Oanda is an award-winning Forex and CFDs broker offering trading services to both retail and corporate clients across a wide variety of asset classes including currencies, indices, metals, energies, commodities and bonds.
Along with more than two decades of maintaining a wonderful reputation in the online trading industry, Oanda also offers a bunch of excellent trading services and qualities that play a huge role in its success as a broker. These include a strong regulatory framework, low forex trading fees, superior trade execution, a variety of industry-standard trading platforms, and a great customer support team.
Table of Contents
At A Glance
| Broker | Oanda |
|---|---|
| Established | 2001 |
| Regulations | FCA (United Kingdom), ASIC (Australia), NFA (United States), CFTC (United States), IIROC (Canada), MAS (Singapore), MFSA, SFC |
| Publicly Traded | No |
| Trading Desk Type | STP, ECN |
| Ways To Trade | Forex, CFD Trading, Spread Betting |
| Asset Classes | Currencies, Indices, Metals, Energies, Commodities, Bonds |
| Trading Platforms | MetaTrader4, TradingView, NinjaTrader, Oanda API |
| PC Trading | Available |
| Mobile Trading | Available |
| Web Trading | Available |
| Minimum Deposit | $0 |
| Leverage | US – 1:50 EU – 1:30 |
| Demo Account | Available – Open Demo Account |
| Account Funding (Deposit / Withdrawal Methods) | Wire Transfer, Card Payment, Paypal, UnionPay, BPay |
| Scalping | Yes |
| Hedging | Yes (Only on the MT4 platform) |
Pros & Cons
Pros
- A Strong global regulatory framework, with regulation from top-tier regulatory bodies across the globe.
- Low forex trading fee.
- Low latency and superior order execution.
- No Deposit fee is charged.
Cons
- High withdrawal fee for bank withdrawal transactions.
License and Regulation.
Oanda has a solid regulatory framework globally, with regulations from top-tier financial regulatory bodies across continents. These regulatory bodies ensure the broker’s compliance with financial regulatory rules and regulations to protect the interest of financial consumers.
- OANDA Corporation is a registered Futures Commission Merchant and Retail Foreign Exchange Dealer with the Commodity Futures Trading Commission (CFTC) and is a member of the National Futures Association (NFA) under No: 0325821. (United States)
- OANDA (Canada) Corporation ULC is regulated by the Investment Industry Regulatory Organization of Canada (IIROC).
- OANDA Europe Limited is a company registered in England under number 7110087. It is authorized and regulated by the Financial Conduct Authority (FCA), under No: 542574. (United Kingdom)
- OANDA Europe Markets Limited is registered in Malta under number C 95813. It is authorized and regulated by the Malta Financial Services Authority (MAS) as a Category 3 Investment Services Licence Holder to provide services to the residents of the European Union. (Europe)
- OANDA Asia Pacific Pte Ltd (Co. Reg. No 200704926K) holds a Capital Markets Services Licence issued by the Monetary Authority of Singapore. (Singapore)
- OANDA Australia Pty Ltd is regulated by the Australian Securities and Investments Commission ASIC (ABN 26 152 088 349, AFSL No. 412981)
- OANDA Japan Co., Ltd. is licensed and regulated by the Financial Futures Association of Japan (FFAJ) under subscriber number 1571.
- OANDA Global Markets Ltd is a company registered in BVI under number 2026433. It is authorized and regulated by the BVI Financial Services Commission, number: SIBA/L/20/1130.
Account Types
Oanda offers different account types, providing retail clients with the opportunity to choose an account type that best suits their trading styles and needs.
It is important to note that the services offered by Oanda differ slightly in different entities, although they all offer a range of similar benefits including 24-hour customer support service (available when the markets are open), competitive spreads, and a host of platforms features and a lot of other benefits.
The account types offered by Oanda include;
- Standard Account
- Premium Account
Standard Account Details
| Account Type | Standard Account |
|---|---|
| CFDs | Indices, Metals, Energies, Commodities, Bonds |
| FX Pairs | 70 |
| Execution | Institutional-grade execution (less than 1 millisecond on the V20 platform) |
| Minimum Account Balance | $0 |
| Dedicated Relationship Manager | No |
| Desktop Platform | Yes |
| Mobile Apps | Yes |
| Web Platform | Yes |
| Requotes | No |
| Contract Sizes | As low as 1 unit |
| OANDA Trading Performance analysis dashboard | Yes |
| MT4 Open Order Indicator | Updates every 20 minutes |
| Priority Service Queues | No |
| Joint Account | Yes |
| Corporate Account | Yes |
Premium Account Details
| Account Type | Standard Account |
|---|---|
| CFDs | Indices, Metals, Energies, Commodities, Bonds |
| FX Pairs | 70 |
| Execution | Institutional-grade execution (less than 1 millisecond on the V20 platform) |
| Minimum Account Balance | $20,000 USD (or equivalent local currency) |
| Dedicated Relationship Manager | Yes |
| Desktop Platform | Yes |
| Mobile Apps | Yes |
| Web Platform | Yes |
| Requotes | No |
| Contract Sizes | As low as 1 unit |
| OANDA Trading Performance analysis dashboard | Yes |
| MT4 Open Order Indicator | Updates every 20 minutes |
| Priority Service Queues | Yes |
| Joint Account | Yes |
| Corporate Account | Yes |
Asset Classes
Oanda provides traders with a variety of asset classes to choose from, which is great for traders who want to trade multiple asset classes or diversify their portfolios. With Oanda, clients have the option to choose from 6 asset classes including; currencies (including major, minor, and exotic pairs), indices, commodities, metals, energies, and bonds.
Oanda Asset Class Details
| Asset Classes | Assets |
|---|---|
| Currency Pairs | 70+ currency pairs including major, minor, and exotic pairs. |
| Indices | 16 indices including popular instruments like US Wall Street 30, Australia 200, Germany 30, etc. |
| Commodities | 8 Indices including Brent Crude Oil, Copper, Corn, Natural Gas, Soybeans, Sugar, and West Texas Oil. |
| Metals | Over 24 Metal instruments including Gold, Silver, Platinum, and Platinum. |
| Bonds |
Spreads and Commission
Oanda offers low trading fees (spreads and commissions) across all instruments available on the platform, and traders can enjoy lower fees trading the Forex instruments, which is a plus for currency traders trading through the platform.
On the other hand, the fees offered on CFDs ( including indices, metals, energies, commodities, and bonds) are fairly low compared to other industry-standard brokers.
Non-Trading Fee
Working with Oanda, traders get to enjoy a very transparent fee structure with no unnecessary or hidden fees charged. Fees charged by the broker can be seen in the table below.
| Broker | Details |
|---|---|
| Account Fee | No |
| Inactivity Fee | $13 An inactivity fee is charged if there has been no trading activity for 12 months |
| Deposit Fee | No |
| Withdrawal Fee | No |
Deposit and Withdrawal
Oanda provides a variety of popular payment options (deposit and withdrawal), thereby giving traders the choice to choose their preferred funding methods. The payment options available for deposits and withdrawals on the platform include;
- Bank Payments – Bank Wire Transfer
- Card Payments – Credit and Debit Cards and
- Electronic Payments – Paypal.
In addition, Oanda charges no deposit fee when deposits are made to the broker, but charges a withdrawal fee on withdrawal transactions made through bank payments, with the exclusion of card payments and Paypal which do not have a withdrawal fee.
Unlike card payments and Paypal which incur no withdrawal fee, bank payments, and electronic payments incur a withdrawal fee of over $25, which is high compared to other industry-standard brokers and a bit unfair to low-fund traders.
Trading Platforms
Oanda provides traders with an advanced proprietary trading platform (available in web, desktop, and mobile versions), as well as access to other industry-standard third-party trading platforms.
This makes it easy for traders to choose their preferred trading platform. The trading platforms offered by Oanda include;
- Oanda Trade (Proprietary trading platform)
- MetaTrader 4 and
- Trading View.
Oanda Trade
Oanda Trade is Oanda’s proprietary trading platform built with advanced trading features and capabilities. The trading platform which is powered by TradingView is available in desktop, web and mobile versions with its interface and functionalities built to function seamlessly alike across all three platforms.
With Oanda Trade, traders can enjoy exceptional execution, advanced charting, personalized layouts, multiple advanced technical analysis tools, one-click trading, trader analysis, and much more.
Oanda Trading Platforms Details
| Broker | Oanda |
|---|---|
| Proprietary Trading Platform | Oanda Trade (Web, Mobile and desktop trading platforms) |
| Desktop Trading | Oanda Trade Desktop Trading Platform, and MetaTrader 4 Trading Platform. |
| Mobile Trading | Oanda Trade Mobile Trading Platform, MetaTrader 4 Mobile Trading Platform and Tradingview Mobile Trading Platform. |
| Web Trading | Oanda Trade Web Trading Platform, MetaTrader 4 Web Trading Platform and Tradingview Web Trading Platform. |
| Social Trading | No |
| Copy Trading | No |
| MetaTrader 4 | Yes |
| MetaTrader 5 | No |
| TradingView | Yes |
| cTrader | No |
| ZuluTrade | Yes |
Customer Support
Oanda offers an impressive customer support service with a high response rate to customer queries or enquiries. The support team is available 24/5 from 10 am Sunday to 5 pm Friday and can be reached via live chat, email and telephone.
Summary
Oanda has been in the Forex and CFD trading industry for over 2 decades and still stands out among other top brokers in the online trading industry, this means they are doing some things right.
Considering their product offering, Oanda offers a great Forex and CFD trading service. Still, while they offer a large number of forex instruments, they offer a limited range of instruments in other asset classes compared to other industry-standard brokers. Notwithstanding, they offer a wide variety of asset classes along with the most popular instruments in each class.
In a nutshell, Oanda is a great broker for both beginners and professional traders due to its simplicity in structure and offering of advanced trading technologies. Also, working with Oanda, traders can enjoy a bunch of great trading services such as great customer support service, advanced trading platforms (proprietary and third-party) for mobile, web, and desktop devices, a strong regulatory framework, and much more.