OANDA Review 2018

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OANDAReview

OANDA Review

OANDA is one of the early pioneers of online forex brokers, established in the mid 1990s. The company is said to be founded by Dr Michael Stumm and Dr. Richard Olsen. When the online trading platform FXTrade was launched in 2001, it was the first fully automated forex trading platform. Since then, OANDA have grown by leaps and bounds to handle more than a million queries a day. It is estimated that about 20% of the global spot forex trades goes through OANDA’s servers.

Oanda Broker Review

Trading Platforms

Serving the needs of traders at OANDA are two basic types trading platforms, the OANDA’s MetaTrader4 (MT4) trading platform and the FXTrade WebTrader. The MT4 trading platform is highly regarded by the online trading community for its advanced features and sophistication trading tools. As for FXTrade WebTrader, it requires JAVA to run. Because it is web based, traders can access the platform from anywhere in the world as long as they have an internet connection.

Both these versions of trading platform are also available as mobile versions for mobile devices. For tech savvy traders, they can use the OANDA FXTrade API libraries to build their own automated trading system to accommodate trading actions such as:

  • Access To Current And Historical Market Data
  • Access To Historical Trading Transactions
  • Risk-Free Testing
  • Stop-Loss, Take-Profit Or Entry Orders
  • Trade Requests

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Account Types

OANDA does not distinguish between different types of traders. As such, there is only one standard type of trading account at OANDA. The good news is they also don’t have a minimum deposit requirement as well. Trades of any sizes are permitted without any minimum lot size requirement.

Commission & Spreads

Like most online forex brokers, OANDA doesn’t charge any commission for their trading services. Instead what traders pay is a spread based on real-time market values. Depending on the currency traded, spreads starts from as low as 1.1 pips. Spreads for indices are even lower, starting from as low as 0.5 pips.
Traders are cautioned that during times of high volatility, the spreads tend to widened.

Customer Support

Customer support at OANDA is available 5 days a week from Sunday (1pm EST) to Friday (6pm EST). The customer service representative can contacted by means of live chat, email fax or telephone. For the benefit of their clients, OANDA maintain an office in the following locations:

  • Bayfront, Singapore
  • Chicago, USA
  • London, UK
  • Tokyo, Japan
  • Toronto,  Canada

Reliability

To maintain the integrity and reliability of their operations, OANDA ensure that it meets all the required regulatory requirements for an online forex broker. For example, the company is registered with the Futures Commission Merchant (FCM), Commodity Futures Trading Commission (CFTC) and the National Futures Association (NFA ID #0325821).

As for the protection of client’s funds, OANDA only deal with Tier 1 banks like Deutsche Bank, J.P. Morgan Chase, Royal Bank of Canada and the Royal Bank of Scotland.

Pros

  • Innovative Trading Practices
  • No Discrimination Between Traders
  • Open And Transparent Pricing
  • Powerful And Simple To Use Forex Trading Platforms
  • Quality Execution
  • Quality Support
  • Reputable Broker
  • Tight Spreads

Cons

  • EAs Are Not Supported On Their MT4 Platform
  • Spreads Tend To Widen During The Releases Of News
  • The Charting Package Supplied Can Be Improved
  • They Are a Market Maker

Conclusion

With features such as real time pricing, automated trading capability and no minimum deposit requirement and trade sizes, it is easy to see why OANDA is popular among many traders. The fact that OANDA is a regulated and long established broker is an added bonus for traders.

OANDAOverview

Company Information

Broker DetailsInfo
Regulated byCFTC, DFSA, IIROC, MAS, NFA, FSA
HeadquartersUnited States
Foundation Year2001

Deposit Options

Credit Card, PayPal, Wire Transfer

Withdrawal Options

Credit Card, Wire Transfer

Trading Account Options

Account TypeInfo
Min. Deposit$1
Max. Leverage1:50
Mini AccountNo
Demo AccountYes
Segregated AccountYes
Islamic AccountNo
Managed AccountYes

OANDA Trading Features

Suitable For

Trader LevelYes/No
BeginnersYes
ScalpingYes

Customer Service

TimeYes/No
24 Hours SupportYes
Support During WeekendsNo

Customer Support Languages

English, Spanish, German, Russian, French, Chinese, Japanese, Korean

Trading Services

ServiceInfo
Supported Trading PlatformsMT4, Oanda fxTrade
HedgingYes
Trailing SP/TPYes
Automated TradingYes

Supported Instruments

Instrument TypeYes/No
CurrenciesNo
CommoditiesNo
CFDsNo
IndicesNo
ETFsNo
StocksNo
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OANDAReviews

Rate this broker
  • 5.0
    Had a good experience
    Not too many brokers ou there that are reliable so to start with I am happy with this. the platform was very convenient and spreads too. overall very good experience!
    Craig Robben
  • 5.0
    M&A Analyst

    Not sure why so many small brokers rate higher. Oanda offers all that they do plus the comfort of knowing your money is safe in this well capitalized broker. This is crucial in uncertain times... Remember SNB debacle? Yes, they are a market maker which causes them to have high spreads at times but someone has to do it!

    Bill
  • 5.0
    mr

    They help you even if you did not do your deposit yet.
    Other brokers talk a lot but does not help you before you dep.
    Other brokers push you and tel you a lot of stories, when you deposit your money,
    There support fades.
    Oanda help you, and does not push you .
    They give you space, you are never under presure to do your deposit.
    They look after you even if you did not sighn up whith them yet.
    The other brockers, wil help you till a point and then they demand more money othewise they cant help you any more.
    All the brockers that give you a welkome bonus, be aware.
    That is there way to get you by your #@$%.

    Johan
  • 2.0
    onada is owned by a bank

    Owned and backed by the family of Richard Olsen, they own Bank Julius Baer. So remember, when you trade with these crooks, their own bank Julius Baer is trading the other side of your trade = you lose!!

    jay
  • 4.0
    Mr

    I use Oanda for 3 to 4 years.
    Own app from browser (manual limited functions) is very very good and speedy.
    From Metatrader... very very bad. They delay the orders, stop losses, etc... Its all about your money... Not for serious traders with serious money. It is not the unique...
    Easy to get the money from Paypal and to Paypal.

    Luis L.

Favorites

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EURUSD
EUR/USD
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+0.0006
+0.05%
GBPUSD
GBP/USD
1.3794
+0.0002
+0.01%
XAUUSD
Gold
1339.7
-1.5500
-0.12%
CL
Crude Oil
63.905
-0.8050
-1.24%
SPX
S&P 500
2777.0
-16.750
-0.6%
DAX
DAX 30
13146.5
-69.000
-0.52%
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