OANDA Review
Broker: OANDA
Leverage: 1:50
Regulation: NFA, CFTC
Min. Deposit: No minimum deposit
HQ: US
Platforms: MT4, fxTrade Mobile, TradingView
Found In: 1997
Website: oanda.com
OANDA Licences
OANDA Corporation - OANDA Corporation is authorized by the CFTC USA and is a member NFA USA registration No. 0325821
Disclaimer: OANDA Corporation has been regulated by the CFTC/NFA. OANDA Corporation is a member Firm (Member ID 0325821) of the NFA. Residents of the United States are not eligible for CFDs.
Who is OANDA?
In 1997, the OANDA Group was established in Delaware, United States. This technology-driven financial service corporation was the first to provide exchange rate information online, free of charge. Since 1997, the company has made great strides and is now one of the most respected financial firms in America, offering a wide variety of services to US residents.
This OANDA US Review will attempt to show all the benefits that come with signing with a broker.
Is Oanda a Good Broker?
OANDA has proven to be reliable and trustworthy over the years. The broker's transparent actions have allowed it to establish partnerships and collaborate with many well-known brands, such as Google, TESLA and FedEx.
Overview
OANDA's reliability is one of its advantages, since the broker is overseen and regulated by a top-tier regulator. OANDA offers are very beneficial for both experienced and novice traders. OANDA offers a variety of tools and services, making it a great choice for traders with different expectations. OANDA offers a wide range of tools and offerings, including a demo account with a variety of platforms, no minimum deposit, and no minimum withdrawal requirements.
CFDs are not offered to residents of the United States.
Pros
Great trading platforms
Outstanding research tools
Fast and user-friendly account opening
Cons
Only FX and CFD available
No stock exchange listing and banking background
Customer support is not 24/7
Rating of the company overall
Reliability ⭐⭐⭐⭐⭐
Platform ⭐⭐⭐⭐⭐
Commissions ⭐⭐⭐⭐
Support ⭐⭐⭐⭐
Financial instruments ⭐⭐⭐⭐
RATING: 4.7
Awards
OANDA's reliability and exceptional service are proven by the many awards it has received over its history. OANDA has received many awards in various nominations. However, the most compelling award is the one voted directly by customers, making it one the best customer service brokers in this industry.
Is OANDA Regulated
The National Futures Association regulates OANDA. All brokers located in the USA must be licensed and authorized. The NFA is a self-regulatory body for the derivatives industry. It is responsible for the on exchange, Forex and OTC as well as the Commodities Futures Trade Commission.
This regulatory body enforces strict standards of procedures to protect US clients. OANDA is one of the few brokers that must follow strict rules. This includes limited leverage, 1 to 50, and restrictions on scalping and hedging strategies. OANDA is considered to be a low-risk Forex broker due to its strict and top-tier regulation.
How can you be protected?
The NFA's regulatory programs are the most stringent in the world and ensure market integrity, participant protection and compliance with operational standards. Trading with NFA-regulated brokers is transparent and protects clients from fraud. The strict rules do limit clients and make it difficult for them to trade with brokers NFA-regulated. For example, they can only leverage 1:50.
Leverage
The NFA has some limitations that clients may find restrictive. Clients often find the restriction of leverage disappointing. It is better to be safe that sorry. Because leverage comes with high risk, the maximum leverage for Americans is 1:50. However, it is important to note that the leverage for different entities is different. Higher leverage is possible because there are more loose regulations. Clients in Australia have access to 400% leverage while European ESMA regulations allow a maximum of 30%. As you can see, leverage is mostly regulation-related.
Types of accounts
OANDA offers five types of account, which allow clients to choose from Core, Swapless, Premium, and Premium Core. OANDA trading accounts offer clients many opportunities including zero commissions, powerful analysis tools and competitive prices. They also provide 24/5 customer service.
How do I open an account?
OANDA makes it easy to open an account. Clients need to follow several steps in order to open an OANDA account.
Register for a live trading account by providing the required information
Fond the account
Once they have completed the above steps traders will be notified by OANDA that they can start trading with OANDA.
Fees
OANDA allows clients to trade more than 100 instruments, including currency pairs and commodities, indices bonds, metals, and commodities. There are no additional commissions and costs are primarily based on spreads. The broker doesn't have a minimum trade size or deposit requirement, making it a good choice. Below is a comparison table that shows funding fees and other fees.
Spreads
Spreads calculated by OANDA are done directly on the broker's platform. This platform is electronically connected with many global banks that have access to the most accurate foreign currency. The broker generally offers a spread of 1.2 pip.
Market Instruments
OANDA offers many advanced instruments such as currency pairs and indices. It also provides futures trading and commodities futures. OANDA doesn't offer CFDs to US residents due to regulations in the country.
Withdrawals and Deposits
OANDA deposits
OANDA's withdrawal and deposit processes are very simple and fast. OANDA's deposit and withdrawal procedures are very simple and quick. This information is applicable to US clients (Check Forex Brokers Accepting US Customers)
Clients must log in to manage funds to fund their OANDA trading account. Debit Cards have a limit of $20,000. Clients who choose wire transfers should be aware that they can take 3 to 5 business days to process. ACH deposits, on the other hand, can take up 6 business days and have a limit of $50,000 per deposit.
OANDA Minimum Deposit vs Other Brokers
Withdrawals
You can withdraw funds via bank wire transfer or debit card. It may take up 3 business days to process funds into your account. Clients cannot withdraw more than the amount they have already deposited to their debit card. Restricted funds can be withdrawn using other methods, but withdrawals by bank transfer take up to two working days. Bank transfers can only be used if the OANDA account information and the bank account details for the client match.
Trade Platforms
Execution is the most important aspect of trading. OANDA offers its clients industry-leading trading platforms that ensure success in trading.
MT4 Desktop and Web
Execution is the most important aspect of trading. OANDA offers its clients industry-leading trading platforms that ensure success in trading.
OANDA allows its clients to trade through the industry-leading MT4 platform. This platform supports desktop, mobile and web access. Clients can enjoy trading at its best with access to expert advisors and additional indicators through MT4. Expert advisors allow traders to create trading strategies, backtest them, and use existing trading strategies. MT4 charts also provide a lot of benefits, including nine-time frames, multiple displays, over 50 indicators, and many other advantages.
TradingView
OANDA and TradingView collaborate, giving its traders the best of both platforms. Clients have access to TradingView's platform through their OANDA accounts. They also have access to TradingView’s community features, powerful charts and analytical tools.
Customer Support
It is important to consider the customer service of any broker when choosing one. OANDA is trusted in this regard.
OANDA offers 24/5 support for its USA customers via email and live chat via the OANDA support portal. OANDA's support team is available to answer any questions or requests of customers.
Education
Many customers find the educational section of the broker to be very valuable. This is especially important for novice traders. OANDA recognizes the importance education materials and offers support to its clients. Access the Webinars to improve your trading skills and knowledge.
Conclusion
OANDA is an excellent broker with very attractive offerings. There are many benefits to OANDA, including no minimum deposit and pricing transparency. This is why OANDA has gained popularity. Trading will be a breeze when traders sign up with OANDA to gain access to its many features and benefits. The broker's level of trust is essential because it allows traders to trade without fear and minimizes the risk of losing their money.