OANDA – The Best Forex Broker?
Read our OANDA Forex broker review below...
...OANDA offers trading services to customers on a wide range of financial instruments: CFDs, Forex, Commodities, Bonds, and Metals. Today OANDA is very popular among the FOREX market participants. The company is registered with the Commodity Futures Trading Commission (CFTC) and is a member of the National Futures Association (NFA).
Due to this, as well as a well-deserved reputation for over 20 years, the OANDA broker is very popular among traders around the world. Currently, a forex broker performs over a million transactions per day. It is estimated that around 20 percent of all online Forex transactions go through OANDA's servers.
Highly regulated and secure broker
High quality execution of transactions
Multiple trading platforms
Negative balance protection
Open and transparent pricing
Useful research and education resources
Slower phone support
Does not offer promotions or incentives
Few cryptocurrency tools
Less competitive spreads
Few ways to enter and withdraw funds
The site is not very user-friendly
OANDA is one of the pioneers of Forex and CFD brokers in the financial market, founded in 1996. The broker offers professional tools and is a global broker. The broker serves traders from all over the world with branches in the USA, UK, Japan, Singapore, Australia and is regulated by the most influential regulators: CFTC, FFAJ, IIROC, ASIC, MAS. For European traders, accounts are protected by the UK regulator FCA. In 2016, the company was named the Most Preferred Forex Provider by ShareInvestor Awards, and the unique trading platform was recognized as one of the best in the world. In terms of customer protection, OANDA only works with tier 1 banks such as Deutsche Bank, JP Morgan Chase, Royal Bank of Canada and Royal Bank of Scotland.
Traders can trade using FxTrade, FxTrade Mobile and MT4. The broker is the developer of the unique OANDA FxTrade trading terminal. The platform uses Java code, similar to the broker software Dukascopy. The platform allows you to work with a large number of assets, and also offers more than 100 chart instruments and technical indicators. Charting functions are varied and greatly simplify technical analysis. OANDA is distinguished by its reputation and professional tools. All clients of the company are provided with an API where you can develop your own effective strategy. OANDA also offers an unlimited demo account, which requires certain personal information, but does not verify the information you entered. There is a collaboration with Thomson/Reuters, so important fundamental information is displayed in real time using the “news feed”. You can also view professional research from partners such as UBS Bank.
To make things even better, this broker requires neither a minimum deposit nor a minimum trade size. However, to start trading, your account balance must have at least $1. The broker offers low spreads and quality execution of trades. The broker’s spreads are floating and are approximately 0.6 – 3 pips, and there is no commission for services and account maintenance. For example, EUR/USD trades with a difference of 0.9 – 1.9 pips in normal market conditions. During news releases, the spread for EUR/USD can be up to 10 pips. As for leverage, here the standard ratio of 1:50 for major currencies and 1:20 for exotic applies to currency pairs, while leverage for CFDs can vary widely depending on the market sector.
The downside of OANDA is the limited number of account types. Deposits in the company are available: Standard – from $1 and Premium – from $50,000. On the one hand, this limits the choice of customers; on the other hand, it means that all account holders are treated equally. If a trader has not been trading for 2 years, then a commission for inactivity will be deducted from the account.
OANDA can be reached by email, live chat and telephone 24 hours a day. Customer service representatives are trained to help customers with any issue that may arise. The OANDA official website supports nine languages. In addition to the live chat feature, there is also an extensive FAQ covering the most important topics. In addition, answers are given to the most important questions in a variety of areas. This includes, for example, a trading platform, a trading account or training materials.
OANDA offers its clients several methods of depositing and withdrawing funds to and from their accounts. These differ depending on the OANDA registration division, but the main payment methods are debit/credit card, wire transfer, checks, PayPal, Neteller and UnionPay. OANDA does not charge a commission for credit card deposits or bank transfers. However, a fee of 2.8% is levied for deposits PayPal. OANDA provides a safe service, the money of traders is stored in separate accounts separately from the company’s own funds. All transactions, both commercial and non-trading, are conducted through encrypted channels.
Overall, OANDA is known as one of the most reliable and trustworthy forex brokers. Over the past decades, OANDA has occupied nearly 20% of the retail Forex market and continues to grow. The broker does not provide no deposit bonuses, but rather focuses primarily on real money clients. The broker was also the first forex broker to provide free currency exchange data over the Internet from the outset. It is currently one of the largest and most accurate exchange rate databases. The broker offers good customer service, excellent reliability and a reasonably good trading platform. Free educational materials are also offered, aimed at traders of all levels. Ultimately, customer service contributes to a positive work experience.
OANDA FAQ on the broker
1 Is OANDA a regulated broker?
Yes, OANDA is regulated by CFTC, FCA, NFA, JFSA, FFAJ, ASIC ... in United States and others.
2 What trading platforms does OANDA offer?
OANDA offers the full suite of MT4, FxTrade, Web, Mobile, Desk.
3 What is OANDA maximum leverage?
Maximum leverage at OANDA is 1:50.
4 What methods can I use to deposit and withdraw funds on OANDA?
Deposits and withdrawals with this broker can be done using these methods: Maestro, Visa, PayPal, Bank Transfer, UnionPay, Neteller.
5 What is the spread of the OANDA broker?
The spread for this broker is on average OANDA is 0.6 - 3 pips.
6 What’s the minimum deposit to open a Live account at OANDA?
The minimum deposit to open a Live account is 1 USD.
7 What cryptocurrencies are available at OANDA?
In this broker are the following cryptocurrencies for trading: BTC/USD.
8 In what currency can I open an account with OANDA?
With this brokers you can open an account in currencies: USD, EUR.
9 What Trading Instruments are available at OANDA?
On OANDA, you can trade financial instruments such as: Forex, Gold, Metals, CFDs, Stocks, Crypto, Oil, Indices, Commodities, Bonds.