Started in 1996, Oanda has become one of the trusted forex brokers; that is what suggests the various Oanda reviews! We will verify this statement throughout this article. Oanda is headquartered in the USA, which also serves more than 196 countries. As per the Oanda broker review, it was established as a forex broker mainly, but today they also facilitate index and commodity CFD trading. Besides, they also gradually introduced other features too. This Oanda broker review article will explain every Oanda trading review, including the Oanda minimum deposit, platform, account types, history, spread & commissions, and more.
Read on to explore the details and decide whether it is the best forex broker or not.
A Brief History
Oanda is one of the early trading brokers in the 1990s, which used to offer spot forex trading. Over the years, they have developed and currently offer corporate forex trading services, 124 instruments, provide currency management solutions and data on different exchange rates.
Apart from the US headquarter, Oanda has several global offices, including London and Tokyo. Furthermore, it operates through the eight major global financial centers. Nevertheless, licenses from major regulatory bodies make Oanda legit broker. The regulatory licenses include, The USA, The UK, Australia, Canada, Singapore, Japan.
Who Should Trade with Oanda?
Since Oanda offers access to various financial instruments, it is a good fit for all types of traders, but seasoned traders get the most benefit from it. However, the offered instrument varies by region. For instance, FX trading is only for US traders, while other instruments can be used by traders from other countries.
Oanda Regulation
Over the past 25+ years, Oanda broker has earned regulatory status from quite a few top authorities. Besides, they also receive multiple international awards for their top-notch service. They have licenses from tier 1 and tier 2 regulatory bodies in the world. They have the regulations from the following countries.
US – Commodity Futures Trading Commission (CFTC)
UK – Financial Conduct Authority (FCA)
Canada – Investment Industry Regulatory Organization (IIROC)
Japan – Financial Services Agency (FSA + FFAJ)
Australia – Australian Securities and Investment Commission (ASIC)
Singapore – Monetary Authority of Singapore (MAS)
BVI – British Virgin Islands Financial Services Commission (BVIFSC )
Range of the Instruments
When it comes to the market offerings, Oanda has offerings for different instruments. For example, forex, indices, metals, commodities, and bitcoin. However, Oanda reviews suggest that it doesn’t provide any individual stocks, range of cryptocurrencies except Bitcoin, ETFs, and more. While most of the top forex brokers have thousands of CFD offerings, Oanda has limited CFDs, and you can get 55 CFDs to trade via Oanda.
Trade Cryptocurrencies
Cryptocurrency is a digital financial asset designed to work as a medium of exchange that uses cryptography to secure its transactions, control the creation of additional units, and verify the transfer of assets. However, crypto doesn’t have any regulatory authority. Hence, they are independent. Cryptocurrencies are classified as a subset of digital currencies and are also classified as a subset of alternative currencies and virtual currencies.
Now you can trade top cryptocurrencies with an Oanda forex broker. Currently, you will get access to four cryptos Bitcoin, Litecoin, Bitcoin Cash and Ethereum. However, the list might increase in the future.
With Oanda, you can access bitcoin trading. Bitcoin is a decentralized, digital currency that can be sent electronically from user to user. A bitcoin transaction needs no bank or credit card number. Bitcoin is open-source; its design is public, nobody owns or controls Bitcoin, and everyone can take part. Hence, you can easily trade bitcoin with the Oanda platform. Oanda will give you the benefit to trade bitcoin at an $80 spread. On the other hand, the spread for bitcoin cash is $2.
If you think bitcoin is expensive for you, there are more options for you. You can easily trade Litecoin or Ethereum too. Oanda offers $5 spreads for Ethereum and $0.6 for Litecoin.
So, you can trade any of the four cryptocurrencies through the Oanda trading platform. You can even open a demo account with Oanda to check the platforms.
Oanda Account Types
From Oanda review, we get to know that it offers three main types of accounts: standard, core, and swap-free accounts. However, all accounts offer a 0.01 lot size for trading. While the standard and core account is available for all, the swap-free account is only available upon request and needs Oanda’s approval.
Oanda Demo Account Review
Apart from the three accounts, traders may also open a demo account to practice or check the broker. Usually, the demo account is open by the new traders as well as the experienced traders who want to change the broker and check the broker’s condition.
Nevertheless, the demo account gives all the functions as the real account. But you won’t be able to deposit any money on that. Hence, you really don’t need to worry about the Oanda broker minimum deposit. Instead, Oanda will provide you some virtual money, and you will not be able to withdraw that either.
Oanda Min Deposit
From the beginning, there were no Oanda forex minimum deposit requirements, and still, they stuck to it. However, the traders cannot deposit as much as they want either. Deposits more than $9,000 or equivalent require some additional documents such as bank statements, passports, and more. So maintaining a less than $9,000 minimum deposit for Oanda broker will not need any documents hassle.
The minimum lot size is calculated based on one unit of the base currency. However, Oanda also offers a lot size calculator and gives the opportunity to trade nano lots too.
Oanda Spreads Review
If you are looking for the Oanda broker review for its spreads and commissions, it remains competitive regardless of your location. To grab more traders, Oanda spreads are matched with most of the top brokers, such as FxPro and IC Markets.
Oanda works with an automated machine for global price observation and eventually offers the best price. Further, the spreads also remain competitive based on the volatility and market liquidity. However, if there is high volatility, spreads can be widened. As per the Oanda forex broker review, the company uses both historical average and current spreads. In this case, traders may worry about the hidden fees, but the CEO of Oanda took a transparent approach. Therefore, you don’t need to worry about any sort of hidden cost.
Oanda Trading Platform Review
Oanda offers trading services via two prominent FX platforms, MetaTrader 4 and MetaTrader 5. However, the Oanda interface is neat and clean. Furthermore, the inclusion of MetaTrader makes it easy to use as it comes with multiple analytics and tools.
With the help of the MT4 or the MT5 platform, traders can trade from the chart directly. Furthermore, the complex order types include buy, sell, as well as stop orders. The platform also comes with charting features from multiple charts that allow the traders for an advanced study on the market.
Additionally, the traders can also get the watch lost, economic analysis, and more. Besides, the live exchange rate, along with the historical data, also makes the analysis and trading decision easier.
However, the platforms have some downside too, such as the functions may look old. The news, economic analysis, and forums will take you to the outside of the platform. But the good thing is that the platform speed and server time are industry standards. Perhaps offer more speed.
Moreover, there are some other exclusive tools also available at Onada:
MotiveWave: It is a professional charting tool for technical analysis which offers 250+ built-in indicators as well as more than 30 built-in strategies. This tool can boost your trading opportunities.
Oanda Market Reports: It is basically powered by the Autochartist, which eventually offers a summary of the trading market. It sends an email to the traders for the analysis of the market before the trader starts the trading for the day. Apart from the email, they also offer a technical outlook for the 48 hours on the forex market.
Oanda Review: Mobile Apps
You don’t need to sit on a computer 24/7. You can even initiate the trading activity on mobile apps too. They have mobile apps for all the popular operating systems. You will get all the features available on a desktop or web platform. So, the apps work with iOS, Android, and even with windows phones or tablets. Therefore, you can experience trading from anywhere at any time.
Oanda Review: Safety and Security
With advanced technology, cybercrime has increased significantly. Hence, traders’ money always remains at risk, and security has become one of the top concerns. However, Oanda doesn’t compromise the security feature. They have a highly secured server that keeps the personal data and transaction security. They ensure security through high encryption and sophisticated technology.
Oanda Review: Customer Service
Oanda customer service offers 24/7 through email. But the business hours are from 1 PM ET to 6 PM ET Sunday to Friday via live chat. However, phone support is not available all the time.
Nevertheless, as per different Oanda broker reviews, the customer service representatives are knowledgeable as well as courteous.
Oanda Forex Broker Review: Education
They offer different educational videos as well as articles for all types of investors regardless of the experience. Apart from this, live webinars on various subjects also work on spreading knowledge to the traders. However, you may find issues watching the videos depending on the platforms, and some information might be outdated too.
Research
Oanda offers a wide range of economic analysis tools, advanced level data analysis, real-time news feeds, etc., to help the traders to proper male strategy. So, the complete analytical toolset is good enough for any traders to do their research properly before they jump for any strategy.
Furthermore, highly experienced traders can use the volatility analysis feature and pattern matching engines.
Oanda Pros and Cons
Pros
- While most of the traders don’t operate in the USA, Oanda takes the clients from the USA as they are registered in America.
- They have permission to offer trading in more than 196 countries.
- A wide range of tools and resources make trading easy for any type of trader.
- Multiple trading platforms such as desktop, web, and mobile applications can make trading easy for all.
- A vast range of economic analysis along with real-time news, advanced data, and calendars give the opportunity to traders to make the analysis before making any trading strategy.
Cons
- They don’t offer any sort of negative balance protection for US traders. Hence, if any US traders have a negative balance in their account, they will need to pay the broker.
- US and UK traders will not get the stop-loss order.
- It doesn’t provide ETFs, crypto, and individual stocks. On top of that, only 55 CFDs are available.
- They have inactivity fees as well as fees for bank wire transfers.
Oanda Scam or Legit
The membership from all those top forex regulatory authorities ensures that Oanda is legit for all types of traders. Moreover, we did not find any Oanda review that has any scam report on this broker.
Oanda Forex Broker Review: Transaction Methods
As per the Oanda review, the broker offers a variety of transaction methods for deposits and withdrawals. You can make the transaction through debit or credit card, bank transfer, Skrill, and Neteller. However, depending on the location, you can have some other methods too. For instance, in China, it offers Bpay and China UnionPay. Visiting their website will enlighten you with some other transaction methods.
Oanda Withdrawal Fees
Oanda can charge for the withdrawal. However, it depends. The great thing is that you really don’t need to pay any penny for the withdrawals through credit or debit card. But a bank wire transfer may charge you $20 for each bank transfer. Besides, you should also keep in mind that there can be any intermediary charges too. There is no Oanda minimum withdrawal for the traders.
Although Oanda doesn’t charge any fees for the Neteller or Skrill withdrawal, these two services may charge if you transfer to these services.
Oanda Inactivity Fee
Oanda inactivity fee may incur if there is no trading in your account in the 12 months period. However, if there is any inactivity position in your account, there will not be any inactivity fees. Besides, the inactivity fee will not make your account negative. To avoid the inactivity fees, you can do one of the following:
- You can close the trading account.
- If the account is sitting idle for a long time, you can resume the trading.
- If the balance is reduced to zero for your trading account.
- Nevertheless, if you are charged an inactivity fee, you may request a rebate for a maximum of three months. After that, you can make a minimum deposit for Oanda to begin the transaction again.
Final Words
Oanda reviews suggest that it is a widely popular broker in the USA as well as other parts of the world. Its excellent desktop trading platform enables the traders to trade according to their strategy, while the mobile platform lets the investors trade from anywhere at their convenience.
So, if you are looking for the best forex broker, Oanda can be your perfect choice without any doubt. Besides, the Oanda rating has a 91 trust score, which makes them a trustworthy broker by the traders.
Oanda’s transparent structure, along with the global regulatory status, thin can be a good choice for seasoned traders as well as for retail traders.
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