Oanda Review – All You Need To Know [UPDATED 2022]

Oanda is a forex broker situated in the United States formed in 1996. It is regulated by top-tier institutions such as the US Commodity Trading Futures Commission, the National Futures Association (CFTC), and the UK’s Financial Conduct Authority (FCA).

Oanda provides high-quality, user-friendly trading platforms and comprehensive research tools, including multiple technical indicators and a robust API offering. The account opening procedure is simple.

Summary

Trading Platform Oanda
Established 1996
Regulated US Commodity Trading Futures Commission, the National Futures Association (CFTC), and the UK’s Financial Conduct Authority (FCA).
Trading Platforms Web, mobile, fx Trade
Assets Forex, CFD, Cryptocurrency
WebsiteClick here

Pricing

Feature OANDA
Minimum Deposit $0.00
Average Spread EUR/USD 1.4 (August 2021)
All-in Cost EUR/USD – Active1.4 (August 2021)
Active Trader or VIP DiscountsYes
Execution: Agency BrokerX
Execution: Market MakerYes

Account Types

OANDA
OANDA

At Oanda, there is just one sort of trading account (in addition to a demo and a corporate account).

You can, however, create up to 19 sub-accounts. These are useful if you wish to have many base currencies in one account.

For example, you may have a USD account with EUR and GBP subaccounts. Oanda also offers an API for exchanges, which might be useful if you want to build your own platform.

CFD Trader : How Does It Work?

CoinGecko – A Safe Investing!

Epic Trading Review


Tools Available At OANDA

Tools available at OANDA
Tools available at OANDA

fxTrade, OANDA’s trading platform package, is adequate for charting and news but falls short in other aspects.

Despite a diversified platform offering, OANDA is excellent but not outstanding. The OANDA fxTrade platform is accessible for online, desktop, and mobile use.

Charting, powered by TradingView, includes over 80 indicators and other features, such as the ability to compare numerous currency pairings on a single chart.

We particularly liked how the web-based and desktop versions of fxTrade were virtually identical, making switching between them a breeze.

Within OANDA’s Marketplace, third-party developers provide additional platforms, such as the Seer Trading Platform, which facilitates algorithmic trading system creation, including back-testing and forward-testing automated trading systems.

OANDA also offers trading connections to various charting tools, including NinjaTrader, MultiCharts, and MotiveWave.

Finally, OANDA’s Algo Labs portal uses Quant Connect to allow users to create their own apps.


Education Offered At OANDA

Education Offered At OANDA
Education Offered At OANDA

OANDA offers an excellent mix of instructional resources in textual and video formats and webinars led by company personnel.

OANDA’s online course includes ten chapters that address technical and also fundamental analytical instruction.

Each chapter has numerous lessons and also associated videos, with the learning theme being frequent signs.

While the information is not of expertise level, the “getting start” section contains fundamentals for newcomers, covering topics typically found in a platform lesson.


Customer Service

Customer Service
Customer Service

OANDA’s customer service is available by email 24 hours a day, seven days a week.

The broker promotes its business hours as Sunday 1 PM EST – Friday 6 PM EST, yet “live chat” and also phone assistance is not available throughout that time.

Aside from the limited availability of chat and phone help, OANDA’s staff were kind and knowledgeable when they were available.

The support website also has a solid knowledge base and searchable archive, addressing most concerns concerning the trading platforms and order types.


Security

Security of OANDA
Security of OANDA

OANDA Corporation is a CFTC-registered Futures Commission Merchant (FCM) and Retail Foreign Exchange Dealer (RFED) and also an NFA member.

OANDA Europe is approved and regulated by the Financial Conduct Authority in the United Kingdom.

Clients are eligible for further asset protection of up to £85,000 under the Financial Services Compensation Scheme (FSCS).

It is also governed by the Investment Industry Regulatory Organization of Canada (IIROC), the Australian Securities and Investment Commission (ASIC), the Singapore Monetary Authority, and the International Enterprise Singapore.

Despite the high level of regulatory scrutiny, the amount of protection available to each account in the event of default is restricted.

It may vary depending on where your account is. OANDA Europe Limited, for example, provides ESMA-mandated negative balance protection, whereas OANDA Asia Pacific Pte Ltd. provides guaranteed stop-loss orders.

Clients in the United States are an exception since OANDA Corporation does not provide such security for their accounts.

The maximum leverage they permit to retail forex traders in the U.S. is limited to 50:1 by the Commodity Futures Trading Commission (CFTC).

Also, more details are available on OANDA’s regulatory and financial compliance website.


Research Amenities

Research Amenities
Research Amenities

OANDA checks all the boxes in this category since they provide an incredible selection of economic analyses, real-time news feeds, calendars, and extensive data analytics that are uncommon in a retail trading platform.

The “order book” reveals information about trader emotions and also about their conduct.

MarketPulse, Autochartist, Dow Jones headlines, and also calendars all contribute to the trader’s complete analytical toolset.

Pattern matching engines and volatility analysis will be especially useful for more experienced traders.

The analytical tools provided by OANDA enable traders to test their strategies using standard coding languages and to also study the impact of economic news immediately on charts.

Experienced traders who require advanced analytics and resources to deploy, test, and manage their trading strategies in real-time are the target market for such features.

It’s no wonder, therefore, that OANDA got recognition by the Investment Trends study with many “highest client happiness” awards.

One potential disadvantage of having diverse tools and studies is the knowledge and training necessary to utilize them adequately.

OANDA provides education and support for most of its tools and capabilities, but it is disjointed and difficult to find.

Overall, it’s a really deep offering and an area where OANDA excels, but if there is one critique, it’s that the information is dispersed over OANDA’s website and trading platforms.

Traders should expect a learning curve as they try to find everything.

FOREX Trading: A Safe Investing

CoinGecko – A Safe Investing!

FINRA – Should You Use?


Conclusion

OANDA’s competitive advantage is its outstanding regulatory track record, with licenses in the most stringent major financial hubs, as well as thorough market research.

Cons include a limited range of tradable items and also price that lags other discount leaders.

Overall, OANDA is best suited for both novice and experienced traders who want to connect through API or utilize automated trading systems on MT4.

OANDA was there in Best in Class in the Ease of Use category again in 2021 because of its simple online and mobile trading systems.

While the research offerings are extensive, their structure leaves something to be desired.

Furthermore, considering OANDA’s tenure in the online brokerage industry, the restricted amount of product offerings, particularly when compared to its competitors, is entirely unexpected.

Being NFA/FCA regulated is an advantage, but failing to provide slippage protection or further deposit safeguards beyond what regulators require is a problem.

Nonetheless, OANDA’s price transparency, platform technology, and worldwide regulatory monitoring should provide investors with peace of mind.

Experienced traders seeking a well-designed desktop interface will find it at OANDA.


FAQ

What is the minimum deposit amount in Oanda?

The minimum deposit amount in Oanda is $0. This means you can deposit any kind of money you wish without thinking about any kind of minimum deposit limits.

Is there any inactivity fee at Oanda?

When there are no open trades in your account for at least 12 months, you will have to pay a monthly fee of 10 units of the currency in which your account is denominated. For example, if you have a USD account, you will be charged $10. And they also levy inactivity fines at the user level.

Spread the love

Leave a Comment