Your 2024 Go-To Guide: Understanding OANDA Before You Trade

Your 2024 Go-To Guide: Understanding OANDA Before You Trade title=

This Trading Platform is available in Ukraine

3.4/5

OANDA, as per the collective voice of users on platforms like Trustpilot and Sitejabber, seems to have garnered a reputation for being a reliable and user-friendly broker. Customers appreciate their transparent pricing and the accessibility of their trading platform. The customer service is often highlighted as responsive and helpful, addressing issues with professionalism. However, there are mentions of occasional frustrations regarding withdrawal delays and some users find the platform's interface a bit challenging to navigate at first. Overall, traders express a sense of trust in OANDA's services, citing its regulatory compliance and established market presence as key factors that contribute to their confidence in using this broker for their trading needs.

Min. deposit
$0
Website address
Demo account
Yes
Currency
AUDCADCHFEURGBPHKDJPYUSD
Supported languages
ChiEngFreGerItaJpnRusSpa
Active
Yes
Payment Methods
Bank WireCredit/Debit cardsPayPal
Pros
  • Regulated in multiple jurisdictions
  • Advanced charting and analysis tools
  • No minimum deposit
  • Negative balance protection for European clients
Cons
  • No MetaTrader 5 or cTrader
  • Inactivity fee
  • Limited product portfolio compared to some competitors
Awards
Multiple awards for excellence in FX trading and technology
Bonus
None
Instruments
BondsCFDsCommoditiesForexIndicesPrecious Metals
Min. trade price
Depends on the instrument
Regulated By
ASICCFTCFCA (UK)FFAJ (Japan)IIROC (Canada)MAS (Singapore)NFA (US)
MetaTrader 4
Yes
MetaTrader 5
No
cTrader
No
OmniTrader
No
AlgoTrader
No
TradingView
No
Trading Central
Yes
Autochartist
Yes
eSignal
No
STP Account
No
ECN Account
No
DMA Account
No
MAM Account
Yes
PAMM Account
No
LAMM Account
No
Demat Account
No
Mobile Apps
Yes, for iOS and Android
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
Inactivity Fee
Yes, after 12 months of inactivity
Guaranteed Stop Loss
No
Stock Exchanges
Not directlyonly through CFDs
Commodities
Yes, including metals and energies
Forex Trading
Yes
Forex GBPUSD Spread
Varies with market conditions
Forex EURUSD Spread
Varies with market conditions
Forex EURGBP Spread
Varies with market conditions
Forex Assets
70+ currency pairs
Crypto Spread
Not available
Crypto Lending
No
Crypto Staking
No
Crypto Mining
No
Crypto Auto Market Maker
No
Crypto Coins
Not available
Binary Options
No
Payout Percent
Not applicable
Expiry Times
Not applicable
Ladder Options
No
Boundary Options
No
Show all >>

* 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

Content

Selecting a trustworthy broker can be tough, especially if you’re new to the world of trading. Sadly, many beginner traders get swindled by scam brokers if they don’t know what to watch out for.

When searching for a reputable forex broker I came across OANDA. I was pleased to see that ticks all the right boxes and gives traders potential trading opportunities. Here’s why OANDA is a standout:

  • OANDA has been around since 1997. That’s over 26 years of industry experience.
  • Several top-tier regulatory bodies supervise OANDA. This means they’re accountable and must maintain high standards.
  • Prestigious clients such as The Times, British Airways, and RBS trust OANDA, which speaks volumes about its reliability.

After careful research, I can confidently say OANDA is a top choice for traders like me.

your-2023-go-to-guide

Regulators

“Happiness has many roots, but none more important than security.” — E.R. Stettinius, Jr.

Everyone prioritizes the security of their money. That’s why I investigated how secure OANDA is for trading.

regulators-oanda

Regulatory compliance is crucial for any trading platform. I checked OANDA’s adherence to financial laws and the licenses it holds to ensure it’s legitimate. I discovered that OANDA has authorization from multiple regulatory authorities 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).

regulators-oanda

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 if the firm fails.

These listed institutions, some state-run, have excellent reputations and well-established regulations. With this much regulatory supervision, OANDA can be deemed trustworthy.

Forex.com is one of Oanda’s main competitors in the United States.

Further reading

Trading Terms

When searching about OANDA on the internet, I found some outdated information — and even some outright misinformation — written in articles written by “expert analysts.” It can be hard to keep the facts straight if you’re reading conflicting articles.

I made sure to check the information listed by the site itself to get the most accurate picture of the trading terms. I’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.

One aspect of OANDA’s trading terms you’ll love is price transparency, which is why a lot of forex traders — beginners and advanced traders — stick with the platform; additionally, the other financial services provided are top-notch.

Further reading

Assets and Tradeables

I’m always looking for assets and instruments that can be traded on any broker — the more, the better.

OANDA describes itself as the forex platform focusing on “all things currency.” This theme gives an overview of what to expect from using OANDA.

However, certain assets aren’t available on OANDA, which limits the CFD offerings. Individual stocks, ETFs, industry sectors, or cryptocurrencies aren’t up for trading. The good part is they have endless currency pairs to compensate for it.

Note that 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 limited assets on OANDA is that OANDA loses a competitive edge over other brokerage platforms offering upward of 1,000 CFD assets. If the instrument you wanted to trade isn’t available on OANDA, you’ll switch to another broker, which isn’t a good thing for OANDA and can be stressful for you to do research over again.

Overall, with the wide variety of assets available, OANDA fully meets my expectations as a modern trader, regardless of if you’re an investor, full-time trader, or scalper. CMC Markets, which has a 4.2 Trustpilot Rating — higher than OANDA’s — is another broker I can vouch for; check out our CMC Markets Review.

Further reading

Trading platform

Although some overlook the number of supported trading platforms by a broker, it’s an important factor when choosing a broker. On OANDA, you’ll have a variety of trading platforms to use.

You can use OANDA on mobile, Web, and the MT4 platform & MT5 platforms, which is enough for many traders, including myself.

They each have their benefits for using them. On mobile, you have a customizable interface, such as customizing a chart size and pattern to fit your style, setting alerts and price notifications, mobile charting with functionality on iOS and Android devices, and performance analytics.

Further reading

trading-platform-oanda

  • OANDA Trade Web app is similar to the mobile trade app. It uses next-generation trading tools, innovative analytic tools, and risk management tools, including stop loss and tutorial guides.
  • OANDA also supports TradingView, one of the most renowned trading platforms for you to use. With a TradingView account, you can connect the community features, powerful charts, and analytical tools with OANDA’s transparent pricing, fully-automated risk management systems, and market data. This makes actions like technical analysis easy for you if you register on the platform.
  • MetaTrader 4 and 5 are supported by OANDA, which gives you a holistic experience while using the platform. You create an automated trading strategy that fits your trading style and customize your chart — there are up to nine-time frames to select from, etc.If you upgraded to the premium version of the MT4, there’s a broader range of benefits to enjoy, such as the one-cancels-the-other (OCO), trigger actions, five-minute order book, access to an additional 28 new applications and indicators, and the tick-chart trader.

Further reading

Training

Educating clients and setting them off on a successful investment journey is key for a high-quality broker. OANDA, with its innovative trading education, hosts a suite of trading resources, ranging from webinars to text-based. I went through them and found them helpful.

Despite its rich and well-detailed resources, the available training materials and well-written news are limited, and there is a lot to know.

So, what will you find here? The training centre is categorized into different segments for beginner and advanced traders and covers basic trading topics. Overall, its training center has detailed courses covering technical and fundamental analysis topics; however, I’ll say it needs to be more explicit and focus more on teaching about the platform.

There’s a special section, “MarketPulse,” dedicated to the economic calendar, forex news, market, and more, to keep you up to date on market news. It’s well-detailed and updated based on daily activities.

oanda-training

On OANDA, the onboarding process for newbies or pro traders is seamless. There’s a section tagged “learn” on the platform, which has four subcategories, which are Getting Started, Tools and Strategies, Capital Management, and Webinars and Events.

  • If you click on Getting Started, which directs you automatically to another subsection that covers aspects of what you need to know about OANDA, which includes the order types, pips, price charts and patterns, and lots more.
  • The Tools and Strategies section covers fundamental analysis, technical analysis, moving averages, Fibonacci, oscillator, and price chart patterns.
  • Capital Management, as the name suggests, teaches how to minimize risk using certain features and how some features work. There are three subsections on Capital Management, which are: protect your capital, Margin, Leverage, and Stop Loss order.
  • Webinars and events take you to a page with different topics, such as Live Trading and the dates for upcoming events or classes.

There’s a drawback to how inefficient and disorganized the training resources might be if you’re a beginner yet to figure out how to use the platform, though this is not to say it doesn’t cover the basic trading topics.

However, the Demo account feature allows newcomers to develop their training skills. This way, novice traders with minimal theoretical preparation can begin practice, enabling them to make real financial transactions using virtual currency and their base currency.

You can save money while gaining practical experience. You can rest assured that training resources and educational videos are of the best quality and up to date.

oanda-training-1

Further reading

OANDA Key Trading Indicators

The administration of OANDA is of the opinion that there is no point in segregating customers according to their trading account types. 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 site users with benefits and additional services just for depositing a larger amount of money.

Further reading

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, which I agree with. Let’s go over both.

Withdrawal

Withdrawal is very straightforward on OANDA. Once you locate the withdrawal tab, there are two primary means of withdrawal which is either via debit card, which might take between 1-3 business days to reflect, or through wire transfer which might take longer — between 1 and 5 working days.

The debit card is only available for non-crypto accounts, and the card must be verified before the withdrawal request is granted. There is an article dedicated to teaching how to verify debit cards. The wire transfer simply requires you to select an existing bank or add a new bank. The money would be received in the bank accounts of users.

If you’re searching for a broker with a range of assets like Oanda but offers cryptocurrency withdrawal and deposit, then you need to check out Binarycent’s.

oanda-withdrawal

Depositing

Depositing takes a different approach and dynamic as you have deposit options. You can deposit with a debit card, an automated clearing house (ACH), or a wire bank transfer. Each deposit method has similarities; there are no minimum deposits or deposit fees. While OANDA doesn’t charge a fee, the bank you use might.

  • For debit cards, a maximum deposit of $20,000 per calendar month and an average processing time are considered immediate. Similar to withdrawal with debit cards, you’re expected to verify your card. In addition, customers in Puerto Rico aren’t given this option.
  • Deposit made through ACH has a maximum deposit of $50,000 per deposit and no limit on the number of deposits that can be made. ACH is immediate for the “instant ACH” option, and can take up to six days for regular ACH processing.
  • Depositing via wire transfer takes a different turn. There is no maximum deposit amount; however, the transaction might take between one to three days for domestic wire transfers and up to five days for international wire transfers.

oanda-withdrawal

OANDA doesn’t support transactions from third parties — only transactions from the account you originally used when registering on OANDA. Direct deposits aren’t supported as well; that is, you can’t pay in cash or check.

Also, the broker doesn’t yet support direct deposit of cryptocurrency into the spot crypto account, so you must go through a longer route before having cryptocurrency on your OANDA account.

OANDA offers similar commissions and fees compared to other top brokers and has maintained transparency with the average possible charge for trading specific pairs. OANDA provides competitive spreads slightly above the typical ultra-low spreads on other platforms but compensates with automated trade execution.

Further reading

Customer Support

The customer support on OANDA is unique and unlike most brokers I have encountered. First, once you click the help section on the broker’s website, you’re asked to proceed by clicking email — which directs you to the site’s official email address — or continue by clicking the “Support” option.

On selecting the “Support” option, you’re directed to a page with a list of countries. You are expected to choose a country based on residency.

Here are some images from the list of countries page:

Oanda customer support Oanda client support

OANDA has won notable awards since its inception; some recognize it as the best and most popular brokerage company in the world.

oanda-has-won-notable-awards-since-its-inception

Upon reviewing various client feedback, it appears that while minor grievances were noted, overall satisfaction with OANDA’s services remains high. Users frequently praise aspects such as the platform’s robust market analysis, visually appealing charts, informative news content, and extensive array of tools.

Moreover, it is worth highlighting that OANDA’s dedicated customer support team, which operates 24/7, contributes significantly to the positive user experience.

Further reading

More About  OANDA

OANDA is an abbreviation for “Olsen and Associates,” a forex brokerage founded by Dr. Stumm and Dr. Olsen in 1997 and registered in the United States. It’s the most user-friendly trading platform with automated trading systems I’ve encountered.

more-about-oanda

The firm has expanded into a globally reputable and recognized entity offering a wide range of markets and trading 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 the primary interest of customers across the operational zones. There is no unique service or feature for being a dedicated customer.

OANDA has top-tier industry authorities that regulate it, it has a social copy trading feature available via ZuluTrade, it allows TradingView for MetaTrader 4, and it provides excellent market research covering essential topics.

There’s also a mobile platform for easy access to OANDA’s trading features, such as real-time price updates. The training resources and educational videos are by far up to standard.

The verification component of the registration process is relatively difficult as it can take weeks to complete. Still, it has been the way to drive off fraudsters and other suspicious actors aiming to attack the broker.

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.

Getting Started & Signing Up

The mobile trading platform isn’t accessible in some countries, meaning residents of these regions cannot register.

The four-step registration may seem lengthy for some. Firstly, you need to provide a valid email, create a password, and accept the terms and conditions. Following this, you’ll need to share personal details for know-your-customer (KYC) purposes, as an anti-money laundering measure.

After completing these steps, you should be able to register without trouble. If you run into any difficulties, don’t hesitate to contact customer support.

Further reading

Pros And Cons of OANDA

No broker is perfect, so let’s go over some of the advantages and disadvantages of using OANDA for your trading needs.

Pros

  • The number one benefit of using OANDA is the number of regulatory authorities that the brokerage firm is licensed under.
  • OANDA supports trading platforms such as MetaTrader 4, which most experienced traders like myself use in trading.
  • The platform has the option of demo trade for new traders to practice all there is to know about the forex market before going live.
  • The platform offers a wide range of assets, from cryptocurrency to forex pairs. And yes, including the exotic and major currency pairs.

Cons 

  • OANDA charges fees for inactive users on its platform.
  • Though negative balance protection is common among brokers, OANDA does not offer it.
  • The spread is below average when compared to other brokers.
  • OANDA doesn’t support transactions from third parties — only transactions from the account you registered with on OANDA.
  • The broker doesn’t yet support direct deposit methods of cryptocurrency into the spot crypto account.

Further reading

Frequently Asked Questions

Can OANDA be Trusted?

OANDA is one of the best brokers I will recommend to anyone. They have been operational in the financial market for nearly three decades (26 years) and are regulated by top-tier recognized authorities in the world.

How long Does Withdrawal on OANDA take?

The Withdrawal process is straightforward for any OANDA user. Depending on the withdrawal options you select. Debit cards can take 1-3 business days, while wire transfers take 1-5 days.

What Is the Minimum Deposit?

The minimum deposit on OANDA is $1, which is very meagre when compared to a broker like xDirect. It’s fixed at $1 because anything lower and the system won’t be able to process the payment—the same for minimum withdrawal.

Is OANDA Regulated?

Yes, OANDA is regulated by recognized bodies around the world. This included distinguishable authorities like Japan Financial Services Agency (JFSA), UK Financial Services Authority (FCA), and Regulatory Investment Authority (Canada).

How Long Does it Take to Sign up for OANDA

Signing up for OANDA is simple enough, but the verification process can take up to a few weeks to process. This is done to ensure no fraudsters attempt to register on the site.

What kind of educational materials does OANDA offer to traders?

OANDA furnishes a range of educational resources aimed at augmenting traders’ expertise and abilities. These resources encompass webinars, tutorials, articles, market analysis, and economic calendars.

Further reading

Conclusion

OANDA stands out as an award-winning broker, known for its stellar reputation. The platform presents low currency exchange rates, even during market turbulence, maintaining minimal core pricing. It’s user-friendly, equipped with automated trading systems and proficient software.

While online forex trading carries risks, OANDA has taken commendable steps to ensure user safety and security, making it an excellent choice.

OANDA has the needs of its traders at the forefront of its platform design, allowing it to consistently deliver quality service. Rated on a scale of 1-10, it deserves a 9 for its extensive services and commendable customer support. OANDA is indeed first-rate.

It is one of the best international brokers. Different types of assets, convenient and reliable platform, favorable trading conditions. Want to know more? Click here.

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