Oanda Forex Trade Platform and Broker Review

Oanda Forex Trade Platform and Broker Review

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Oanda Broker Review

The Oanda Group is an online forex broker that gives clients access to a broad range of assets and an award-winning platform.  

Oanda was founded in 1996 and incorporated in Delaware in the USA. Today Oanda is headquartered in New York, with main offices in Canada, Europe, Asia Pacific, Australia, and Japan. Oanda has 573 employees. 

 

Overall Rating

4.9/5

Rated #194 of
Recommended FX Brokers

💰Minimum Deposit

USD 0

🌐 Regulators

FCA, CFTC, ASIC, FSC, BVI and IIROC

📱 Trading Desk

MetaTrader 4 (MT4)

Crypto

Yes

📈 Total Pairs

45

☪️ Islamic Account

Yes

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

Is Oanda Regulated?

Yes, Oanda is regulated by several different organizations in the following jurisdictions:

  • OANDA Corporation is a registered Futures Commission Merchant and Retail Foreign Exchange Dealer with the Commodity Futures Trading Commission and is a member of the National Futures Association. No: 0325821
  • OANDA (Canada) Corporation ULC is regulated by the Investment Industry Regulatory Organization of Canada (IIROC), which includes IIROC's online advisor check database (IIROC AdvisorReport), and customer accounts are protected by the Canadian Investor Protection Fund within specified limits.
  • OANDA Europe Limited is a company registered in England number 7110087, and has its registered office at Floor 3, 18 St. Swithin's Lane, London EC4N 8AD. It is authorized and regulated by the Financial Conduct Authority
  • OANDA Asia Pacific Pte Ltd (Co. Reg. No 200704926K) holds a Capital Markets Services Licence issued by the Monetary Authority of 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. First Type I Financial Instruments Business Director of the Kanto Local Financial Bureau (Kin-sho) No. 2137 Institute Financial Futures Association subscriber number 1571.
  • OANDA Global Markets Ltd is a company registered in BVI number 2026433 and has its registered office at Kingston Chambers, PO Box 173, Road Town, Tortola, British Virgin Islands. It is authorized and regulated by the BVI Financial Services Commission

According to the broker’s website, Oanda is under regulation for the offering of licensed financial investment services in most regions around the world. 

Oanda’s regulations guarantee strict compliance with financial regulatory protocols and the provision of extensive client protection measures.  

Is Oanda Regulated in the United States?

Yes, Oanda is regulated in Virginia and in other US states. 

Is Oanda Regulated in Europe?

No. Oanda is not regulated in Europe. Oanda is regulated by the Financial Conduct Authority (FCA) in the UK.

Is Oanda regulated in a Tier-1 Jurisdiction?

According to the Oanda website, Oanda is regulated under Tier-1 jurisdiction. 

Tier-1 jurisdiction means that Oanda is licensed to provide financial and investment services in specific regional countries, namely Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Israel, Japan, Luxembourg, Netherlands, New Zealand, Norway, Puerto Rico, Singapore, Sweden, and Switzerland.

Is Oanda regulated in Tier-2 Jurisdiction?

According to the official Oanda sources, Oanda is regulated under Tier-2 jurisdiction. Tier-2 jurisdiction means that Oanda can operate in a licensed capacity in the following countries: British V.I., Cayman Islands, Cyprus, Italy, Malaysia, Mexico, Poland, Portugal, Spain, and Taiwan.

What are the Platforms and Tools for Forex Trading in Oanda?

Oanda provides traders with two advanced trading platforms, namely the popular MetaTrader 4 platform and its proprietary FX Trade platform.  

  1. MetaTrader 4 from Oanda allows users to trade 38 currency pairs, as well as a wide range of CFDs on popular commodities and indices. 

A key strength of the MT4 platform, automated trading lets you develop and test your own automated strategies (expert advisors). You can also explore the large third-party ecosystem as well as create your own analysis tools or technical indicators.

  1. FX Trade from Oanda is designed for new and professional traders and provides fast and easy access to global markets to trade more than 120 instruments, including currency pairs, precious metals, and CFDs for global markets, indices, commodities, and bonds, as available in your region.

Does Oanda Have a News Blog for Forex News?

Yes. Oanda has a free news blog available on its official website. The MarketPulse blog can be accessed directly from the broker’s website and consists of regular updates on market news and developments from around the globe.

Does Oanda Have a Traders Dashboard?

Yes, the Oanda Dashboard consists of several key data streams that allow users to monitor market developments. These include a sentiment gauge, historical data, and upcoming events. 

Does Oanda Have an Educational Section?

Yes, Oanda has an education system for Forex Traders. To join the education system, users should navigate to the Trading Education section of the broker’s website where they will find a variety of training materials and resources. 

What is the content of Oanda Forex Education?

The educational resources are divided into three categories which will each provide different types of training materials. These categories are listed below. 

  1. Getting started: covers Forex basics
  2. Tools and strategies: teaches users to develop a trading strategy and learn how to use trading tools for market analysis
  3. Capital management: teaches users to apply risk management tools to preserve their capital.
  4. Webinars and events

This educational offering from Oanda should be used by beginner traders, as it will teach them the basics of Forex while also teaching the necessary aspects of strategy trading and money management techniques. 

Is Oanda Legit?

Yes, Oanda is a legit Forex Broker and Trade Platform. Oanda has CFTC, NFA, IIROC, FCA, MAS, ASIC and FSC legal certificates to perform Forex Broker and trading services.

Is Oanda Safe?

Oanda is a reliable and safe Forex Trade platform in terms of its regulation and safety protocols. The broker is regulated in several global jurisdictions, as described below:

  • US – Commodity Futures Trading Commission (CFTC)
  • Canada – Investment Industry Regulatory Organization (IIROC)
  • UK – Financial Conduct Authority (FCA)
  • Australia – Australian Securities and Investment Commission (ASIC)
  • Singapore – Monetary Authority of Singapore (MAS)
  • Japan – Financial Services Agency (FSA)

Oanda keeps client funds in segregated accounts and enacts extensive data protection protocols in order to ensure the safety of clients.  

Is Oanda a Good Broker?

Yes. According to the Forex Suggest review, for security, trading speed, online support, and cryptocurrencies, Oanda is a good broker. 

  1. In terms of trading speed, Oanda’s award-winning trading platform is engineered for reliability and speed, so that trades are executed in 0.012 seconds.
  2. In terms of security, Oanda is extensively regulated in several global jurisdictions and uses sophisticated risk management technology to net aggregate client positions automatically and anonymously.
  3. In terms of online support, Oanda provides live chat functionality so that traders can have their queries resolved directly and immediately.  
  4. In terms of cryptocurrencies, clients can trade cryptocurrencies as CFDs for the most popular coins such as Bitcoin.

Overall Rating

4.9/5

Rated #194 of
Recommended FX Brokers

💰Minimum Deposit

USD 0

🌐 Regulators

FCA, CFTC, ASIC, FSC, BVI and IIROC

📱 Trading Desk

MetaTrader 4 (MT4)

Crypto

Yes

📈 Total Pairs

45

☪️ Islamic Account

Yes

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

What is the Offering of Investment in Oanda?

Offerings of Oanda can be found below.

Feature Oanda
Forex Trading Yes
CFDs Yes
Forex Pairs Yes
Cryptocurrency (Physical) No
Cryptocurrency (CFD) Yes
Social Trading  Yes

Does Oanda have Nasdaq?

Yes, Oanda offers indices trading on the Nasdaq. The Nasdaq-100 Index (NDX) is one of the world's preeminent large-cap indexes that lists the stocks of the largest global companies by market capitalization.  

What are the Awards of Oanda?

Forex Trading Platform Oanda’s awards are listed below.

  1. Highest Overall Client Satisfaction

Investment Trends – US Foreign Exchange Report

  1. Best Retail FX Platform

FX Week – eFX

  1. Value for Money

Investment Trends – US Foreign Exchange

  1. Platform Features

Investment Trends – US Foreign Exchange Report

  1. Education Materials / Programs

Investment Trends – US Foreign Exchange Report

  1. Customer Service

Investment Trends – US Foreign Exchange Report

  1. No. 1 Forex Broker in Singapore

Investment Trends Singapore CFD & FX Report

How to Use Oanda for Forex trading?

To use Oanda, a forex trader should have the necessities below:

  1. A copy of their identification documents
  2. They should be 18 years or older and be citizens of accepted countries. Oanda does not provide services in Nigeria, Pakistan, Ghana, and Iraq
  3. They should be able to afford the minimum deposit of $100

If a Forex Trader has the conditions above, they can open a forex trading account to use Oanda. 

How to open a Forex trading account with Oanda?

To open a Forex Trading account with Oanda, a trader should follow the steps below.

  1. Set your username and password on the Oanda registration portal.
  2. Submit basic personal information, like your employment status or income estimate.
  3. Fill out a competence test with questions like “What are margins?”
  4. Upload a copy of your ID/passport to verify your identity, and a bank statement/utility bill to verify your residency.

What is the Forex Trader Account Types with Oanda?

Forex Trading Platform and Financial Asset Management Institution Oanda have 3 different account types. Every Forex trading account type has different features and conditions with Oanda. 

Oanda Account Types are listed below. 

  1. Demo Account

  2. Standard Account

  3. Premium Account

  • Demo Account

The demo account from Oanda is available for an indefinite period of time and allows users to test out the various trade features on the broker’s platform before signing up for a real account. The demo account is comprehensive with almost all the same functionality as live accounts. 

  • Standard Account

The Standard Account from Oanda gives a range of benefits, including institution-grade execution, 24-hour support (available when the markets are open), and a host of platform features and account advantages.

  • 70 FX pairs: Yes
  • CFDs on major indices, commodities, metals, and bonds: Yes
  • Institutional-grade execution (less than 1 millisecond on V20 platform): Yes
  • Minimum account balance: None
  • Dedicated relationship manager: No
  • Web and desktop platforms, MT4 and mobile apps: Yes
  • Unlimited free wire transfers: No
  • No requotes: Yes
  • Fully automated execution: Yes
  • 24/5 support: Yes
  • Variable contract sizes (as low as 1 unit): Yes
  • Premium Account

The Premium Account from Oanda has several additional features and benefits as listed below. 

  • 70 FX pairs: Yes
  • CFDs on major indices, commodities, metals and bonds: Yes
  • Institutional-grade execution (less than 1 millisecond on V20 platform): Yes
  • Minimum account balance: $20,000 USD (or equivalent local currency)
  • Dedicated relationship manager: No
  • Web and desktop platforms, MT4 and mobile apps: Yes
  • Unlimited free wire transfers: yes
  • No requotes: Yes
  • Fully automated execution: Yes
  • 24/5 support: Yes
  • Variable contract sizes (as low as 1 unit): Yes

Overall Rating

4.9/5

Rated #194 of
Recommended FX Brokers

💰Minimum Deposit

USD 0

🌐 Regulators

FCA, CFTC, ASIC, FSC, BVI and IIROC

📱 Trading Desk

MetaTrader 4 (MT4)

Crypto

Yes

📈 Total Pairs

45

☪️ Islamic Account

Yes

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

How to Withdraw Money from Oanda?

To withdraw money from Oanda, the following should be done:

  • You can withdraw by transferring funds from your trading account to your landing account and then requesting a withdrawal. You can withdraw via various means, for example, debit card, credit card, and bank wire transfer.

How many days do deposits take with Oanda?

Deposit times with Oanda will vary depending on your chosen deposit method. For example, a bank transfer can take several business days, while payment with a credit/debit card is instant.

What are the costs and fees with Oanda?

There are three types of costs with Oanda. Commission costs will vary according to the instrument being traded, spreads are charged on both account types, and swap fees are applied to positions held open overnight. 

A Forex Trading Fee is charged to the client for using the services of the brokerage, and typically consists of commissions, spreads, and swaps. 

Oanda’s Trading Fees are below. 

Spreads:

  • EURUSD: 0.6 pips is the average spread cost
  • GBPUSD: 1.1 pips is the average spread cost
  • S&P 500 CFD: 0.3 points is the average spread cost

Commissions:

  • Vary according to the instrument being traded

What are the Trading Fees with Oanda?

An inactivity fee is a monthly charge that is levied on your account if there has been no trading activity for a period of 12 months. Please note, inactivity fees will not be charged when there is an open position.

Levying of inactivity fees will not result in a negative balance on any of your trading accounts. Withdrawals by bank wire transfer will incur a fee. You may be charged a fee by your payment processor. Deposits are free from Oanda. 

For bank wire transfers, there is a fee of $20 per transaction for withdrawals. You may also incur bank or any payment intermediary charges.

Oanda charges an overnight financing charge (debit or credit) for positions that remain open at 5 pm Eastern Time. You can find out what these charges are and how they are calculated on the broker’s financing costs page.

What is the minimum deposit in Oanda?

There is no minimum deposit for opening a Standard Account with Oanda. A Premium Account will have a minimum deposit requirement of $20 000.

What are the contract specifications in Oanda?

Feature Oanda
Forex Trading Yes
CFDs 4
Forex Pairs 70
Cryptocurrency (Physical) 0
Cryptocurrency (CFD) 1+
Social Trading  Yes

Does Oanda have promotional offers?

No, Oanda does not provide promotional offers or bonuses to its new or existing clients. This is primarily due to the fact that the broker is restricted from offering promotions or broker bonuses in several jurisdictions by its regulators.  

Does Oanda have a welcome bonus?

No, Oanda does not have a welcome bonus. 

However, Oanda is one of the few non-STP brokers with exceptionally fast execution. Oanda’s award-winning trading platform is engineered for reliability and speed, helping to ensure that users never out on their preferred price. Trades are executed in 0.012 seconds.

Does Oanda have a deposit bonus?

No, Oanda does not offer a welcome bonus.  This is due to the fact that Oanda’s regulators restrict the broker from offering a deposit bonus. 

Is there a commission-free trade bonus in Oanda?

No, Oanda does not offer a commission-free trade bonus. The broker does however very tight spreads and commission-free trades on most instruments. 

Is there a VIP bonus in Oanda?

No, Oanda does not offer a VIP bonus. VIP clients can sign up for a Premier Account and experience an improved and tailored trading experience. 

Can you start trading with no money at Oanda?

No, you cannot start trading with no money at Oanda. This is because Oanda does not offer any deposit bonus, therefore traders will need to deposit their own funds when opening a Trader Account.

How does leverage work with Oanda?

The OANDA fxTrade platform supports margin trading, which means you can enter into positions larger than your account balance. 

One advantage of margin-based trading is that you can leverage the funds in your account and potentially generate large profits relative to the amount invested. The downside is that you have an equal opportunity to incur significant losses in your account.

Traders can use leverage with Oanda by logging into their accounts and setting the leverage to their desired ratio.  

Where are the headquarters of Oanda?

Oanda is headquartered in New York and has main offices in Canada, Europe, Asia Pacific, Australia, and Japan.

Who is Oanda’s CEO?

The CEO of Oanda is Gavin Bambury. He has more than 25 years of experience in the financial services industry. 

Bambury has worked in a variety of leadership roles at some of the world’s leading financial institutions including Citibank, Deutsche Bank, ION Trading, and most recently Integral Development Corporation.

What are the social media accounts of Oanda?

Traders can follow Oanda on the following social media accounts:

  • Twitter
  • Facebook
  • Instagram
  • YouTube

How many employees do work for Oanda?

According to Craft.com, Oanda has 573 employees.

What are the opinions about Oanda?

Oanda is an industry veteran that has grown to be one of the largest and most recognized Forex brokers in the market. Oanda is extremely well-regulated around the world, providing a very secure trading environment. 

Oanda’s award-winning services include its feature-rich proprietary platform, access to a broad asset portfolio, and excellent customer support.  

What are Oanda Contests?

Oanda does not run any kind of Forex Trading Contests. Forex Contests can be performed for brokers who offer them to traders to profit on contest winnings. 

Oanda didn't perform any Forex Contest in the past. For future forex exchange contests and competitions, Oanda didn't perform any official announcements yet.

Does Oanda have online support?

Yes, Oanda has an online support team for Forex trade account users. Users can simply access the chat icon on the broker’s website to speak to a customer support team member. 

Does Oanda offer demo accounts for Forex trading?

Yes, Oanda offers a free demo account for all new traders. The demo account can be opened with the following steps:

  1. Visit the demo account registration page on the broker’s website
  2. Fill out the registration form with the required information. This will your full name, email address, and contact details
  3. A confirmation email will be sent to your inbox. Simply click on the link in the email to open your demo account. 

Does Oanda have a mobile app for Forex trading?

Yes, Oanda offers the FxTrade App for Android and iOS. 

The mobile app from Oanda uses simple and intuitive functionality to place trades directly from the chart with fast, reliable, and exceptional trade execution while managing your risk exposure with take profits, stop losses, and trailing stops. 

Analytics includes a market events calendar, plus access to the global market news feed from leading providers Dow Jones, 4CAST, and OANDA MarketPulse to stay on top of the market movements and volatility.

Does Oanda publish an economic calendar?

An economic calendar is a useful resource that shows the scheduled news events or data releases related to the economy and financial markets. 

Oanda does offer an economic calendar. Oanda’s economic calendar provides information on financial events, forecasts, and historical data.

What is the communication information of Oanda?

Oanda has five telephone numbers and five local addresses. 

Oanda’s main telephone number is +1 (877) 626-3239.

Oanda’s main local address is: 1460 Broadway 12th floor, New York, NY 10036, USA

Alternate phone numbers of Oanda Forex Trader are:

  1. Europe. +44-20-7101-1600 or +44-20-3151-2050.
  2. The Asia Pacific. +65-6579-8289.
  3. Australia. +61-2-8046-6258. Or 1300-0-62632.
  4. Japan. +0120-923-213.