Oanda is one of the world’s largest and most well-known online brokers, offering trading in forex, indices, commodities, bonds, and cryptocurrencies to retail and institutional traders globally. With over 25 years of experience, Oanda has built a reputation for its competitive pricing, range of platforms, and trustworthiness.
This comprehensive 2024 review provides an in-depth look at Oanda’s fees and spreads, trading platforms, research and educational resources, customer support, regulations and safety, and overall strengths and weaknesses. We aim to provide the most detailed analysis to help you determine if Oanda is the right brokerage for your needs.
An Overview of Oanda
Founded in 1996, Oanda pioneered online forex trading and is now headquartered in San Francisco, with offices around the world. Here are some key facts about Oanda:
- Regulation: Registered with and regulated by financial authorities across multiple jurisdictions globally, including the NFA, IIROC, CFTC, and FCA.
- Trading Volume: Over $10 billion traded daily across client accounts.
- Funding Options: Supports credit/debit card, wire transfer, e-wallets, and local payment methods.
- Languages: Available in 20 languages.
- Instruments Offered: Over 60 currency pairs, commodities, indices, bonds, and cryptos like Bitcoin.
- Account Types: Offers Standard, Premium, and Business accounts.
- Minimum Deposit: No minimum deposit required to open an account.
- Commissions & Fees: Commission-free trading on forex, fraction-based pricing model for other assets.
- Platforms: Proprietary web, desktop, and mobile platforms plus integration with MT4/MT5.
- Customer Support: 24/5 multilingual phone, email, and chat support.
Next, we dive deeper into the key pillars of Oanda’s offerings.
Oanda’s Fees and Spreads
Oanda utilizes a fraction-based pricing model rather than the typical fixed spread pricing used by most brokers. This means the spreads are derived from prevailing interbank rates and vary continuously based on market conditions.
Here is an overview and comparison of Oanda’s pricing model:
- Forex trading is commission-free. Spreads are floating from 1.0 to 3.0 pips for major currency pairs.
- Spreads for minor and exotic currency pairs are higher, around 1.5 to 5 pips.
- Pricing on forex overall is competitive but may not be the absolute lowest.
Indices & Commodities
- No commission, spreads are fractional quoted in decimals based on underlying market.
- For example, 0.04% on US30, 0.002 per ounce on XAGUSD.
- Tight spreads but higher than fixed spread brokers.
- No commissions, average bond spreads of 0.05 to 2.00.
- Much lower spreads than at other brokers.
- No commissions, spreads from 0.10% to 0.20% depending on underlying asset.
- Very competitive spreads but slightly higher than fixed spreads.
- Commissions of 0.04% to 0.50% per side depending on crypto.
- Average crypto spreads of 0.50% to 3%, high compared to crypto-specific brokers.
- No commissions, average spreads of 0.10% to 0.20%, very competitive.
Overall, while spreads are not the absolute tightest in the industry, Oanda’s fractional spreads based on interbank rates provide price transparency and competitive all-in costs on average. The pricing model is especially competitive in bonds and ETFs. The lack of any commissions on forex trading is also a notable advantage.
Oanda’s Trading Platforms
1. Oanda Trade Web Platform
Oanda’s flagship browser-based trading platform provides a simple interface for trading forex, metals, indices, bonds, and more on any device.
- Simple and intuitive web-based design, usable across devices.
- Customizable layouts and charting.
- Price ladders, economic calendar, watch lists.
- 40+ technical indicators and drawing tools.
- In-platform news and market analysis.
- Easy to use, great for beginners.
- Good charting and order entry capabilities.
- Seamless web experience across desktop and mobile.
- Advanced traders may find limited.
- Fewer tools compared to MT4/MT5 platforms.
2. Oanda MT4 and MT5
For advanced traders, Oanda offers integration with the popular MetaTrader 4 (MT4) and MetaTrader 5 (MT5) third-party trading platforms.
Key Features of MT4/MT5
- Advanced charting with 100+ indicators and drawing tools.
- Support for EAs, custom indicators, backtesting.
- Multi-asset support, algo trading capabilities.
- Available on desktop, web, and mobile apps.
- Fully-featured professional-grade trading platform.
- Highly customizable with EAs, scripts, indicators.
- Better tools for technical traders.
- Steeper learning curve than Oanda’s own platforms.
- Installation required for desktop platform.
3. Oanda Mobile Trading Apps
Oanda offers mobile apps for Android and iOS devices to allow trading on the go.
- Mobile trading of forex and CFDs.
- Full-featured mobile charts and order entry.
- Price alerts, economic calendar.
- Customizable watchlists.
- Secure login with fingerprint/face ID.
- User-friendly, tailored for mobile experience.
- Manage trades and orders on the go.
- Responsive design, works seamlessly across smartphones and tablets.
- Limited tools compared to desktop platforms.
- Some features missing compared to web platform.
Overall, Oanda caters well to traders of all levels and platforms preferences through its suite of trading platforms – from the easy-to-use web and mobile platforms to advanced capabilities of MT4/MT5 integration.
Oanda Research and Education Resources
Oanda provides clients with extensive research and educational resources to complement its trading services.
Oanda offers a broad trading education curriculum for beginners to learn the basics:
- Intro to Forex Trading Course: Covers core concepts like currency pairs, pips, lots, margins.
- Technical vs Fundamental Analysis: Guide on using chart patterns vs economic factors.
- Trading Psychology: Managing emotions and mental biases.
- Using Oanda’s Platform: Step-by-step platform walkthroughs.
For current market analysis, Oanda provides:
- Daily Currency Commentary: Fundamental analysis and forex news video.
- Chart of the Day: Technical setups on major currency pairs.
- Webinars: Regular webinars from Oanda’s analysts.
Oanda also offers a suite of trading tools:
- AutoChartist: Scans markets to identify technical chart patterns.
- VPS Hosting: Virtual private server for running forex EAs smoothly.
- ** EA Builder:** Develop automated trading strategies without coding.
- Oanda Calculator: Pip, margin, and position size calculator.
- Correlation Matrix: See correlation between currency pairs.
- Economic Calendar: Scheduled market news and data events.
For in-depth market research, Oanda provides seamless integration with the powerful TradingView toolset directly on its trading platforms.
Overall, Oanda has a comprehensive suite of trading education, market analysis, and trading tools that provide traders with insightful daily market commentary, actionable technical setups, automated scanning, and helpful risk management tools.
Oanda Customer Support
Oanda offers customer support during market hours on weekdays via phone, chat, and email.
- Toll-free local phone numbers for over 60 countries.
- Available weekdays from 7 AM to 5 PM in respective regions.
- Multilingual support in English, Chinese, Japanese and more.
Live Chat Support
- Direct chat with support reps in platform and on website.
- Response time under 1 minute on average.
- Support available in 20 languages.
- Typical resolution time under 4 hours.
- Added recently for convenience of clients.
- Quick access to support via WhatsApp messaging.
In addition to direct support, Oanda also offers an extensive Support Center on its website with FAQs, tutorials, service status, and knowledgebase articles that provide self-help when needed.
Overall, Oanda’s customer support channels provide quick responsiveness during market hours across multiple contact options – catering well to traders globally in several languages.
Oanda Safety and Regulation
As a trusted forex and CFD brokerage for over 25 years, Oanda maintains strict compliance and safety standards:
- Segregated client funds: Oanda segregates all retail client funds from its corporate funds. Client money is protected and tracked in top-tier banks.
- Negative balance protection: Oanda provides protection against account balances going negative due to market gaps/volatility. This prevents unlimited client losses.
- Financial regulation: Oanda is regulated across five continents worldwide, including strictest jurisdictions like the UK’s FCA. Complies with local laws and regulations.
- EDD and KYC procedures: Oanda undertakes electronic identity verification, document checks, sanctions screening for Anti Money Laundering enforcement and to prevent fraud.
- SSL data encryption: Oanda’s website and platforms use 256-bit SSL encryption for securing personal data during transfers.
- Hedging and risk management: Oanda has hedging arrangements with top banks and manages risk prudently across its book. Maintains comfortable risk metrics and capitalization.
With strong financial standing, tight risk management, and water-tight security measures in place, traders’ money and data is well protected, upholding trust in the Oanda brand.
Pros and Cons of Oanda
- Established reputation and long track record.
- Competitive transparent fractional spreads.
- Robust trading platforms and apps.
- Extensive trading education for beginners.
- Strong global regulation and safety standards.
Areas for Improvement
- Higher crypto spreads than specialized brokers.
- MT4/MT5 integration could be enhanced.
- Limited advanced trader tools on proprietary platforms.
- Phone support only on weekdays.
Oanda is a reputable online broker offering competitive fees, a wide choice of robust trading platforms, comprehensive education for beginners, and strong regulatory standing.
While spreads are not the absolute tightest, fractional spreads based on interbank rates provide fair transparent pricing across its product range. Oanda caters well to casual traders and newcomers, with adequate tools for technical traders, though less offerings solely targeted for advanced users.
Overall, Oanda provides a well-rounded brokerage that combines an ethical approach, competitive spreads, and robust trading infrastructure – ideal for traders seeking long-term reliability. The trusted Oanda brand offers stability, security, and a great starting point for new forex and CFD traders.
Frequently Asked Questions
Is Oanda trustworthy?
With over 25 years of experience and regulation in top-tier jurisdictions like the UK, Australia, Singapore, and Canada, Oanda is widely considered a reputable and trustworthy broker in the forex and CFD trading industry. They maintain strong financials, segregate client funds, and uphold strict safety standards.
What are the lowest spreads at Oanda?
Oanda’s fractional spread model means spreads vary dynamically based on market conditions. On average, their tightest spreads are around 0.4 basis points on currencies like the EUR/USD, 1 pip on gold (XAUUSD), and 0.002/ounce on silver (XAGUSD). Their bond and ETF spreads are also very competitive.
What is Oanda’s maximum leverage?
The maximum leverage offered by Oanda depends on your region and regulator. In most regions, Oanda offers a maximum leverage of 1:100 for major currency pairs and lower leverage for other assets based on regulatory limits. Professional clients can access higher leverage.
Does Oanda offer managed accounts or social trading?
No, Oanda currently does not offer any managed accounts or social trading products like copy trading. Account management is restricted to the registered account owner as per their regulatory requirements.
How do I deposit and withdraw from Oanda?
Oanda offers a variety of deposit and withdrawal methods including credit/debit cards, bank wire transfers, e-wallets like PayPal, and local payment options. Withdrawals are processed within 24 hours but may take 1-5 business days to reflect in your bank account.
Best and Most Trusted Forex Brokers
Based on regulation, award recognition, mainstream credibility, and overwhelmingly positive client feedback, these six brokers stand out for their sterling reputations:
|No||Broker||Regulation||Min. Deposit||Platforms||Account Types||Offer||Open New Account|
|1.||RoboForex||FSC Belize||$10||MT4, MT5, RTrader||Standard, Cent, Zero Spread||Welcome Bonus $30||Open RoboForex Account|
|2.||AvaTrade||ASIC, FSCA||$100||MT4, MT5||Standard, Cent, Zero Spread||Top Forex Broker||Open AvaTrade Account|
|3.||Exness||FCA, CySEC||$1||MT4, MT5||Standard, Cent, Zero Spread||Free VPS||Open Exness Account|
|4.||XM||ASIC, CySEC, FCA||$5||MT4, MT5||Standard, Micro, Zero Spread||20% Deposit Bonus||Open XM Account|
|5.||ICMarkets||Seychelles FSA||$200||MT4, MT5, CTrader||Standard, Zero Spread||Best Paypal Broker||Open ICMarkets Account|
|6.||XBTFX||ASIC, CySEC, FCA||$10||MT4, MT5||Standard, Zero Spread||Best USA Broker||Open XBTFX Account|
|7.||Vantage||ASIC, CySEC, FCA||$50||MT4, MT5||Standard, Cent, Zero Spread||20% Deposit Bonus||Open Vantage Account|
|8.||FXTM||FSC Mauritius||$10||MT4, MT5||Standard, Micro, Zero Spread||Welcome Bonus $50||Open FXTM Account|
|9.||FBS||ASIC, CySEC, FCA||$5||MT4, MT5||Standard, Cent, Zero Spread||100% Deposit Bonus||Open FBS Account|
|10.||Binance||DASP||$10||Binance Platforms||N/A||Best Crypto Broker||Open Binance Account|
|11.||TradingView||Unregulated||Free||TradingView||N/A||Best Trading Platform||Open TradingView Account|
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