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 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
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.
- 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
- 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
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.