Oanda Review

Established in 2001, 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 plays 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.

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Oanda Broker Details

BrokerOanda
Established2001
RegulationsFCA (United Kingdom), ASIC (Australia),
NFA (United States), CFTC (United States),
IIROC (Canada), MAS (Singapore), MFSA, SFC
Publicly Traded No
Trading Desk TypeSTP, ECN
Ways To TradeForex, CFD Trading, Spread Betting
Asset ClassesCurrencies, Indices, Metals, Energies,
Commodities, Bonds
Trading PlatformsMetaTrader4, TradingView, NinjaTrader, Oanda API
PC TradingAvailable
Mobile TradingAvailable
Web TradingAvailable
Minimum Deposit$0
LeverageUS – 1:50
EU – 1:30
Demo AccountAvailable – Open Demo Account
Account Funding
(Deposit / Withdrawal Methods)
Wire Transfer, Card Payment, Paypal, UnionPay, BPay
ScalpingYes
HedgingYes (Only on the MT4 platform)

Oanda 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 charged.

Cons

  • High withdrawal fee for bank withdrawal transactions.

Oanda License and Regulation.

Oanda has a strong 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 in order 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 authorised 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 authorised and regulated by the Malta Financial Services Authority (MAS) as Category 3 Investment Services Licence Holder to provide services to the residents in 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. Licensed and regulated by 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 authorised and regulated by the BVI Financial Services Commission, number: SIBA/L/20/1130.

Oanda 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, a host of platform features and a lot of other benefits.

The account types offered by Oanda includes;

  • Standard Account
  • Premium Account

Standard Account Details

Account TypeStandard Account
CFDsIndices, Metals, Energies,
Commodities, Bonds
FX Pairs70
ExecutionInstitutional-grade execution
(less than 1 millisecond on V20 platform)
Minimum
Account Balance
$0
Dedicated
Relationship Manager
No
Desktop PlatformYes
Mobile AppsYes
Web PlatformYes
RequotesNo
Contract SizesAs low as 1 unit
OANDA Trading Performance
analysis dashboard
Yes
MT4 Open Order IndicatorUpdates every 20 minutes
Priority Service QueuesNo
Joint AccountYes
Corporate AccountYes

Premium Account Details

Account TypeStandard Account
CFDsIndices, Metals, Energies,
Commodities, Bonds
FX Pairs70
ExecutionInstitutional-grade execution
(less than 1 millisecond on V20 platform)
Minimum
Account Balance
$20,000 USD (or equivalent local currency)
Dedicated
Relationship Manager
Yes
Desktop PlatformYes
Mobile AppsYes
Web PlatformYes
RequotesNo
Contract SizesAs low as 1 unit
OANDA Trading Performance
analysis dashboard
Yes
MT4 Open Order IndicatorUpdates every 20 minutes
Priority Service QueuesYes
Joint AccountYes
Corporate AccountYes

Asset Classes Offered By Oanda

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 ClassesAssets
Currency Pairs70+ currency pairs including major, minor and exotic pairs.
Indices16 indices including popular instruments like US Wall Street 30, Australia 200, Germany 30 etc.
Commodities8 Indices including Brent Crude Oil, Copper, Corn, Natural Gas, Soybeans, Sugar and West Texas Oil.
MetalsOver 24 Metal instruments including Gold, Silver, Platinum and Platinum.
Bonds

Oanda Fee: 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.

Oanda Fee: 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.

BrokerDetails
Account FeeNo
Inactivity Fee$13
An inactivity fee is charged if there
has been no trading activity
for a period of 12 months
Deposit FeeNo
Withdrawal FeeNo

Oanda Account Funding: Deposit and Withdrawal

Oanda provides a variety of popular payments 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 incurs 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.

Oanda 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 includes;

  • Oanda Trade (Proprietary trading platform)
  • MetaTrader 4 and
  • Trading View.

Oanda Trade

Oanda Trade Trading Platforms

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, personalised layouts, multiple advanced technical analysis tools, one-click trading, trader analysis and much more.

Oanda Trading Platforms Details

BrokerOanda
Proprietary Trading PlatformOanda Trade (Web, Mobile and desktop trading platforms)
Desktop Trading Oanda Trade Desktop Trading Platform,
and MetaTrader 4 Trading Platform.
Mobile TradingOanda Trade Mobile Trading Platform,
MetaTrader 4 Mobile Trading Platform
and Tradingview Mobile Trading Platform.
Web TradingOanda Trade Web Trading Platform,
MetaTrader 4 Web Trading Platform
and Tradingview Web Trading Platform.
Social TradingNo
Copy TradingNo
MetaTrader 4Yes
MetaTrader 5 No
TradingViewYes
cTraderNo
ZuluTradeYes

Oanda Customer Support

Oanda offers a very 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 definitely means they are doing some things right.

Taking a look into their product offering, Oanda offers a great Forex and CFD trading service, but 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.