Oanda Review – Online Platforms, Commission, Leverage, Account Types, Features & more
We wish to provide you with end-to-end details on Oanda, and in this article, you can check its Online Platforms, Commission, Leverage, Account Types, Features & more.
Let’s get started.
About Oanda & Accepted Countries
Oanda is an online forex company that offers investors to access the forex and CFDs. It provides trading facilities to people all over the world.
The company has developed around 124 trading instruments.
The Oanda company’s head office is in the US, though it also has other global offices in London and Tokyo respectively.
The Oanda company accepts traders from countries such as Thailand, United Kingdom, Hong Kong, Australia, Canada, United Arab Emirates, India, South Africa, Italy, Germany, Qatar, Singapore, Denmark, and many other countries.
|Founder / CEO||Gavin Bambury|
|Regulations||ASIC, CFTC, FCA, FSA(JP), IIROC, MAS, MiFID, NFA|
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Oanda Trading Platforms
The trading platforms that come from the company are easy to use. Fx Trade is one of the essential components of the Oanda company.
One can directly trade from the chart and also use the various tools and analytics as per requirement.
This trading software allows the use of different display styles and provides sophisticated studies. It also gives access to the live exchange rate.
The next trading platform is API libraries. It provides an automated trading service that is efficient for getting more traders in comparison to the manual option.
It has pre-programming criteria that help in saving efforts and also downloads the watch list.
Lastly, Meta trader 4 is also one of the trading platforms by Oanda. It provides a facility for advanced charting, automated trading.
Though we do not recommend this software for beginners as the programming language could be hard to understand.
|Trading Platform||MT4, Oanda fxTrade|
|Desktop Platform – Windows||Yes|
|Desktop Platform – Mac||Yes|
|Desktop Browser Platform||Yes|
|Mobile Site Platform||Yes|
|Android App Platform||Yes|
|iOS App Platform||Yes|
|Windows App Platform||No|
|Other Mobile OS Platform||No|
|Trading Platform Supported Languages||English|
Oanda Mobile App
The Fx Trade has a mobile application version that we could use on mobile phones and other devices.
For starting, one needs to log in their details into the app and download the historical data.
The Oanda company’s app has received some impressive reviews. The app is easy to navigate and has a sleek design.
It has similar trading instruments along with the spread history, account analytics, and other complex order.
The app helps to trade via the charts easily and its indicators and price overlays can help in earning benefits during the trade.
The app has other interesting features such as an economic calendar and financial announcements. It is updated regularly therefore the app glitches are fixed faster.
Check out Mobile Apps of more Forex Brokers
Oanda Commission or Brokerage
The Oanda company charges less commission from their traders in comparison to other forex websites and services.
It has a minimal spreadsheet cost along with an average cost of noncore pricing is 1.2 pipes in the US and EUR. The company is famous for making more profits from the trader’s losses.
Due to its automated trading system, the broker receives full transparency about the prices they are paying the company. Its competitive prices are quite overstated.
It charges around 10 euros a month for the trading account. If an account is inactive for too long for example 12 months or so, it may also charge an extra penalty fee for the same.
|Commission on trades||Yes|
Oanda Exposure or Leverage
The traders can find leverage offering such as trade on margin in the Oanda company. The regulators in a geographical location determine the maximum leverage for the retail clients.
The users can also reduce the leverage limit of the Oanda company.
The trade on margin is also responsible for amplifying the losses when one potentially increases their amount.
Therefore the technique of using the stop-loss orders is for limiting the loss based on the leverage by a majority of people.
|Maximum Leverage||Up to 50:1|
Payment Methods provided by Oanda
The Oanda company has a pretty straightforward and easy deposit and withdrawal system.
Payment means such as credit or debit cards, bank transfers, and PayPal apps are widely used for depositing into the Oanda account.
The payment methods may also vary as per a trader’s geographical location. So therefore it is important to check the website and see which method suits the best for an individual.
The website has detailed information about the payment methods and their procedures. They also provide customer support that helps people with payment-related queries.
The Oanda company may charge an amount for withdrawing from the account.
Though there’s a monthly withdrawal card provided that allows the traders to withdraw without a charge.
With the growing number of traders, these payment methods have been suitable for the Oanda company so far.
|Deposit Options||Credit Card, PayPal, Wire Transfer|
|Withdrawal Options||Credit Card, PayPal, Wire Transfer|
Find out Payment Methods provided by other Forex Brokers
Investment in Asset Classes or Markets by Oanda
On the basis of the entity of account established, the range of investments may vary.
For example, the CFDs feature has no permit in the United States, whereas, in Singapore, the Oanda company also offers the option of Bitcoin in the CFD.
Some of its available investment features are, the company offers the feature of spot forex trading, the use of cryptocurrency in CFD, 55 CFD options are there, it allows social trading, and lastly, 70 currency pairs are possible.
|Total Tradable Assets||NA|
|Number Of Currency Pairs||NA|
|Number Of Cryptocurrencies||NA|
|Number Of Stocks||NA|
|Number Of Indices||NA|
|Number Of Commodities||NA|
|Number Of Futures||NA|
|Number Of Options||NA|
|Number Of Bonds||NA|
|Number Of ETFs||NA|
Oanda Virtual Trading Account or Demo Account
Oanda company provides a demo account for a longer period of time in comparison to other trading companies. This helps a trader to practice their strategies and also improves their confidence.
Once the trader logs into the Oanda company’s demo account, it functions exactly like the main account.
The demo account has features such as currency heat maps, volume indicators, and backtesting that help in practicing the trade strategies.
The account is funded with simulated money that can be used for practice. The demo account is ideal for getting to know the market conditions and testing some strategies.
When one is confident enough to become a potential trader, they can switch to a live account.
Oanda offers or Deals
The Oanda company allows one to open a trading account with the lowest amount. It can be started with as little as one dollar.
Oanda offers a free demo account for all its users. For new traders, Oanda can be the best option as it offers a variety of features and tools for trading.
It also provides 24/7 guidance through its multilingual customer support. This customer support can answer all the queries in the available languages one finds comfortable.
With its vast features, the Oanda company is ranked among the top 100 trading websites.
|Free Learning Courses||Yes|
|Free Demo Account||Yes|
|Discount on Brokerage||Yes|
|Flexible Brokerage Plans||Yes|
|Forex Trading Contest||No|
|Trading Bonuses & Rewards||No|
Oanda Regulation or Licensing
The framework of regulations for the Oanda company may vary as per the geographical location and the country’s set of rules for trading.
The company maintains the standard regulatory conditions. It has accounts protection regulations, which may vary from one country to another.
For example, the Oanda company in Europe offers certain compensation schemes for account protection, and are worth 85 thousand euros.
Oanda is a well-regulated brokerage company that remains in compliance with all the regulations. The traders have complete confidence in Oanda company’s operational regulations.
|Regulations||ASIC, CFTC, FCA, FSA(JP), IIROC, MAS, MiFID, NFA|
Find out Regulations & Licensing of more Forex Brokers
The Oanda company provides various extensive tools and guidance for their traders. The trading portal for Oanda is supported by Chasing returns which allow trading strategies and portfolio improvement.
The developers of API can also create custom solutions for trading problems. They also conduct webinars and interviews for a better understanding of the trading basics and learning things from experienced traders.
They also provide tutorials on various basic trading-related topics that can help a trader invest better.
The Oanda company provides direct access to the historical exchange rate. To establish the potential of profit and loss, they also facilitate the traders with access to leverage calculator.
|Social Trading / Copy Trading||Yes|
|Guaranteed Stop Loss||No|
|Guaranteed Limit Orders||No|
|Guaranteed Fills / Liquidity||No|
|Trading From Chart||No|
|Interest On Margin||No|
|Other Trading Features||No|
Oanda Account Types
In the standard account offered by the Oanda company, the traders manage their portfolios and require no minimum deposit in their trading accounts.
The traders from the United Kingdom are offered a tax-free betting account.
There’s also a premium account offered by Oanda which can be accessed with a minimum deposit of 20 thousand euros.
It allows unlimited wire transfers. Though there is no significant difference between these two types of accounts.
|Account Type||Standard Account||Premium Account|
|Initial Deposit||0||$20,000 USD|
Oanda Account Opening Process
To open an account on any of the Oanda company’s trade software, one needs to follow a simple procedure for the same.
Firstly, one needs to begin with filling up their personal details and contact information and then the user setting.
After this, the employment status and their current estimated income need to be filled up.
Once the required data is filled out, one needs to take a competence test which determines their eligibility for opening an account in the trading software.
Lastly, one needs to upload an identity card or passport for the verification process.
One also needs to attach their bank statements along with their utility bill which is used for the verification of the residence.
Opening a new Oanda account is very simple and can be completed in just 4 steps.
Entering Contact Details – This step just includes entering your Username and Password that you will use every time you log in to your account.
Enter Personal Details – In this step, all you have to do is enter your employment status and your estimated income.
Give the Appropriateness test – This test is to check whether you possess the required knowledge for trading.
Verify your identity – Scan and Upload any one of your legal documents like a passport or an ID to verify your identity.
Verification will take some time as it needs to make sure it’s an authentic account but is still pretty quick.
Oanda Trading Account Features
Check below all the trading account features under various account types:
|Trading Desk Type||Dealing Desk|
|Maximum Leverage||Up to 50:1|
|Suitable for beginners||Yes|
|Suitable for professionals||Yes|
|Suitable for scalping||Yes|
|Suitable for daily trading||Yes|
|Suitable for Weekly trading||Yes|
|Suitable for swing trading||No|
Oanda – Research & Advisory
Find below all the different reports and support provided by its Research & Advisory team :
|Daily Market Commentary||No|
|News (Top-Tier Sources)||No|
|Company Stock Review||No|
|Free Stock Tips||No|
Oanda is a great platform for web trading. Not only is it safe but it also offers tons of benefits to its users.
- It offers the benefit of low fees – As compared to most trading websites, the Fees of Oanda is much reasonable.
- Easy to Use – The Platform is very easy to use and offers very understandable and simplified trading.
- Easy and Digital account opening – You can easily open an account on Oanda by digitally submitting your documents. The documents will be verified and your account will be ready to use. The verification process can take a while but your account will be ready in just a few days.
- Minimum Deposit – When the platform says ‘minimum’ deposit, it literally means 0 dollars.
Oanda Cons or Drawbacks
Although Oanda offers an endless amount of perks, it does have some drawbacks.
- Oanda has a limited product portfolio because it only allows trade with Forex and CFDs.
- The platform doesn’t have good customer service.
- The bank withdrawal fee is very high.
- The platform does not offer guaranteed stop-loss orders for UK or US clients.
- Oanda also charges a monthly inactivity fee.
- Along with the inactivity fee, it also charges withdrawals, bank wire transfers, debit cards, and also ACH (Automated Clearing House) transactions.
- It does not offer individual stocks, which limits its total CFD (Contract for Difference) offering to 55, which is tremendously below its competitors.
Oanda Trading Hours
Oanda Trading Hours always coincide with the global financial markets. Trading is mostly available on Sundays from 5 am to 5 pm according to the New York time.
You can also leave trades open during the week if you wish to.
- It is prohibited to open new positions when the market is closed and to close existing positions.
- Spreads usually widen at 4 pm (New York time) on Fridays.
- Market prices may drastically change or “gap” when trading resumes on Sunday.
Oanda Customer Care or Contact Details
- Oanda offers a 24/7 hour active helpline.
- While usual business hours are typically on Sundays from 1 pm to 6 pm, both live chat and phone support are unavailable.
- Despite the limited availability, Oanda’s support is very helpful and the representatives are good with every bit of the trading platform and will help you in any difficulty that you face.
- Their support website is equally helpful and has solutions to most questions.
Dedicated Dealer No Support During Weekends No Online Trading No 24*7 Support No Email Support No Live Chat Support No Customer Support Languages Arabic, Chinese, English, French, German, Italian, Japanese, Portuguese, Russian, Spanish
Oanda Safety & Security
Oanda seems to be very safe with minimal risk. The platform is found reliable by the majority of its users. It has a trust score of 88 out of 99.
Oanda has been authorized by –
- Six tier-1 regulators. (High trust)
- Zero tier-2 regulators. (Average Trust)
- Zero tier-3 regulators. (Low Trust)
Oanda Rating & Review
Based on the user experience, the following rating and reviews are provided.
|User Experience||7.5 / 10|
|Products & Services||7.8 / 10|
|Brokerage Charges & Fees||8.1 / 10|
|Research & Advisory||7.2 / 10|
|Trading Platforms||7.1 / 10|
|Overall Ratings||7.6/ 10|
|Total Client Reviews||78|
Oanda Verdict or Conclusion
Oanda is very famous for experienced traders in the Forex market. It is a great web trading platform where a trader quickly becomes comfortable.
Well-experienced traders that are in search of a well-designed trading platform will easily find everything they are looking for on Oanda.
The pricing transparency and efficient platform technology are what gains the investor’s trust.
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