✅ Long life span of a broker
✅ Multiple licences
✅ Multilingual custmer service
✅ Proprietary trading platform
❌ Lack of some funding methods
OANDA is a known American forex broker that was founded in 1996.
Being a worldwide broker, OANDA so far operates with offices in 8 financial world centers (USA, UK, Japan, Canada, Singapore, Australia, and others). It is strictly regulated by 6 authorities that adds extra confidence.
The broker also partners with some biggest well-known organizations like Google, KPMG, Tesla, FedEx, PwC, Twitter, and others.
Being a multi-featured financial organization, OANDA performs additional provides services like OANDA Money Transfer and OANDA’s Forex solutions for business.
OANDA is a global corporation and therefore has several companies in its group and is regulated in various legislations. Its list is fairly impressive and should be described in detail.
At first, OANDA Corporation is authorized by the CFTC (USA) and is a member of the NFA. There are only a few forex brokers in the world that have managed to get this kind of license.
OANDA Europe Limited Is regulated by the Financial Conduct Authority (FCA UK) which is also treated as a solid license.
OANDA Australia Pty Ltd is an Australian entity and it is authorized by ASIC authority.
OANDA Corporation ULC is authorized also by not so popular but still good IIROC (Canada).
Two left companies are OANDA Asia Pacific Pte Ltd is regulated by Monetary Authority Singapore (Singapore) while OANDA Japan Co. Ltd is authorized by FFAJ (Japan).
|Publicly Traded on Exchange||❌|
|Tier-1 Licenses||CFTC, FCA, FSA(JP), MiFID, NFA|
|Tier-2 Licenses||ASIC, IIROC, MAS|
The broker offers users for trading more than 150+ instruments including Forex, Indices, Metals, Commodities and Bond CFDs. It is fairly enough for the majority of traders.
|Major forex pairs||✅|
|Minor forex pairs||✅|
|Exotic forex pairs||✅|
OANDA has 5 ways to trade: OANDA proprietary web-based terminal, desktop, and mobile trading platforms, and both desktop and mobile versions of MetaTrader 4.
OANDA Trade Web platform grants users an ability to trade with an extensive range of features:
OANDA Trade Desktop platform
OANDA Trade Desktop platform has the following advantages:
OANDA also offers a worldwide known MetaTrader 4 trading platform as well. There are thousands of indicators and robots available for this terminal that customers can successfully use. Mobile versions of MetaTrader 4 for both iOS and Android are available.
OANDA allows customers to trade using the OANDA fxTrade mobile trading application for Android and iOS. The app can be downloaded from either the App Store for iOS version or Google PlayStore for Android.
Features of OANDA fxTrade are the following:
|MetaTrader 4 iOS/Android||✅|
|Proprietary Mobile Application||✅|
|Proprietary Web Terminal||✅|
The broker offers to its customers two account types: standard and premium.
The standard account has no minimum deposit restriction, and the maximum leverage on the account depends on the subsidiary’s regulator (as mentioned in the very beginning of the review, there are 8 companies in 8 jurisdictions).
OANDA Australia Pty LTD offers the biggest leverage up to 1:500. NFA company clients have leverage up to 1:50 while FCA license grants 1:30 leverage at maximum and also UK-based traders have access to a tax-free spread betting sub-account.
For a minimum deposit of $20,000 (or another currency equivalent), a premium account is available. The main offered features are a dedicated account manager and more important unlimited free wire transfers. The broker does not offer a swap-free Islamic account.
The broker claims to achieve full price transparency so meaning that there is no price manipulation. The minimum spread of 1.0 pips on the EUR/USD may be stated it’s an industry average and there are no extra conditions for traders.
It should be also mentioned that a monthly fee of £10 per month, after twelve months of inactivity, is charged additionally. Third-party deposit and withdrawal fees may apply.
OANDA clients have the ability to deposit funds using credit and debit cards, bank wire transfers, and PayPal. Deposits via credit cards and debit cards provided by Visa or MasterCard are instant and fee-free. A wire transfer usually takes between 1-3 business days and the bank may charge a fee additionally.
The Oanda applied no minimum deposit requirement rule.
A fairly good point is the customer service provided by the broker. Using OANDA’s help portal customers can get answers to common questions. Also, multilingual support in Live chat, e-mail, and international phone lines are available.
The customer support is available 24/5, so you can leave your questions to the support team and they will contact you on the first business day.
Finally, OANDA is a very decent broker to open an account with. It has plenty of solid regulations, it is one of the most solid brokers and is well-known.
There are enough instruments for trading and all the required asset types are available.
Funding methods are represented with bank transfers, credit/debit cards, and PayPal though missing a couple of more that could be desired by customers.
Support is multilingual and available via various methods.