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OANDA3 min read
Broker Review
Forex broker OANDA is an active participant in financial markets. The company stands out among traditional forex dealers, because in addition to providing customers with access to the foreign exchange market, it is also a market maker. Due to this, as well as a well-deserved reputation for over 20 years, the OANDA broker is very popular among traders around the world. The company is primarily focused on providing brokerage services to users from Europe, USA, Australia and Japan. This is a broker known to experienced traders.
Users rating26 Votes
Pros Broker
Reputable broker
Highly regulated
Open and transparent pricing
High quality execution of transactions
Cons Broker
Slower phone support
Few cryptocurrency tools
Inconvenient site
Few ways to enter and withdraw funds
Overall Broker Rating
Visit Broker

Review of the company

OANDA is one of the reputable forex and CFD brokers in the financial market. Founded in 1996, the company was a pioneer in the retail industry for the general public, and quickly used its first successes to become an industry leader. In fact, OANDA broker operates in eight global financial centers, with clients in almost two hundred countries. OANDA broker serves an ever-expanding global customer base with branches in the USA, UK, Japan, Singapore and Australia. It has obtained licenses from major regulatory jurisdictions (FCA, CFTC entities. No. 542574, IIROC, ASIC entities. No. 26152088349, MAS entities. No. 200704926K and FAS entities. No. 1571) including the United Kingdom, the United States, Canada, Japan, Singapore and Australia.

Trading conditions

OANDA offers competitive commissions, easy account opening without a mandatory minimum balance, and also offers powerful analytical tools. Spread offers are competitive. For currency pairs, the EUR/USD pair can be only 1 pips. Spreads for CFDs vary depending on the choice of asset. OANDA provides an online tab on its website. It details the prevailing spreads for all offered assets, each of which changes in real time. As for leverage, here the standard ratio of 1:50 for major currencies and 1:20 for exotic applies to currency pairs, while leverage for CFDs can vary widely depending on the market sector.

The broker does not charge any commission for their trading services, nor does it charge a service fee. Instead, the company is rewarded through a spread. OANDA’s spreads are comparable to those of other major forex companies such as MarketsX and eToro. OANDA uses its own pricing engine that monitors interbank pricing to ensure it can continue to offer traders competitive prices. OANDA offers transparent pricing, and traders can view current spreads and historical average spreads easily.

Trading education

The training materials at OANDA are extensive, with premium webinars and commentary to attract all traders. Video tutorials are scheduled to be released daily to prepare novice traders for action during real trading and provide a favorable trading experience. The service allows you to trade as consciously as possible, as merchants focus on the opinion of professionals. Broker also service allows you to use materials and tools, trading strategies and risk management. The Market Pulse feature, meanwhile, serves as the source of the most current information about the developments in the market.

Account Types

OANDA does not have a breakdown of account types; traders are offered the same terms of cooperation. However, a speculator can open several multicurrency accounts and transfer money between them without a commission. If the investor does not trade on the platform for 2 years, then a commission starts to be debited from the deposit.

Payment systems

For financial transactions, you will have access to payment cards (Visa/MasterCard), bank accounts and PayPal, as well as BPay and UnionPay for China. All operations are carried out without any commission from the broker. You pay only the percentage provided by your system. For example, wire transfer fees can range from $20 to $35. Be careful! When withdrawing to a payment card, you can create an application for an amount not exceeding the amount you entered on the deposit using this method.

Customer support

Customer service representatives are trained to help customers with any issue that may arise. For beginners, there is a special section with useful material for training. There are terminology, work with assets, money management and work with some strategies. You can get support via chat, email, fax or phone. For an additional level of convenience in servicing regional clients, eight global offices operate. Support is available every day around the world 24/5.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.