Oanda Broker Review
Worldwide Top Rated Online Broker Oanda and Why Traders Choose It
One of the largest online brokers, Oanda, has received mixed feedback over recent years with some criticism over some policies. However, its stellar services and infrastructure have made it a top choice among traders of all levels. We review the ins and outs of the brokerage to help you assess whether it is the right broker for you.
Online Brokerage Oanda
Oanda is a Canadian online broker that has been operating since 1995. Oanda provides trading services in all major regions worldwide. Users can avail of both forex trading and access other markets through CFD products. Traders in the US are restricted to forex trading. Spread betting services are available to customers residing in either the United Kingdom or Ireland.
The company is authorised and regulated to provide services in several jurisdictions worldwide including the US, Europe, and the Asia Pacific. The company is authorised and regulated to provide services in each of these jurisdictions. Regulatory bodies overseeing the activities of the company include the FCA, ASIC, IIROC, CFTC, and ASIC. Customer deposits are separated into different accounts at top-tier banks.
Oanda has received some negative feedback for not providing deposit protection beyond the guidelines set by regulators. There was also some criticism for there being no slippage or negative balance protection with their services. However, its high-quality infrastructure and reputable service have built up trust among a large user base making it one of the most highly regarded and liquid online brokerages in the industry today. The website for Oanda is available in multiple languages including German, French, Spanish, and Portuguese and the brokerage also has a customer support team distributed across offices in a variety of different jurisdictions.
Trading Markets and Products
Oanda provides access to numerous markets including forex, equities, commodities, precious metals, bonds, and indices. Oanda has been noted as one of the most liquid markets for retail traders and investors. One of the downsides noted by users and reviewers of the platform is the absence of cryptocurrency markets. With cryptocurrency markets providing significant returns so far in 2019, the lack of a cryptocurrency market has been a big downside for a lot of potential users. However, the wide offering of other markets and the high-quality infrastructure to trade them has more than made up for this for a lot of other traders.
It is reported that the broker accounts for 20% of the retail forex market. It is considered one of the most liquid markets traders can use. Their liquid markets have been facilitated through partnerships with top tier banks and liquidity providers. The number of regulatory authorities that Oanda complies with plays a large role in successfully securing these relationships. The markets provide transparent pricing on all instruments and reliable execution. Leverage is available on major forex pairs at maximum margin requirements of 50:1. Leverage is also able to be applied to the other forex pairs with maximum margin requirements of 20:1. The leverage for CFD products varies based on the instrument. For the best in CFD brokers have a look at the reviews.
Oanda Trading Platform and Features
Oanda has both its own proprietary trading platform and also provides MT4. MT4 is an extremely popular software among traders. Oanda allows users to access MT4 through either desktop or mobile. MT4 has become extremely popular among traders due to the wide variety of tools its uses and the analytical capabilities these tools provide. Oanda’s own proprietary trading platform, “Oanda Trade” also places a wide variety of tools at the disposal of traders.
Some of these tools are especially useful to the more advanced traders. Advanced traders can design automated trading strategies by using the Rest and Fix API tools which Oanda provide. There are also a number of trading apps available to Oanda users which allow users to access Oanda’s services from mobile, tablet, or computer. If users don’t wish to download any of the applications or desktop software, there is also a web-based platform that users can access.
All of Oanda’s platforms are integrated with powerful analytical and trading tools. They have an extensive library of charting tools and also have integrated news feeds as well as research and analysis. Oanda have also partnered with a number of other services to provide features above and beyond what their platforms provide. For example, their partners Multicharts and MotiveWave provide an even more extensive library of charting tools to users. Oanda has their own in-house team of analysts generating key content for traders to keep up to date with.
What are the Oanda Fees?
The fees which Oanda generate are incorporated into the spread of the markets which Oanda provides. Spreads are as low as one pip on some trading pairs. Oanda charges no commission on the trades that users execute. Users can stay updated with the spread rates through the Oanda website.
What else does Oanda do?
Oanda provides a number of other services through the linked NFA regulated firm Oanda Corporation. These services include a currency converter, money transfers and accessing an exchange rate API. For trading services, Oanda provides a vast library of educational resources for active users and potential customers. These materials cover both getting started with setting up an account and also analysis tools and strategies which can be used.
For any issues that users face, the Oanda customer support team has been highly rated. Customer support is available for 24 hours in six days of the week. The support is available in a wide variety of languages and support teams can be accessed from multiple offices around the world.
Why trade with Oanda?
A broker of the size and scale of Oanda is a serious consideration for both retail traders and professional traders alike. The broker has high-quality reviews from highly-respected sources such as Investopedia. Some of the downsides noted is the absence of cryptocurrency markets and also some policies on not providing deposit protection beyond what is required by regulators. However, the versatility of their trading platforms and the liquidity of their markets has helped Oanda in scaling up to become on the biggest brokers in the world. Users of the service have a wide variety of platforms to choose from with high-quality analytical tools. All in all, Oanda is a good choice for traders who are both at the beginning of their careers and traders who are more advanced. Those interested in the cryptocurrency markets and high deposit guarantees will have plenty of other online brokerages to choose from. But those who care most about liquid markets and the quality of tools will likely have Oanda as a top consideration.
- One of the most liquid online brokers
- A wide suite of trading tools suitable for advanced traders and beginning traders alike
- Offers services in areas worldwide and is authorised and regulated in jurisdictions where it operates
- Does not provide deposit protection beyond what regulation requires
- No slippage or negative balance protection on accounts
- No cryptocurrency markets available
Expert advisors (EAs)
Virtual private server
Direct market access
Major Stock markets (US UK Germany)
Hong Kong stocks
Listed on Stock Exchange
Zero spread account