While regulation gives to brokers much needed credibility, it still does not mean every regulated broker is honest. In order to be sure that OANDA is not a scam, read our trader reviews and check other popular trading related websites and forums. These two types of accounts offer a variety of features and it all depends on the user’s preferences.
- Our full OANDA review for beginners covers all you need to know about trading via OANDA.
- Oanda does impose an inactivity fee after 24-months of no trading activity.
- OANDA doesn’t charge any deposit or withdrawal fee and the account opening process is comparatively straightforward.
- There are free demo accounts if you would like to practice trading online and see what the broker has to offer before making a financial commitment.
- From within the MetaTrader client terminal, you now have direct access to content from Dow Jones, market news sentiment, as well as two calendars to stay up to date.
You can choose between the fully customisable OANDA Trade web-based and desktop platforms or apps for mobiles and tablets. You can also speculate on the global markets using the popular MetaTrader platforms. They support the excellent TradingView which brings endless charting possibilities and a social aspect to your online trading activity. They also have some powerful API solutions for those of you who are institutional traders that demand the very best in connectivity to the markets at all times. Both the OANDA trading platform and the MetaTrader platforms support mobile trading via iOS and Android apps. These mobile apps can be downloaded and installed from the respective app stores.
Table of Contents
Trading Instruments Offered at Oanda?
When trading through Oanda you will be able to engage a range of trading techniques. This includes scalping and hedging which are both permitted by the broker. Here are some of the key features you can expect to find while you are trading at Oanda.
The company was founded by two professors back in 1996 in the US state of Delaware. In the two and a half decades since its incorporation, the company has grown impressively. With headquarters in Times Square, New York City, OANDA now has offices in eight countries oanda broker review around the world. This expansion means it has now become a leading presence at the top table of the truly global brokers, able to compete with the best. Cons are including pricing
that trails discount leaders and a small list of tradable products.
- Its NFA/FCA regulations are a plus, but the lack of slippage protection or additional deposit protections beyond what regulators mandate is concerning.
- I have always received excellent support from them and wouldn’t hesitate to reach out to them should I need help with anything.
- Still, we were equally impressed by the competitive trading costs, risk management tools, educational resources and accessible customer service.
- On these account types, a commission of 3.50 AUD per lot traded is charged though this is still excellent value.
OANDA is a brokerage company offering trading services for clients
since
1996 with
offices in
United States, United Kingdom, Japan, British Virgin Islands, Malta, Singapore and Australia. Besides lots of currency pair,
OANDA also offers some instruments you would like to trade on, such as
Forex, Gold & silver, CFD and Crypto for your best choice. Somehow, remember that different instrument
has different trading conditions. In this case, you have to make sure that your strategy is well
suited for the instrument you chose.
You can browse the numerous instruments available and look for high-probability set-ups. It’s easy to set risk and profit parameters on your order ticket, and you can watch the chart even as you place your trade. New traders who are just gaining their footing in the forex market will appreciate the platform’s simple layout and intuitive candlestick and line charting features.
Is Oanda legit?
There is a fantastic range of gold and silver trading options available with both gold and silver being available to trade against 10 currencies. This fee however will only be charged if you are inactive with no trading activity for a period of 12 months. Here are a couple of other fees you may want to be on the lookout for when you are trading at Oanda. All withdrawal methods available at Oanda match the deposit methods. This means you can utilize bank wire transfers, credit/debit cards from Visa or MasterCard, and Paypal to make your withdrawals. Again, these Oanda withdrawals typically take about 2 business days to complete.
OANDA US Review Forex Broker Fees, Pros, Cons
Inactivity fees are not only charged by brokerage firms but also many financial services. However, non-trading fees charged by OANDA are comparatively higher. Consequently, you’re charged more for non-trading actions in your trading accounts, such as deposits and withdrawal. Aside from trading fees, online agents also bill non-trading fees.
You should note that as per regulation, the Oanda spread betting account is available only to UK and Ireland traders. Another account you can choose is the Oanda Core account, though this one is only available if you register with the Australian Oanda entity. Again here you can benefit from the no minimum deposit policy set in place by Oanda.
All you have to do is find out which investments and accounts receive the ideal protections. Overall, this is a flaw that is beyond the regulators’ control, but OANDA will probably fix this eventually. The interest rates in Oanda will vary depending on the market, and the assets which you are trading. A range of information on these Oanda interest rates is available from their forex financing fees webpage which can help keep you updated. This trading platform is lightweight and will run on almost any system including Windows and Mac devices, while the mobile platform functions with both iOS and Android. At Oanda there are more than 70 forex pairs in total to choose from.
Oanda Review
We research other trading costs, such as inactivity or custody fees, minimum deposit requirements, VIP rebates and/or discounts, and a range of other important fee-based data points. OANDA is well known to experienced traders in the forex market. The broker’s stated goal is to differentiate itself with superior trade execution and transparency, and all data points to that being the case. With over 30 technical indicators, the ability to easily drag and drop, and confirmation and price alerts, the mobile trading platform loses none of its effectiveness and usability.
Trading Platforms at Oanda – Overview of Trading Platforms
On the other hand, it can negatively affect the security of your funds. CFD is short for Contract for Difference and it allows you to trade certain assets without owning them. By trading CFDs you can benefit from short-term price fluctuations and not worry about crypto wallets, liquidity, and other factors. For forex traders, Oanda provides a wide selection of research. On Oanda’s MetaTrader4 (MT4) platform, news headlines are sourced from Reuters, MarketPulse, MarketWatch, Mainichi, and CNBC, among other sources.
Company Information
This fee differs depending on the type of asset being traded and the number of trading days. This may seem to be a little number, but within the year, it quickly adds to a significant amount of gains. Even though OANDA provide you all of the tools to earn money, they can’t guarantee that you will gain. OANDA is an excellent agent, and its own users may vouch for it. The highlight of this platform is its fast order execution on transactions.
The custom made trading platform from OANDA is compatible with Android and iOS operating systems, so it’s pretty much accessible on all mobile devices. This American forex broker is regulated by top-tier regulatory bodies, including the US Retail Foreign Exchange Dealer and the UK’s Financial Conduct Authority. The Oanda advanced trader program is similar to other loyalty or active trader programs offered by major brokers in that you can access a range of benefits if you qualify.