Table of contents:
- 1 What is Oanda?
- 2 Deposits and withdrawals with oanda
- 3 The trading platforms at Oanda
- 4 What Types Of Accounts Are Available With Oanda?
Oanda user-ratings: $0
Asset varierity - 10/10
Trading platform - 8/10
Support - 10/10
Fees - 9.5/10
Deposit/Withdrawal - 10/10
Facts about the company:
- Type: Forex and Indices Broker
- Regulation: FCA (UK)
- Minimum deposit: $0
- Demo account: Free
- Markets: Forex, Bonds, Stock indices, Commodities, and Precious metals
- Insurance up to GBP 50,000
- No commission or fees
- Real-time charts and news
- A minimum deposit of $0
- Over 20 years of experience
What is Oanda?
Oanda is an internationally active online broker, which can be counted among the oldest providers in the financial market. In addition to the current headquarters in London, the company has several other branches in Singapore, Tokyo, Toronto, Chicago, and Zurich. The Broker was originally founded in 1995 as a pure information platform.
The History of Oanda
After the online broker was only an information platform in the first few years after its foundation in 1996, this changed in 2001, when Oanda launched a trading platform which was an innovation in the field of internet-based foreign exchange trading and enabled Forex investors to trade with as little as 1 USD.
In 2004, the online broker finally increased price flexibility and reduced the spreads offered. Oanda was also the first to introduce fractional pips, which are quoted to the fifth decimal place. In 2007, the company expanded into the Asian region and established a branch office in Singapore.
In 2011, the London office was established, which was responsible for customers in Europe. Three years later, the online broker expanded into Australia and founded a further branch in Sydney. To this day, the company is constantly working on new efficient technologies and innovations in order to offer its customers an optimal service.
Facts about the history:
- Founded in 1996 as an information platform
- Launched a trading platform in 2001
- Company expanded Asia, Europe, and Australia over the following years
Regulation and Customer Safety at Oanda
The online broker Oanda is regulated by the British Financial Conduct Authority (FCA), which is responsible for financial services companies in Europe. This authority is known for its strict regulations and measures. The company must submit financial reports to these authorities at regular intervals to ensure the necessary transparency and legality.
In addition, customer deposits are kept separate from company assets at reputable banks. These funds are only used for trading activities carried out by the clients or for payouts. In accordance with the regulations of the FSCS (Financial Services Compensation Scheme), customer deposits in Europe are protected up to a sum of GBP 85,000.
Awards from Oanda
In the course of the last few years, the established online broker has also won a number of awards. To name them all, however, would go beyond the scope at this point. For this reason, only some of the most important and current ones will be presented below.
- 2018 – Investment Trends: Highest Overall Client Satisfaction
- 2018 – FX Week – eFX: Best Retail FX Platform (Award for the best retail forex trading platform)
- 2018 – Investment Trends: Mobile Platform/App (award for the best mobile application)
- 2018 – Investment Trends: Customer Service (award for best customer service)
Which markets can be traded at Oanda?
An important criterion for the selection of a suitable broker is always the selection of markets that can be traded with a corresponding online provider. Oanda offers its customers a wide range of trading instruments in this area. These will be shown in the following.
The online broker Oanda is especially known for Forex trading. With a daily trading volume of more than 5 trillion US dollars, the Forex market is considered the most liquid market in the world and therefore offers a lot of investment opportunities. In addition to the main currency pairs, Oanda’s customers have more than 55 other currency pairs available to them (more than 90 currency pairs in total), which can be traded with fair spreads and without commissions.
Oanda’s offer also includes bond trading. Customers have the opportunity to diversify their own portfolio and thereby reduce the risks.
Oanda customers can also speculate with stock indices on the world’s largest financial markets. Trading is supported by the provision of helpful business news.
In addition, the most popular commodities such as oil, natural gas, sugar, and wheat can also be traded as CFDs at Oanda without commission.
The trade-in precious metals are still considered by many as a “safe haven” in the area of investments. In addition, customers can also use precious metals to diversify their own portfolios and hedge their positions. Online broker Oanda makes popular precious metals such as gold, silver, and platinum available to its customers for trading on the website.
Deposits and withdrawals with oanda
For deposits and withdrawals, Oanda offers several payment methods to choose from. Although, traders have more opportunities to deposit money than to withdrawal. Those are the methods, traders can use for deposit:
- Debit Card
- Bank wire transfer
- Check (USD)
- Automated Clearing House (ACH)
On the other side, for withdrawing a customer can only chose between using debit card or bank wire transfer. Therefore, with debit card the withdrawal takes 1-3 days but does not require any fees.
The trading platforms at Oanda
Now we come to another important aspect, which plays an equally important role in the selection of an online broker. We are talking here about the trading platforms offered. These will be described in more detail later.
Web Trading Platform
First of all, the online broker Oanda offers its customers a classic web trading platform where CFDs and foreign exchange can be traded directly from their own browser. The execution speed of the orders is thereby above average compared to the competition, furthermore there is no “last look”, no rejections or requests. The platform itself is designed intuitively and clearly, as a new user you will quickly find your way around. Helpful are also numerous tools, which are integrated on the web trading platform.
In this context, users are provided with more than 100 different technical indicators and drawing tools with which the financial markets can be effectively analyzed. Furthermore, trades can be placed and controlled directly from the charts. And last but not least, the platform is also equipped with a tool that always provides the user with current and relevant news and updates.
Desktop Trading Platform
Next, Oanda also offers the possibility of a desktop trading platform. The desktop trading platform is also structured and allows flexible trading and controlling of your own portfolio. Similar to the web trading platform, the desktop version is also equipped with a variety of useful tools, which should enable the user to trade optimally.
Mobile Trading Apps
For all traders who prefer to trade on the move and from mobile devices, the mobile version offered by Oanda is ideal. The Online Broker’s trading apps give customers access to a wide range of trading instruments. And here too, users have access to a range of important technical indicators as well as tools to optimize mobile chart trading.
Important news and economic data can be displayed in the Oanda Alerts and price notifications so that users don’t miss any opportunities. Specifically for the iPad, there is also the option to display a single chart in screen size or to set up several different charts on the screen to suit the user’s needs.
Apart from the aforementioned platforms, it is also possible to use the popular online trading platform MetaTrader 4 and benefit from its advantages. The software can be set up quickly and easily directly via the Oanda website. There is even a setup video for the setup, which is intended to serve as a guide.
An important advantage of the MetaTrader 4 software is that users benefit from automatic trading and receive EA (Expert Advisors) support.
Oanda is one of 12 brokers at present, which can be used via the popular trading platform TradingView.
The trading conditions at Oanda
Oanda’s foreign exchange and CFD rates are always displayed in real-time and updated every second with tick-by-tick. Through electronic networking with a large number of major banks around the world, the exact exchange rates are recorded at any time and immediately made available to all customers. An overview of all spreads offered by Oanda can be viewed in detail on the website at any time.
As these are subject to permanent fluctuation, it makes little sense to list them all here. However, it can generally be said that the spreads are kept fair and competitive. The spread for the main currency pair EUR/USD is currently 1 pip. Another advantage of Oanda’s trading conditions is the fact that orders placed are not charged with any additional commission and no minimum deposit is required to start trading.
The numerous tools that the online broker offers his customers are also interesting. As a customer, you can profit from numerous trading functions at Oanda. These include, for example, the extended chart tools, a chart pattern recognition, or also relevant business news. For this reason, the most important tools are briefly described below.
Advanced chart functions
As briefly mentioned earlier, Oanda users can trade quickly and efficiently directly from the charts and set or edit specific trades with single clicks.
In addition, customers can choose from a variety of popular technical indicators such as “moving averages, MACD, Ichimoku Cloud, volume, Aroon, Balance of Power (BOP), Donchian Channels” and more. Chart Intervals allow users to analyze charts at different intervals ranging from 5 seconds to a month.
Oanda Technical Analysis
With the help of automated pattern recognition technology, market trends can be quickly identified and profitably exploited in Oanda’s Technical Analysis department. In addition, this tool also includes a volatility analysis tool, which enables a better risk assessment for the corresponding trading instruments. In addition, performance statistics are provided, which clearly show the development of their own portfolio within the last six months.
Messages and news concerning your own trading strategies are displayed directly within the trading platform at the bottom of the screen in a corresponding timeline. In this way, users can always keep an eye out for essential news and important announcements that affect their own portfolio. The view of the displayed economic events can be individually set and adapted to the user’s needs.
Dow Jones FX Select
The online broker Oanda is in cooperation with leading news companies such as Dow Jones International or 4CAST. Thus users always benefit from the latest and most important news worldwide.
What Types Of Accounts Are Available With Oanda?
Traders generally have to choose between two options with this broker: The standard account or the premium account. Depending on which one is chosen, the benefits and offer vary.
|Standard Account||Premium Account|
|Dedicated Relationship Manager||No||Yes|
|Unlimited Free Wire Transfers||No||Yes|
|MT4 Open Order Indicator||Updates every 20 minutes||Updates every 5 minutes|
|Priority service queues||No||Yes|
The demo account at Oanda
Now Oanda also offers the possibility to use a demo account. This is especially recommended for those who would like to try out the Online Broker without financial risk. The use of the demo account is free of charge and there is no limit to the duration of use. This makes it easy for interested traders to try out the specially developed trading strategies under real conditions on the respective trading platforms.
Within the demo account, you have unlimited virtual funds at your disposal, with which you can trade under real conditions in real-time and with the current prices and spreads.
Oanda Customer Service
At this point, we would like to briefly mention the customer service at Oanda. First of all, the online broker provides interested parties with a comprehensive FAQ directory on his website, in which a large number of important questions are already answered.
Otherwise, the support at Oanda is available 24 hours a day, five days a week for inquiries by e-mail, live chat, or telephone contact. Depending on the continent, a support team is already in place to deal with any queries.
|Telephone:||1 416 593 9436 or 1 877 626 3239|
Training offers with Oanda
Furthermore, Oanda also offers some opportunities for those interested in trading to further their education. On the one hand, the Online Broker offers comprehensive information on the basics of trading as well as on the tools and trading strategies offered, which can be worked through directly on the website.
In the so-called “Oanda classroom” there is also the possibility to choose from a wide range of online seminars to register. Please note that these webinars are currently only offered in English.
Finally, a brief look at the experience reports on the Internet should be taken. These are mostly positive, as well as the numerous tools and the demo account, which can be used for an unlimited time. And also the customer support is usually reliable and is available to customers and interested parties quickly in case of requests.
The spreads and trading conditions are generally competitive and no additional commission fees are charged for trading. The online broker Oanda has therefore not without reason held on to the market for so long and is still an established provider in its field.
Most asked questions:
Is Oanda a good Broker?
Yes – our test showed that Oanda is not only regulated and safe in regard of customer deposits, but also offers many more benefits, e.g. a reliable customer support as well as deposits and withdrawals without any fees.
How long does it take to withdraw money from Oanda?
WIth Oanda traders have different options to deposit money. For withdrawal, on the other hand, Oanda only offers debit card or bank wire transfer. With debit card, a withdrawal can take one to three days.
Is oanda a regulated broker?
Yes – Oanda is regulated by the FCA with the license No. 542574. Furthermore, because Oanda is represented almost over the whole world, the company is also regulated by the Investment Industry Regulatory Organization of Canada, Australian Securities and Investment Commission (ASIC), and others.
What is the minimum deposit for oanda?
The minimum deposit depends on which trading account is chosen. If a trader opens a standard account, the minimum deposit is $0. If he, on the other hand, decides to open a premium account, the minimum deposit is $20,000.