Moreover, the company also charges 4% for TRY, 2% for CZK, HUF, SAR, and THB, as well as 2% for ZAR pars. To stay up-to-date, you can check OANDA’s website for the latest admin fees. For some, such a track record is enough to inspire trust and warrant a registration; for others, it might not be enough to compensate for some of the shortcomings of the platform. Next, you’ll have to provide your personal information, such as full name, date of birth, email, and mobile phone number. In addition, you’ll have to submit proof of citizenship, confirm your address, supply employment information, and go through a proof of identity process. Registering at OANDA is free, and there are no minimum deposits required to do it.
What is the Oanda minimum deposit?
The app offers popular features such as alerts, 1-click trading, and trading from the chart. The Position Ratios tool shows the percentage of OANDA traders who are long or short for each instrument. This data gives you insight into the psychology or sentiment of a market. Most commonly, it is understood that when an extreme percentage of traders are either long or short an instrument, a trend reversal may be coming. OANDA Europe Limited charges an inactivity fee of £10 per month for accounts that have been dormant for 12 months. While credit card withdrawals are free, there is a £10 fee for withdrawals via bank wire.
Company Overview
I particularly rated the live market analysis webinars, which are hosted weekly with insights into forex, indices, commodities, and cryptocurrency markets. I’ve evaluated dozens of brokers and OANDA offers one of the best selections of additional tools to enhance the trading experience. Additionally, retail traders get access to the broker’s full suite of platforms, including MetaTrader 4 (MT4) and TradingView, as well as the broker’s proprietary solution, OANDA Trade. I tested OANDA customer service with dozens of queries, ranging from platforms to fees and account-related issues. OANDA offers an above-average range of CFDs on currency pairs, commodities, and indices. The offshore entity offers CFDs on shares and cryptocurrencies, but they are not currently available oanda forex review at the UK entity.
Trading Platforms
We feel that OANDA deserves a decent score for research and education. Its MarketPulse hub is a highly valuable resource filled with analysis updates, industry articles, podcasts, and more. Our only real complaint about MarketPulse is that the collection of podcasts and videos isn’t well organized. OANDA (Canada) Corporation ULC is regulated by the Canadian Investment Regulatory Organization (CIRO) and customer accounts are protected by the Canadian Investor Protection Fund within specified limits. A brochure describing the nature and limits of the coverage is available upon request or at All content on ForexBrokers.com is handwritten by a writer, fact-checked by a member of our research team, and edited and published by an editor.
- OANDA has somewhat mixed reviews for customer support, which is a factor we’ll discuss in more detail.
- The New York-based broker has multiple global entities overseen by top-tier regional regulators.
- OANDA’s partnership with TradingView is a notable asset for forex traders.
- One of the most ignored trading costs is swap rates on leveraged overnight positions.
- OANDA offers access to the OANDA Mobile App, MetaTrader 4 (MT4), and TradingView platforms.
They offer an iron-clad regulatory standing, with licenses from the CFTC/NFA, FCA, ASIC, FSA, FSC, IIROC, PFSA, and MAS. Ultimately, our rigorous data validation process yields an error rate of less than .1% each year, providing site visitors with quality data they can trust. Use our country selector tool to view available brokers in your country. He is a forex industry expert and an active fintech and crypto researcher.
Over 200 data points are considered, from minimum deposits and trading fees to the platforms and apps available. Our broker ratings are also informed by the experience of our researchers during the evaluation process. Investopedia is dedicated to providing investors with unbiased, comprehensive reviews and ratings of online brokers. We established a rating scale based on our criteria, collecting over 3,000 data points that we weighed into our star scoring system. The broker’s stated goal is to differentiate itself with superior trade execution and transparency, and all data points to that being the case.
Consult relevant financial professionals in your country of residence to get personalized advice before you make any trading or investing decisions. DayTrading.com may receive compensation from the brands or services mentioned on this website. Above all, our experts assess whether a broker is trustworthy, taking into account their regulatory credentials, account safeguards, and reputation in the industry. This average customer rating is based on 3 OANDA customer reviews submitted by our visitors. Compare OANDA with the top 3 similar brokers that accept traders from your location.
OANDA Reviews 1,085
With access to OANDA’s MarketPulse hub, traders are able to tap into some of the most valuable research and analysis in real-time. For those who are not familiar with MarketPulse, it is a vault of articles, analytics, videos, podcasts, and research. It’s an extremely valuable tool that’s a great perk of trading with OANDA. At ForexBrokers.com, our online broker reviews are based on our collected quantitative data as well as the observations and qualified opinions of our expert researchers.
There are no minimum deposit requirements to open an OANDA account, along with no funding fees (except for bank wire withdrawal), a major benefit of the US broker. You can also try out a demo account for free if you’re not ready to commit. A demo account affords access to all of OANDA’s main trading platforms, which you can try out using USD 100 thousand in virtual currency. The main reason to pick OANDA is most likely its long-standing and strong track record. OANDA’s Currency Converter is a tool that lets users check the latest average bid/ask rates for foreign exchange and convert various major world currencies. The tool has access to real-time FX rates, so it’s fairly accurate.
How does OANDA’s integration with TradingView benefit traders?
- OANDA holds a Trust Score of 98 out of 99, which signifies its high level of trustworthiness and reliability.
- For those who are not familiar with MarketPulse, it is a vault of articles, analytics, videos, podcasts, and research.
- The MT4 app also provides standard order types, including pending and stop orders.
- The content covers essential topics such as leveraged trading, technical and fundamental analysis, indicators, oscillators, and risk management.
TradingView is a chart analysis platform that is used by over 50 million traders around the world. This allows you to quickly enter orders straight from the chart so you don’t miss trading opportunities that present themselves in real time. This makes the Elite Trader account best for traders with large accounts while the Standard account may cater more to beginner traders.
User reviews
OANDA offers a strong range of tradable instruments in major asset classes. OANDA boasts almost 30 years of experience and a strong global presence. Extensively regulated and highly transparent, the CFD industry giant earned a strong trust rating in my review. The Week Ahead articles keep traders abreast of upcoming economic events, providing insights into their potential market impacts. Other articles and videos are more technical, and traders can get ideas from chart patterns and support and resistance levels.
We show the latest reviews
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. It is regulated by top-tier authorities like the CFTC and NFA in the U.S., has over 25 years of experience, and maintains a high Trust Score of 98/99. You can link your OANDA account with TradingView and place trades directly from the TradingView platform. Just create or log in to your TradingView account and choose OANDA as your preferred broker.
Oanda’s educational offerings include videos and articles, with a section for beginners, as well as more advanced material for seasoned traders. Traders can take advantage of this learning section with topics on tools and forex trading strategies, capital management, and webinars and events. With this, traders can speculate on greater market depth, an integrated economic calendar, one-click trading, advanced analysis tools, and greater charting functionality. The broker focuses on reliability and transparent pricing, providing a clear and consistent fee structure that often outweighs the appeal of cheaper but less dependable alternatives. VPS hosting for automated trading solutions is also available, and Oanda has an API, allowing third-party developers to connect advanced trading solutions to the Oanda infrastructure. The trading tools at Oanda ensure that traders have a competitive edge in financial markets.
OANDA provides clients with educational articles and videos, platform tutorials, and live webinars with industry experts. While the quality of materials is good on the UK website, the content volume is relatively limited and mostly caters to beginners rather than experienced traders. The OANDA Labs section, available on the global entity website, goes into greater depth and can better cater to experienced traders. I found the OANDA Trade Web platform to be robust and feature-rich but not entirely beginner-friendly. I liked the unique tools like the order book and position ratios, drawing from OANDA’s large client base. The platform also offers first-class charting from TradingView and a robust range of order types that can accommodate experienced traders.
I had an account with them for several years, and one day they sent me a message (kind of rude, if you ask me) saying that they no longer accepted traders from my country and were closing my account. If you have traded with OANDA we would really like to know about your experience – please submit your own review. Compare the markets and instruments offered by OANDA and its competitors. Please note, some markets may only be available via CFDs or other derivatives. My personal experience with OANDA’s customer support has been very positive. Both features are directly accessible from your platform workspace or client dashboard menu.
