Oanda Review 2020

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Oanda Review 2020

Oanda Company was established in 1995. Oanda uses innovative technologies for providing trading services at Forex market for individual traders and large corporations, from portfolio managers to big financial institutions.

  • Start year:1997
  • Country of origin:USA
  • Regulation:Registerd with Commodity Futures Trading Commission (CFTC) and is a member of the National Futures Association (NFA ID #0325821).
  • Payment options:Check, Credit/debit cards ,PayPal, Wire transfer
  • Minimum account size:$1
  • Minimum lot size:0.00001 lot
  • Leverage:1:50
  • Spreads:1,2 pips on EUR/USD

Oanda Company is a member of Forex international market and a reliable resource of currency rates. The Company has an access to the largest in the world quotation database with the most frequently and filtered renewal of information.

OANDA is a leader in currency data, offering forex & CFD trading, corporate fx payments and exchange rates services for a wide range of organizations and investors.

We offer clients the opportunity to trade a broad range of financial products with Forex in the US and Japan; Forex and CFDs (contracts for difference) in Canada, UK, EMEA, APAC and Australia. Our award-winning platform offers exceptional execution with sophisticated trading tools and advanced charting packages with an extensive range of leading edge indicators and drawing tools powered by TradingView.

Oanda Review 2020– Over 90 Currency and Precious Metal Pairs

Oanda is one part of a large corporation that has been in existence since the mid 1990s. It is a foreign exchange company that provides currency conversion, online retail Forex trading, online foreign currency transfers and Forex information. When it comes to choosing a Forex trader there are hundreds to choose from, but there aren’t all that many that have been around for as long as Oanda. In fact, many say Oanda can be considered one of the early pioneers of Forex trader. And after all this time, they must be doing something right to still be in business, and increasing their customer base on a daily basis. One of the great things about Oanda, especially for beginners, is there is no minimum deposit, so there is every opportunity to start with small investments, to be sure that Forex trading is the right form of investment for you.
Oanda, fxTrade and other members of Oanda’s fx family are trademarks owned by Oanda Corporation. Oanda has many faces and provides financial services, acts as a Forex and CFD broker and market maker, and offers its services for traders in Europe, US, Canada, and Asia. It has received several international awards and is licensed and regulated in a number of different countries, including the UK, Australia, and the US.

Rewards Points More than 90 currencies and precious metal pairs

www.oanda.com OTHER BROKERS

Oanda has a lot to offer different traders

Choose Oanda as your broker and there are a number of different markets to choose from. More than 90 currencies and precious metal pairs, along with CFD products that include commodities, bonds, and stock indices. Although we should point out that CFDs or precious metals are not available for trading if you are a resident of the United States.
Forex traders can expect highly competitive spreads, and no commission. There are 40 major currency pairs for trading, all using Oanda’s fx Trade or popular MT4 trading platforms. Indices are used by many traders as a way of speculating on the world’s financial markets, and with Oanda traders can take advantage of the volatility brought about by world events and corporate news to trade stock indices. Bonds can be used by traders who want to diversify their portfolio. Traders can hedge against risk and try to predict future interest rates, while at the same time leveraging the security and stability that government treasuries usually offer. If you prefer to trade CFDs, Oanda offer popular commodities such as wheat, corn, copper, crude oil, and natural gas. Along with precious metals such as gold, silver, and platinum.

Choose between MT4 and the fx Trade Web Trader

For many there won’t be any choice, as MT4 is the preferred trading platform of many traders. But for those looking for something a little different, there is fxTrade Web Trader. It does require JAVA to run, but can be used by traders who want to access the platform anywhere in the world. This is because it is web based, and only requires a secure and reliable internet connection.
Both platforms also have mobile versions. More tech savvy traders also have one more option. By using Oanda fx Trade API libraries they can build their own automated system. We should also mention some rather good trading tools that are offered by Oanda.

  • MotiveWave – A professional charting, technical analysis and trading platform
  • FinGraphs – Provides straightforward tools used to identify trends, highlight risk levels, and calculate possible price targets
  • Market Reports – Powered by Autochartist and giving a quick overview of the state of the markets, and delivered to a trader’s inbox at the start of the trading day
  • Forex Order Book – This summarises open orders and positions, 24 hours a day
  • Currency converter – Accessible via a tab at the top of Oanda’s home page

Oanda have one real account and a demo account for new traders

Only a few basic questions are requested if you choose to open a live account with Oanda, and you can be ready to trade in just a few minutes. There is no minimum deposit amount like many other brokers, which makes it the perfect choice for beginners and those with limited funds. A number of payment methods are accepted, including the most common ones such as bank transfer, and major debit and credit cards.
For beginners there is a great education section, with webinars and investment articles for traders, but it wasn’t as extensive as many of the other brokers we get to review. There is the Oanda Academy with resources to improve trader’s confidence, an instructor-led learning option with live online sessions, as well as an on-demand video library. Also there is the option for self-directed learning covering all the basics as well as looking at technical trading.
We had no problems navigating our way around the Oanda website and opening an account was quick and easy. It is regulated in a number of different countries, which is always going to be a plus. With a great range of products and services, and no minimum deposit requirement we would recommend you give this broker a try.

OANDA Review

Established in 1996, OANDA is a USA forex and CFD broker offering strengths such as the choice of a spread-only or core pricing with spreads from 0.1 pips and the choice of the MT4 or OANDA forex trading platform while weaknesses include weak OANDA reviews and low CFDs leverage levels of just 50:1.

By Justin Grossbard / Updated: Wednesday, March 25th, 2020

OANDA Review Strengths And Weaknesses

OANDA is one of the oldest and largest forex companies in the world, founded in 1996 by Doctors Olsen & Stumm. The market maker is a favourite for forex traders all around the world due mainly because of the following:

View the full OANDA review below with additional information about the global forex broker.

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Our Rating

The overall rating is based on review by our experts

Strengths

1) OANDA Customer Service

In 2020 OANDA won the customer service from Investment Trends in the USA. This is an award voted by active traders in America based on several categories. While they won customer service in the USA, in Australia they have not won since 2020.

OANDA offers customer support 24 hours, five days a week with e-mail, live chat and phone support for Australian forex traders. They also offer Australian forex traders with the opportunity to read the resident blog with Forex Lab Notes on next- generation trading technology, product design and innovation in the forex trading Australia market.

2) Execution Speed Of Orders

OANDA offers a 100% fully automatic platform with no dealer desk intervention maximising the execution speed of trades.

Australian forex traders are offered tools to protect themselves from slippage with the option to set upper and lower bounds to manage fluctuation, set take-profit orders and stop-loss orders to manage downwards risk. Their servers are some of the fastest in the world with 98% of trades executed in less than 0.012 seconds, according to the data collected by January 2020. They ensure there are no re-quotes with all orders executed at market prices and no automated rejections occur, unlike some other brokers.

Typically, OANDA uses price improvement technology to give forex traders an advantage in the market. It sources the best prices from within the liquidity pool to ensure that clients get the best execution prices on every trade. The systems also have the capacity to review voluminous trade data every second. In this manner, OANDA guarantees ultra-fast and intelligent routing of forex trades. The technology will also provide optimal prices in the fast and highly volatile foreign exchange market.

3) Low Spreads & Fees

A key strength found in this OANDA review was their low fees based on there two main accounts:

Spread Only Pricing

This is the default when a forex trader opens a live account on either the OANDA or MT4 forex trading platform. There are no commissions added to these spreads helping calculate brokerage. It’s ideal for those new to forex trading.

Below you can observe Oanda’s real-time spreads. Additionally, this online broker also gives you access to 7-day historical spreads (accessed directly on Oanda.com), for a better assessment of their spread offering.

Core Pricing

This is the preferred choice for experienced forex traders. It attracts a commission of $5.0 ($10.0 round-turn) for 100k traded but on the plus side, there are tighter market-based spreads. This account must be requested after opening a live account.

Currency pair Spread-only pricing from: Core pricing from:
EUR/USD 0.9 0.1
USD/CAD 0.9 0.2
GBP/USD 0.9 0.2
AUD/USD 1.0 0.2
NZD/USD 1.0 0.2

1) Trial Plan

This plan gives clients a free 30- day trial. New clients are encouraged to use this plan to access OANDA’s API to request a maximum of 1000 exchange rates for up to 190 currencies.

2) Premium Plan

The Premium Plan costs $400 a month. On this plan clients get 100 000 monthly daily ask rates, mid and average bids and rates for over 190 precious metals and currencies, among others.

The average spreads on EUR/USD over a 7-day period is around 1.2 pips but in the figure below we can observe how during news events the EUR/USD spread can go as high as 10 pips or even more.

3) Advanced Plan

This plan costs $750 for which clients receive unlimited monthly quotes, period low, high and average rates, phone support and access to the sales engineer for additional integration assistance, among other unique benefits.

On all plans, there is immediate rate settlement so there is no delay in accessing your funds.

OANDA Weakness – Leverage

Oanda offers different levels of leverage, which are based on local regulatory norms. For example:

  • Oanda US offers maximum leverage of 50:1
  • Oanda Europe offers maximum leverage of 50:1
  • Oanda Australia offers maximum leverage of 100:1

The biggest issue that advanced Australian forex traders have with OANDA is the maximum leverage offered which is 100:1. Some currency pairings have even lower leverage including 50:1 and down to 20:1 for some exotics.

As the table above highlights, some Australian forex brokers offer up to 500:1 which is ten times the rate we noticed in our OANDA review of the company. While leverage dramatically increases the risk profile of forex trading it can be essential for many traders forex strategies. For the beginner, intermediate and even those traders with a low-risk acceptance 50:1 may be ideal as this can help protect you from losing your money or the amount you will lose if currency movements are unfavourable but for expert and higher risk traders, another fx broker may be advisable.

What Else Should I Know About OANDA?

a) The Trading Platform

OANDA uses MetaTrader 4, the most popular platform in the world. It also has it’s own OANDA trading platform that in 2020 won the FX awards for the best platform.

At Oanda, forex traders can choose to trade on the proprietary trading platform fxTrade using 3 versions:

  • Desktop platform
  • Web-based trading platform
  • Mobile Apps

For forex traders that are looking for an opportunity to develop their own trading app/software, a Representational State Transfer (REST) application programming interface. OANDA provides this API free of charge to developers and clients who need to build trading strategies and apps on top of OANDA’s award-winning trading platform.

Traders can also use the API to trade through their fxTrade accounts. If you need the API for purposes other than trading, or if you wish to partner with OANDA, you only need to send an email to the support team.

b) The Mobile Trading Options

OANDA has created fxTrade Mobile 3.2 to help traders work from their mobile devices. This is the latest version of OANDA developed native apps for Android, iPad and iPhone devices. It also comes with new technical overlays and indicators, vertical pinch- to- zoom functionality and additional chart types.

Apart from helping traders draw trend lines, the app can be used to identify resistance and support levels and other common chart patterns. The features have also been designed to allow traders to analyse technical data on currencies, financial instruments and other variables anywhere they roam.

The release of this mobile platform speaks to OANDA’s focus on continuous development and improvement. The company has maintained its lead in mobile forex trading capabilities and taken these capabilities to higher steps. Essentially, the mobile apps are at par with the desktop version of the trading platform. Oanda trading Apps support the same advanced charting capabilities as the desktop platform.

From the feedback OANDA reviews from clients (and their mobile trading behaviour), the company knows that most traders are looking for a robust platform they can access instantly. With fxTrade platform Mobile 3.2, you will be able to do so much more than taking peeks at the latest currency pair spread or checking on your position. Instead, you will receive the full desktop trading experience on your current mobile device.

c) Technical Analysis Tools

OANDA uses a cutting- edge trading app with a sleek user interface, enhanced charting functionality and full visibility in pricing to allow for more customisable options to suit your individual needs. The app also allows for easy mobile navigation from a single screen.

New features in the app include:

– New Charts: Close, Bid, Average, Ask, HLC Bars and Heikin- Ashi candlesticks

– New Indicators: William %R, Standard Deviation, StochRSI, Relative Strength Index, Moving Average Convergence/ Divergence, Commodity Channel Index and Average Directional Index

– The Ichimoku Overlay: The sliders accuracy has been improved for use with overlays and indicators.

OANDA has also added the ability to hide empty candles from the “settings menu” and to change the colours of the candlesticks. Further, cross-hairs are now linked to the main graph chart.

d) Australian certification

Finally, although OANDA has subsidiaries in Singapore, Canada, Japan and the United Kingdom, the Forex Trading Australian subsidiary is primarily tailored to serve the needs and interests of the Australian market. When you trade on this platform, therefore, you can be sure that you will be protected by local Australian financial laws, rules and regulations.

Our OANDA review shows the forex trading Australia division is a trusted source and market maker for currency data. Additionally, we found out in our Pepperstone vs OANDA review that OANDA provides Australians with access to one of the largest historical, filtered currency and high-frequency databases in the world today.

When you trade on this platform, therefore, you can be sure that you will be protected by local Australian financial laws, rules and regulations.

e) Minimum Deposit Requirements

When you open an account, OANDA does not have a minimum deposit requirement to open or maintain an OANDA account. If you wish to trade, you will need to make sure you have enough balance to cover margin requirements your trades.

f) Trading Instruments

Oanda offers a range of CFD Trading tools in addition to Forex. These include Bonds, Commodities and Precious Metals. CFDs are complex instruments and require different skills to forex trading, as always there is a high risk of losing investments. Below you can review the extended list of financial instruments that you can trade on Oanda platform.

Oanda
Forex Currency Pairs +71
Index CFDs 15
Commodities 7
Metal 23
Bonds 6

It is well worthwhile signing up for a demo account to learn about trading CFDs. This will give you 100,000 units for virtual money when trading CFDs and practice will help develop your CFD trading skills to reduce your risk of losing money. While Oanda customers can enjoy access to the Forex market, cryptocurrencies are not among their offering. Clients from the United States or Europe can’t trade Bitcoin with Oanda, only Australian residents have the luxury to take advantage of the Bitcoin rise in price.

About Oanda – Brief History

Founded in 1996, Oanda has been in the Forex industry for almost 25 years and it’s considered to be a pioneer of online brokers. The same way Steve Jobs was a pioneer of the personal computer revolution, Oanda brand has revolutionized online forex trading.

Oanda is a global provider of financial services having its headquarters in New York, United States, the heart of the most financially powerful city and the biggest International Financial Centers (“IFC”) in the world. Oanda offices spread across 6 different countries (total of 7 offices) and 4 different continents.

Oanda Corp headquarters is located at the following address: North American Sales 135, West 41st Street, New York NY, 10036, USA.

In 2020, Oanda experienced a notable global expansion after opening is London office. Later on, Oanda UK has become the headquarters for the European traders under the brand name Oanda Europe Limited.

Regulation and Licenses

Oanda is heavily regulated by the most powerful regulatory bodies in the world. Our industry-leading experts discovered that Oanda is also an advocate of regulatory oversight. Additionally, forex customers can benefit from extra protection due to Oanda’s superior risk management technology.

Oanda is required to comply with the standards and financial norms imposed by the world’s leading regulatory agencies from 5 countries:

  • Registered Retail Foreign Exchange Dealer (RFED) with the U.S. Commodity Futures Trading Commission (CFTC)
  • Forex Dealer Member (FDM) of the National Futures Association (NFA license #0325821)
  • OANDA (Canada) Corporation ULC regulated by the Investment Industry Regulatory Organization of Canada (IIROC)
  • OANDA Asia Pacific Pte. Ltd. regulated by the Monetary Authority of Singapore MAS (CMS License No: CMS100122-4)
  • OANDA Europe Limited regulated by the Financial Conduct Authority FCA in the UK, No: 542574
  • OANDA Australia Pty Ltd. regulated by the Australian Securities and Investment Commission (ASIC) AFSL No. 412981

Oanda Funding Methods

Clients of Oanda Europe Limited can fund their live accounts through several deposit methods. Below, we have listed the most popular funding methods offered by Oanda:

  • Debit card and credit card
  • Bank transfers
  • Electronic Wallets (PayPal)

To deposit funds in your fxTrade account, Oanda clients have the option to make a bank transfer directly from your bank account using Faster Payment, Bacs, CHAPS and SEPA payments. Another advantage is that Oanda doesn’t enforce a minimum deposit policy.

Note* when funding your Oanda trading account, you can only deposit $10,000 per calendar month. Additionally, on Oanda.com forex traders can expect:

  • $10 per month inactivity fee enforced after two years of zero trading activity
  • $20 bank withdrawal fee (applied only for the first withdrawal within a calendar month)

Deposit Currency Supported

Our team of experts works around the clock to keep Oanda broker review up to date. The latest conducted research made at the beginning of January 2020 we found that compared to other online brokers, Oanda has a decent range of account base currencies.

Oanda offers its traders a multi-currency deposit solution that supports 9 different base currencies (CAD, AUD, EUR, CHF, GBP, HKD, JPY, SGD, and USD). When compared to Pepperstone, Oanda falls behind on this metric. You can review to complete Oanda vs. Pepperstone comparison HERE.

About Compare Forex Brokers

The forex trading comparison on compare forex brokers was made by experienced individuals who have worked with financial services companies within Australia including a forex player. They understand how hard it is to compare forex brokers and have developed criteria from spreads to leverage to help Australians find the best forex broker for them. Just view our forex broker comparison options on the homepage. If you have any feedback please feel free to use our contact form. You can also view our broker vs broker comparison such as CMC Markets.

If you see any issues with any of our forex broker comparison tables or this OANDA review please contact the owners using the contact form and changes will be made promptly to ensure all forex trading Australia elements are correct.

Published by Justin Grossbard

Wednesday, March 25th, 2020

Oanda Review 2020

Oanda is a multi-regulated and established online broker offering around 10,000 instruments to clients worldwide via versatile platforms. However, spreads tend to be high when compared to other online brokers.

Oanda Review 2020, Pros & Cons
  • Regulated in multiple jurisdictions
  • Segregated client funds
  • Financial Services Compensation Scheme (FSCS)
  • Canadian Investor Protection Fund (CIPF)
  • Advanced trading tools
  • Flexible trading platforms
  • No minimum deposit
  • Restricted leverage
  • No social trading
  • No fixed spread accounts
  • Higher than average spreads

In this detailed Oanda review, our online broker research team have covered some of the most important aspects for you to consider when choosing the best broker for your online trading needs.

Oanda is not ranked in our best forex brokers, best stock brokers, best cfd brokers, best crypto brokers or best online brokers categories. You can use our free broker comparison tool to compare online brokers including Oanda.

Oanda Review: Summary

Oanda was founded in 1996 by two professionals with a vision to change how the world interacts with different currencies. The company was incorporated in the USA but today, it has offices throughout the globe in Canada, UK, Japan, Singapore and Australia.

The broker has a team of expert analysts who present updated news, analyses and commentaries. Oanda has been recognised with over 50 industry awards over the years, in different areas including trading platform features, mobile apps, customer service, risk management, trader education and more.

Oanda asserts that it is the sole execution venue for all its clients’ orders. The broker also affirms that it does not operate an order book where clients’ orders could provide or take liquidity. All orders are executed at best available rates and optimum speeds. This method of execution makes the broker a ‘market maker’.

Oanda Review: Awards

Oanda Review: Regulation

In the United States, OANDA Corporation is a member of the National Futures Association (NFA) with the no. 0325821. The broker is also registered with the Commodities Futures Trading Commission (CFTC) as a registered Futures Commission Merchant and Retail Foreign Exchange Dealer (RFED).

In Canada, the broker is regulated by the Investment Industry Regulatory Organisation of Canada (IIROC).

Oanda Europe Ltd is authorised and regulated by the Financial Conduct Authority (FCA) with the license number: 542574

Oanda Asia Pacific Ptd Ltd is regulated by the Monetary Authority of Singapore (MAS).

OANDA Australia Pty Ltd is authorised and regulated by the Australian Securities and Investments Commission ASIC (ABN 26 152 088 349, AFSL No. 412981)

Oanda Japan Co. Ltd. is regulated by the Financial Futures Association of Japan (FFAJ). The license number is 1571

Clients’ deposits are maintained in different segregated bank accounts. These funds are kept in top European banks such as NatWest, Barclays and Lloyds, Ulster Bank in Ireland, Deutsche Bank in Germany and Barclays in France. Oanda accounts records are regularly crosschecked by internal auditors. Every year, ‘PricewaterhouseCoopers’ audits the records and the reports are sent to the relevant regulatory authorities.

Oanda UK and European clients are insured by the Financial Services Compensation Scheme (FSCS). The scheme will compensate eligible clients for up to £85,000 per person if the broker becomes insolvent. The Canadian clients are insured for up to one million Canadian Dollars by the Canadian Investor Protection Fund (CIPF). The MAS regulated jurisdictions are entitled to an insurance of up to 50,000 Singapore dollars.

Oanda protects its trading platforms and websites with Secured Socket Layer (SSL) encryptions to ensure adequate user protection from identity thieves and cyber hackers.

Oanda Review: Countries

Oanda accepts clients from across the globe but do not accept residents of Korea, India, Pakistan, Iran, New Zealand, Cambodia, Nigeria, Ghana and some other countries where there are certain restrictions in place. Some Oanda broker features and products mentioned within this Oanda review may not be available to traders from specific countries due to legal restrictions.

Oanda Review: Trading Platforms

Oanda Next Generation Trading Platform

Oanda Review: Trading Platform

This is Oanda’s proprietary “next generation” platform that has won multiple awards. It has a set of tools for conducting market analysis, advanced charting and trade management. The platform offers a flexible and convenient trading environment for traders of all skill levels. It is available in 3 versions; web, desktop and mobile. The web version runs directly in the browser and thus, works on every operating system in most modern web browsers. The desktop version is installable on Windows and offers a fully customisable user interface. The mobile version is designed for Android/iOS devices and is useful for those who need to access their account and trade whilst on the go.

The following are some of the key features of the platform:

  • Sophisticated technical analysis tools with over 10 chart layouts.
  • Over 50 drawing tools and technical indicators for conducting chart analysis.
  • News aggregator with search function.
  • Access to algorithmic trading with Algo Labs
  • Risk management features including stop loss.
  • Trade performance analytics tool.
  • Customisable layouts and interface.
  • Powerful charting courtesy of Trading View.
  • Market news and analysis, economic calendar available on the platform.

MetaTrader 4 (MT4) Platform

Oanda Review: MT4 Platform

This platform is perhaps the most popular in the forex trading world and has become a standard among many brokers and millions of traders worldwide. The MT4 platform is intuitive, versatile, fully customisable and packed with a vast array of essential tools useful to traders. Oanda presents MT4 as a downloadable desktop application and as mobile apps.

Here are some of the key features of the MT4 platform:

  • Real-time price quotes in the market watch window.
  • Multiple chart types (candlestick, bar, line) that can be displayed over 9 timeframes.
  • 30 inbuilt technical indicators and over 20 drawing tools.
  • Automated trading using Expert Advisors (EAs).
  • Strategy tester for historically testing EAs.
  • MQL editor for programming custom indicators, EAs and scripts.
  • Trade directly from the charts.
  • One-click trading.
  • Order management tools as well as risk control tools like stop loss and take profit.
  • Alert notifications via the platform, email and SMS.
  • Online community and marketplace for additional tools.

Mobile Trading

Oanda Review: Mobile Platforms

Both the Oanda trading platform and the MT4 platform support mobile trading via iOS and Android apps. These mobile apps can be downloaded and installed from the respective app stores. They integrate seamlessly with the desktop applications and maintain similar features and functionality.

Here are a few features of the apps:

  • Real-time price quotes.
  • Support for technical analysis via charts, indicators and drawing tools.
  • Simple and user-friendly interface that can be customised to the user’s selections.
  • Monitor live trades, charts and news on the go.
  • Used to open, modify or close trade positions.
  • Trade performance analysis and history.
  • Push notifications.

Oanda Review: Trading Tools

Advanced Charting

Oanda Review: Advanced Charting

Oanda offer an advanced charting package on its proprietary Oanda Trade platform. The charting package consists of over 65 indicators and drawing tools. Clients can trade directly from the charts. There are about 11 customisable charts including the Heikin-Ashin, Renko, etc.

The charting package is provided by TradingView; a leading web-based charting package and social networking site. Oanda have conveniently integrated TradingView’s charting package into the ‘Oanda Trade’ platform.

Algo Lab

Oanda Review: Algo Lab

This module gives access to historical back tests, coding and deployment of automated trading strategies. It is powered by QuantConnect; a free algorithmic trading platform for forex and CFD trading. With the Algo Lab, clients can back test Oanda’s tick data from 2004. It is available in multiple programming languages such as C#, Python and F#. Clients can deploy their strategies straight from the Algo Lab to Oanda’s trading servers and trade forex and CFDs. It should be noted that historical performance is by no means any guarantee of future performance.

Pattern Recognition & Price Projection

The pattern recognition is a tool inbuilt into the Next Generation trading platform. It scans the charts and recognises technical patterns such as triangles and wedges, etc. When the patterns are complete, it creates a price projection box highlighting an area where it predicts the price action may go.

Module Linking

This tool enables the grouping of charts together for the sake of comparison. This tool is useful for examining the same assets over multiple charts, timeframes, indicators, etc at the same time.

Oanda Review: Module Linking

Oanda Chart Forum Community

This is where traders can discuss strategies, exchange ideas and share chart analysis. It is part of the Next Generation trading platform. Traders can copy analysis, save and comment on posts.

Oanda Review: Forum

Client Sentiment

This tool shows the percentage of traders that have bought a particular instrument as well as the percentage that have sold the same instrument. Sentiment analysis is commonly used as part of a contrarian trading strategy.

Oanda Review: Client Sentiment

Market Calendar

This shows the dates and times scheduled for different global events as well as their predicted impact on the market. This calendar is powered by Reuters and it is streamed on the Next Generation platform.

Oanda Review: Market Calendar

Market Insights

This consists of daily commentaries and video analysis as presented by Oanda analysts. It is accessible via the trading platform. The aim is to give traders ideas on how to proceed based on the analysis and price movements surrounding various assets.

Market News & Analysis

The topics covered are market commentary, chart analysis, weekly outlook, technical and fundamental analysis. This is also prepared and presented by the team of analysts at Oanda.

Oanda Review: Education

The Oanda website has a ‘Learn’ Section where a comprehensive range of educational materials for traders is provided. There are several training videos covering a variety of different trading topics including fundamental analysis, technical indicators, forex/CFD trading, etc. The videos are grouped for beginners, intermediate and advanced traders. There are trading guides covering different types of trading. In addition to this, there are articles explaining basic concepts which beginners may find useful if they are just getting started with online trading.

Oanda Review: Trading Instruments

Oanda offers around 70 forex assets including the major, minor and exotic pairs. The only assets available to US clients are currency pairs. CFDs are not available for trading in the United States.

For clients from other regions, the following pairs are available:

  • 70 currency pairs
  • 16 indices
  • 8 Commodities
  • 6 Bonds
  • 23 Metals

Oanda Review: Trading Accounts & Fees

Oanda operates from 5 regions: Europe, United States, Canada, Asia Pacific and Australia. Each of these regions is regulated by a different authority. The account types and leverage offered to clients depends on the region. Spreads are variable according to liquidity with the average spread of the EURUSD around 1.2 pips which is relatively high when compared to other online brokers.

For the US, Asia Pacific and Canadian regions; the maximum leverage on all accounts is 1:50. The maximum leverage for Australian clients is 1:100, whilst that of European clients is 1:30 except for Professional accounts which have a leverage of 1:100.

Here are the various Oanda account types:

  • Standard Account: There is no minimum deposit on this account and it is available to all clients.
  • Premium Account: The minimum deposit is $20,000 for US clients, 50,000 CAD for Canadian clients, $50,000 for European clients & Asia Pacific clients. Australian clients can open this account with 50,000 AUD.
  • IRA: This account is only available for US clients. The account is supported by IRA custodians like Midland IRA, Real Trust IRA, Pensco trust company, etc.
  • Professional Account: This account is available to European clients only. The maximum leverage is 1:100.
  • Joint Account: Available to European & Canadian clients with a maximum leverage of 1:30 and 1:50 respectively .
  • Business Entity Account: This is for Europeans & Canadians who run a business.
  • Eligible Contract Participant (ECP): This is available to US residents that have more than $10 million.
  • Corporate Accounts: This account is for Asia Pacific & Australian clients only.

As broker fees can vary and change, there may be additional fees that are not listed in this Oanda review. It is imperative to ensure that you check and understand all of the latest information before you open a Oanda broker account for online trading.

Oanda Review: Customer Service

The Oanda support desk is available 5 days a week via phone, email and live chat. Oanda chat is a virtual assistant that first initiates the chat. It speaks English, Chinese, Spanish and Dutch. The support page on the website has a Frequently Asked Questions (FAQs) section that can give instant answers to some common questions that you may have. Facebook, Twitter, LinkedIn and YouTube are the social media channels available.

Oanda Review: Deposit & Withdrawal

The payment options available to you depends on your country of residence. Oanda does not accept payments from third parties.

The following payment options are available:

  • Automatic Clearing House (ACH): This method is payment is only available for USD accounts. Maximum limit is $50,000 and it takes up to 6 days.
  • Credit/Debit Cards: The cards are accepted are Mastercard and Visa card. There is a limit of $20,000 per month.
  • Wire Transfer: This takes 1-3 working days to deposit money through this method. International transfers can take up to 5 business days. There are no limitations on bank transfers.
  • Checks: This is only acceptable in the United States for only deposits. There are no deposit fees and it takes 4-6 days before the check clears.
  • Online Payments: The accepted payments are PayPal, BACS, CHAPS, Swift, SEPA and BPay.

Accounts can be opened in USD, GBP, EUR, CHF, JPY, CAD, SGD & HKD. The different currency options are beneficial as currency conversion fees do not apply when using an account in your own currency.

Oanda Review: Account Opening

To create a new trading account, visit the Oanda website and click on the ‘Open Live Account’ button which is found at the top of every webpage. The new account opening page opens. Type in your country in the textbox, if Oanda accepts residents from your country the form loads and opens, but if not, registration cannot continue.

There are forms to complete including account information, personal information and identity verification. If everything is done correctly, the account is approved and an email containing further instructions is sent by Oanda to the new client.

Oanda Review: Conclusion

Oanda is a well-established broker that continues to implement the latest innovative trading technologies. The broker holds multiple regulations from different authorities and thus must carefully abide by the stringent regulatory provisions.

They have an impressive asset listing of approximately 10,000 instruments whilst they can accommodate individual, corporate and international traders. There is no minimum deposit, meaning that anyone is welcome to use their trading services irrespective of trading capital or experience. The spreads are however quite high in comparison to other online brokers.

The proprietary Next Generation trading platform is a multiple award-winning platform. It has a myriad of innovative tools to assist traders. The sentiment analyses, social forum, news from Reuters as well as analysts’ insights are all welcome additions that make the platform an acceptable choice for all levels of trader. There is also a comprehensive range of training videos and other educational resources available on the Oanda website and platform.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 73.5% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Min $1 Deposit

Oanda is a multi-regulated & established online broker offering around 10,000 instruments to clients worldwide via versatile platforms. However, spreads tend to be higher than other online brokers.

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