OANDA CORPORATION Review Summary
ABOUT OANDA
Supported Countries
Despite OANDA’s global presence, OANDA Corporation exclusively serves clients from the United States.
Customer Service Rating
OANDA is rated "average" with 3.4-star ratings on 351 customer reviews on Trustpilot. This average rating suggests the broker's satisfactory performance. Hence, its clientele is comfortable with the quality of trading services rendered by the broker.
On the positive side of OANDA forex reviews, longtime clients applaud the broker for the quality of its company's customer service, its swift withdrawal process, and its analytical trading tools. Some reviews considered the absence of a stop loss feature a plus to be risk-conscious and trading efficient.
On the other side, however, some traders expressed displeasure with the sudden closure of their accounts and withdrawal hitches. Others also complained about the unavailability of local customer support phone lines.
Despite the negative reviews, it's important to note that OANDA constantly works to improve its platform's functionality and its services to its clientele in various regions. Hopefully, these complaints will soon be history.
OANDA TRADING INFORMATION
OANDA Trading Platforms
OANDA supports its clients with the MT4 trading platform, including their associated mobile and web-based applications.
MetaTrader 4
The MT4 is a widely used trading platform, not only for Forex but also for other instruments such as commodities and cryptocurrency. It is renowned for its auto trading features, including algorithmic trading and strategy backtesting with expert advisors. The platform boasts a built-in library of over 50 indicators and tools, analytical tools, algorithmic trading capabilities, customizable alerts, and access to the MetaTrader market and MQL4 community.
OANDA’s Mobile Trading Platform
OANDA provides mobile support for both OANDA's best forex trade platforms MT4 on Android and iOS devices. While some features differ between the mobile app and web-based platform, such as reduced time frames and fewer charting options, traders can still manage existing orders, calculate profits and losses, and trade on charts available on the mobile app. This OANDA best forex trading app is a decent trading platform.
OANDA’s Web Trading Platform
OANDA Web Trading platform offers traders an intuitive interface with a suite of advanced technical analysis tools including orderbook position ratios, and a news aggregator with a search function. Furthermore, the OANDA trading platform comes with a sophisticated charting package so traders can access in-depth drawing and charting tools.
This OANDA review also discovered that there are Tutorials and guides available to help traders learn about trading principles like how to limit when trading the financial markets.
Trading View
TradingView is a leading online platform that provides advanced charting tools, socialnetworking capabilities, and real-time data for traders and investors. It offers customizable charts and technical analysis with advanced trading capabilities, one of the world’s largest platforms.
Social sharing is a community where users can share insights, strategies, and discuss market trends. The feature allows traders and investors to publish trading ideas, annotate charts with their insights, and share them with other users. This social aspect of TradingView adds a unique dimension, bridging the gap between data analysis and community-driven insights.
TradingView also has a mobile app that is optimized for both smartphones and tablets. The app allows traders to monitor markets, analyze trends, and engage with the community, all from the convenience of their mobile devices.
With an intuitive interface, real-time data synchronization, and a suite of analytical tools, the TradingView mobile app ensures that traders remain connected and informed, regardless of where they are.
OANDA MT4 Platform
The OANDA trading platform you choose should depend on your trading needs, the assets you intend to trade, and preference for algorithmic trading capabilities. While both platforms offer a blend of functionality and performance, OANDA MT4 is user-friendly and more intuitive.
So, choose MT4 if you prefer a reliable, time-tested platform with robust charting tools and support for hedging.
OANDA Account Types
OANDA forex brokers cater to both beginners and more experienced traders alike. Note that the minimum OANDA lot size is 0.01 lots for all account types. These accounts include:
Standard Account
This account offers access to all tradable instruments, with no minimum deposit required and leverage of up to 50:1. Additionally, the account is commission-free, and the spreads for the EUR/USD start at just 1.0 pips.
Demo Account
This OANDA forex review gathered that the broker’s demo account accurately simulates the conditions of the Standard Account and comes with a virtual balance of 100,000 USD. Traders can continue to use the demo account indefinitely if they request it from OANDA's customer service.
Trading Denominations
Base currencies accepted are the United States dollar, the Japanese yen, the Canadian dollar, and the Australian dollar among other units. OANDA broker offers a range of trading currency options to its clientele. Here is a list of the major trading currencies on OANDA: EUR, USD, GBP, CAD, CHF, JPY, AUD, CZK, HUF, NZD, SEK, SGD, DKK, NOK, PLN, TRY, ZAR, CNH, DKK, HUF, MXN, PLN, SEK, THB, ZAR, HKD, NOK, SAR, XAG, XAU, BTC, BCH, ETH, and LTC.
Tradable Instruments
Forex
The range of tradable instruments the broker offers varies across different regions due to the varying OANDA regulations in each region. For instance, in the US, only Forex CFDs are is available, with a selection of 68 currency pairs.
Crypto
US customers can also trade 8 Cryptocurrencies are offered through Paxos. Paxos is a separate legal entity from OANDA.
Leverage on OANDA
OANDA leverage ratios will depend on the country in which you are trading and your account type. This review has highlighted only US broker’s leverage, they are:
| Standard Account |
Major Currency Pairs | 50:1 |
Minor Currency Pairs | 33.3:1 |
Crosses | 20:1 |
Deposits and Withdrawals
We made an OANDA money transfer review and gathered that on the OANDA platform, traders can enjoy seamless deposits and withdrawals by using any of the available methods and base currencies. These methods include ACH, Debit/MasterCard, Debit/Visa and Wire transfers,. When withdrawing via wire transfer OANDA will charge a fee on these transactions.
Deposits
| Method | Speed | Fee |
Bank cards | Debit MasterCard and Debit Visa | — | — |
Wire transfer | Available | 1 - 5 Days | Varies |
Withdrawals
| Method | Speed | Fee |
Bank cards | Debit MasterCard and Debit Visa | 3 Business Days | Free |
Wire transfer | Available | 1 - 2 Business Days | $20+ |
Please note that OANDA only allows withdrawal through funding sources. This implies that depositions made via credit cards can only be withdrawn via that same card.
All withdrawals are also subject to the broker's hierarchy rules of withdrawing the total sum deposited by each means in a set order. Once these rules are adhered to, trading on OANDA will be seamless.
OANDA promotions, bonuses, and contest
Traders can also access OANDA promotions once they sign up with the broker as an Elite
trader terms and conditions apply. If you meet requisite trading volumes, you get access to benefits, including spread or OANDA commission rebates, assignment to a "dedicated relationship manager", API support, free VPS and wire transfers, and discounted access to third-party platforms.
Learning resources offered by OANDA
OANDA offers a series of learning resources, including articles, guides, and videos that are available to both new and experienced investors. They offer educational videos and live interactive webinars designed to tackle different parts of trading.
Additionally, the broker also offers a spreads calculator to help traders calculate their spread. The calculator also lets traders see how OANDA spreads have changed over time. The OANDAdemo account is also a great way to practice what you learn without risking anything.
However, this OANDA review discovered that the resources are a little disorganized and require some getting used to. The educational materials on OANDA are split into 4 subsections: Trading knowledge, Tools & strategies, Markets & events, and OANDA Views. The Trading knowledge section covers the basic aspects of Forex trading, such as leverage and margin. The Tools and Strategies section covers analysis and market predictions, while the Markets & events section covers risk management and how to apply it in real market conditions. You can learn more about this in their blog, OANDA Views.
OANDA Trading Education and Training
A series of educational materials, such as videos and articles, are available for new and experienced investors. The materials available on OANDA are good for novice traders; Much of the advanced content on this platform is geared toward individual tools.
The educational materials on OANDA are split into 4 subsections: Trading knowledge, Tools & strategies, Markets & events, and OANDA Views. The Trading knowledge section covers the basic aspects of Forex trading, such as leverage and margin. The Tools and Strategies section covers analysis and market predictions, while the Markets & events section covers risk management and how to apply it in real market conditions.
The broker also hosts live webinars covering various subjects on market analysis and economic analysis. The platform also features the “OANDA classroom,” a series of webinars on live market analysis and basic platform navigation and analysis.
Company Structure
Since its establishment in 1996, OANDA Corporation has been registered with CFTC/NFA.
OANDA Corporation is regulated by the CFTC/NFA. OANDA is a member Firm of the NFA (Member ID: 0325821). CFDs are not available to residents in the United States.
OANDA Corporation Licenses and Regulatory Compliance
OANDA Corporation: This subsidiary is a registered Retail Foreign Exchange Dealer (RFED) in the U.S. and is subject to the U.S. Commodity Futures Trading Commission (CFTC) regulations. It is also a Forex Dealer Member (FDM) of the National Futures Association with registration number NFA # 0325821.
OANDA Corporation Customer Protection
This review discovered that some of the broker's customer protection measures include:
Regulatory Compliance: As mentioned earlier, OANDA's different subsidiaries are regulated by several financial regulatory authorities. OANDA Corporation (US Subsidiaries) is regulated by the U.S. Commodity Futures Trading Commission (CFTC) and is also a member of the National Futures Association (NFA) of the United States. These regulatory bodies ensure that OANDA operates with transparency, fairness, and compliance with applicable Trading Information
2 Factor Authentication (2FA): The broker uses this feature to protect its clientele's account and funds from unauthorized access. Traders, however, have to enable the 2FA feature to enjoy this protection.
Comprehensive, Cutting-Edge Security: OANDA has invested significant resources into creating comprehensive security coverage to ensure your data is kept secure and private. With an internal security team, partnerships with multiple industry-leading security firms, and round-the-clock monitoring by a security operations center, the broker ensures that its platform is inaccessible to third parties.
Conclusion
In conclusion, OANDA is a reputable name in the forex market with a rating of 3.9/5; the broker sets itself apart with top-notch trade execution and transparency. The user-friendly platforms make it a good match for novice and experienced traders. Furthermore, the broker offers a low competitive spreads and accepts clients in the United State. Users get access to an extensive range of educational materials, including videos and webinars designed for any stage of experience.
However, OANDA's range of product offerings is relatively limited compared to its competitors, which is reflected in its ratings. Although its regulatory provisions are impressive, additional clientele protections would be desirable.
FAQ
Is OANDA available to U.S. clients?
Yes, OANDA Corporation accepts US clients. OANDA is one of the few forex brokers that accept clients from the United States. However, before opening an account in the United States, ensure you familiarize yourself with local trading restrictions and leverage limits imposed by the CFTC.
What fees does OANDA charge?
OANDA applies a monthly fee of 10 units of the base currency for accounts that have been inactive for 12 months. Additionally, the broker has distinct fees for multiple deposits and withdrawals via bank wire transfers and debit cards.
What is OANDA Withdrawal Fee?
OANDA does impose a withdrawal fee of $20 for bank/wire transfers, but no fees are charged for withdrawals made through debit or credit cards.
Is OANDA legit?
Yes, OANDA is considered safe and secure. The broker is a legitimate and well-established forex broker operating since 1996 and OANDA is regulated by several financial authorities globally, including the US Commodity Futures Trading Commission (CFTC).
Is OANDA a regulated broker?
OANDA Corporation is a registered Futures Commission Merchant and Retail Foreign Exchange Dealer with the Commodity Futures Trading Commission and is a member of the National Futures Association. No: 0325821. You can always check the latest regulatory details on OANDA's official website or with the respective regulatory bodies.
Is OANDA a good Forex broker?
Yes, OANDA is in the top tier of online forex brokers and is often recognized as a reputable forex broker, offering competitive spreads, a user-friendly platform, and robust research tools. With a long-standing history since 1996 many traders trust OANDA for its transparency and reliability. OANDA reviews have also pegged the trader as a good forex broker.
Does OANDA have high fees?
OANDA offers competitive spreads with low fees and OANDA commission. The broker's costs and fees are low in general when compared to other brokers. However, you might have to pay fees associated with inactivity, withdrawals, or premium tools. We recommend that you compare OANDA fee structure with other brokers and assess its cost-effectiveness based on individual trading habits and needs. You can find the detailed fees here.
What is the minimum lot size for OANDA?
OANDA stands out for its flexibility in trade size, allowing traders to trade units rather than standard lots. A standard lot is 100,000 units of currency. The minimum OANDA lot size is one unit of the base currency, which essentially means you can trade as little as one currency unit. This scale is advantageous for precision and risk management, especially for small account sizes and OANDA stock trading.
Disclaimers:
OANDA Corporation is regulated by the CFTC/NFA. OANDA is a member Firm of the NFA (Member ID: 0325821). CFDs are not available to residents in the United States.
OANDA CORPORATION IS A MEMBER OF NFA AND IS SUBJECT TO NFA'S REGULATORY OVERSIGHT AND EXAMINATIONS. HOWEVER, YOU SHOULD BE AWARE THAT NFA DOES NOT HAVE REGULATORY OVERSIGHT AUTHORITY OVER UNDERLYING OR SPOT VIRTUAL CURRENCY PRODUCTS OR TRANSACTIONS OR VIRTUAL CURRENCY EXCHANGES, CUSTODIANS OR MARKETS
Trading in digital assets, including cryptocurrencies, is especially risky and is only for individuals with a high risk tolerance and the financial ability to sustain losses. OANDA Corporation is not party to any transactions in digital assets and does not custody digital assets on your behalf. All digital asset transactions occur on the Paxos Trust Company exchange. Any positions in digital assets are custodied solely with Paxos and held in an account in your name outside of OANDA Corporation. Digital assets held with Paxos are not protected by SIPC. Paxos is not an NFA member and is not subject to the NFA’s regulatory oversight and examinations.
Leveraged trading in foreign currency contracts or other off-exchange products on margin carries a high level of risk and may not be suitable for everyone. We advise you to carefully consider whether trading is appropriate for you in light of your personal circumstances. You may lose more than you invest. Information on this website is general in nature. We recommend that you seek independent financial advice and ensure you fully understand the risks involved before trading. Trading through an online platform carries additional risks.
