General Information
Oanda is a leading online forex broker, founded in 1996. The company has grown to become one of the largest and most successful CFD financial service providers, offering its services to traders around the world. Oanda provides access to over 80 currency pairs, indices, commodities, metals, and treasury bonds for retail clients as well as institutional investors.
Oanda's features
Provides a wide range of features to help traders. These include:
| Grid trading: | Grid trading provides traders with the ability to take advantage of market movements and trends by opening multiple trades at once. This can help traders maximize their profits while minimizing risks. |
| Automated trade execution: | Oanda's automated trade execution feature allows traders to set up orders and manage them without having to manually adjust them, saving time and effort. |
| Advanced stop losses: | This is a great tool for beginners as it helps reduce risk by automatically closing positions when an undesirable price level is reached. Real-time streaming news: Oanda offers real-time streaming news from major financial sources such as Bloomberg and Reuters, allowing traders to stay informed of the latest developments in the markets. |
| Educational Resources: | Oanda provides plenty of educational resources for beginner and experienced traders alike, from basic forex tutorials to advanced trading strategies. These resources provide traders with the knowledge they need to be successful in their trading endeavors. |
What Makes Oanda Special?
The thing that makes Oanda stand out from other brokers is its commitment to providing an unparalleled user experience. Along with superior pricing structures, customer support, and trading platforms designed to be easy to use and efficient, they also offer interactive educational courses which allow new traders to gain valuable insights into how the market works. Additionally, they provide a variety of tools and features designed to help traders make informed decisions, such as the ability to view historical data, real-time charts, economic calendars, and market news.
How much does Oanda cost?
Oanda charges a spread on trades, rather than charging commissions. The cost of each trade depends on the currency pair being traded and the type of account you have. Standard Accounts will incur a fixed spread for all trades, while Active Trader Accounts receive tighter spreads with additional benefits such as priority customer service and automated trading. In addition to this, there may also be financing costs associated with long trades that are held overnight.
What platforms does Oanda support?
Oanda offers the MetaTrader 4, a desktop (Windows and Mac) and web-based trading platform as well as mobile apps for Android and iOS devices. The platforms are easy to use and feature a variety of tools such as real-time charts, economic calendars, market news, automated strategies, and more.
Account types
Oanda offers two types of trading accounts – Standard and Active Trader. The standard account is suitable for beginner traders as it requires a minimum deposit of $250 with spreads starting from 1.2 pips, while the Active Trader account is designed to meet the needs of more experienced traders and requires a minimum deposit of $25,000 with spreads starting from 0.2 pips. Both accounts offer variable leverage of up to 50:1, but this can be increased to 200:1 for Professional Clients in the European Union.
Supported devices
Oanda is compatible with a wide range of devices such as desktops, laptops using Windows and Mac OS, mobile devices using iOS and Android, and web browsers. Language code: EN-US.
Review Summary
| Pros | Cons |
|---|---|
| • Access to more than 70 currency pairs and CFDs | • Not available in all countries |
| • Competitive spreads | • Margin requirements may be high for some traders |
| • Risk management tools | • Limited range of stocks and other assets |
| • Automated trading options | • No guarantee of profitable trades |
| • Educational resources such as market analysis, webinars, and more | |
| • 24/7 customer service via email or live chat |
Customer support
You can contact Oanda's customer support anytime throughout the day via phone, email, or live chat. The team is helpful, well-informed, and can quickly address any inquiries.
Fees and commissions
Oanda does not charge any commissions on trades but instead charges a spread, which varies depending on the instrument being traded. In addition to this, there may also be financing costs associated with long trades that are held overnight.
Summary
Oanda is a great option for beginner and experienced traders alike. The company offers competitive spreads, a wide variety of instruments to trade, robust trading platforms, and educational resources designed to help customers improve their skills. The main drawbacks are the high minimum deposit amounts and lack of bonuses, but these should not deter you from considering Oanda as your broker of choice. In conclusion, if you’re looking for an online forex broker with superior pricing and excellent customer service then Oanda could be the right fit for you.
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