OANDA Guide – Read our In-Depth OANDA Review
This OANDA review has been updated for 2021 by industry experts with years of financial experience in Forex, CFDs, & Social Trading.
Please note that due to regulations, the content in this OANDA review does not apply to US users.
If you are a new entrant in the realm of trading and brokerage, so many details will be confusing for you. Getting into the world of trading requires expert analyzing skills and comprehensive understanding. You'll get proficient at all the concepts of broker as you keep trading. For starters, you need to choose the right broker who'll be clear with you always.
Within this fast-paced world of stock markets and trading, you will need guidance to make proper decisions. A professionally direct investment plan will generate hefty returns. OANDA is just one such platform that will take you and your investment to great heights. It is crucial that you understand all about OANDA until you trust them with your cash.
Our entire OANDA Review covers everything you need to know about trading using OANDA. A fantastic broker can multiply your first investments and give you favorable profits. If you would like to earn profits, you should trade with a broker service that contrasts with your investment goals.
There is no sure-fire way to ensure profits; therefore, you must carefully analyze your agent before you select them. It is a common misconception that all brokers are the same, but that's not true. Wrong judgment, initially, can set your investments at risk.
OANDA is a broker which has paved its way successfully into the brokerage world. In this review, we've tried to collate some of the important facets of OANDA. This review will allow you to know whether OANDA is a fantastic fit for your investments or not. We've attempted to breakdown all the features and charges for your convenience.
OANDA Review, Table Of Contents
- Who are OANDA?
- Benefits Of Trading With OANDA
- Everything you should know about trading with OANDA
- Is OANDA Safe To Trade With?
- Pro's & Con's Of Trading With OANDA?
- Compare Brokers Similar To OANDA
- Regulation And Licencing In More Detail
- OANDA Awards
- Minimum Deposit Required For A Live Account With OANDA
- OANDA Commission And Fees Explained
- Compare broker fees against OANDA
- OANDA Withdrawal Fees Explained
- OANDA Deposit Fees Explained
- Compare Broker Deposit Methods
- What Can You Trade With OANDA?
- Alternatives To OANDA
- Frequently Asked Questions About OANDA
Who are OANDA?
OANDA is a foreign exchange broker headquartered in United States, Canada and provides a range of tools for trading. Since its start in 1996, OANDA has emerged as a top-tier player in the field of online broker. OANDA includes a highly competitive and full-featured trading website that's focused on currency, indices, metals, stocks and commodities.
Over the past 25 years, OANDA has grown into one of the leading online brokers.
After launching in 1996, their consumer base has become as big as 10,000+ clients.
OANDA is the favorite for many dealers.. Our OANDA review found that they're an excellent choice for automated trading solutions. It is best suited for investors that are searching for an assortment of assets. Social and automated trading options are the core at OANDA.
Technology plays a significant role in OANDA. OANDA offers trading on MT4, OANDA Desktop, OANDA Web, OANDA Mobile. OANDA is fair, transparent, and a well-regulated broker by the Financial Conduct Authority (FCA), Australian Securities and Investment Commission (ASIC). Their outstanding variety of resources will be beneficial for the majority of traders. Third-party partnerships also provide in-house analysis.
The educational department at OANDA is very enlightening for new dealers as it permits them to get a closer look at the financial markets. OANDA caters to all sorts of traders and are a must-have broker for almost any well-diversified method of trading.
If you feel that OANDA is not right for you then at the bottom of this OANDA review you wil find a lot of alternatives to OANDA.
Everything you ought to know about trading with OANDA
OANDA is a lively platform that provides various procedures of online trading. These tools cover the financial markets substantially. The Majority of the brokerage platforms offer less approaches than OANDA
If you wish to trade with OANDA, you will require a minimum deposit of $1. This deposit is mandatory if you want to begin trading using OANDA. This 2021 OANDA review will guide you easily about trading with them.
OANDA is as flexible as any other brokerage platform. OANDA is excellent for traders that want a manageable assortment of low-cost services. The programs supplied by OANDA are third party, white-label offerings. All traders may choose from MT4, OANDA Desktop, OANDA Web, OANDA Mobile.
Together with everything, OANDA has multiple benefits to new and verteran traders and should be investigated. There's no minimum time on which a transaction has to be kept available. The brokers offer premium customer service that rewards clients with advantages.
Many less reputable brokers attempt to pressurise consumers into larger funding for superior services. OANDA, on the other hand, is more concentrated on trading volume. Traders can expect trading conditions to be reasonable, honest and transparent. The more lots traded by the user, the further advantages will become available.
OANDA accounts are available globally and provides excellent service everywhere they have customers. There are only a select few countries where OANDA accounts are not available. Traders in the following countries cannot open or use a OANDA account:
Is OANDA Safe To Trade With?
Launched in 1996, OANDA has been operating for 25 years, they are headquarted in United States, Canada.
OANDA is regulated by Financial Conduct Authority (FCA), Australian Securities and Investment Commission (ASIC). These bodies have rules that ensure that trading platforms have measures in place to keep investor's resources secured. This usually means that OANDA users don't need to be worried about their money as it's segregated and safely kept in established banks. SSL encryption secures every user's private information as well.
You can make use of an option for 2 Factor Authentications (2FA) with OANDA for increased safety. An SMS with the verification code will be sent to a phone. You will be asked to input this code to log into your accounts.
Another concern with financial brokers with respect to safety might be manipulation of trading. This is highly disadvantageous to users on these platforms. Nonetheless, this is more prevalent in the case of Market Maker agents who compete with users on the stage.
Pro's & Con's Of Trading With OANDA
Every online trading platform has some ups and downs, and no OANDA review would be complete without having a balanced approach. This OANDA review covers both the pros and cons you need to know before you make an account. A comparative analysis can put things into perspective so that you are aware of what to expect.
- OANDA is trusted by 10,000+ clients
- OANDA doesn't charge inactivity fees
- OANDA doesn't charge deposit fees
- OANDA doesn't charge CFD fees
- OANDA offer trading on MT4, OANDA Desktop, OANDA Web, OANDA Mobile
- OANDA offer 100 trading instruments
- OANDA trades major forex pairs
- OANDA trades minor forex pairs
- OANDA trades exotic forex pairs
- OANDA can communicate in
- OANDA does not offer Negative Balance Protection
- OANDA does not offer Guaranteed Stop Loss
- OANDA charge withdrawal fees
- OANDA doesn't offer trading on cryptocurrencies
OANDA Review - Compare Brokers Similar To OANDA
|OANDA||Daw Trading||Westpac||Think Markets|
|Headquarters||United States, Canada||USA||Austrailia||Australia|
|Regulated By||Financial Conduct Authority (FCA), Australian Securities and Investment Commission (ASIC)||Financial Conduct Authority (FCA)||Financial Conduct Authority (FCA), Prudential Regulation Authority (PRA)||Financial Conduct Authority (FCA), Australian Securities and Investment Commission (ASIC)|
|Find Out More|
|Risk Warning||Losses can exceed deposits||Your capital is at risk||Your capital is at risk||Losses can exceed deposits|
OANDA Review - Regulation And Licencing In More Detail
OANDA is regulated by Financial Conduct Authority (FCA), Australian Securities and Investment Commission (ASIC).
OANDA, as a company, has a strong set of rules for ensuring fair trading on its platform. For data encryption purposes, it provides an industry-standard secure socket layer (SSL).
As per the company's privacy regulations, customer data is never to be shared with some other institutions or individuals. This includes credit history and other financial information.
OANDA Review - Awards
- At the time of writing this OANDA review, they had not received any awards.
OANDA Review - Minimum Deposit Required
The minimum deposit you need to get started on OANDA is $1. This is a decent amount for those just beginning. You can make more advanced deposits as you go along. However, ensure that you know how to make the most of your cash before investing larger amounts.
OANDA Review - Commission And Fees Explained
OANDA is an online broker platform, and most online brokerages charge lower prices than traditional brokerages tend to charge. The reason for this is that the companies of online brokerages are scaled much better. In other words, an internet broker isn't necessarily influenced by the number of clients they have.
But this doesn't necessarily mean that online brokers do not charge any fees. They charge fees of varying rates for various services to make money. There are primarily 3 different types of penalties for this objective.
The first sort of fees to look out for are trading charges. When you make a genuine trade, like buying a stock or an ETF, you're billed trading charges. In these cases, you're spending a spread, funding speed, or even a commission. The sorts of trading fees and the prices differ from broker to broker.
Commissions could be fixed or determined by the traded quantity. On the other hand, a spread refers to the difference between the buying and selling cost. Funding or overnight rates are people who are billed when you hold a leveraged position for more than daily.
Apart from trading fees, online agents also charge non-trading fees. These are dependent on the actions you undertake in your accounts. They're charged for operations like depositing cash, not investing for long periods, or withdrawals.
Generally, OANDA doesn't charge high fees compared to other online agents. For operations other brokers charge for, they either do not charge a brokerage fee, or they charge a smaller amount. This is beneficial for those who regularly exchange, such as weekly or daily trading.
But, non-trading fees charged by OANDA are relatively competitive. As a result, you are billed more for non-trading activities on your trading account, such as withdrawal and deposits. These are not related to the purchase and sale of assets.
This OANDA review breaks down each of the applicable non-trading fees for you in detail.
Compare broker fees against OANDA
|OANDA||Daw Trading||Westpac||Think Markets|
|Deposit Fees||No||skrill 2%, neteller 2%|
OANDA Review - Withdrawal Fees Explained
OANDA charges a withdrawal fee if you create a bank transfer. Each time you move money into your bank accounts, these withdrawal charges become important.
Withdrawal of cash is possible at any time from the OANDA account. You can withdraw sums up to the amount of your account balance, keeping aside the margin utilized. One thing to keep in mind is that you don't necessarily need to have any cash on your account.
In addition, the withdrawn money will be transferred directly to the account you use to make deposits. Thus, if you used a credit card for deposits, the withdrawn cash is going to be sent into the card. OANDA will ask you to offer other withdrawal methods if your details have changed since your deposit.
There is a minimum withdrawal amount. In case you're withdrawing cash in different currencies from USD, a conversion fee is also important. The conversion fee will depend on the money you are opting to withdraw in.
OANDA Review - Inactivity Fees Explained
Understanding whether you will be charged inactivity fees is only one of those buzzing questions which run through your mind when open an account with OANDA. An inactivity fee is an amount charged to registered traders who have not engaged in purchasing or selling for a while. The period regarded as inactive is decided by the broker.
The inactivity fee differs from 1 agent to another and isn't standardized. If a dealers account does not have a purchasing or selling transaction, it's claimed by the broker as an inactivity fee. The traders need to pay this fee under conditions and terms that they had consented while enrolling.
OANDA doesn't charge inactivity fees so you are free to utilize your account as needed
Even if no fees have been implied by OANDA, it is best that you close the account if you are inactive. Inactivity fees aren't just charged by broker companies but also many financial services.
For other trading platforms, the inactivity fee is contingent on the sort of account you've chosen. The inactivity fee is exposed to a lot of circumstances and should be disclosed clearly by the agent beforehand.
OANDA Review - Deposit Fees Explained
When you move money in your trading account by your bank account, a deposit fee can be billed by the broker. Most agents do not charge an excessive amount of money for this operation.
OANDA doesn't charge deposit fees so you are free to transfer smaller amounts of money in more regularly if needed
Depositing cash on the OANDA trading platform is simple. You simply need to complete a single-user profile questionnaire to start depositing money into your trading account. You'll have to give an identity proof and proof of residency to deposit substantial sums.
OANDA Review - Compare Broker Deposit Methods
|OANDA||Daw Trading||Westpac||Think Markets|
What Can You trade With OANDA?
Note: OANDA provides a lot of different trading instruments due to regulatory restrictions in some countries. Trading instruments offered will differ based on the country of residence of the client.
OANDA has a wide variety of over 100 instruments available for you to trade with.
If trading currency pairs is of interest to you then OANDA offer over 55 forex pairs.
Compare OANDA, Daw Trading, Westpac & Think Markets below.
Alternatives To OANDA
If, after reading this OANDA review, OANDA does not fulfill your requirements check out these OANDA alternatives.
We've scoured the internet to find the best alternatives to OANDA. Click on the links below to find out more.
Frequently Asked Questions about OANDA
Can I try OANDA before I buy?
Yes, you can most certainly try OANDA before you buy. OANDA offers demo accounts for the ease of inexperienced traders. You may use this feature to build your faith in the system as well as yourself and your trading strategies.
If you sign up to get a demo account on OANDA, you may set out with a decent amount of virtual money. It's to establish a sense of safety and confidence in you before you choose to invest your own money.
With this virtual OANDAdemo account, you are able to experiment at all, to whatever period you desire. You can even open positions, examine different trading strategies, and more.
OANDA specifies on its official site which you are able to exchange real time stocks in a demo account.
Is OANDA safe?
It is possible to drop all your worries because we believe that OANDA is completely safe to use. It is in compliance with the principles of Financial Conduct Authority (FCA), Australian Securities and Investment Commission (ASIC).
Even so, OANDA does not provide assured stop-loss protection.
Why does OANDA ask for my passport?
The reason that OANDA asks for your passport when you open a live account is to ensure that it remains within the rules of its regulated bodies. Because there is a lot of money moving around the world, OANDA has to be careful that they don't breach any money laundering laws and part of that is know as KYC (Know your customer). This means that at all times, OANDA must know exactly who they are dealing with so that if there is any investigation they are comfortable that they are well within the law.
How can I start trading with OANDA?
The process to start trading withOANDA is perhaps simple enough to be a cakewalk. You need to begin by signing up on the OANDA website. It will require you to fill in details pertaining to the credibility and security of your account.
Once you are done setting up your profile, you must deposit a minimum amount to get started. The minimum deposit for a live acocunt with OANDA is $1. You should have a good hold over the nuances of online trading before you set out and trade with real money.
If you are confident of your knowledge and understanding, you can open an account with OANDA.
The best way to kickstart your trading career with OANDA is to open a demo account facility before risking any real money
What funding methods do OANDA accept?
There are a number of ways to finance your accounts with OANDA. The process is effortless and quick, with various payment methods in your fingertips.
You can use debit or credit cards Which range from Visa, Diners, and Maestro to MasterCard and Visa Electron. PayPal can be at your disposal for depositing money. You must bear in mind that PayPal is not available in all country. The currencies OANDA
Is my money safe with OANDA?
Yes, your money is safe and secure with OANDA. As you know, OANDA operates with good conformation to. It's established plenty of steps to protect all of its investors.
OANDA protects its clients' personal and sensitive data under SSL encryption. Your capital will be kept highly secure in top-tier banks.
If you want to further protect your accounts, you can enable Two-Step Verification as well. It takes an SMS affirmation for you to get your account.
Is OANDA trading good?
Yes, trading via OANDA is a pleasant and good experience indeed. It is an excellent and intuitive platform with helpful features for your ease. In addition, you can also gain access to a vast collection of educational tools and assistive material to kickstart your trading experience.
If you are still skeptical, it is possible to start a eToro demo account and assess the credibility of the platform on your own.
Which Countries does OANDA support?
OANDA operates across the globe. However, due to regulations there are some countries that OANDA does not accept clients resident in
Is OANDA legit?
OANDA is a legit company headquarted in United States, Canada since 1996. They are regulated by Financial Conduct Authority (FCA), Australian Securities and Investment Commission (ASIC). OANDA is an acclaimed fintech company, which operates with transparency. You will not have to bear any hidden costs or be a victim to any scams.
Is OANDA a good broker?
OANDA is a great agent, and its own users can vouch for it. The highlight of the platform is its quick order execution on trades.
You will discover the clean layout of this platform and the commendable features a pleasure to work with.
Is OANDA a trustworthy broker?
Yes, OANDA is a trustworthy broker. Top-tier financial authorities regulate all operations. Over 10,000+ users registered with them can reaffirm their trustable nature.
What is the minimum deposit for OANDA?
The minimum deposit to open a live account with OANDA is $1
How long do OANDA withdrawals take?
Normally, withdrawal of money from OANDA is actioned within a couple of working days but depending on the withdrawal method chosen, it could take up to 7 working days for the withdrawal from OANDA to show in your bank account.
Are OANDA regulated?
OANDA are regulated by Financial Conduct Authority (FCA), Australian Securities and Investment Commission (ASIC)
Is OANDA a market leading broker?
OANDA is indisputably among the business leaders. It has over 10,000+ registered users and over 25 years of expertise on its record. They are one of the world's leading trading platforms and also a prominent figure in the Fintech revolution.
It majorly owes this standing to its incredible platform and broad selection of tools plus resources so that you can invest in capital markets.
Is OANDA a con?
No, OANDA is not a con. They are regulated by Financial Conduct Authority (FCA), Australian Securities and Investment Commission (ASIC) and must adhere to their rules. Thus, it is safe to say that OANDA is not a scam.
Can you make money with OANDA?
Through OANDA, several traders make a great deal of cash. But on average, through continual trading, you can make between 2% - 10% profit a month.
This may seem like a little number, but over the year, this adds to a significant amount of gains. Even though OANDA provide you all the tools to make money, they can't guarantee that you will profit.
Does OANDA have fees?
Yes. To begin trading using OANDA, you need to deposit $1. Particular commissions while trading additionally apply. Any processing fees from your bank will have to be incurred by you.
When was OANDA founded?
OANDA was founded in 1996 in United States, Canada. OANDA is regulated by Financial Conduct Authority (FCA), Australian Securities and Investment Commission (ASIC).
How many people use OANDA?
OANDA is a globally recognised agent with 10,000+ clients.
Where is the OANDA head office?
OANDA has its head office in United States, Canada
Does OANDA offer negative balance protection?
No. OANDA doesn't provide negative balance protection. If your balance is negative, OANDA indicates you promptly contact customer services. With this, you are able to fix any imbalances in your own account.
Does OANDA offer guaranteed stop loss?OANDA unfortunately, doesn't offer guaranteed stop loss. OANDA provides an opportunity to its dealers to close their trade at their specified price. Apart from that, OANDA does not provide guaranteed stop loss.
Does OANDA allow scalping?Yes, OANDA do permit scalping. Many traders throughout the world select OANDA for their services that are trading. They offer trading on MT4, OANDA Desktop, OANDA Web, OANDA Mobile which allow this.
Does OANDA allow hedging?
Yes, OANDA does allow hedging.
Can you trade energies with OANDA?
Yes, you can trade energy stocks with OANDA
Can you trade agricultural shares with OANDA?
Yes, you can trade agricultural stocks with OANDA
Can you trade cryptocurrency with OANDA?
No, unfortunately you cannot trade cryptocurrency with OANDA
Can you trade metals with OANDA?
Yes, you can trade metals with OANDA
Can you trade UK Shares with OANDA?
No, unfortunately you cannot trade UK shares with OANDA
Can you trade US Shares with OANDA?
No, unfortunately you cannot trade US shares with OANDA
Can you trade Japanese Shares with OANDA?
Yes, you can trade Japanese shares with OANDA
Can you trade German Shares with OANDA?
No, unfortunately you cannot trade German shares with OANDA
Does OANDA accept bank transfers?
No, OANDA does not accept bank transfers.
Does OANDA accept credit cards?
No, OANDA does not accept credit cards.
Does OANDA accept PayPal?
No, OANDA does not accept PayPal.
Does OANDA accept Skrill?
No, OANDA does not accept Skrill.
Does OANDA accept Payoneer?
No, OANDA does not accept Payoneer.
Does OANDA accept Neteller?
No, OANDA does not accept Neteller.
Does OANDA offer Live Chat customer support?
No, OANDA does not offer customer support through live chat.
Does OANDA offer phone customer support?
No, OANDA does not offer customer support over the telephone.
Does OANDA offer email customer support?
No, OANDA does not offer customer support through email.
What languages can OANDA communicate in?
OANDA has the ability to communicate and support customers who speak:
Does OANDA have a wikipedia page?
No, OANDA does not have an official wikipedia page.
Does OANDA offer demo accounts?
Yes, OANDA offers demo accounts so you can learn their systems before risking any real money.