Oanda

Payouts:
Min Deposit: no minimum deposit

OANDA

  • Trusted brand, with a positive reputation
  • Ease of account opening - no docs for deposits below USD 9K
  • Tier-1 banking relationships
  • Best-in-class MT4 bridge
  • Excellent market research tools
  • A lot of customer education and industry news sources
  • Competitive spreads, margins, and trading costs
  • No direct withdrawal or deposit fees
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Details

Broker OANDA
Website URL https://www.oanda.com/bvi-en/
Founded 1996
Headquarters Toronto, Canada
Support Number Toll Free # per region (# will be routed to the active CX desk globally) -Canada: 1 877 626 3239 -Australia: 13000 62632
Support Types Chat , Telephone , Email
Languages English , Mandarin , Spanish , German
Trading Platform MT4 desktop, web and mobile, MT5 desktop, web and mobile
Minimum 1st Deposit no minimum deposit
Leverage 200:1
Spread 1.0 pips
Free Demo Account Open Demo
Regulated Yes
Regulation Financial Services Commission (FSC), FCA, BVI, ASIC, IIROC
Fees Yes
Fee Info Spread based pricing
Commissions Yes
Commission Info $40/Mil commission for Core pricing
Account Types Standard spread-only , Core , Swap-free
Deposit Methods Visa , Mastercard , Skrill , Neteller and various Alternate Payment Methods
Withdrawal Methods Visa , Mastercard , Skrill , Neteller and various Alternate Payment Methods
Types of Assets FX; EUR/USD, USD/JPY, GBP/USD, USD/CHF, EUR/JPY, EUR/CHF, EUR/GBP, GBP/JPY, GBP/CHF, AUD/USD, NZD/USD, USD/CAD, AUD/JPY, CAD/JPY, CHF/JPY, NZD/JPY, AUD/CAD, AUD/CHF, AUD/NZD, EUR/AUD, EUR/CAD, GBP/AUD, GBP/CAD, CAD/CHF, EUR/NOK, EUR/NZD, EUR/SEK, GBP/NZD, NZD/CAD, USD/NOK, USD/SEK, NZD/CHF, USD/MXN, USD/CNH, USD/HKD, USD/SGD, SGD/JPY, USD/TRY, USD/ZAR. Indicies: Aus 200, China A50, EU 50, Fra 40, Ger 30, HK 50, India 50, Japan 225, Nel 25, SG 30, Twix, UK 100, US Nas 100, US Russ 2000, US SPX 500, US Wall St. 30, Switzerland 20, Spain 35, China H Shares, Sweden 30. Bullion: XAU/USD, XAG/USD. Commodities: Brent Cruide Oil, West Texas Oil, Copper, Nat Gas, WHEAT Commodities, CORN Commodities, SOYBEANS Commodities, SUGAR Commodities, UK10Y Bonds, US2Y Bonds, US5Y Bonds, US10Y Bonds, US30Y Bonds, DE10Y Bonds. Crypto: BTCUSD, ETHUSD, LTCUSD, BCHUSD
Trading Currency USD , EUR , HKD , SGD
Account Currency USD , EUR , HKD , SGD
US Traders Allowed Yes
Mobile Trading Yes
Tablet Trading Yes
Overall Score 5

Pros

  • founded 1996
  • Spreads from 1.0 Pips
  • no deposit or withdrawal fee
  • Regulation CySEC,FCA, FSCA, IFSC
  • No inactivity fee
  • Payment options Visa, Mastercard, Skrill, Neteller and various Alternate Payment Methods

Cons

  • Only MT4 & MT5
  • No individual stocks, stock CFDs, ETFs or Futures
  • No social trading tools

Our Review

  1. What is OANDA?
  2. OANDA Pros and Cons
  3. Awards
  4. Safe or a scam?
  5. Leverage
  6. Accounts
  7. Fees
  8. Spreads
  9. Deposits and Withdrawals
  10. Market Instruments
  11. Trading Platforms
  12. Customer Support
  13. Conclusion

What is OANDA?

OANDA has built a solid reputation for itself since its inception in 1996 and has rapidly become one of the world’s biggest names in forex trading and CFDs. Spreads, costs, platforms and data access are all highly competitive. You can also trade Bitcoin as BTC/USD. It has been at the forefront of the forex market for over 26 years.

OANDA offers a wide range of CFD and forex products. The CFDs cover indices, commodities and metals. For forex, you have all the majors and a good range of minors. However, metals and cryptocurrencies are narrow in their range. Also note, there are no stock and ETF CFDs, nor is there any option trading available.

OANDA Pros and Cons

OANDA has been in the trading business for well over two decades now. It ticks most of the boxes for traders looking for forex and CFD trading instruments a few benefits that we particularly liked include;

  • Trusted brand, with a positive reputation
  • Ease of account opening – no docs for deposits below USD 9K
  • Tier-1 banking relationships
  • Best-in-class MT4 bridge
  • Excellent market research tools
  • A lot of customer education and industry news sources
  • Competitive spreads, margins, and trading costs
  • No direct withdrawal or deposit fees

OANDA is a leading broker in forex trading and covers most of the basics when it comes to CFD trading. Here are a handful of features that OANDA lacks:

  • Not yet listed on any stock exchange, and no banking licence as yet
  • More modern trading platforms (currently offering MT4 & MT5 only)
  • No individual stocks, stock CFDs, ETFs or Futures
  • Customer portfolio analytical tools
  • Social trading tools that most of its competitors offer
  • 24/7 live support during market hours from Sunday at 5pm to Friday at 5pm (NY Time)

 

Awards

Fast client approval to a seamless integration with MT4 and MT5, comprehensive learnings and weekly analysis, OANDA has been highly rated by new and existing traders continuously over the last 10 years 90% of positive feedback.

OANDA boasts a strong community of traders with more than 750,000+ active accounts trading, numerous incentives and has gained numerous awards for excellence in trading.

Safe or a scam?

OANDA brand is not a scam, as it is a well regulated broker operating under OANDA Corporation. Importantly boasts top tier regulation in every region the OANDA brand operates in, which benefits from a high score from us in terms of trustworthiness.

Regulation is most important to ensure safety of funds for investors of all levels. Unregulated entities provide a high potential to lose all funds.

Is OANDA a legit company?

Absolutely, the brand OANDA is a legit broker, trading under the OANDA Corporation entity. Both entities and the brands that it serves are authorised and regulated by top tier global jurisdictions.

The main entity OANDA Corporation is registered by the Futures Commission Merchant and Retail Foreign Exchange Dealer with the Commodity Futures Trading Commission and is a member of the National Futures Association. No: 0325821.

How are you protected?

OANDA Corporation licenses mean OANDA complies with all the strict regulatory requirements, trader’s investments are considered to be safe, as the broker segregates funds from the operational funds of the OANDA while kept in reputable EU banks.

In addition, OANDA is a member of the Investor Compensation Fund that compensates in case of the company insolvency, as well as protected by the negative balance protection and other requirements that are audited on a regular basis by the authority.

Leverage

When you trade with OANDA you are able to operate with fixed or floating leverage. Leverage is a very useful tool, especially for small account holders, as it allows potential gains to increase quickly.

What is the risk level?

trading is risky, correct leverage should be applied by instrument, as it may increase your potential for loss. Therefore, OANDA leverage is determined by various controls and set primarily against regulatory requirement your region.

Risk is also factored in based on trader experience and knowledge, so always answer correctly based on your trading experience and reach out to OANDA client relations to get some guidance if necessary.

If you are a resident of the UK or Europe, as well holding an account under European entity which obliges to ESMA regulation, the maximum current leverage ratio is set to a

  • 1:30 on Forex instruments
  • 1:20 Spot Metals, 1:10 XAG USD
  • 1:20 Minor Currency Pairs
  • 1:5 Shares

Accounts

OANDA offers a Forex trading account, which is split into three different types standard spread-only, Advanced Trader Loyalty Program.

standard spread only Account – is a basic account offering 70+ FX pairs, $0 minimum account balance

Advantage Account – offers cheaper commission of $0.40 – $2 based on volume and spreads from 0.0.

Advanced Trader Loyalty Program – offers a dedicated relationship manager, free wire transfers and $10,000 minimum account balance is required.

How do I open an OANDA account?

OANDA accepts clients from most geographic locations, however the usual restrictions apply to residents of the USA and Japan.

The process of opening account is pretty simple and requires you to follow the OANDA sign-up link where you will be guided through a simple account opening process.

Opening an account step by step

  1. Access OANDA Sign-up page
  2. Enter your personal data first and last name, country of residence, email, phone, etc.
  3. Answer online questionnaire about your trading knowledge and expectations
  4. Select account type
  5. Verify your account by uploading your personal identity documentation.
  6. Once your account is activated and processed you can deposit funds.

Fees

Costs are typically built into the spread and further defined by the account type you choose. In addition, you should always consider other fees like non-trading fees, withdrawal fees and swaps, which we will cover in more detail later.

Generally, OANDA offer tight floating spreads while Standard Account Spreads start from 0.6 Pips and from 0.0 pips for Advanced Trader Loyalty program available on both platforms MT4 or MT5, OANDA add on a commission charge per order.

An overview of the Non Trading Fees

There is no deposit fees and some withdrawals are free also, which we will discuss further later, overall the OANDA fee structure is quite transparent.

OANDA Spreads

OANDA offers spread only with no commission in case you choose Advanced Trader Loyalty.

Demo Account

New traders often start to learn to Trade via a Demo account, which builds confidence to trade. A detailed step-by-step tutorial and individual support from your account manager in 16 languages is available.

For accurate and updated information please check the official OANDA website.

Deposits and Withdrawals

OANDA make it simple and straight forward to fund your account with multiple options that exist to deposit and withdraw from your account.

Deposit options

To fund an account you may choose the following methods, which may vary according to your geographic location. OANDA deposits are processed quickly, within minutes your money will be available in your account.

  • Credit Cards
  • Bank wire transfers (using GBP, PLN, USD, EUR, RUR)
  • E-wallets (Neteller, Skrill, Alfa-Click, WebMoney, Western Union, Dotpay, Yandex money, Qiwi wallet, Bitcoin via Skrill, and counting)

OANDA minimum deposit

OANDA minimum deposit requirement is  $/€/£ 0 for Standard Account Spreads Deposit fees are typically covered by OANDA.

Withdrawal

OANDA withdrawal options is widely available including bank transfers, e-wallets and cards. The withdrawal fee varies from one to another. As an example, Credit Cards withdrawal features 3$ fee, while Bank Transfer will cost 30$, and WebMoney will charge 2% above the requested amount. However, these withdrawal fees are still considered to be low compared to industry standards. other withdrawal methods may offer 0% commission.

How do I withdraw money from OANDA?

Once you decide to withdraw money from you account you obviously should submit an online request and follow with the required procedure. To make it short you simply should follow the following steps

  1. Login to your account in OANDA and go to Withdraw page through My Money
  2. Select the withdrawal method, required amount and click ‘Withdraw’
  3. Complete the withdrawal request along with PIN that will be sent to your email or phone via SMS
  4. Confirm withdrawal and Submit

How long does it take to withdraw from OANDA?

The OANDA withdrawal process generally takes two business days to be processed by the OANDA accounting department within 2 business days.

Always consult with customer service to confirm, as various geographic locations may apply slightly different terms. Also, allow time for your payment provider to process the transaction.

Market instruments

OANDA offers a wide range of markets and many account features amongst the best industry brokerage providers.

Markets include 250+ financial instrumentsForex products with over 70 currency pairs including attractive OANDA CFDs such as spot metal CFDs, share CFDs on over 170 major companies, CFDs on Commodities and CFDs on Indices.

OANDA Markets compared to similar Brokers

It is also good to compare OANDA to other industry offerings, so in the table below you may see available forex pairs.

OANDA Trading Platforms

OANDA use the industry’s leading software third party providers MT4 and MT5. OANDA also offer Trade web, which enables users to trade directly on TradingView.

Web Trading Platform

As the OANDA platform is MT4 or MT5 software both offer various versions available either as WebTrading platforms or as an app that can be installed on any mobile device. Web trading software is a great option if you are a beginner or regular lot trader, as the platform is accessible straight from the browser and does not require any installation, so it is easy safe and navigated.

Desktop Trading Platform

If you require more tools along with powerful customisation you are recommended to choose the Desktop version. MetaTrader supports all kinds of devices including PCMAC via third party apps as well as accessible Multi Terminal that is useful for money managers.

Via the desktop MT4 and MT5 software included are risk management tools, as well as trading indicators – Pivot points strategy and trading signals. Along with calculators that are designed to bridge the gap between new and existing traders.

Mobile Trading Platform

OANDA accounts are accessible mobile or tablet devices, so you will always have access to your account. The Design is user friendly and the app is packed with tools and alerts so you can remain in control.

Social Trading

The OANDA platform also enables automated trading which is the execution of orders automatically based on traders you follow.

Or you may follow the Social Trading leaderboards and trade manually. By following these strategy managers, which you can choose through numerous criteria or filters to follow. In reverse, professionals may become managers and gain extra income by sharing trades.

Customer Support

Customer service from the OANDA operation is really strong, which is available through various sources including Online Live Chat, Phone, emails, Messenger applications etc.

OANDA enjoys positive feedback from clients in terms of its good reputation, OANDA also supports a great range of languages, so you always may count on help whenever you need it.

There are established customer service desks in Europe, Africa and Asia to cover the global needs of traders.

Education

The main approach of OANDA is to be a client oriented broker, looking after the trader’s funds, education and well being. OANDA have a solution to meet your style of trading and needs and provide outstanding service.

In terms of education, OANDA host regular educational events in cities around the world while satisfying the demand to start the trading journey and offering support to everyone who would like to engage in trading.

There are webinars, seminars, platform tutorials, trading tools, research tools, a superb glossary, Forex news, Economic Calendar, Market outlooks and expert Analyst analysis.

OANDA education is one of the best we see in the industry, so this point is definitely well organised and highly recommended for new traders.

Conclusion

Concluding the OANDA Review, OANDA is a market maker and offers a high level of regulation for new and existing traders across a two account types. Other advantages with OANDA include, fees, customer service, spreads and dedicated customer support, which is determined based on trader experience and knowledge, tight spreads are also a major plus with spreads from 0.0 pips and low deposit requirements of $0.

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Risk Warning: Trading CFDs is a high risk activity and you may lose more than your initial deposit. You should never invest money that you cannot afford to lose. Top5forex will not accept any liability for loss or damage as a result of reliance on the information contained within this website including data, quotes, charts and buy/sell signals. Please be fully informed regarding the risks and costs associated with trading the financial markets.