Oanda is known for their no minimum on trade size, account deposit, and highly regulated trade for investors coming from different backgrounds and experience levels.
Who's Oanda For?
Oanda is a trading solution for forex and CFD traders over the world. Oanda doesn’t have minimum deposit requirements or minimum trade sizes, which makes it a suitable solution if you’re on a budget. Oanda also offers MetaTrader 4, a major attraction for algorithmic traders and programmers
Oanda's Platform and Tools
Oanda’s four platforms for CFD and forex trading provide relative flexibility to a range of clientele. Oanda’s trading platforms include:
- MetaTrader 4
Without question, Oanda’s mobile trading platform offers some of the fastest order execution. If you’re a standard indicator trader, the platforms for web, desktop and mobile will suit you well. If you’re an auto trader who prefers custom indicators and robots, use MetaTrader 4 and optimize and code your indicators and automation with MQL4.
All platforms have a rich set of tools for on-chart technical analysis. The tools you can find on Oanda’s currency exchange platforms include:
- Trend lines
- Moving average indicators
- Stochastic indicator
- Momentum indicator
- Relative strength index
- Fibonacci indicators
If you need more tools, you can download an indicator and add it to your MT4 platform.
Oanda’s “classroom” showcases a decent database of educational trading resources and analysis sessions. We’ve given Oanda’s research opportunities three stars because of its relative lack of organization. Its database includes:
- Live market analysis sessions
- Lessons about the basics of trading
- Risk management tutorials
- Premium webinar series
- Tools and forex trading strategies
- Capital management
- Oanda’s YouTube channel contains more informative resources
Oanda's Commissions & Fees
Brent Crude Oil: 3.0
Natural Gas: 0.8
U.S. clients can choose between spreads and reduced spread plus commission. The commission is $5 per 100,000 units and the reduced spread could go all the way down to 0.2 pips.
Oanda holds a license with major regulatory bodies around the world:
- The United States: Registered retail foreign exchange dealer (RFED) with the U.S. Commodity Futures Trading Commission (CFTC) and a forex dealer member of the National Futures Association.
- Europe: Authorized and regulated by the Financial Conduct Authority in the U.K. C
- Canada: Regulated by the Investment Industry Regulatory Organization of Canada (IIROC).
- Australia: Regulated by the Australian Securities and Investment Commission (ASIC)
- Asia-Pacific: Regulated and licensed in Singapore by the Monetary Authority of Singapore and the International Enterprise Singapore to trade commodity CFD.
Oanda is not like a standard overseas broker which offers 1:1000 leverage. Instead, Oanda offers a maximum leverage of 1:50, a much more secure way to trade.
Oanda's Customer Support
Benzinga contacted Oanda’s live chat support to evaluate Oanda’s customer support.
Chat support was helpful and answered all our questions quickly. Oanda’s customer support is available 24/6.
Oanda's Tradable Asset Classes
One of Oanda’s disadvantages is that its tradable assets are a little on the thin side in terms of diversity. You’ll only find forex and CFDs. . The financial asset classes (which total over 100) that you can trade with Oanda include:
- Currency (forex)
- Commodity CFDs
- Bond CFDs
- Index CFDs
- Precious Metal CFDs
Oanda's Ease of Use
Opening a demo or a real account is easy. Go to Oanda’s home page choose the account you’d like to open. Make your choice and follow the procedure to confirm your account, and all platforms can execute slick one-click trades.
This is the very comprehensive, simple web-based platform. You can switch to any of the other platforms from there. Click the “Desktop” or “MetaTrader 4” from the menu at the left and download it for access. Then log in with your username and password.
The desktop platform lags a bit, the chart refuses to scroll, gets stuck, and buttons take a while to execute. The web version might offer you a better solution. Also, when you click “Advanced Charting,” you’re sent to the web version anyway.
You can always trade on the MetaTrader 4 platform, which offers custom solutions (robots and indicators), automated trading and strategy optimization.
You can download the mobile platform from the App Store or the Play Market for access to 120 tradable assets, fastest order execution, a user-friendly interface, and high functionality. Take a look at the mobile trading offerings below.
Oanda is among the top-regulated retail trading brokers in the world. Its forex and CFDs choices are enough to build a diversified portfolio, and the 1:50 max leverage boosts account security.
Though disorganized, Oanda still offers a rich set of informative resources. Its four platforms cover all charting and execution needs, and ultimately, its competitive spreads and commissions make it one of the most preferred brokers on the market.