Oanda Review for 2019

Oanda Rated 4/5

Oanda Introduction

When trading in the financial markets it can be very time consuming to find a broker that meets your needs.

Often you have to visit and read many broker websites all of which have different uses of language. The wording can be very confusing. In our review of Oanda we break down the pros and cons. What Oanda are able to offer, what countries Oanda are available in. Who Oanda are regulated by and more.

Having a reliable and capable broker is crucial to your success in online trading. Make sure that your broker is not fake or unreliable to avoid losing your investment. Ensure that your needs fit the profile of your broker as well, in order for you to have a good working profitable relationship.

Open Oanda's Website

As with any investment your capital is at risk, losses can exceed deposits.

At the bottom of this review you can also learn about some pretty good alternatives to Oanda

With this review we hope to help you see if Oanda is a good fit for you.

It is a common myth that online trading is confusing. It is only difficult for people who have not done the research. In this article, you will learn important information regarding Oanda that will help you get off to a good start in the world of online trading.

Oanda what you should know

Oanda offer two ways to trade: Forex, CFDs.

With Oanda you will need a minimum deposit of $1. You can sign up for a demo account to acquaint yourself with Oanda platform.

Oanda are able to accommodate various levels of traders whether you are experienced or a beginner.


Are Oanda safe?

When choosing a broker like Oanda the administrative body and regulatory status of the broker is very important. Brokers who conduct trades without supervision of a regulatory body do so at their own discretion. Any capital you invest is at risk.

Established in 1996, and in operation for 23 years Oanda have a head office in United States, Canada.

Oanda is regulated. This means Oanda are supervised by and is checked for conduct by the Financial Conduct Authority and ASiC regulatory bodies.

Regulated brokers will not manipulate market prices. When you send in a withdrawal request to Oanda, this will be honored. If Oanda violate any regulatory rules their regulated status could be stripped.

Any payments funded to Oanda accounts by traders are held in a segregated bank account.

For added security Oanda use tier-1 banks for this. Tier 1 is the official measure of a banks financial health and strength.

Try creating two accounts when you are working with Oanda. One is the real account, with your real money and the other is your demo account. The demo account is your experimental account.

Open a demo account Visit Oanda

Full disclosure: We may receive a commission if you sign up with a broker using one of our links.

What we like

  • Used by over 10,000 traders
  • Established in 1996
  • Regulated by Financial Conduct Authority and ASiC
  • Min. deposit from $1

What we don't like

Oanda General Fees

  • Oanda withdrawal fees varies on payment method
  • Oanda doesn't charge inactivity fees

Oanda Commissions

  • Oanda doesn't charge commission on CFD shares

What can you trade with Oanda?

You can trade a wide variety of instruments with Oanda over 100 instruments infact.

If you are looking at trading currency pairs Oanda offer over 55 currency pairs.

Compare Oanda with Interactive Brokers and XTB below.

FX / Currencies Oanda IB XTB
# of forex pairs offered 55 10 50
Major forex pairs Yes Yes Yes
Minor forex pairs Yes Yes
Exotic forex pairs Yes Yes
Cryptocurrencies No No Yes
Commodity CFDs Oanda Interactive Brokers XTB
# of commodities offered 0 0
Metals Yes Yes Yes
Energies Yes Yes Yes
Agricultural Yes Yes Yes
Indiced & Stock CFDs Oanda Interactive Brokers XTB
# of Stocks offered 0 1500
UK Shares No Yes Yes
US Shares No Yes Yes
German Shares Yes Yes Yes
Japanese Shares Yes Yes Yes
Oanda's
Instruments
IB's
Instruments
XTB's
Instruments

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, making it easier to keep an eye on and execute your trades while you’re on the move.

See Oanda's platforms

Oanda Trading benefits :

  • Allows scalping
  • Allows hedging
  • Low min deposit

Oanda Trading Accounts offered:

  • Demo account
  • Mini account
  • Standard account

Can I try Oanda before I buy?

Oanda offer a demo account so you can try before putting down funding payments. Open a practice account & learn to trade

What funding methods do Oanda accept?

Oanda offer the below funding payment methods. learn more about Oanda

  • Bank Transfer
  • Payoneer

How can I start trading with Oanda?

When opening a trading account with Oanda, you will need to sign up here. Once you have received your login details by email, submitted your identification documents for account validation, and made a deposit; the next step is to download the trading platform of your choice. You can find detailed guidance on Oanda trading platforms here.

Performing trades with Oanda

With Oanda, the minimum and maximum trade requirements vary depending on the trader and the instrument.

As a market maker, Oanda may have lower entry requirements compared to an ECN broker who benefits from a higher volume of trades and typically have larger capital and minimum trade requirements. Market makers typically have lower minimum deposit, smaller minimum trades requirements and no commission on trades.

As a nice bonus, Oanda are one of very few brokers that claim to have no requotes, so you don't have to worry about slippage (your trades being ordered at a different price to what you executed them at).

As with most brokers, margin requirements do vary depending on the trader, accounts and instruments, but as a guide, Oanda offer margin up to 0.02% on currencies.

Support at Oanda

Oanda support a wide range of languages including English, Chinese, French, German, Japanese, Korean, Russian, and Spanish

Oanda have a double AA grade support rating because Oanda offer over three languages,

What you will need to open an account with Oanda

As Oanda is regulated by Financial Conduct Authority and ASiC, every new client must pass a few basic compliance checks to ensure that you understand the risks of trading and are allowed to trade. When you open an account, you'll likely be asked for the following, so it's good to have these handy:

  • A scanned colour copy of your passport, driving license or national ID
  • A utility bill or bank statement from the past three months showing your address

You'll also need to answer a few basic compliance questions to confirm how much trading experience you have, so it's best to put aside at least 10 minutes or so to complete the account opening process.

While you might be able to explore Oanda's platform straight away, it's important to note that you won't be able to make any trades until you pass compliance, which can take up to several days, depending on your situation.

To start the process of opening an account with Oanda you can visit their website here.

CFDs are leveraged products and can result in the loss of your 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 as investment advice. All information collected from https://www.oanda.com on 12th August 2018.

OANDA Frequently Asked Questions

Can I try Oanda before I buy?

Oanda offer a demo account so you can try before you put down and payment. Learn more here

What funding methods do Oanda accept?

Oanda offer the below funding payment methods Bank Transfers, Payoneer, among other payment methods. Learn more here

How can I start trading with Oanda?

When opening a trading account with Oanda, you will need to sign up here. Once you have received your login details by email, submitted your identification documents for account validation, and made a deposit; the next step is to download the trading platform of your choice. You can find detailed guidance on Oanda trading platforms here.

Is my money safe with Oanda?

Oanda is regulated by Financial Conduct Authority and ASiC. One of the most important criteria for traders when choosing a broker like Oanda is the regulatory body and regulatory status of the broker. Brokers who conduct business without regulation do so at their own discretion and pose a direct risk to the security of their clients money.

Regulated brokers will not manipulate market prices. When you send in a withdrawal request to Oanda, this will be honored. If they violate any regulatory rules their regulated status can be stripped.