Oanda is popular in the US, Canada, EU and Asia. The brokerage provides a secure trading environment and has almost 25 years experience. There is a comprehensive asset index that covers the main asset classes, but the brokerage is focused on forex with 70+ currency pairs. Customer service is average, as is the proprietary trading platform. The broker’s version of MT4 doesn’t work to its full potential. That said, Oanda still provides enough tools and resources for effective CFD trading.
Oanda is a veteran broker and provides a highly secure service, with segregated accounts and top level SSL protection. It has thousands of satisfied traders on the platforms at any time and a positive online reputation that took decades to develop.
Oanda is based in the USA, but has regional offices in Canada, the EU and Singapore. It accepts clients from most countries, except North Korea, India, Pakistan, Iran, New Zealand, Cambodia, Nigeria, Ghana and some other restricted countries.
Oanda only offers a basic choice of two account types. The Premium Account requires a minimum deposit of $20,000, which is probably beyond the reach of the average trader. Also, there don’t seem to be many significant benefits with either account type. Minimum deposits for a standard trading account vary according to your location, so it’s possibly worth trying to negotiate an account package.
Minimum Deposit – $0
Deposits and withdrawals are relatively simple at Oanda, but withdrawals carry a fee. The exact charges vary according to location and account type. Unfortunately, Oanda doesn’t accept many commonly used payment providers. Traders are strictly limited to bank wire options, credit/debit cards, and PayPal. This is inconvenient for many traders and is a significant disadvantage.
Minimum deposit requirements vary significantly according to trader location. They are also restricted to a small choice of payment methods. Bank wire can take several days, but credit/debit card deposit is instantaneous.
Debit card withdrawals are free, as is the first credit card transfer each month. Withdrawal options and fees vary according to your location. Generally withdrawals are simple and convenient and there is no pressure from account managers to reinvest your profits.
The OANDA Trade platform was developed in house. It is average for forex brokers and features a next-generation trading engine for fast order execution. There are some good trader tools and risk management tools; the platform is fully customizable. Chart-trading is provided on the desktop version, together with personalized charts, market data coverage, and performance tools. The MT4 trading platform is available as a basic version and doesn’t bring any special advantages.
Oanda is top heavy on forex with over 70 currency pairs. There is also a selection of commodities and other CFD assets, including indices and bonds, allowing some diversification. But not all assets are available in every location and US traders face the most restrictions.
The education center is above average and contains some useful learning tools. The MarketPulse blog is also worth reading on a regular basis. Economic Exposure, Central Bank Watch, and OANDA Video are also helpful for traders of all experience levels.
Like many brokers, Oanda is let down by its customer service. Live chat is usually fast and effective, but phone and email support less so. There is no customer service at all on the weekend. We recommend visiting the large FAQ section for any non-urgent issue.
There are no bonuses or promotions on offer at Oanda. Bonuses aren’t part of the broker’s corporate culture and the emphasis is on reducing spreads and providing other benefits for high volume traders.
Oanda offers the Autochartist package which includes some excellent analytical tools. We also liked the OANDA Forex Open Position Ratios, OANDA Forex Order Book, and the MT4 Open Order Indicator. The platforms are average, but do contain good alerts, signals, and risk management tools.
Oanda is a well established forex broker that protects trader security. Its trading fees are low and it has two effective trading platforms. The broker is strong on forex assets and has a good education center and analytical resources.
The wider asset index is weak, there are very limited payment methods and the choice of account types is poor. There are no bonuses or promotions.
Good for forex traders
Recommended for beginners
Secure trading environment
Excellent markets blog
Does not hold a banking license
Some withdrawals add on fees
No Shares and Stocks
No social trading feature
Minimum Deposit - $0
November 17, 2020 08:00
I’ve scheduled 3 times for personal training and the account manager kept forgetting about our appointment, not a well run brokerage..
November 17, 2020 08:00
My account manager made a lot of promises about the help I’d receive with webinars and personal training – and about how great the education center was. The minute I’d made a deposit she lost interest and never got back to me.
November 17, 2020 08:00
I lose money in this broker. I don’t say it is fraud but they are not good and will not try to help they traders. Also is not working in my language.