OANDA Review 2023: Read its Pros & Cons Before You Start Trading

This may impact how, where and which products / companies / services we review and write about. This page may not include all available products, all companies or all services. The support team is available five days a week from Sunday 1 pm EST to Friday 6 pm EST in 9 different languages. They offer the possible contacts like live chat, e-mail address, fax and phone numbers, on their well-organized website. Besides, they offer education materials and webinars which can probably help you solve some possible problems that occur. Wherever you are, you can find a precise location in which you can look for help, since OANDA has offices in Bayfront, Singapore; Chicago, USA; London, UK; Tokyo, Japan; and Toronto, Canada.

Oanda’s investment app adapts its proprietary fxTrade trading platform for Android and iOS. The mobile stock app is a little bit confusing at first because it attempts to adapt the web and desktop interfaces to a smaller screen without making many changes. On the bright side, this does make it easier to switch back and forth between the desktop and mobile versions of the Oanda trading platform.

OANDA offers 3 methods you can use to get in touch with its customer service team. All trading educational tools are free, but you’ll need to be signed in to your OANDA account to view webinars and select premium video lessons. OANDA also charges a monthly inactivity fee of 10 units of your base currency per month after you go 12 months without a trade. For example, if you incur a fee and your base currency is the USD, you’ll pay $10 a month for every month you don’t execute a trade after 12 months. OANDA’s display shows you the dealing spread and the percentage change on the day for a range of currency pairs. Oanda is an online broker for investors of all experience levels, specializing in forex and CFD trading.

Oanda’s desktop platform is similar to the web trading platform in terms of customizability, login, order types and portfolio reports. While the design is generally fine, it could use some brush-up. Like its browser counterpart, the desktop platform doesn’t allow you to set price alerts. We also compared Oanda’s fees with those of two similar brokers we selected, Pepperstone and FXCM.

Unique Features of Oanda Trading Platform

Thus, investors can high trust Oanda for its safe and transparent trading environment. Also, this platform is counted in the list of best forex trading platform Australia due to licenses & regularity . Oanda supports the regulatory oversight of the industry and the live account protection of forex customers. We found that OANDA is a market maker and highly regulated broker providing access to more https://forexarena.net/ than 50 technical tools, including 32 overlay indicators, 11 drawing tools, and 9 chart types. The broker offers a wide range of global CFD instruments, including indices, Forex, cryptocurrencies, shares, commodities, and metals. OANDA offers clients exposure to a variety of financial instruments but is a good fit for seasoned traders looking for a stellar browser-based desktop trading experience.

While it adds a small amount of time to the onboarding process, it is another nod to OANDA being a well-run and legitimate broker. The trading conditions on offer are generally quite competitive, particularly when compared to similarly-sized platforms. Spreads are generally very competitive, although this will vary across asset classes. In fact, Oanda was one of the earliest entrants into this market, and helped to pioneer online trading in the early days. Today I was margin closed out in my WTI long position, probably 0.30 points above the low. Then B book brokage firms…Even an A and B book brokage is better then these Savages …Oanda is neither…which Speaks Volumes…

How to Make a Deposit?

Users can open their account with the crypto services partner Paxos and access the product directly from Paxos’s iBit Exchange. OANDA’s news and research portal, MarketPulse.com, offers insightful analysis covering both fundamental and technical analysis across forex, indices, commodities, and cryptocurrencies. The Week Ahead articles keep traders abreast of upcoming economic events and what to expect.

Besides the MT4 upgrade, services provided by MultiCharts and MotiveWave, and the TradingView partnership, Oanda also features technical analysis from Autochartist, an established third-party tool. It provides it for MT5 and also on the Oanda Trade web terminal. Based on our research, we found that thebroker has quite an impressive educational section, which will enable newbie traders to gain knowledge and find their way in the market easily. OANDA education materials and webinars are divided into levels and are designed both for beginners and professional traders.

Spot opportunities, trade and manage your positions from a full suite of mobile and tablet apps. WikiFX Internet and its mobile products are an enterprise information searching tool for global users. When using WikiFX products, users should consciously abide by the relevant laws and regulations of the country and region where they are located.

Deposits and Withdrawals

In a positive development compared with the web trading platform, it’s possible to set alerts and notifications on the Oanda mobile platform. Oanda offers two-step login, which is safer than using only a username and a password. For two-step login to work, you’ll have to install the Google Authenticator app, which is a compromise that’s easy to live with for the sake oanda forex review of security. If you fund your account in the same currency as your bank account or you trade assets in the same currency as your account base currency, you don’t have to pay a conversion fee. Some brokers provide pip calculators to help you assess and manage your risks. With a pip calculator, you can calculate the value of a pip in the currency you are trading.

To the left of the platform a quick glance shows profit and loss and balance of account. According to most research, the differences between them in terms of quality are more or less negligible. Both are top-tier global leaders in the forex services sphere and offer traders an all but equally comprehensive array of tools and services. Additionally, OANDA’s efforts to position itself as a trusted broker in the online broker space deserve credit. OANDA advertises that it offers a trading analysis application powered by Chasing Returns, which analyzes the client’s trading history. Basic real-time information about client activity, such as transaction activity and profit/loss breakdown, is available on the platform.

OANDA Overall Ranking is 8.9 out of 10 based on our testingand compared to over 500 brokers, see Our Ranking below compared to other industry Leading Brokers. For the Cons, OANDA conditions are different depending on the entity and regulation rules and some withdrawals add on fees. People who write reviews have ownership to edit or delete them at any time, and they’ll be displayed as long as an account is active. One thing I would like to see return (was removed?) is the option to limit leverage on live accounts.

Oanda video summary

There is a contact number through which users can directly talk on call and get their issues sorted. Additionally, an email address is also provided if that is a preferred mode. This is one of the latest features that OANDA has integrated into its ecosystem. As a part of the partnership between OANDA brokerage and TradingView, which is one of the best and most widely used analytical platforms in the world, users can have the best of both worlds. In short, a user can use the features that are exclusive to TradingView while enjoying an accurate chart by OANDA. While the desktop platform is downloadable and can be used right after, the OANDA Trade web platform makes it one step shorter.

As with all forex trading sites, OANDA charges an interest rate on any positions held overnight. The platform also charges an inactivity fee after 12 months of no trading, calculated as 10 units of the account’s base currency. Finally, OANDA has a list of ancillary fees that attach to making deposits, withdrawing money and several other common activities. OANDA offers basic trading options and investors can pull up their trade execution screen directly from pricing charts. Within this field you can choose basic limit and stop orders, as well as stop limit and take profit orders. Unfortunately, OANDA does not offer some of the more complex trading orders that many other forex platforms support, such as conditional and intelligent orders.

Features

One of the reasons traders are attracted to the forex markets is the high degree of available leverage. Leverage is the use of borrowed funds to increase the size of your trading positions beyond what would be possible using only the cash in your account. Platforms are where you trade, so they must be secure, fast, and accessible while offering you the tools you need to succeed.

Experts will love the hidden gems in the desktop and mobile apps, including advanced charting tools and free overlays. A trading platform is a gateway to forex and CFDs markets. Oanda provides the clients with fxTrade, its proprietary, award-winning trading platform suite, which can be safely accessed from anywhere on any device at any time.

Instantly trade forex and the most popular cryptocurrencies on the go with the user-friendly, award-winning OANDA mobile app. Trade popular major and minor forex pairs, such as EUR/USD, USD/CAD, USD/JPY, AUD/USD and GBP/USD with 0.0 pips†. Trade cryptocurrencies like Bitcoin, Bitcoin Cash, Ethereum, Litecoin and Pax Gold with no markup. Get instant quotes and free charting on the OANDA app, with tight spreads and low commissions. Yes, Oanda is a famous experienced trader in the forex market for around 25 years, offers a range of products offered, prices & fees are low. Being a reputed online brokers for more than two decades, Oanda takes all the necessary measures to protect traders’ data and assets.

• However, the broker does forex trading especially well — though it could stand to offer more in the way of customer service and lower fees.
• Market analysis is supplied by OANDA’s MarketPulse service.
• The Oanda app is an excellent mobile trading platform for forex traders.
• There is a full range of trading tools including analysis reports and advanced charts powered by Trading View.

It’s rates are trusted and used by many organizations, such as tax authorities and auditing firms. Perhaps the best thing about the Oanda mobile app is that you can trade right from the technical charts. Tapping an ever-present price box brings up a new order form without obscuring the chart. Speed has been an issue for the Oanda mobile app in the past, but we didn’t experience any problems when trading with the app on Android. The company rolled out a completely revamped version of the app in 2019, so it seems likely that it has spent the past year fixing minor bugs that could have slowed down price data.

Oanda takes the trading experience one step forward with MT4 platform, which is taken as industry-standard in forex and CFD trading. You benefit from its advanced charting features, analytical tools, watch lists, and Expert Advisors. While MT4 is quite impressive in terms of its functionality, but it looks rather outdated. Oanda is not compatible with MT5 and cTrader that support automated trading.