Skip to Content

Oanda Review & Opinions: Is it Reliable and Safe in 2021?

3.7 / 5

Oanda offers financial trading services for Forex and Contract For Difference (CFDs) assets. The Oanda website provides services in 8 languages, including English, Japanese, French, Russian, etc.

General Information

Oanda is a US-based broker in the financial market. Since its establishment in 1996, Oanda has become a symbol of trust and has built a strong brand reputation in over two decades of operation. Known fully as Oanda Corporation, this broker is registered, licensed, and regulated in six countries considered top-tier regulatory jurisdictions. These jurisdictions are Japan, Australia, Canada, Europe (UK and Ireland), and Malta.

Advantages and Disadvantages

Strong reputation: For over a quarter-century now, Oanda has existed. This is proof of stability and provides serious credence to its transparent and legitimate business operations.
Four platforms to trade on: Clients may select from four platforms on which they can trade. This variation allows traders to use their preferred trading platforms comfortably.
Trading tools: Oanda trading platforms present a comprehensive range of modern tools for traders to analyze and review their positions correctly. Oanda also provides a Trading Performance Portal which allows traders to monitor their overall performance evaluate strategies thoroughly. Some tools are customizable to suit trading plans.
Customer support: Traders have access to Oanda support staff through emails or instant chat, 24/5. Online agents, called Oanda Assistants, respond to clients in their preferred languages.
Trader education: is available for all clients.
US trading: Clients from the United States can trade on Oanda. It remains among the top trusted brokers allowed to offer financial services to US clients.
Instant news delivery: Oanda delivers market news instantly to traders via the trading platforms they select. Traders can rely on the broker to help them access market information in good time to catch market moves. Noteworthy news items are delivered from Reuters, CNBC, Mainichi, and MarketPulse within seconds after publishing.
Social Trading: Oanda presents clients and traders with a Social Trading or Copy Trading hub where they can assess the performance of other traders and invest in social trading.
Market Research: Oanda’s reputation for advanced market research is nearly unmatchable. Clients can access advanced research tools and channels, along with TraderView added to the mix.
Added features: Oanda offers a currency converter and a Forex data service, as well as an API for exchange rates. Developers are allowed to integrate developed trading software.
Fast execution of trades: Oanda uses modern internet technology and deploys servers worldwide to facilitate an almost instant implementation of orders. Trades are executed in less than 0.001 seconds of entry, giving clients an edge in entering positions before the market moves.

Limited assets for trading: The broker only offers 45 Forex pairs and 55 CFDs.
US traders are not offered account protection on Oanda. Clients may end up indebted to the broker if they do not monitor their setups closely to minimize losses.
Limited cryptocurrency trading: Traders are limited to CFDs on bitcoin and not trading the asset itself.

Trading Conditions

The trading conditions refer to the things that traders will encounter on the trading platform as concerns their trades. These have to do with trade sizes, leverage conditions, trading costs, etc.

  • Small lot size: Traders can open positions with a minimum of 0.0001. This improves money management strategies.
  • Spreads and margin: Currency pairs on Oanda typically have spreads between 0.8 and 1.4. These spreads are competitive.
  • Low trading fees: Oanda has low trading fees because the profits cover most costs on spreads. Traders can keep their minimum balance (depending on their account type) without paying dormant account fees.
  • Trading fees: Traders charged swap fees and commissions.

Tradable Assets

Oanda features 125 tradable assets grouped under two asset classes. These include some minor, exotic and all major Forex pairs and Contracts for Difference (CFDs) on indices, bonds, commodities, metals, and cryptocurrencies such as Bitcoin. All traders can explore these assets on their preferred platform.

Trading Platform

There are four platforms to trade with Oanda. These are:

  • The website trader: Oanda’s proprietary web platform is hosted on the broker’s website. This platform offers traders an environment with comprehensive tools and features to enable seamless operations. Traders can directly load from over ten charts, multiple advanced indicators and access instant market news. Client support is on hand to assist traders in resolving issues.
  • Web (Windows and Mac) trading software: The web trader is a downloadable application on Windows and Mac for desktops. The software is similar in appearance to the browser-based trader but contains more features, including a fully customizable platform. Traders can put up multiple strategies at a time and switch between pages efficiently.
  • Mobile trading application: The mobile trader is designed for compatible internet-enabled mobile devices such as smartphones, tablets, iPads, and Android-Windows /IOS-Mac hybrids. The mobile trading software is suitable for trading on the go and from any location on earth. Traders can access every tradable asset and dozens of tools and technical indicators.
    The mobile software features push notifications for quick alerts and effective entry, exit, SL, and TP entry. The interface is fully customizable. Traders can also set up custom price alerts and carry out account financial activities such as funding, withdrawal, and ID verification.
  • MT4 trading platform: Traders who prefer to trade on Oanda via desktops and laptops can access the standard highly versatile MetaTrader 4 (MT4) retail platform. The MT4 platform offers an exciting and comfortable trading environment, charting, and tools for analysis.

Mobile Trading

Mobile trading featured on Oanda. Clients only need to register and download the mobile trading platform from their respective app stores. The direct links to download the apps are found on the Oanda website. Other essential features on the mobile software include trading journals, trading analytics and tracker, full-screen charting, and news calendars. Only Android Jellybean version and above and IOS 11 and above are compatible with the mobile trader app.

Demo Account

Traders need demo accounts to get comfortable and familiar with the brokerage’s trading conditions. It is also vital to use a demo account to practice trading strategies using virtual funds.

From the homepage and other pages, new clients can open a demo account within three minutes. The trader must first click the ‘Try Demo Account’ button, select a country of residence and then go ahead to supply these: email address, new password, full name, and phone number. The log-in details are sent via email, after which the trader can login.

Account Types

Oanda offers traders two account types:

Basic account: The basic or standard account is the common trading account clients may use. This account requires a minimum balance of $0, features all tradable assets, customer support, small lot sizes, trading performance analytics, spread trading, etc. Dedicated client managers do not come with this account type, and clients pay a fee for wire transfers. Traders on this account who use MT4 may experience a 20-minute delay in MT4 open order indicator updates

Advanced Trader loyalty program: This account has a minimum balance begged at $10,000. All the tradable assets are available to clients, and they have access to dedicated managers. Traders on this account have priority on order queues and have unlimited free site transfers. The MT4 open order indicator is updated every 5 minutes.

Opening an Account

Opening an Oanda account can be completed within 5 minutes.

First, traders must click the ‘Open Account’ button and then select their country of residence. The next step is inputting the required details and then submitting the form. Once the account is created, the details are forwarded to the email provided, and traders can access their accounts. Account verification using a government-issued ID and a utility bill is compulsory and part of the account opening process.

Funds Withdrawal

Performing financial activities on Oanda broker is easy; the platforms/methods are standard and easy to use. Traders may choose from these methods: Debit card payment (VISA and MasterCard etc.), Bank transfers, and Automated Clearing House (ACH). Deposits are also available on the mobile trading software or on the broker’s website payment page and appear almost instantly (for card payments) or within an hour (for wire transfers).

Withdrawals are made via several channels and follow the same channel used for the deposit.

Trader Education/Training

Oanda provides trader training using videos, eBooks, and image galleries. The training modes are created for beginners, intermediate, and advanced level traders. Regular webinars are also featured on Oanda.

Should I trade with Oanda?

Absolutely! Oanda is among the oldest online brokers still operating today with a strong brand representation across several continents. The security of funds and favorable trading conditions are powerful factors that favour Oanda’s position as a great broker to use. The broker’s platform design is simple yet efficient. With small lot sizes, an efficient customer support team, and zero minimum balance, Oanda is among the best brokers to trade with!

Reviews on Oanda

Comments about Oanda
( 2 )
User rating: 4.4 / 5

Comments: 2

  1. avatar
    David onyea
    21/10/2021

    Do you lose trades or mismanage funds when making an entry in bitcoins trading?, put a stop to it by investing with Maria Renee – Her platform is unique as you get online access to monitor trades and profit as trade progresses. That’s not all, you make withdrawal directly to your bitcoin wallet or to your desired method such as Blockchain, direct bank etc.
    Honesty is her basic principle
    Connect with her now through the WhatsApp number below
    WhatsApp: +1(732)630-9483
    Email: [email protected]

    5/5

  2. avatar
    Latifa Morgan
    26/10/2021

    You inspired me Maria Renee during a difficult times when I needed direction on how to earn in bitcoin investment, your encouragement was really helpful to me, I started my trade with $300 and my profit was 3,300, how amazing it was, please contact her if you want to invest.
    Contact via,
    WhatsApp: +1(732)630-9483

    5/5

Leave a comment

Oanda Review & Opinions: Is it Reliable and Safe in 2021?

Visit Site