OANDA: An Expert Review of Trading Features

OANDA is a top-tier online platform in the financial sector, specializing in forex and CFD trading. The platform offers an array of trading instruments and educational materials.  This article will give you an OANDA review of the pros, cons, and products, helping you make informed trading decisions.

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OANDA: Overview

OANDA was founded in 1996 by Dr. Michael Stumm and Dr. Richard Olsen. OANDA has made a name for itself by offering comprehensive currency services. Based in New York, the company offers various services like currency conversion, business FX data, and online trading for investors in forex and CFDs.

OANDA serves its global clientele through 5 different account types: Standard, Core, Swap-free, Premium, and Premium Core. They also have a diverse product lineup that includes CFDs and spread betting in multiple asset classes.

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Regulation and Registration: 

OANDA Corporation operates globally with various regional entities, each regulated by local authorities. In the USA, it’s authorized by the CFTC with registration number 0325821. In the UK, OANDA Europe Limited is regulated by the FCA, holding registration number 542574. OANDA Australia Pty Ltd is authorized by ASIC in Australia and has registration numbers ABN 26 152 088 349 and AFSL 412981. 

In Canada, OANDA (Canada) Corporation ULC is regulated by IIROC, with registration number 09-0280. OANDA Asia Pacific Pte. Ltd. is authorized by MAS in Singapore, having registration number 200704926K. Lastly, OANDA Japan Inc. is regulated by the FFAJ in Japan, with registration number 1571. Each entity adheres to local regulatory standards, ensuring compliance and legitimacy in their respective regions.

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Account Types of OANDA

OANDA stands out among brokers by offering a diverse range of account types, each tailored to meet the unique needs of different traders. This variety exceeds what is commonly found in the industry, providing flexibility and customisation options for traders at all levels.

Standard Account

• Full Account Verification: Not needed for gross account deposits below US$9,000
• Spreads From: 0.6 pips
• Commission (per million): US$0
• Minimum Order Size: 0.01 lots
• Instruments Available: Over 200

Core Account

• Full Account Verification: Not needed for gross account deposits below US$9,000
• Spreads From: 0.1 pips
• Commission (per million): US$40
• Minimum Order Size: 0.01 lots
• Instruments Available: Over 200

Swap-Free Account

• Full Account Verification: Not needed for gross account deposits below US$9,000
• Spreads From: 1.6 pips
• Commission (per million): US$0
• Minimum Order Size: 0.01 lots
• Instruments Available: 26

Premium Account

• Full Account Verification: Required
• Spreads From: 0.7 pips
• Commission (per million): US$0
• Minimum Order Size: 0.01 lots
• Instruments Available: Over 200

Premium Core Account

• Full Account Verification: Required
• Spreads From: 0.1pips
• Commission (per million): US$35
• Minimum Order Size: 0.01 lots
• Instruments Available: Over 200

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Deposit and Withdrawal

For deposits, OANDA accepts debit cards (Visa/MasterCard) without a minimum deposit limit, but there’s a monthly cap of 50,000 currency units, or unlimited if your bank supports ‘Verified by Visa’ or MasterCard Secure Code. Bank wire transfers take 1-3 business days domestically and up to 5 days internationally, with no minimum or maximum limits, but service fees may be charged by your bank. PayPal deposits can take 2-6 business days to reflect in your account.

Withdrawal methods include debit cards, with processing times of 1-3 business days and no fees, but the amount withdrawn cannot exceed the original deposit made with the card. Bank wire transfers, both domestic and international, take 1-2 and up to 5 business days, respectively, with fees applied.

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Products in OANDA

OANDA offers traders a variety of ways to engage in trading via their platform, including:

• Forex
• Indices
• Metals
• Shares
• Commodities
• Cryptocurrencies

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Trading Platform of OANDA

OANDA’s trading platforms are diverse and cater to a range of trading styles and preferences.

• MetaTrader 4
• MetaTrade5 
• fxTrade app 

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Fees of OANDA

OANDA charges fees starting from 7.9 USD and offers spreads starting from 1.2 pips. The specific spreads vary depending on the currency pairs and market conditions. For instance, spreads for popular pairs like EUR/USD start from as low as 0.6 pips in a spread-only pricing account and even 0.0 pips in a commission-plus core spread pricing account​. 

For accounts with commission plus core spread pricing, OANDA charges a fixed commission per trade. This commission is in addition to the core spreads, with core pricing spreads starting from 0.0 and a commission of 50 USD per 1 million traded.

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OANDA Promotions

Oanda is now offering a Welcome Bonus of up to $10,000 for new traders.

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Customer Support

• Email:  [email protected] 
• Live Chat: Available 

For information on customer support timings and our regional numbers, refer to the following table:

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Pros & Cons

Pros Explained

• OANDA sets itself apart by being one of the few online forex brokers that welcome U.S. clients.
• The company is a registered FDM and RFED, certified by the CFTC, and an active NFA member. In the U.K., it’s regulated by the FCA, providing asset protection up to £85,000 through the FSCS.
• OANDA’s fxTrade platform offers a rich set of trading tools, including Dow Jones FX Select news and various calculators. The inclusion of TradingView adds significant value to their offerings.
• OANDA excels in providing comprehensive economic analysis, real-time news, event calendars, and advanced analytics, features not commonly found in other retail trading platforms.

Cons Explained

• OANDA doesn’t offer negative balance protection for U.S. clients, meaning they could owe money if their account goes negative.
• Guaranteed stop-loss orders are not available for customers in the U.S. and U.K.
• U.S. clients can’t trade individual stocks, ETFs, or CFDs and have limited access to currency pairs. However, cryptocurrency trading is available through an affiliated company.
• Besides regular trading fees, OANDA charges a monthly inactivity fee and additional costs for deposits, withdrawals, and multiple debit card transactions within a month.

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Is OANDA Worth Considering?

In this forex trading broker review, OANDA stands out as a significant option for experienced forex traders. The key attraction is its premier trading platform, fxTrade, which offers an outstanding desktop trading experience and is easily accessible through a web browser. What sets OANDA apart is its commitment to transparent pricing and cutting-edge platform technology. Moreover, its strict adherence to global regulatory standards instils a sense of confidence in investors.

For traders in search of a dependable and advanced web-based trading platform, OANDA presents itself as a potentially ideal choice.

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FAQs

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