Welcome to Our Best Forex Broker Review Website. Today we planning to do Oanda Review. Oanda, based in the United States, has grown into a major participant in the worldwide online broker market during the previous two decades. Customers all over the world may now trade forex and index/commodity CFDs with them.
Oanda will be thoroughly examined in this comprehensive study, which will cover everything from fees and trading platforms to accounts and regulation. So keep reading, if you are interested to trade using this broker.
Let’s get started!
What is Oanda?
Before we get into the details of our Oanda trader review, it’s a good idea to have a sense of where the Oanda organization came from and how far they’ve come.
Oanda began operations in 1996, making it one of the first online forex brokers. The company then provided investors with access to spot FX and CFDs. Oanda, on the other hand, has a strong presence in the forex market today, with 124 trading instruments, corporate FX services, currency management solutions, and data on exchange rates for multinational corporations.
Although the company’s headquarters are in the United States, it maintains offices all around the world, including Tokyo and London. In reality, Oanda has clients in 196 countries and operates out of eight global financial centres. It has obtained permits from several important regulatory bodies, including:
- The United Kingdom
- The United States
Despite not being mentioned in many Oanda review sites, the FxTrade platform was the first completely automated forex trading platform, having been established in 2001.
Oanda spread betting reviews and forums may have mentioned that the firm provides spread betting. While this is correct, it is only available to clients of Oanda Europe Ltd who live in the United Kingdom or the Republic of Ireland.
Let’s quickly get into the details of the Oanda Review!
In this section of the Oanda Review, we will talk about the trading platforms offered by this broker. So here are they:
FxTrade is an important part of Oanda’s service. Overall, the system is well-designed and user-friendly, with a variety of tools and statistics to choose from.
The chart may be used to trade immediately. Complex order types, such as buy and sell, as well as trailing stops, benefit you. Account statistics are available to you. MultiCharts charts are included in this financial trading programme, allowing for complex and comprehensive analyses and presentation styles. You also receive watch lists, news feeds, and economic research on top of that. It’s also simple to get historical and current currency rates.
On the negative, the platform does not have an ultra-modern appearance, and some of the functionalities are difficult to operate. The news, forums, and economic analyses do not open in the platform; instead, they open as websites in different browsers. You open Oanda’s order book outside of the programme once more. At times, all of these might obstruct a seamless trading experience. Server times and execution rates are the industry norm, according to speed testing.
Finally, the FxTrade platform is designed to meet the demands of traders of all levels of expertise. All of the tools you need to trade are just a few clicks away, along with a slew of other handy features.
If Oanda’s desktop platform does not appeal to you, you can download MetaTrader 4 (MT4). The industry standard, according to this study, incorporates sophisticated charting, watch lists, and trade automation through an “expert advisor” (EA) plugin.
Layouts and chart profiles can be saved as well. You can also use the site to create swap rates, as well as daily and monthly exchange rate charts.
On the downside, developing or revising EAs might be difficult. This is particularly true for rookie traders who may not be conversant with the programming language. While the audio notifications can be unpleasant, there are customization choices and a mute button, so we’ll overlook that flaw.
Oanda also offers a number of excellent trading tools, including:
- MotiveWave – More than 250 built-in studies/indicators and 30 built-in trading methods are included in this professional charting and technical analysis software.
- Oanda Market Reports – This tool, which is powered by AutoChartist, gives a quick overview of the markets.
Remember: Oanda does not offer Metatrader 5 Platform (MT5).
Types of Trading Accounts
In this part of the Oanda Review, we will surely discuss the type of trading account that this broker provides. Oanda has a single basic account with no minimum deposit requirement. Unfortunately, high-volume traders with large wallets may be frustrated by the absence of additional benefits offered by some brokers to traders with substantial money. It does, however, imply that everyone has access to over seventy currency and precious metal pairings, as well as trades of any size.
Oanda demo account reviews are quick to point out one of the practise account’s most appealing features. Unlike many forex brokers, Oanda’s FxTrade sample account is available for as long as a trader needs to develop his strategy and gain confidence.
You have virtually all of the same capabilities as live account holders after you receive your demo login information. Their practise account, which is funded with simulated money, is an excellent method to familiarise yourself with market circumstances and evaluate Oanda as a possible broker.
You may easily upgrade to a real account after your confidence has grown with volume indications, currency heat maps, and backtesting.
Assets and Markets
In this portion of the Oanda Review, we will unwrap the trading instruments offered by this broker. OANDA’s asset selection is still mostly centred on Forex, with an average assortment of currency pairings. While the total list of trading instruments is suitable for beginning traders to learn how to trade, most expert traders will find the asset selection insufficient unless they adopt a scalping technique that necessitates a small number of liquid assets.
Deposit and Withdrawal Methods
This section of the Oanda Review will reveal the deposit and withdrawal methods that a broker provides to its customers. Unsurprisingly, a growing number of traders are searching for simple deposit and withdrawal methods.
Any of the following methods can be used to deposit and withdraw funds from your Oanda account:
- Bank wire transfer
- Credit and debit cards
Their website will walk you through the procedure, and their customer care should be able to assist you if you run into any issues.
Other choices may be available based on your area. Those in China, for example, can utilise China Union Pay and Bpay. As a result, it’s recommended to visit their website to check what works in your area.
It’s worth remembering that withdrawal fees may apply. If you want to pay via bank transfer, the fees might range from 20 to 35 euros. However, you are entitled to one free card withdrawal each month. Overall, traders have expressed satisfaction with the present money transfer procedures in Oanda customer evaluations.
Customer Support Services
This segment of Oanda Review will cover the customer support services provided by this broker. Happily, Oanda trading reviews are quick to point out that the firm provides multilingual help 24 hours a day, 7 days a week.
You can contact Oanda’s customer service team through email at any time, except during holiday trading hours. Alternatively, during trade hours, live online chat and phone assistance are accessible. For their phone number in your area, go to their official website.
Support is available in the following languages:
It’s also worth noting that customer support response times might be sluggish, according to several unfavourable Oanda customer reviews. Staff on the hotline, on the other hand, remain kind and helpful, making every effort to completely address your queries using their support website and archives.
Users may trade with confidence knowing that effective assistance is available, regardless of their location or time zone.
In this part of the Oanda Review, we will reveal the countries which are accepted by this broker. Traders from Australia, Thailand, Canada, South Africa, Singapore, Hong Kong, India, the United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar, and the majority of other nations are accepted by Oanda.
Traders from the United States, Nigeria, Pakistan, Ghana, and Iraq are unable to utilize Oanda.
Pros and Cons
This section of the Oanda Review will conclude the advantages and disadvantages of this broker.
- Oanda offers 71 currency pairs, 16 stock index CFDs, 8 commodity CFDs, and 6 CFD bonds to its customers.
- Traders may initiate and close trades immediately from a chart using Oanda’s own desktop software and platforms like MetaTrader 4. This function is available in both Oanda’s and MetaTrader 4’s trading platforms. This enables you to create accounts for as little as $1, which makes it perfect for testing and developing intraday strategies.
- Oanda is regulated by a variety of authorities all around the world, which makes it stand out. As a result, Oanda is obligated to follow the laws and regulations in place to safeguard you, the trader. This should alleviate concerns about scams and frauds.
- The MetaTrader 4 demo account is straightforward to acquire and comes with a lengthy free trial. You can then open trades and familiarise yourself with live average exchange rates.
- Oanda is good at enabling the instruments that they do have. You will, however, be disappointed if you are searching for cryptocurrencies or single-stock CFD trading.
- While Oanda complies with legal requirements, more slippage and deposit safeguards might help ambitious day traders, especially in turbulent markets. In an industry where time is money, Oanda’s often sluggish customer support could stymie and irritate extremely busy traders.
- On the plus side, Oanda provides a wealth of instructional and trading materials, including seminars and news feeds. These materials, on the other hand, are unorganised and only accessible after launching external websites. This may cause your trading experience to slow down.
- Oanda is a market maker, not an ECN broker, and some people believe that ECN brokers have smaller spreads.
Conclusion Oanda Review
So here we reach the end of this Oanda Review. Well, Oanda has a lot of positive feedback and ratings, and it’s easy to understand why. They provide a simple setup process, low pricing, a wide range of product offerings, and sophisticated trading platforms. So, even when comparing Oanda to FXCM and other well-known brokers, Oanda constantly outperforms the competition.
In terms of customer service, though, there is room for improvement. Traders who value quick and dependable service should search elsewhere.
In the end, our Oanda review discovered that the firm continues to be a compelling offer for clients all around the world. So if you are looking forward to trading with this broker then do check out this in Demo Account to see how it works for you!