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OANDA Review 2022

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OANDA is a globally regulated Forex and CFD broker also providing corporate Forex solutions and currency conversion. Users can trade on Forex, Indices, Metals, Commodities and Bond CFDs on the broker’s own proprietary trading platform for desktop, web and mobile, as well as on MetaTrader 4.

OANDA was founded in 1996 and is authorised and regulated by the UK’s Financial Conduct Authority under the name OANDA Europe Limited. The OANDA Corporation also has individual entities regulated by US, Canadian, Australian, Singaporean and Japanese regulators.

The broker offers 2 types of trading accounts: a Standard Account and Premium Account. Both accounts offer 24 hours a day, 5 days a week support, the ability to trade Forex, Indices, Metals, Commodities and Bond CFDs, as well as institutional-grade execution on OANDA Trade, the broker’s own, proprietary – and award-winning – trading platform for desktop, web and mobile as well as on MetaTrader 4.

OANDA provides impressive trading tools, research and education solutions such as AutoChartist, a Forex order book and MT4 open order indicator, webinars, events and MarketPulse for all the latest news and technical research.

Pros: Cons:
  • FCA UK regulated.
  • Can trade CFDs on Forex, Indices, Metals, Commodities and Bonds.
  • Impressive OANDA Trade proprietary trading platform.
  • Impressive trading tools, research and education.
  • No Stocks to trade on.
  • Spreads are not the most competitive.

About the Author

Jitan Solanki
Author
Jitan is a currency trader and an accredited Market Technician with more than 15 years of experience working with fund managers and on several proprietary trading floors. He is regularly quoted in the financial media for his currency market insights and forecasts and is based in London.
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OANDA Main Features
☑️
Regulations
FCA (United Kingdom), ASIC (Australia), NFA (United States), MAS (Singapore), CFTC (United States), MiFID (), IIROC (Canada), FSA(JP) (Japan)
️🗺
Supported Languages
English, Spanish, German, French, Arabic, Russian, Portuguese, Japanese, Chinese, Italian
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Products
Currencies, Commodities, CFDs, Indices, Crypto
💹
Max Leverage
1:30 (FCA), 1:30 (ASIC), 1:50 (NFA), 1:200 (MAS), 1:50 (CFTC), 1:30 (MiFID), 1:45 (IIROC), 1:25 (FSA(JP))
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Trading Desk Type
Dealing Desk
📊
Trading platforms
MT4, Oanda fxTrade
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OANDA Full Review

Oanda Video Review

Investor Protection & Regulations

OANDA is authorised and regulated by the UK’s Financial Conduct Authority through OANDA Europe Limited, providing a high level of security and safety.

OANDA is authorised and regulated by the UK’s Financial Conduct Authority under the name OANDA European Limited, as confirmed on the FCA register below:

Through the OANDA Corporation, the company is also regulated in many other jurisdictions as the below shows:

Tradable Products

OANDA offers users the ability to trade on more than 150+ instruments covering Forex, Indices, Commodities, Metals and Bond CFDs.

OANDA offers users the ability to trade on more than 150+ instruments covering Forex, Indices, Metals, Commodities and Bond CFDs.

Below is a list of just some of the available markets for trading:

Forex  Indices Commodities
USD/THB China A50 Wheat
TRY/JPY US Wall St 30 Natural Gas
EUR/GBP Metals Bonds
AUD/NZD Gold/AUD UK 10Y Gilt
CAD/CHF Silver/GBP US 5Y T-Note

* Details regarding the available assets are taken from the OANDA website and trading platform and are correct at the time of this review.

Trading costs such as spreads, commissions and overnight funding (swap) rates vary depending on the instrument being traded and are covered in more detail further down this review.

Account Opening

OANDA offers 2 accounts: a Standard Account and Premium Account. Each account comes with unique features and benefits. Users can also open a free demo trading account.

OANDA offers 2 different types of trading accounts called Standard and Premium. While both accounts offer the same Forex and CFD markets to trade on, as well as institutional-grade execution, the Premium Account offers unlimited free wire transfers, a dedicated relationship manager and priority service, as shown below:

According to the broker, users can open an account in just 3 steps. First by filling in the account application, then by verifying your identity and address and then by funding the account.

To start the application users simply need to click on the Start Trading button found on the broker’s website. After then clicking on Apply today users will then be taken through a 5 step process which first asks for contact details as shown below:

During the application process, there is a facility to ask questions by telephone or start a live chat in case you have any questions, as shown below in the screenshot of a part of step 2:

To verify identity users will need to submit proof of identity documents as well as proof of address documents. After all 5 steps are completed users can login into the OANDA fxTrade Account. If you have to stop your application halfway through you can resume the application process by logging back in. From the fxTrade Account portal users can finish applications, launch the OANDA desktop or web trading platform, open new accounts and much more, as shown below:

Deposit & Withdrawals options

OANDA offers clients the ability to deposit and withdraw funds via credit and debit cards, bank wire transfer and PayPal, with no minimum deposit amount.

OANDA offers clients the ability to deposit funds via credit and debit cards, bank wire transfer and PayPal. Deposits via credit cards and debit cards (backed by Visa or MasterCard) are immediate and fee-free. A wire transfer can take between 1-3 business days and your bank may charge a fee.

Deposits made via PayPal can take up to 1 business day and fee will be charged by PayPal, as shown below:

Withdrawals can only be withdrawn back to the source of deposit and can be done through the Manage Funds tab in the OANDA fxTrade Account portal. Processing times vary depending on the method of withdrawal and can take anywhere between 1-6 business days. More details regarding deposits and withdrawals can be found on the broker’s website, as shown below:

Web & Desktop Trading Platforms

OANDA offers users 4 ways to trade including on the fully customisable OANDA Trade web-based, desktop and mobile trading platform and MetaTrader 4.

While OANDA offers users the ability to trade on the MetaTrader 4 platform, the broker also provides a feature-rich web and desktop trading platform called OANDA Trade.

OANDA Trade Web

The OANDA Trade Web platform allows users to trade with an impressive range of features, such as:

  • Fast execution speeds to trade in higher market volatility
  • The ability to view a snapshot of pending orders and current positions
  • Advanced technical analysis through OANDA’s order book overlay, position ratios and news aggregator indicators
  • TradingView interface and functionality

The platform itself is covered in more detail in the video review. Below is a screenshot of the OANDA Trade Web platform:

OANDA Trade Desktop platform

The OANDA Trade Desktop platform provides users with a range of benefits and advantages, such as:

  • 10+ chart types including line charts, candlestick charts, Renko, Kagi and more
  • 50+ drawing tools including Elliot Waves and Gann Fans
  • Up-to-the-minute news and market analysis from Dow Jones FX Select and 4CAST
  • Personalised layouts, as shown below

Users can also trade on the globally-recognised MetaTrader 4 trading platform.

Mobile Trading Platforms

OANDA allows users to trade on the OANDA fxTrade mobile trading app for Android and iOS operating systems.

OANDA allows users to trade on their own, native OANDA fxTrade mobile trading app for Android and iOS operating systems covering mobile and tablet trading. The app can be downloaded from the broker’s website or from the Apple App Store or Google PlayStore.

The OANDA fxTrade mobile trading app comes with several benefits and features, as highlighted below:

  • Customisable interface with default settings for units traded, risk and profitability levels for pending orders
  • Alerts and price signal notifications
  • AutoChartists technical analysis
  • Access to 50+ technical indicators, 11 drawing tools and 9 chart types

The OANDA fxTrade mobile trading app for Android is covered in more detail in the video review.

Trading Features

OANDA provides additional trading features such as the Open Orderbook MT4 indicator, an advanced tool for MT4 which shows aggregate OANDA client open orders directly on the MT4 chart.

OANDA’s fxTrade web and desktop platforms are feature-rich with an impressive range of trading features. The broker also provides additional trading tools for the MT4 platform such as the Open Orderbook MT4 indicator which shows aggregate OANDA client open orders directly on the MT4 chart, as shown below:

Users can also access features from AutoChartists and developers can also use a range of OANDA APIs (Java, Fix, MT4 and more).

Commissions & Spreads

Trading costs with OANDA vary depending on the market being traded but mainly come from spreads and swaps (overnight funding charges).

Trading costs with OANDA vary depending on the market being traded but mainly come from spreads and swaps (overnight funding charges). More details can be found in the trading platform or on the broker’s website as shown below:

OANDA Forex Trading

OANDA Indices Trading

OANDA Metals Trading

OANDA Commodities Trading

OANDA Bond Trading

The broker also provides a dedicated page to view daily financing costs (swaps, overnight funding) on different instruments, as shown below:

Bonus & Promotions

The broker does not currently offer any bonus or promotional offers due to ESMA regulations.

The broker does not currently offer any bonus or promotional offers due to ESMA regulations.

Customer Support

Customer support is offered via a FAQ section and an OANDA Virtual Assistant which is offered in multiple languages and which – after testing – proved to be very useful. The ability to speak to a live person is also available.

Customer support is offered during market hours. Users can first check the broker’s FAQ section or chat with the OANDA Virtual Assistant which is offered in multiple languages, as the transcript below shows:

The virtual assistant is impressive. If the question is not resolved the assistant will transfer you to a live, human agent.

Contact Information:

  • Address Head office:OANDA Europe Limited, Tower 42, Floor 9a, 25 Old Broad St, London, EC2N 1HQ
  • Email:
    frontdesk@oanda.com
  • Phone:
    +44 20 3151 2050
    + 44 20 7101 1600
  • Social Media:
    • https://www.facebook.com/OANDAfx/
    • https://twitter.com/oanda
    • https://www.instagram.com/oanda/
    • https://www.youtube.com/oanda

Research

OANDA provides an impressive range of trader research through a dedicated website called MarketPulse which provides articles, technical analysis, news, an economic calendar and more.

OANDA provides an impressive, dedicated website to trader research called MarketPulse, as shown below:

From here users can access a range of articles and videos on different topics covering macroeconomic, technical analysis, Forex news and an economic calendar.

Trader Education

OANDA provides an impressive range of Trader Education tools such as articles, videos, webinars and events, covering a wide range of different topics.

OANDA provides an impressive range of articles and videos for beginner and advanced traders which cover a wide range of topics such as getting started, capital management, technical analysis and strategies, as shown below:

The broker also provides a live classroom through webinars and events, covering live market analysis, basics of trading, on-demand learning and premium webinar series, as shown below:

Trading Experience

OANDA provides users with an impressive range of trading platforms, in particular, the OANDA fxTrade Desktop platform. Their account offering is simple and transparent with just 2 types of accounts available. Users can access a wide range of markets across Forex, Indices, Commodities, Metals and Bond CFDs.

From our observations, OANDA provides a simple and transparent trading offering suitable for both beginner and advanced traders. Users have access to 2 different types of trading accounts called Standard and Premium.

While trading costs such as spreads are not the cheapest in the field, the broker does provide an impressive trading platform through the OANDA fxTrade Desktop and Web platforms. Users can also access some very unique and interesting indicators such as the OANDA Open Order indicator.

The broker’s trading tools, research and education is also very impressive as was the OANDA Virtual Assistant.

FAQ

Is OANDA regulated?

Yes, by the UK’s Financial Conduct Authority (FCA), among others.

Where is OANDA based?

OANDA is based at OANDA Europe Limited, Tower 42, Floor 9a, 25 Old Broad St, London, EC2N 1HQ.

How does OANDA make money?

OANDA makes money mainly through spreads and swaps on different tradable asset classes.

How do I deposit in OANDA account?

Funds can be deposited into a trading account via debit or credit card, bank wire transfer or PayPal.

What is the min. deposit for OANDA?

There is no minimum deposit to open an account.

How do I withdraw money from OANDA?

Withdrawals can be made from OANDA via debit or credit card, bank wire transfer or PayPal.

What is the max leverage in OANDA?

The maximum leverage offered by OANDA is 1:100 for professional clients and 1:30 for retail clients, in line with ESMA regulations.

How do I open an account with OANDA?

An account can be opened at the click of a button on the OANDA website and can be done in just a few steps.

Does OANDA use MetaTrader?

Yes, MetaTrader 4.

Conclusion

OANDA is a globally regulated Forex and CFD broker also providing corporate Forex solutions and currency conversion. Users can trade on Forex, Indices, Metals, Commodities and Bond CFDs on the broker’s own proprietary trading platform for desktop, web and mobile, as well as on MetaTrader 4.

OANDA was founded in 1996 and is authorised and regulated by the UK’s Financial Conduct Authority under the name OANDA Europe Limited. The OANDA Corporation also has individual entities regulated by US, Canadian, Australian, Singaporean and Japanese regulators.

The broker offers 2 types of trading accounts: a Standard Account and Premium Account. Both accounts offer 24 hours a day, 5 days a week support, the ability to trade Forex, Indices, Metals, Commodities and Bond CFDs, as well as institutional-grade execution on OANDA Trade, the broker’s own, proprietary – and award-winning – trading platform for desktop, web and mobile as well as on MetaTrader 4.

OANDA provides impressive trading tools, research and education solutions such as AutoChartist, a Forex order book and MT4 open order indicator, webinars, events and MarketPulse for all the latest news and technical research. The OANDA Virtual Assistant was also very helpful.

  • Simple, transparent offering.
  • Feature-rich OANDA fxTrade Web and Desktop trading platform.
  • Impressive trading tools and research from MarketPulse.
  • Can trade on more than 150+ instruments covering Forex, Indices, Commodities, Metals and Bond CFDs.
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See OANDA Full Information
Broker General Information
Trading Features
Other Details
Headquarters Country
United States
Foundation Year
1996
Regulations
FCA (United Kingdom), ASIC (Australia), NFA (United States), MAS (Singapore), CFTC (United States), MiFID (), IIROC (Canada), FSA(JP) (Japan)
Publicly Traded
No
Number Of Employees
200+
Trading Desk Type
Dealing Desk
Trading platforms
MT4, Oanda fxTrade
Restricted Countries
France, Hong Kong
Supported Languages
English, Spanish, German, French, Arabic, Russian, Portuguese, Japanese, Chinese, Italian
Max Leverage
1:30 (FCA), 1:30 (ASIC), 1:50 (NFA), 1:200 (MAS), 1:50 (CFTC), 1:30 (MiFID), 1:45 (IIROC), 1:25 (FSA(JP))
Deposit Options
Wire Transfer, Credit Card, PayPal
Withdrawal Options
Wire Transfer, Credit Card, PayPal
Fixed Spreads
No
Commission On Trades
Yes
Products
Currencies, Commodities, CFDs, Indices, Crypto
Mini Account
No
Premium Account
Yes
Demo Account
Yes
Islamic Account
No
Segregated Account
Yes
Managed Account
No
Institutional Account
No
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