OANDA Review 2024 Key Features, Pros, and Cons

Bank and WISE transfers may take longer, depending on the transfer method. Withdrawal processing times may vary depending on the payment method used. The applicant will be asked to confirm their country of residence to proceed. The first step to opening an Oanda account is to click on the “Open trading account” button located on the webpage.

OANDA Withdrawals Options and Fees

OANDA is known for offering commission-free trading on its standard accounts, which helps reduce overall trading costs. Instead of charging commissions, the broker includes its fees within the spread. For premium account holders, tighter spreads are available, which can significantly reduce trading costs for high-frequency traders. OANDA also offers swap-free accounts, catering to clients who require interest-free trading conditions. FxTrade, OANDA’s primary user interface, is well designed and provides clients with access to trading instruments, complex order types, and account analytics.

We found these resources to be more than adequate for new forex traders, and also robust enough for experienced traders. OANDA Corporation is a member of the NFA and subject to the NFA’s regulatory oversight and examinations. With a strong recommendation for its platforms and tools, traders can benefit from both MetaTrader 4 and 5 and a proprietary platform designed to cater to various trading needs.

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There are individual trading needs and preferences that need to be considered. Oanda complies with seven regulators, has a clean track record, and has oanda review a well-regarded corporate owner. Therefore, Oanda ranks among the most trusted brokers in the industry.

By the end of this  OANDA review, you’ll be equipped with the knowledge needed to start trading with OANDA. OANDA integrates with TradingView, one of the most powerful charting platforms available. Traders can take advantage of TradingView’s technical analysis tools while executing trades seamlessly through OANDA’s platform.

• These include the FCA (UK), ASIC (AUSTRALIA), and the CFTC (US), among others.
• The Oanda trading platform is the proprietary trading platform of the broker and is available on both desktop and through a webtrader.
• The deposits made by customers are kept in separate bank accounts that are kept separate from one another.
• The OANDA website education section is divided into sections that provide in-depth guides to the basics of CFD trading and market analysis.

OANDA is a highly reputable online trading broker that offers a variety of global financial instruments including forex, commodities, cryptocurrencies, indices, and shares. They are known for competitive spreads, no commissions, and providing access to advanced trading platforms like MetaTrader, TradingView, and their own mobile app. At BrokerNotes.co, our data-driven online broker reviews are based on our extensive testing of brokers, platforms, products, technologies, and third-party trading tools. Our product testing extends to the quality and availability of educational content, market research resources, and the accessibility and capabilities of mobile platforms and trading apps. We also dive into each broker’s trading costs, such as VIP rebates, inactivity fees, custody fees, bid/ask spreads, and other fee-based data points. Moreover, it offers APIs for clients developing third-party trading apps.

OANDA offers 68 currency pairs, 53 CFDs, and a few cryptocurrency assets. However, its investment offerings change slightly depending on the entities regulating the account. If you’re a currency trader looking for a safe broker with a strong regulatory framework and competitive offers in currency trading, Oanda is definitely a great choice. Over 65 indicators and drawing tools are included in the charting suite. There are around 11 configurable charts, including the Heikin-Ashin, Renko, and many others. This means that traders are not penalized for infrequent trading or for keeping their accounts open without trading activity.

The first of these tiers requires a $20,000 or more deposit, or a $10 million to $100 million monthly trading volume. Great news for all traders, but especially for algo-traders that can choose to install and/or create EAs from scratch with the MQL5 programming language. When trading through Oanda you will be able to engage a range of trading techniques. This includes scalping and hedging which are both permitted by the broker. This also means that they are essentially operating as a counterpart to all of your trades. This can provide a degree of flexibility in certain areas but it may not always provide the best value to traders.

Popular Forex Reviews

Deposits are free, but there is a fee for withdrawals via bank transfer. United States traders can experience trading popular pairs like EUR/USD, more volatile minor pairs like GBP/JPY, and even exotic pairs like TRY/JPY. The option of trading popular spot cryptocurrencies in addition to forex is rare in the US and enhances the overall offering.

My initial impression of the TradingView platform was that its design and usability are second to none. Compared to other brokers, I judged it to be one of the best browser-based platforms on the market. Advanced charting and order types are available, and the platform draws from the wisdom of the crowd with cutting-edge features like its ideas stream. With 1-click trading and trading from the chart, I rate TradingView as a platform that can cater to day traders and scalpers as well as longer-term investors. The educational resources and research provided by OANDA further contribute to its appeal.

Each subsidiary provides different products via different platforms, so clients will experience OANDA differently depending on their country of residence. The OANDA Group has multiple subsidiaries who are licensed to offer products to clients around the globe. OANDA was one of the first brokers to integrate TradingView charts, and you can now log into the TradingView web platform and connect your OANDA account to unlock the full trading platform experience. The support website also has a good knowledge base and searchable archive that should answer most questions about the trading platforms and order types.

Portfolio Analysis

I tested OANDA customer service with dozens of queries, ranging from platforms to fees and account-related issues. The range of currency pairs, indices, commodities, and bonds is deep. I noted that gold and silver can be traded against various currencies, for example, Gold/CHF and Silver/JPY. A Contract for Difference (CFD) is an agreement specifying that the buyer must pay the seller the difference between an asset’s current value and its value at the time the contract was initiated. Like futures and other derivative financial instruments, CFDs allow traders to speculate on price movements without owning the underlying asset.

• TopBrokers serves every trader, from seasoned pros to aspiring day traders.
• Clients in specific regions also have access to local online/mobile bank transfers and e-wallet options.
• This means you can utilize bank wire transfers, credit/debit cards from Visa or MasterCard, and Paypal to make your withdrawals.
• When the patterns are finished, it generates a price projection box that highlights the region where it believes the price movement will go.
• However, it’s important to check the account funding requirements when you register, as these may vary depending on the type of account you choose.
• Within the eight regulated markets that OANDA operates is the OANDA Corporation, operating in the US.

Can I use OANDA’s mobile app for trading?

Oanda maintains a straightforward, affordable, and highly regulated offering with a wide choice of Forex currency pairs, making it very suitable for beginners. Oanda remains a primary choice across emerging markets with a promising platform to expand globally by improving its international offering. One of the most ignored trading costs is swap rates on leveraged overnight positions. Depending on the trading strategy, it may become the most significant fee per trade. I always recommend that traders check them before evaluating the total trading costs.

Affiliates receive a unique tracking link, and they earn commissions based on the trading activity of the clients they refer. Customers of OANDA’s broker affiliate program may earn additional money by bringing in new traders to the platform. Traders might earn between 5% and 15% of the spread of the consumers indicated by this referral scheme. This tool displays the proportion of traders who purchased a certain instrument as well as the percentage who sold the same item.

In conclusion, OANDA stands out as one of the reputable and trusted online retail broker for forex trading. Oanda provides their clients with multiple trading platforms including their proprietary “Next Generation” platform and the widely used MetaTrader 4/5 platforms. The Oanda platforms are available in desktop and web versions, as well as mobile applications for iOS and Android devices.

OANDA delivers in this area with live and recorded webinars spanning topics like risk management, Fibonacci, and platform tutorials. OANDA’s educational resources include a wide variety of educational articles, videos, and live webinars. OANDA hits the mark in the area of research, with industry-leading analysis available from the MarketPulse website and news from Dow Jones. A strong flow of frequently updated content is provided in written, video, and podcast formats.