Oanda Review 2024

Oanda review
Oanda Fees Explained

• Oanda withdrawal fees varies on payment method
• Oanda does not charge a fee for inactive accounts.
• Oanda doesn't charge deposit fees. A currency conversion fee may be applied as withdrawals and deposits from Oanda are conducted in USD. Any other currency will have to be converted to your local currency by your 3rd party payment provider.

Oanda Costs To Check

Modern brokers like Oanda provide advanced online trading platforms, mobile apps, financial analysis tools and educational resources. These services require significant investment, and in turn, Oanda may charge clients various fees for trading activities. Be mindful of these charges, impacting your overall Oanda trading profitability.

How Oanda Fees Compare Against Other Brokers

Oanda Minimum Deposit

Oanda requires a minimum deposit of 1 GBP/USD/EUR when opening an Oanda trading account.

A minimum deposit is the minimum amount of money required by Oanda to open a new online brokerage account with them.

Don't be scared off by brokers like Oanda charging a minimum deposit to open a trading account. Brokers charging higher minimum deposits may offer additional premium services on their platforms that are not free on other platforms.

In the trading world, brokers like Oanda, have different minimum deposit requirements based on the target audience they are trying to attract. Brokers with lower minimum deposit requirements typically cater to a more mainstream audience who don't require advanced research tools or features. On the other hand, brokers that require a larger minimum deposit often provide a greater range of trading features, more in-depth technical analysis, research tools, and better risk management features.

Some brokers may waive the minimum deposit requirement to attract new customers but may compensate for it by charging higher transaction commissions and trading fees. As the online trading market becomes more competitive, brokers have reduced their minimum deposit requirements to attract new clients.

However, it's important to note that depending on your trading account type, some brokers may require a higher minimum deposit of up to 10,000 GBP/USD. Therefore, it's essential to research and compares different brokers to determine which best suits your trading needs and budget.

Oanda Withdrawal Fees

The fees for withdrawing funds from your Oanda account will differ depending on your chosen payment method. Reviewing the fees associated with each payment method before making your Oanda withdrawal request is important.

Oanda Withdrawal rules may vary across different brokers when it comes to transferring funds from your Oanda or other broker trading account. Each brokerage firm has its specific withdrawal methods. The payment provider associated with Oanda may have different transfer processing fees and processing times, affecting how long it takes to receive your funds.

In addition, currency conversion fees may apply if the Oanda withdrawal and receiving currencies differ, adding to the overall transaction costs. The currency conversion fee depends on your base currency, receiving currency, and the 3rd party payment provider that is separate from Oanda. Researching and comparing Oanda withdrawal policies and fees across different brokers is essential before choosing one, especially if you are withdrawing Oanda funds frequently or dealing with large sums of money. Awareness of these Oanda fees and policies can help you plan and budget accordingly and avoid any unpleasant surprises when transferring your Oanda funds.

For example, Oanda allows you to withdraw your funds to Bank Transfer, Cheque or Check, Debit cards, Payoneer.

Oanda Inactivity Fees

Oanda does not charge a fee for inactive accounts.

When a trading account goes unused for a certain period, brokerage clients may be charged an account inactivity fee. To avoid such fees, clients may need to fulfill specific trading activity requirements outlined by Oanda terms and conditions. It's important to note that inactivity fees are not unique to online trading accounts, as many financial service companies may also charge them.

Make sure you're fully aware of all Oanda fees and services. It's recommended that you check the Oanda website before signing up. If you decide to close your Oanda account, it's important to do so with the Oanda broker customer support and obtain confirmation that no remaining Oanda fees are due.

Brokers like Oanda must disclose any inactivity fees as part of their regulations. The type of account and broker you sign up for, will determine whether or not you can be charged an inactivity fee under certain circumstances.

Certain brokers may levy inactivity fees to recoup the expenses associated with sustaining your account on their trading platforms when there is a shortage of commission fees earned from your trading activities.

Oanda Deposit Fees

Oanda does not charge deposit fees. Although bank / 3rd party merchant fees may apply.

Reviewing deposit fees before initiating a transaction is imperative, as certain brokers might impose a charge for depositing funds from your payment method to your trading account. The payment method employed for funding your account might also incur a fee.

Depositing funds into your trading account may incur a fee, which could vary depending on the fiat currency used. For instance, depositing funds from a credit card can attract high fees. Additionally, not all brokers accept credit card payments for account funding. It's crucial to review the funding options and associated fees the broker provides before depositing any funds.

Oanda Commission Fees

Oanda does not charge commission on CFD instruments.

Brokerage firms like Oanda may charge commission fees as compensation for executing trades on behalf of traders on their trading platforms. Commission fees can vary depending on the type of financial asset being traded and the Oanda trading account level held by the trader.

Oanda may charge commission fees for fulfilling, modifying, or canceling an order on behalf of its clients. However, if a market order is not fulfilled, no commission fee is usually charged. Reviewing Oanda terms and conditions to understand the commission fees and any other charges that may apply is essential.

Oanda review
Trading on Oanda web platforms and other applications

Oanda offer the popular MT4 forex trading platform. To see a list of the top MT4 brokers, see our comparison of MT4 brokers.

Oanda also offer mobile apps for Android and iOS trading apps help you stay on top of your trades and execute them on the go.

See Oanda's platforms

Is the Oanda Trading Platform Secure?

You should take the security of your personal information seriously and check SSL encryption is enabled on the Oanda trading platform to protect you on PC and mobile Oanda platforms. To further enhance security, we encourage traders to always look for the lock sign on their browser when using Oanda web trading platforms.

Oanda Trading Platform Options

After logging into your Oanda account, you'll find a range of trading platform options available below.

• MetaTrader 4 (MT4)

Please be aware that Oanda does not currently support the MetaTrader 5 (MT5) trading platform. However, if you're looking for a broker that does offer MT5, you can check out our list of recommended brokers available through the provided link.

Oanda does not support the cTrader trading platform. However, if you're looking for a broker that does offer cTrader, you can explore other options available through the provided link.

Let's explore each of these trading platforms in detail and what options Oanda gives you.

Oanda review
Oanda MetaTrader 4 (MT4)

Oanda MetaTrader 4 (MT4) In Detail

MetaTrader 4, commonly known as MT4, has been a well-known and widely used trading platform in the financial markets since its inception in 2005. MT4 on Oanda offers traders comprehensive features and tools to enhance their trading performance. The Oanda MT4 user-friendly interface and highly customizable trading environment allow traders to tailor the Oanda platform to their needs. One of the standout features of MT4 is its charting functionality, which allows Oanda traders to analyze price movements and make informed trading decisions. Additionally, advanced order management tools give Oanda traders greater control over their trades, allowing them to manage risk better and optimize their trading strategies on the MT4 Oanda trading platform.

MetaTrader 4 (MT4) was created mainly for Forex trading, but it can also facilitate the trading of other financial instruments via CFDs and Spread Betting. You cannot trade real assets like stocks, shares, commodities, indices and ETF's on the Oanda MetaTrader 4 (MT4) trading platform. MT4 is a platform available with Oanda, that facilitates trading financial instruments in the form of CFD contracts or Spread bets. The Oanda MT4 platform does not provide access to physical assets such as stocks, commodities, or ETFs for trading. Oanda allows trading CFDs and Spread bets, which do not involve owning underlying assets but speculating on price movements, using high risk leverage. To gain more information about the MT4 Platform, click here.

You can start using the MetaTrader 4 platform with Oanda in multiple formats including through an online web platform, Through a downloadable application for Windows PCs and Apple Macintosh computers. Oanda MetaTrader 4 is compatible with the latest macOS. Oanda allows traders to trade on mobile devices through Android and iOS devices like the iPhone.

Metatrader 4 Webtrader on Oanda

MetaTrader 4 (MT4) is a widely used trading platform in the world, offering a range of advanced tools and features. Recently, MT4 has been made available as a web-based application through a web browser, enabling traders to access the platform from anywhere.

The web version of MT4 provides the same user-friendly interface and customizable trading environment as the desktop version. With MT4 web, traders can access advanced charting tools, online trading indicators, and a Dealing Desk-free trading environment.

Additionally, traders can enjoy Raw Pricing without any intervention from brokers. Overall, MT4 web is a convenient and efficient way for traders to access the platform and manage their trades.

Trade Oanda MetaTrader 4 on iOS Devices

You can download the Oanda app or trade with Oanda through the MetaTrader 4 application on the Apple app store.

Download the Metaquotes MetaTrader 4 Program free of charge from Apple's App Store. Oanda customers have instant access to the financial market and can completely manage a Portfolio on the go.

Trade Oanda MetaTrader 4 on Android Devices

Millions of people worldwide use Android mobile devices and tablets, and Oanda offers its clients access to the MetaTrader 4 platform on these devices. With the Oanda MetaTrader 4 Android application, traders can monitor the financial markets and execute trades directly from their Android-based smartphones and tablets. This app provides access to a range of advanced trading features, allowing Oanda traders to stay on top of their trades and react quickly to changes in the market. With the Oanda MetaTrader 4 Android app, traders can securely manage their trades on the go, making it a convenient and efficient way to stay connected to the market.

Trade Oanda MetaTrader 4 Trading Central

Trading Centrals Alpha Generation Indicators available on Oanda are a powerful bundle of three major indicators designed to help traders make informed decisions. Oanda MT4 Trading Central indicators include:

• Analyst Perspectives - A valuable resource for traders seeking leadership insights and key levels.
• Adaptive Candlesticks - This indicator is capable of identifying chart patterns that highlight significant changes in demand and supply.
• Adaptive Divergence Convergence (ADC) - Similar to MACD, but with greater utility at shorter lengths, this indicator provides more timely signals.

Trading Centrals Alpha Generation Indicators can help Oanda traders better understand market trends and patterns, enabling them to make more informed trading decisions. These indicators can provide valuable insights into market movements, allowing Oanda traders to potentially stay one step ahead.

Oanda MetaTrader 4 Advanced Trading Tools

The Oanda MetaTrader 4 trading platform has advanced tools that enhance the overall trading experience and give Oanda traders detailed market tools. With feature-rich trade execution and management programs, sophisticated notification alarms, messaging facilities, innovative market data, and more, Oanda provides traders with everything they need to succeed. The Oanda MT4 platform also includes a range of technical analysis tools, with 30 indicators built in, 2000 plus free indicators, and the availability of paid indicators, allowing Oanda traders to analyze the market at any level of complexity.

Trade Oanda MetaTrader 4 MultiTerminal

MetaTrader 4 MultiTerminal offers traders an intuitive and user-friendly dashboard to manage and monitor multiple trading accounts. This powerful tool allows traders to oversee over 128 accounts simultaneously, enabling them to place market and pending orders, view real-time market prices, and track all accounts and equity in real-time.

It's important to note that MultiTerminal only supports trading accounts on the same MetaTrader server and doesn't allow automated trading scripts such as Expert Advisors.

This tool is ideal for traders who manage several accounts simultaneously and require a more efficient and effective way to track and execute trades. You can have up to 10 demo accounts on MetaTrader 4 MultiTerminal.

Oanda MetaTrader 4 AutoChartist

Autochartist on the Oanda platform is a powerful tool designed to help traders find trading opportunities quickly and easily.

Available for Oanda MetaTrader 4 Autochartist can scan the market using an expert advisor script.

With Autochartist, Oanda traders can scan multiple markets and timeframes from a single graph, making it easy to keep track of all their preferred symbols without launching multiple graphs. Using Autochartist can save Oanda users time and makes the trading process more efficient.

The Autochartist interface is user-friendly and can be customized to suit individual trading preferences. Oanda traders can navigate the platform and find the information they need to make informed trading decisions.

Oanda Autochartist is a valuable tool for traders who want to stay ahead of the curve and identify trading opportunities quickly and easily. With its powerful features and easy-to-use interface, Autochartist is an essential tool for Oanda traders of all experience levels.

Oanda Trading benefits

• Oanda Allows scalping
• Oanda Allows hedging
• Oanda Low min deposit

Oanda Trading Accounts Offered

Below we give an overview of the account types that Oanda offer. Whatever you are looking to trade, the varying Oanda account types will be able to provide you with what you need.

• Oanda Demo account
• Oanda Mini account
• Oanda Standard account

Can I try Oanda?

Oanda provides a demo account that enables individuals to explore trading before investing their funds. By creating a Oanda practice account, users can gain experience and knowledge of how to trade effectively. Demo trading accounts like the Oanda demo account can help individuals to make informed decisions before investing their money.

Open a demo Oanda account to practice and trade.

Losses can exceed deposits

Oanda withdrawal and funding methods

It's essential to remember that the payment methods provided by Oanda vary based on the Oanda entity and the Oanda client's country of residence. To view the Oanda payment options available, you can log into your Oanda member's area.

Oanda offers various funding payment methods listed in your Oanda dashboard if available in your region. To learn more about the Oanda funding and withdrawal options available in your area, you can explore the Oanda website.

Oanda provides several payment methods for funding your Oanda account. You may utilize any of these deposit options if they are available in your region. Oanda ensures that users have multiple payment methods to choose from, making it more convenient for verified Oanda account holders to add funds to their accounts. However, it's important to note that the availability of payment methods may vary depending on the Oanda user's location. learn more about Oanda funding and withdrawal methods.

Oanda Payment Methods

Some Oanda payment methods are local and are available only to specific regions. Oanda account holders should check which payment methods are provided in your region.

• Oanda accepts Bank Transfer
• Oanda accepts Cheque or Check
• Oanda accepts Debit cards
• Oanda accepts Payoneer

How can I start trading with Oanda?

To open a trading account with Oanda, individuals can sign up on the Oanda website. Upon completing the signup process, users will receive login details via email, which they can use to access their accounts.

The next step involves submitting identification documents for Oanda account validation and making a deposit. Once completed, Oanda users can download the trading platform of their choice.

It's important to note that Oanda requires users to provide essential documentation to verify their identity during onboarding and routine KYC identity checks. These checks are a standard practice that helps Oanda maintain a trustworthy financial environment for its 10,000 users. Detailed information on the Oanda trading platforms is available on their website.

Losses can exceed deposits

Performing trades with Oanda

The trading platform, Oanda, provides users various options regarding the minimum and maximum trade requirements. These requirements are determined based on the specific instrument being traded and the preferences of the individual trader. This flexibility allows traders to tailor their trading experience to their unique needs and investment goals.

Oanda, as a market maker, may have more lenient entry requirements than ECN brokers, who typically benefit from higher trading volumes and may have larger capital and minimum trade requirements. Market makers usually offer a lower minimum deposit and smaller minimum trade requirements and do not charge commissions on trades. Market makers like Oanda can be useful for traders starting or with limited capital.

One of the Oanda platforms notable features is its claim of having no requotes, which means traders need not be concerned about slippage when executing trades (i.e., trades being executed at a price different from the intended price). No requotes can provide Oanda traders with greater confidence and peace of mind when trading on the Oanda platform. It's worth noting, however, that other factors, such as market volatility and liquidity, can still affect the execution of Oanda trades.

Like other brokers, Oanda margin requirements can differ depending on the traded instrument.

CFD Trading on Oanda

We will show you an example of the basics of using Oanda leverage.

CFD trading on Oanda allows traders to speculate on the price movements of various financial instruments against the broker Oanda, without actually owning real assets. With CFDs, Oanda traders can profit from upward and downward price movements by going long (buying) or short (selling) on an asset.

Oanda provides CFDs which are leveraged products. For this example, let's assume a ten times leverage. So, if you have a $10,000 position, you only need to tie up $1,000 or a tenth of the value in your account. With high-risk leverage, a small sum controls a much bigger financial position.

The effect of leverage on profits and losses magnifies them in both directions. In other words, Oanda leverage profits and losses are magnified when trading. For instance, using CFDs, you use the Oanda trading platform to buy/sell $10,000 worth of Apple Computer Inc. If the stock rises by 10% due to positive results, your position is now worth $11,000, representing a $1,000 or 10% increase in value. This CFD trade has a 100% increase in the funds initially committed.

On the other hand, if Apple Computer Inc falls by 10%, your position worth $10,000 is now worth only $9,000, representing a $1,000 decrease. Therefore, Oanda leverage magnifies both profits and losses in trading.

Trading CFD trades on the Oanda platform can provide more flexibility than traditional market trades, allowing access to CFD fractional shares, international markets, and short selling. They are commonly used for short to medium-term trades, such as intraday CFD trading, but are high-risk due to their separation from the financial markets.

Experienced Oanda traders can trade high risk CFD trades to hedge items in their portfolio.

Always be aware that CFDs are complex instruments with a high risk of losing money rapidly due to leverage. Losses can exceed deposits

Limit Risk When Trading with Oanda Stop Loss, Oanda Stop Limit Orders

Stop-loss orders are a popular risk management tool traders use on platforms such as Oanda . By setting a specific price point for buying or selling a security, traders can limit their potential losses on a position.

Stop-loss orders are especially important for Oanda traders not hedging their positions or using leverage, as they can be more vulnerable to significant losses. However, the circumstances in which an Oanda trader should use a stop-loss order can vary depending on the specific trade and market conditions.

Overall, stop-loss orders can provide Oanda traders with an effective way to manage risk and protect their investments in volatile markets. Stop Loss and Take Profit are not guaranteed with Oanda, you must actively monitor your live trading portfolio and financial exposure on Oanda.

Education Resources at Oanda

To trade effectively with Oanda, it's important to have a good understanding of the Oanda trading tools and the markets. Make sure you make full use of all education tools. Including educational tools with Oanda and externally.

Oanda . It's essential to take the time to learn about the financial markets and understand how they move before diving into trading with Oanda. Familiarizing yourself with the Oanda trading platform is crucial to use it effectively.

While learning, you can also use global trading times to practice making live buy or sell trades using Oanda. This hands-on experience can help you gain confidence and become more comfortable with trading.

Furthermore, learning how to mitigate and manage investment risk is crucial. Trading with Oanda involves developing a strategy considering risk management techniques such as stop-loss orders, diversification, and position sizing. By effectively managing risk, you can increase your chances of success in the markets.

Learning about the financial markets, trading platforms like Oanda, and risk management techniques can help you become a more confident and successful trader.

Take an analytical approach to trading with Oanda. Explore the Oanda platform and train yourself to think systematically and logically about the markets.

While it may be a new skill set for some, it is what the market requires for success. Developing your trading skills with Oanda, before live trading.

Customer Support at Oanda

As part of our Oanda review, we review customer service options, response times and problem resolution effectiveness on the Oanda trading platform. The Oanda trading platform supports multiple languages, which includes English, Chinese, French, German, Japanese, Korean, Russian, and Spanish.

Oanda Available Support Types

Oanda have a double AA grade support rating because Oanda offer live chat and email support in multiple languages.

Livechat Support at Oanda

Our experience with the Oanda live chat was positive. We received a response within 30 seconds of sending a message through their app and website. Overall, great live chat support from Oanda.

We tested communicating with Oanda customer support in multiple languages and countries. Oanda made an effort to resolve the issues we had.

Email Support at Oanda

Our experience with Oanda email support was positive. We sent 25 emails at different times and received responses within an average of 2 hours. The fastest response was less than 15 minutes, while the slowest was 7 hours. Although response times may vary, we found their team to be helpful and knowledgeable in resolving our queries.

Phone Support at Oanda

Our experience with Oanda phone support was positive. The team answered the call in under 5 minutes and successfully resolved our queries over the phone. We appreciated their efforts in catering to multilingual support. Overall, a great phone support experience with Oanda.

See how Oanda Support Compares Against Other Brokers

What you will need to open an account with Oanda

As Oanda is regulated by Financial Conduct Authority (FCA), Australian Securities and Investments Commission (ASIC).

As a new client of Oanda, you will be required to pass a few basic compliance checks to ensure that you fully understand the risks involved in trading and are permitted to trade with Oanda in your region. During the Oanda account opening process, you will be asked to provide Oanda with certain documents, including a scanned copy of your passport, driving license or national ID, as well as a utility bill or bank statement from the past three months to verify your address.

When registering with Oanda have the following documents available.

• Oanda require a scanned colour copy of your passport, driver's license or national ID card.
• A recent utility bill or bank statement that confirms your residential address for Oanda compliance. This must be dated within the last six months.
• If you plan to fund your Oanda account using a credit or debit card, you will need to provide a scanned copy of the front and back of your card. You can mask any sensitive information like the CVV code on the Oanda platform.

It's worth noting that the expiration date of the proof of address document may differ for different entities under Oanda Brand. Additionally, you will need to answer some basic compliance questions to confirm your level of trading experience. This process usually takes around 5 minutes, and once you've passed compliance, you can start exploring Oanda's platform.

However, remember that you won't be able to make trades on Oanda until you have passed compliance, which may take several days, depending on your circumstances. It's essential to complete the Oanda KYC compliance process as soon as possible to avoid any delays in accessing the Oanda platform's features.

It is important to note that Oanda may request additional documents or information to verify your identity or comply with regulations. The account opening process usually takes a few minutes to complete, and you can start exploring the Oanda platform and features immediately. However, you must pass the verification process to start live trading with Oanda, which can take up to a few business days.

To start the process of opening an account with Oanda you can visit the Oanda trading platform here.
Losses can exceed deposits
You should consider whether you can afford to take the high risk of losing your money.

CFDs are leveraged products and can result in significant losses, excess of your invested capital. All trading involves risk. Only risk capital you're prepared to lose. Past performance does not guarantee future results.
This post is for educational purposes and should not be considered investment advice. All information collected from https://www.oanda.com on April 15, 2024.

Oanda review written by Andrew Blumer and Mark Hansen