I have been using Oanda for some years now and in this Oanda review, I will show you the important features you should consider
Before you use the Oanda forex broker for your trading, you need to read reviews like this. The table below summarizes the Oanda Forex broker review;
|Spread||Oando Spreads Start From 0.6 pips for EUR/USD, But Depends on Account Type – See More Details Below1.2|
|Deposit Methods||Credit/Debit Card, PayPal, Neteller, Skrill, Bank Transfer|
|Withdrawal Methods||Skrill, Neteller, Visa, MasterCard, Bitcoin|
Is Oanda Safe And Regulated?
Yes, it is regulated by a number of financial authorities around the world, including top-tier regulators like the Financial Conduct Authority in the United Kingdom (FCA).
OANDA is divided into geographical regions and covers the US, Canadian, European, Asian, and Australian markets. Each of the necessary, specific agencies that oversee the trading business regulates and authorizes OANDA.
Of course, each jurisdiction’s regulatory regime and requirements are slightly different, but they all serve the same goal of customer protection and transparency within the market offering.
Oanda Review – Frequently Asked Questions
Oanda does not have a minimum deposit requirement for the Standard account. But the Premium account may require as much as $20,000, depending on the jurisdiction.
Traders benefit from OANDA’s tight spreads, which lower their trading costs.
Depending on the withdrawal method and your residency, it can take anywhere from one to six business days. Using a debit card took one business day in our tests.
No, Oanda doesn’t have any signup bonus.
– On Forex instruments, a US regulator requires a 50:1 leverage ratio.
– The recent European ESMA regulation requires a maximum of 30:1.
– Traders from Australia can still apply for leverage of 400:1.
Oanda is a market maker, not an ECN broker, and some people believe that ECN brokers have lower spreads.
The most common withdrawal methods are the same as those used to make deposits. Credit Cards, Wire Transfers,s and Paypal, Neteller are Popular.
Both the buy and sell sides of a trade are subject to commission charges. . The minimum commission on each trade is $0.01 USD.
Due to its global presence and coverage of various jurisdictions, OANDA Corporation is heavily regulated and authorized by various government agencies.
Oanda Account Types And Spread
At Oanda, there is only one type of trading account apart from the demo and corporate account.
However, you can create up to 19 sub-accounts to hold multiple base currencies in one account.
You could have a USD account with EUR and GBP subaccounts, for example. Also, Oanda offers an API for exchanges, which could be useful if you want to build your own platform.
Oanda Deposit Methods
First of all, Oanda does not charge any deposit fees. Your deposit options differ depending on where you live and how much money you have in your account. PayPal (UK, Canada), Neteller, and Skrill are among the electronic wallets that Oanda currently supports.
You can only fund your Oanda account directly from your own bank account. A bank transfer can take several days to complete, whereas credit/debit card payments are instantaneous. Visit Oanda’s website for more information.
Oanda Review – Trading Platforms
Oanda has 4 trading platforms which include; FxTrade mobile app, FxTrade API Libraries, MetaTrader 4 (MT4), and MetaTrader 5 (MT5). The functionality of Oanda’s mobile trading platform is similar to that of the web trading platform, and you can also set price alerts. Both iOS and Android users can use Oanda’s mobile trading platform.
In terms of customizability, functionality, login, order types, and portfolio reports, Oanda’s desktop platform is similar to the web trading platform. While the design is generally satisfactory, it could be better.
Oanda Trading Instruments
- Bonds and metals
- Curency Pairs
Oanda Review – Traders Education
Oanda offers videos, articles, and webinars on topics ranging from the fundamentals to advanced trading, but the content is all over the place.
Everyone has access to high-quality webinars (both live and archived) that cover basic trading topics such as order types, risk management, and technical analysis.
Only Oanda customers have access to premium webinars. There are also educational articles available to read that cover many of the same topics.
The ‘Learn’ menu contains some educational tools, although they need to improve their usability.
Summary Oanda Review
Oanda is a fantastic forex trading platform. It has easy-to-use trading platforms that you’ll be able to master quickly. It also offers robust research tools and trading APIs. The process of opening an account is simple and quick.
Oanda’s product selection is limited to forex and CFD products, which is one of the disadvantages. It has no banking history and is not on any stock exchange, both of which are common factors that increase transparency and regulatory scrutiny.
While customer service is helpful, it is only available 24 hours a day, seven days a week. With this in mind, feel free to give Oanda a shot; it’s regulated by top-tier regulators, there’s no minimum deposit, and the inactivity fee doesn’t kick in for another year.