi
stars
gb
I had a problem understanding how to use the trading platofrm and Georgi from OandA contacted me at exactly the time I specified. He took the time to understand my issues and spent all the time I needed to take me through all my questions. He was clear and really knew what he was doing. On top of that I had a really pleasant expereince dealing with him. An organisation with these kinds of people just gives me a good feeling being their customer.

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Wayne Evans
Wayne Evans
stars
us
I haven't ever had any issues. Been trading with them for 3 years and change. I've have been profitable, and I have blown accounts. 98% of orders are filled and TP's are filled. 100% stoplosses filled! LOOOL! Name of the game though! RISK MANAGEMENT! Doesn't matter broker. With out SOUND RISK MANAGEMENT!! You won't become profitable!!! Support has always helped, or fixed an issue. Withdrawal and deposit always smooth. No worries. Will be here a while! I'm still using now.

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Iain
Iain
stars
gb
Been using Oanda for about 4 years. I mostly use trading bots. Some bought on mql5, some I've codded myself. Oanda have a very good API documentation. Brokers have to make money and Oanda does this from the spread (& financing) which is bigger than some competitors. But I feel some competitors seem to have some very odd volatility that you generally don't see on Oanda. Personally wouldn't trust any broker than isn't on trading view. Make of that what you will. Oanda have always paid me out within 48hours. One thing I would like to see return (was removed?) is the option to limit leverage on live accounts.

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Andrey Kolchin
Andrey Kolchin
stars
gb
Great UI, mobile app still works fine on my old Android phone with Android 7 version. Responsive customer support. Would give 5 starts but there were some login issues during last year.

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Content

The best approach to puzzling out the genuine ones and minimizing the risk of falling prey to this set of imposters are in two degrees; the primary and secondary methods. The former involves using the “age” of the company and the number/reputation of organizations involved in regulating the company’s activities.

The second method requires studying the assets provided and the broker’s priorities, but these are secondary factors. This is the scale used to examine different brokers. One notable broker that meets the prerequisites is forex broker OANDA. Here’s a non-exhaustive breakdown of the different categories it qualifies in:

It was registered in 1997, i.e., it has been functional for twenty-six years, nearly three decades. It is regulated by several top-tier regulatory authorities recognized in the forex brokerage industry. Its activities are controlled by the most authoritative institutions known to each representative of this field of activity;

The company’s clients are firms and corporations with legendary names: The Times British Airways, RBS, United Continental, and others. Are the listed parameters enough to confidently register an account on a trading platform – for example, on OANDA – without fear of any “pitfalls” from this company? Let’s examine OANDA in more detail.

The Main Indicators of OANDA That Affect the Broker Rating

The Main Indicators of OANDA That Affect the Broker Rating

OANDA is an abbreviation for “Olsen & Associates” or “Olsen AND Associates,” a forex brokerage founded by Dr. Stumm and Dr. Olsen in 1997 and registered in the United States.

The firm has expanded into a globally reputable and recognized entity offering different services, including currency conversion, FX data service, and the primarily recognized one, its forex brokerage services. In 2001, it became the first fully automated trading platform on Forex.

In addition, it offers a vast range of product catalogs for different assets that have been primary drivers for user acquisition and customers across the operational zones. OANDA’s distinct arms and components elevate its position as among the best-rated brokerage firms.

Top-tier industry authorities regulate it; it has a social trading feature available via ZuluTrade; it allows Trading View for MetaTrader 4; and excellent market research with coverage of important topics. The verification part is relatively arduous as it can take weeks to complete.

Still, it has been the foundation for driving off fraudsters and other suspicious actors aiming to attack the network. Traders’ deposits are stored in separate accounts in well-known banks, which allows the administration of the resource to settle accounts with its customers at any moment if they decide to leave the trading floor.

The customer/client support section is another significant facet of the company, with 24/6 (Sunday through Friday) support willing to assist. The service specialists will answer your questions and quickly address technical and financial problems.

You can use the phone, chat, email, or contact form on the OANDA web resource. Overall, OANDA has a well-dedicated mobile application and responsive website that facilitate convenient usage and enhance smooth interaction with its platform’s features and assets.

Further reading

Regulators

Regulators

OANDA was created by highly qualified specialists in the field of finance and modern methods of online trading, Dr. M. Stumm and Dr. R. Olsen. In 2001, it became the first fully automated trading platform on Forex.

Regulatory compliance is an important facet of any trading platform. It’s important to examine a company’s compliance with financial legislation and the presence of licenses/documents issued by regulatory agencies to ensure it is not a fraudulent platform. OANDA is authorized by different regulatory bodies, including,

  • Japan Financial Services Agency (JFSA).
  • UK Financial Services Authority (FCA).
  • Regulatory Investment Authority (Canada).
  • Monetary Authority MAS (Singapore).
  • CFTC and NFA (USA).
  • Australian Securities & Investment Commission (ASIC), Investment Industry Regulatory Organization of Canada (IIROC).

Through the Financial Services Compensation Scheme (FSCS), OANDA’s UK clients get additional asset protection of up to $85,000, which helps prevent its users in case the firm fails. These listed institutions, some state-run, have excellent reputations and well-established regulations.

Training

Educating clients and setting them through their investment journey is significant. OANDA (just like Forex4You) hosts a suite of educational resources, ranging from webinars to text-based. Despite its rich and well-detailed resources, the available training materials are limited, and there is a lot to know.

The training center is categorized into different segments. Overall, its training center has detailed courses covering technical and fundamental analysis topics; however, it needs to be more explicit and focus more on teaching about the platform.

There’s a drawback to how inefficient and disorganized the training resources are for beginners who have yet to figure using the platform. However, the Demo account feature allows newbies to develop their training prowess.

This way, novice traders with minimal theoretical preparation can begin practice, enabling them to make real financial transactions using virtual currency. You can save money while gaining practical experience.

Further reading

OANDA Key Trading Indicators

OANDA Key Trading Indicators

The administration of OANDA is of the opinion that there is no point in segregating customers according to their account status. Therefore, there is only one standard trading account on a web resource.

Such a decision is welcomed by many traders who believe it is unfair to provide some users of the site with benefits and additional services just for depositing a larger amount of money.

Assets and Tradeables

OANDA describes itself as the forex platform focusing on “all things currency.” This theme gives an overview of what to expect from using OANDA. Certain assets aren’t available on OANDA, limiting CFD offerings.

Individual stocks, ETFs, industry sectors, or cryptocurrencies aren’t up for trading. However, the currency pairs to trade are endless. NB: cryptocurrency is available for purchase via CFD trade, not by buying the underlying crypto assets.  The assets open to clients include

  • Bonds
  • Forex
  • Precious metals
  • Indices
  • Commodities

The problem with this is that OANDA loses a competitive edge over other brokerage platforms offering upward of 1,000 CFD assets.

Given the wide variety of assets in each group, OANDA fully meets the needs and expectations of the modern trader—regardless of if you’re an investor, full-time trader, or scalper. CMC Markets has a 4.2 Trustpilot Rating, higher than Oanda’s. Check out our CMC Markets Review.

Trading Terms

It’s easy to be drenched with the information disseminated over the internet. Certain pieces of information are aimed at misguiding you. For example, one reviewer stated that the company was created in 2001, which is false. Ideally, the appropriate approach is to filter out the noise and take so-called expert reviewers’ advice with a pinch of salt.

This is the launch date of automated trading on Forex, which the unscrupulous “analyst” confused with the broker’s registration. We’ll separate fact from fiction and provide a list of the key trading conditions of OANDA, as follows:

  • There is no minimum deposit (in some sources, it is indicated as $1, which is partially true; a smaller amount, as a rule, is not carried out by the payment system).
  • Maximum leverage is 1:50.
  • Minimum bid – not set.
  • Affiliate program – not available.
  • Islamic account – not available.
  • Automatic trading – yes.

Deposit and withdrawal

Many reviews compiled about OANDA cite the limited number of methods for input/output of financial resources as the main disadvantage of the trading platform. For deposits and withdrawals, traders may use plastic cards (debit and credit), PayPal, or bank transfers.

OANDA offers similar commissions and fees compared to other top brokers and has maintained transparency with the average possible charge for trading specific pairs. The spread on OANDA is slightly above the typical spread on other platforms but compensates with automated trade execution.

Conclusion

OANDA is a top tier broker that has built a solid reputation. It’s mostly known for its in-depth market research, dedicated effort to training and educating users and non-users, and meager fees that are well below the marketaverage price.

There are risks accompanying using broker; however, OANDA appears to have dotted their i’s and crossed their T’s regarding users’ safety and protection making them an outstanding choice.

In the world of business genius Elon Musk, he said, “If you’re trying to create a company, it’s like baking a cake. You have to have all the ingredients in the right proportion.” It’s easy to say OANDA has the needed ingredients and in the appropriate proportion to keep offering quality service.

Further reading