When you consider Forex brokers, Oanda is one of those before all else that comes into mind. Oanda is a pioneer within the broker business and contains lots of aspects and tools that most traders try to find. Read our review to find out more regarding Oanda and also see whether that broker has everything that is ideal for the trading.
Oanda will graph its foundation right back into the mid-nineties. The broker was first co-founded in 1996 from Dr. Michael Stumm along with Dr. Richard Olsen. These men formed the bedrock of the thing that was during that moment, among the most advanced organizations in the market. Oanda has been one of the first pioneers in online forex currency trading, also in 2001, it established the before all else fully automated forex currency trading platform together with FXTrade.
The provider remains a business pioneer, using a quote that just as a lot of as 20 percent of international spot forex trades proceed through Oanda servers. Additionally they offer you a number of their very popular technical and sentiment indexes from the forex currency trading industry.
Oanda an average of offers two account types. All these are the normal accounts, employed by the huge majority of individual and retail traders, and also superior accounts, used by top-level corporate traders.
The normal accounts does not have any required minimum deposit, even though the launching of a superior company accounts will demand the very least $50,000 of financing.
Availability and Ease of Opening
Oanda accounts are all readily available to citizens in many countries worldwide. This goes to more than 80 nations worldwide with some noteworthy exceptions. These exceptions include South Korea and New Zealand. Oanda is additionally one of those very few retail forex brokers who are able to lawfully offer service into the United States residents.
Opening a free account with Oanda may not be easier. Both demo and live accounts are all readily available to start through the broker site. With the demonstration accounts, you’ll be trading and open that a virtual $100,000 within five minutes. Simply fill your basic personal info, and you’re clear to move.
For accounts, the procedure is similarly simple. Only complete the exclusive info, verify that your identification records throughout the automated screening, and you’re prepared to become trading a number of those more than 70 money pairs that Oanda must offer you.
Oanda concentrates strongly on the foreign exchange store within that it’s invented its reputation through recent years. As a result of it, the broker provides extensive trading at both major and minor currency pairs, with over 70 money pairs being offered such as the trading.
CFDs can also be accessible from the next:
- Commodities (8 CFDs)
- Indices (16 CFDs)
- Precious Metals (2 3 CFDs)
- Bonds (6 CFDs)
Beyond that, Oanda will not offer you any trading from different marketplaces such stocks or cryptocurrencies that are currently becoming predominant among brokers.
Oanda Commissions and Fees
Oanda offers traders two accounts of pricing types based upon their own degrees of gambling. All these are, disperse just, and center disperse commission. The center disperse commission accounts option isn’t readily available to EU established traders.
The spreads over the spread simply pricing option are like other big brokers, though only a little around the luxury. These spreads on average medially 1.2-1.4 pips on major currency pairs like EUR/USD or even USD/JPY.
Within the center disperse commission prices option, spreads are a lot of more affordable in medially 0.2-0.4 pips to get the similarly big currency pairs. Commission on such trades’ averages at $5.00 per 100,000 units traded on both sides. Anything above or underneath 100,000 units is subject to commission on a pro-rata basis.
The Oanda fee on positions held overnight is very competitive at 1.14% for EUR based accounts and 1.65% for USD based accounts.
Oanda does impose and inactivity fee after 24-months of no trading activity. This fee stands at 10EUR/USD per month.
A fee for wire transfer withdrawals of 15EUR/USD is also imposed.
Platforms and Tools
Oanda offers a comprehensive range of platform options for every type of forex trader. In terms of desktop platforms, traders can use either MetaTrader 4 which is renowned among experienced traders for its high level of performance and multitude of professional tools and still well respected in the industry over a decade after all its before all else release.
Beyond MT4, Oanda also offers its own desktop trading platform where traders can avail of a number of useful features including a currency heat map to easily display the marketplaces current movements in a visual context, and also an open positions ratio which can easily chart the movements of the forex store in percentage terms.
Web Trading Platform
The web trading platform primarily offered by Oanda is its own proprietary FXTrade web trader. The web trading platform offers all of the similar functionality as the desktop platform, though in a more user-friendly manner.
There are advanced charting options with more than 60 different indicators available, and the ability to customize almost every display chart within the platform based upon your needs.
There are also options available in the left side panel to open up news feeds from a variety of sources using the “Marketpulse” and “News” buttons. These both open in new windows when clicked.
For the more advanced users, there is also an API management function that can allow experienced traders to conceive and test their own automated trading strategies.
Oanda also offers a mobile trading platform available on both Android and iOS that is very user-friendly and consistent with many of the features offered in both the desktop and web trading platforms. With over 30 technical indicators, the ability to easily drag and drop, and confirmation and cost alerts, the mobile trading platform loses none of its effectiveness and usability.
Oanda is immediately set apart from other brokers in the industry thanks to its vast experience. Being one of the original innovators in the industry means the platform automatically commands a lot of initial respect.
This respect is not just rooted in the past though. Oanda has maintained their position at the top of the store thanks to the introduction of cutting edge platforms which are user-friendly, and a pricing structure which is highly competitive within all marketplaces.
These factors, in addition to the highly compliant nature of the platform and its service of U.S. residents are key reasons why they still remain a strong force within the forex trading industry.
Oanda Customer Service
Oanda customer support services are available by phone 24 hours a day medially Sunday 1 pm and Friday 6 pm EST.
Email support is also available at any time, and live chat with a customer service agent via the Oanda website is available on a 24/6 basis whenever the marketplaces are open.
Local support is available from the UK, USA, Japan, Singapore, and Canada.
The responsiveness of Oanda customer service has been noted as slow when compared with other brokers. Phone connection times have often been reported to exceed 10 minutes prior to connection with an agent, whilst email response times vary medially 2-5 days.
Trustworthiness of Oanda
Oanda excels in being fully complaint within a number of different jurisdictions, these include the following:
- USA (CFTC & NFA)
- EU (FCA)
- Australia (ASIC)
- Canada (IIROC)
- Japan (FSA)
- Singapore (MAS & IES)
These represent six of the most stringent compliance bodies in world finance, thus it is quite unusually and positive from a security aspect that Oanda is registered and compliant with all six. The broker’s long history within the industry, having been active now for more than 20 years, also helps to establish a strong position of trust among traders.
Platform reviews from other users have also been largely positive and reflective of this view.
With a strong history of innovation in the forex industry, backed by a multitude of highly efficient platforms displaying strong user-friendliness, it is clear that Oanda has continued to maintain their high standards over the past two decades. Where many brokers may have rested upon their accomplishments, Oanda has pushed to maintain their position at the forefront of the forex industry.
This consistently strong and trusted presence is reflected in the fact that Oanda servers still handle millions of trade queries on a daily basis.
Commissions and charges4.0/5
Deposits and Withdrawals3.6/5
- Web and mobile trading platforms are both accessible and very user-friendly
- One of the most highly compliant and trusted names in the industry
- A strong range of advanced charting tools to assist all levels of trader
- No minimum deposit required for standard account holders
- Limited product range with no cryptocurrencies, shares, or equities
- Customer support waiting times is lengthy
- Desktop platform looks slightly dated and is cumbersome to use