Is Oanda a good broker for you? Let us delve deeper. Established in 1996 by Dr. Michael Stumm and Dr. Richard Olsen, Oanda has positioned itself as a pioneering force in the world of currency and trading.
Headquartered in New York, Oanda offers a variety of currency-related services. It is a reputable global online brokerage for retail FX and CFD markets. It offers standard and advanced trader accounts catering to different needs.
Oanda offers instruments like indices, metals, commodities, and bonds U.S. clients lack account protection features like negative balance protection.
Oanda’s regulatory credentials are solid, with registrations and authorizations from prominent bodies such as the CFTC, NFA, and FCA, ensuring compliance and reliability across its operations.
Its comprehensive trading platforms, including FX Trade and TradingView, feature advanced tools and resources, making Oanda a versatile and trusted choice for traders globally.
Is Oanda a regulated broker? Yes, Regulated by Seven Tier-1 Regulators Highly Trusted:
How to open an account
Steps to open an Oanda trading account
Step1: Visit the OANDA | website: https://www.Oanda.com
Step 2: Fill out the online application form with your details.
Step 3: Fund your account.
Step 4: Choose a convenient deposit method.
(Debit/credit card, e-wallet, or bank transfer).
Step 5: Deposit funds into your account (There is no minimum deposit required for amounts up to US$9,000).
Step 6: Start trading!
Note: Log in to your Oanda account using the provided credentials.
Explore Oanda’s user-friendly trading platforms web and mobile to begin trading forex and other instruments.
For Deposits over USD$9,000
To ensure account security and comply with regulations, Oanda might request additional verification documents like a passport and bank statement for deposits exceeding US$9,000.
Oanda Trading Platforms Overview
Oanda offers powerful trading platforms designed to meet the diverse needs of traders, whether they prefer desktop or mobile environments. From the renowned MetaTrader 4 and MetaTrader 5 platforms to the award-winning FX Trade mobile app.
Oanda provides robust tools that cater to both novice and seasoned traders. Here is a summary of these platforms.
1. MetaTrader 4 (MT4)
MetaTrader 4 (MT4) is renowned for its user-friendly interface and advanced features, MT4 empowers you with in-depth analysis and automated trading capabilities.
Key features
2. MetaTrader 5 (MT5)
Stepping up from the ever-popular MT4, MetaTrader 5 (MT5) delivers a powerful trading experience.
Key features
3. OANDA FX Trade Mobile App
Take control of your trades from anywhere with the OANDA FX trade mobile app.
Key features
Oanda asset and instruments review
Oanda provides traders with access to a wide range of assets and instruments through its robust trading platforms. Here is an in-depth look at the key categories of assets and instruments available for trading with Oanda:
CFD trading
Access major instruments like UK100, Germany 30, and EUR/USD with tight spreads no verification is required for deposits below US$9,000. Continue integration with MetaTrader for efficient trading. Oanda simplifies CFD trading with its MetaTrader platform, renowned for its advanced trading capabilities and user-friendly interface.
The competitive spreads across various instruments make it attractive for both new and experienced traders. The minimal verification requirement for smaller deposits enhances accessibility, facilitating a quick and easy start in CFD trading. CFD Trading is not available for US users.
Indices
You can trade major global indices like US Wall St 30, France 40, UK 100, and Germany 30. Tight spreads on key indices to maximize trading efficiency. For traders focusing on indices, Oanda offers robust trading opportunities with competitive spreads across a broad spectrum of major global indices.
This enables traders to make strategic decisions with comprehensive coverage and efficient execution. The platform’s depth and responsiveness provide a strong foundation for trading these significant financial benchmarks.
Oanda Forex broker review
Trade 48 major and minor forex pairs including popular ones like EUR/USD, GBP/USD, and USD/JPY. Benefit from low spreads to optimize trading performance. Oanda excels in the forex market with an extensive selection of currency pairs, catering to a diverse range of trading strategies.
The platform’s low spreads and real-time data allow traders to navigate the volatile currency markets. Whether dealing with major pairs or exploring minors, Oanda provides a solid trading environment with comprehensive tools and analytics.
Commodities
Trade commodities like Brent Crude Oil, Copper, and Natural Gas. Gain access to competitive spreads across various commodities. For those looking to diversify their trading portfolios with commodities, Oanda offers competitive spreads on a range of essential commodities.
The platform’s reliable pricing and detailed market insights support effective trading in these markets, making it a strong choice for commodity traders seeking both breadth and depth in their trading instruments.
Metals
Access Gold and Silver with competitive spreads. Detailed insights informed trading decisions. Oanda’s offering in metals trading stands out for its competitive spreads and rich market insights on Gold and Silver.
Traders can take both long and short positions, supported by the platform’s thorough analysis and intuitive tools, making it ideal for those looking to leverage the precious metals markets.
Oanda deposits and withdrawals methods
Managing your funds with Oanda is simple and flexible, offering a smooth experience whether you are depositing to start trading or withdrawing your profits. Here is an overview of Oanda deposit and withdrawal processes:
Deposits
Oanda provides a range of methods for funding your account:
Credit and Debit Cards
Use your MasterCard and Visa for quick deposits; it is available within one business day.
Bank Wire and Bank Transfer
Oanda accepts various bank wire and transfer options, with processing times depending on the chosen method.
Skrill and Neteller
It offers flexibility with these popular e-wallets for both depositing and withdrawing funds. Additionally, clients in regions like Southeast Asia, Latin America, and Africa can utilize local online/mobile bank transfers and e-wallets tailored to their preferences. For detailed instructions and available methods, visit the Oanda deposit funds FAQ page.
Withdrawals
Oanda follows a hierarchical withdrawal rule; the funds must be returned to the source of the deposit, ensuring compliance and security. Oanda provides several withdrawal options.
Credit and Debit Cards
Withdrawals are processed back to the original MasterCard or Visa used for deposits.
Bank Wire Transfer
Withdraw directly to your bank account via wire transfer.
Skrill and Neteller
Manage withdrawals through these e-wallets for added convenience.
For clients in Africa and other specific regions, Oanda offers tailored withdrawal solutions to accommodate local preferences and regulations.
Fees and commissions of Oanda
Choose from “Spread only” or “core pricing + commission” models to fit your trading style. Their competitive fee structure, combined with the rewarding Advanced Trader program, makes Oanda a cost-effective option for traders seeking clear pricing and financial control.
Here is a breakdown of the fees associated with these pricing models, as well as additional charges and the Advanced Trader program.
Pricing models
| Fee Type | Spread Only | Core Pricing + Commission |
|---|---|---|
| Revenue Model | Generated through client trades crossing the bid-ask spread | Raw spread plus a fixed commission per trade. |
| Base Commission | N/A | $50 per million traded |
| EUR/USD Minimum Spread (Standard) | 1.4 pips | 0.4 pips (plus commission) |
| Spreads | Subject to market volatility and liquidity | Subject to market volatility and liquidity |
Oanda pricing varies by asset class:
Comparison of spreads
Here is a comparison of spreads on popular FX pairs underpricing models:
| FX Pair | Spread (Spread-only) |
|---|---|
| AUD/USD | 1.1 |
| EUR/GBP | 1.1 |
| EUR/JPY | 1.6 |
| EUR/USD | 1 |
| GBP/JPY | 1 |
| GBP/USD | 1.2 |
| NZD/USD | 1.4 |
| USD/CAD | 1.5 |
| USD/CHF | 1.3 |
| USD/JPY | 1.1 |
Advanced trader program
| Tier | Deposit Requirement | Monthly Trade Volume | Benefits |
|---|---|---|---|
| Tier 1 | At least $10,000 | Less than $10 million | Spread/commission discounts, dedicated manager, API support, free VPS, free wire transfers, discounted platform feature access |
| Tier 2 | At least $10,000 | Over $10 million | Spread/commission discounts, dedicated manager, API support, free VPS, free wire transfers, discounted platform access |
| Tier 3 | At least $100,000 | At least $100 million | Spread/commission discounts, dedicated manager, API support, free VPS, free wire transfers, discounted platform access |
| Tier 4 | At least $250,000 | Over $500 million | Spread/commission discounts, dedicated manager, API support, free VPS, free wire transfers, discounted platform access |
Additional fees
| Fee Type | Description |
|---|---|
| Overnight funding fees | Applied to positions held overnight, based on a blend of liquidity providers’ swap rates, adjusted by an admin fee |
| Inactivity fee | Charged monthly if there are no open trades for 12 months 10 units of account currency |
| Deposit fees | Fees may apply based on the deposit method |
| Withdrawal fees | Fees may apply based on the withdrawal method |
| Bank Wire transfer fees | Fees apply for bank wire transfers |
| Multiple Debit Card Withdrawal fees | Charged for multiple withdrawals within the same month |
Key features of Oanda
Oanda currency converter
Need to convert currencies quickly and accurately? Look no further than the Oanda currency converter. Trusted by major corporations and individuals globally, Oanda provides:
FX Data services review
FX Data Services helps businesses optimize currency management, improve operational efficiency, and strengthen financial security. Their services prioritize accuracy, affordability, and user-friendliness.
Customer service
OANDA offers a robust and multi-faceted customer support system, ensuring that traders can get help through their preferred communication channels, enhancing the overall user trading experience.
Pros
Cons
Conclusion
Oanda offers a well-regulated platform with a variety of tools and resources. Their transparent fee structure and educational resources cater to both beginners and experienced traders. However, US users should be aware of limitations on account protection and CFD trading. Before you start trading, carefully consider your experience level, investment goals, and risk tolerance.
Pro Tip
Start your forex trading journey with our trusted forex brokers‘ detailed reviews. Compare, choose, and conquer the markets with confidence. Learn the ins and outs of stocks, banking, investing, crypto, broker reviews, and much more. Begin now!
