OANDA has proven again to be one of the greatest forex brokers in the market. Let's see how they perform in 2022 and what to expect in 2023.

Established in 1996, OANDA was the first company to share exchange rate data on the internet, completely free of charge for the public eyes. Five years later, OANDA launched a trading platform that offers internet-based currency trading, allowing traders to access the market and open positions for as little as $1. Today, OANDA has grown into a global leading platform that provides multi-asset trading, market analytics, and currency data for both retail and corporate clients all around the world.

OANDA's success continues in 2022. Despite all the challenges from the uncertain global economy at the moment, OANDA still managed to make various improvements and introduced a series of newly added features last year. Let's find out everything about it.

How OANDA Performed in 2022

 

Spread Reduction on Several Instruments

According to the official website, fairness and transparency are OANDA's top priorities, especially when it comes to costs and fees. This is why the company always makes sure to be upfront about their charges so that clients would know exactly how much they are going to pay when trading with the broker.

OANDA has been known for offering competitive spreads and commissions, yet the broker decided to lower it even more in 2022. These changes are applied to the following instruments:

 

Indices

In OANDA, it's not possible to directly buy or sell an index. Instead, you can trade them as a CFD, which values are derived from the price of the underlying asset. There are various indices that you can choose to trade, such as the US Wall St 30 and France 40. In 2022, OANDA decided to lower both the average and the minimum spreads of most indices they offer.

 

Precious Metals (Gold)

Gold is often referred to as a safe haven commodity because of its relatively stable price. This is why gold is often used to hedge against extreme price swings or volatility in the US dollar market. Aside from that, gold is also one of the most heavily traded commodities in the world. Today, you can trade gold with an average spread of $30-35 in OANDA, which is quite low compared to other brokers in the market.

 

Cryptocurrencies

Using the MetaTrader 4 and MetaTrader 5 trading platforms, you can trade 13 popular cryptocurrency CFDs straight from your PC, mobile phone, or tablet devices. Last year, OANDA decided to lower the spreads for these cryptocurrencies:

  • Bitcoin: $80
  • Ethereum: $5
  • Bitcoin Cash: $2

 

Newly Added Cryptocurrency Pairs

Initially, OANDA offers 13 widely known cryptocurrencies which include Bitcoin, Ethereum, Bitcoin Cash, and Binance Coin. This number is actually not bad as it already includes most of the highly-traded cryptos in the market. However, it might be not satisfying enough for crypto enthusiasts.

As such, OANDA has added five new cryptocurrency pairs in 2022:

  • AVAX/USD
  • KSM/USD
  • GLMR/USD
  • SOL/USD
  • MATIC/USD
Website
Established
1996
Leverage
1:20
Min Deposit
$0
Regulation
CFTC/NFA, FCA, FSA (Japan), FSC (BVI), Kanto Local Finance Bureau (Japan), MFSA, 12, 2020, MAS, ASIC, AFSL No, IIROC
Islamic Accounts available
US traders are welcome
Negative balance protection
Segregated accounts
Compensation scheme
VPS Affiliate program
Trading via API
Education
Webinar
Swap
Wire transfer
Skrill
Neteller

Traders looking for brokers with accurate precision, OANDA can be an option. That is because OANDA is a broker that provides quotes with 5-digit accuracy and active price movements that follow market developments. Order execution speed is also faster in this broker.

It provides benefits for novice traders, as they can trade with smaller volumes using the calculation system based on currency value, unlike other brokers adopting the lot system.

Founded in 1996, OANDA was built by Dr. Michael Stumm who is a lecturer in Computer Engineering at the University of Toronto, Canada, along with his colleague, Dr. Richard Olsen of The Olsen Ltd., which is one of the leading econometric research institutes. They have a head office in San Francisco, United States.

OANDA branch offices can be found everywhere. Some of these offices are located in the United Kingdom, Singapore, Japan, and Canada. With this number of offices spread, OANDA has increasingly attracted the attention of clients worldwide.

OANDA's company is registered under several well-known jurisdictions in financial trading. They are regulated by CFTC and NFA in the US, FCA in the UK, ASIC in Australia, and many others. Traders do not need to worry anymore about security when trading in OANDA. However, these advantages make trading rules at OANDA more stringent compared to other brokers.

For example, OANDA only allows maximum leverage of 1:20, because the rules in the US and Japan do not allow leverage above that. Besides, the registration procedure is more complex due to various additional requirements that are not submitted by other forex brokers. On top of that, hedging is not allowed in one trading account as the client must open an additional account to hedge.

Nevertheless, OANDA is known for being a leading broker with many advantages offered. OANDA faces increased market risk during periods of price volatility, such as economic and political news announcements. When market spreads increase or decrease, their pricing engine widens or narrows spreads accordingly. That way, traders can get the latest conditions from price movements in the market more quickly.

Prices move very fast in the market. Especially when news releases have a large impact on market volatility. This condition is often exploited by brokers to take advantage of clients with Requotes. However, traders do not need to worry about additional costs when trading with OANDA.

The company never withdraws Requotes so traders can get maximum profit. When traders are unavailable to monitor open positions, they can set take profit orders to lock in profits and Stop Loss orders to help protect against further losses.

As an experienced and well-known online forex broker, OANDA is committed to maintain an efficient trading environment that reduces latency and provid tools to help clients manage the degree of acceptable slippage.

With a fast & reliable trading platform by OANDA, clients' trades are executed in 0.012 seconds. This suits traders who choose brokers based on execution speed.

Because of this exceptional execution service, it is not surprising that OANDA won many awards, including the winner of the world's Best Retail FX Platform at the prestigious e-FX awards. The broker is also voted number 1 for Consistency of filling trades at quoted prices, Execution speed, and Reliability of platforms.

There is no minimum deposit or minimum balance required to open an OANDA account. Deposit and withdrawal can be done easily. OANDA provides a variety of payment method facilities, including Paypal, Wire Transfer, Credit Card, and Debit. Traders can adjust it to the region where they live.

OANDA provides more than 100 trading instruments, including 71 currency pairs, 16 indices, 8 commodities (Brent Crude Oil, Copper, Corn, Natural Gas, Soybeans, Sugar, etc.), 6 Bonds, and 23 Metals.

The fxTrade and MetaTrader platform are available at OANDA. These platforms can be used for Desktop and Mobile. Another plus is they have an OANDA Technical Analysis that exists in collaboration with a technical analysis provider called Autochartist.

With these platforms, clients can monitor price movements easier and automatically recognize patterns created on charts, as well as receive alerts when the awaited patterns appear. Access to this technology can be enjoyed free of charge.

In conclusion, OANDA is an ideal broker for traders in need of fast execution backed by many years of experience. The company is also a good alternative for those looking for a well-regulated broker with flexible trading and deposit conditions.

 

Newly Added Share CFDs

Aside from cryptocurrencies, OANDA increased their share CFD offerings. You can now trade 816 European share CFDs, consisting of the existing options and new share CFDs from Belgium, Portugal, Finland, Denmark, and Sweden. You can refer to their website to check out the complete available asset list.

 

New Functionality on the FXTrade App

OANDA has been supporting mobile trading since 2010. In that year, the first version of fxTrade mobile app for Android and iOS was released. fxTrade offers access to various financial markets and trades various instruments with competitive spreads and flexible lot sizes. To enhance traders' experience, the company has made multiple upgrades and added new features, such as customizable charts, overlays, technical indicators, price alerts, and many more. Today, the app offers no less than 50 technical indicators, including 32 overlays, 11 drawing tools, and 9 charts to easily manage your trades effectively.

In 2022, the broker introduced a new functionality called the "partial closing" feature, which basically allows traders to partially close any of their open positions in the app. In order to do that, traders simply need to tap the reduce button on the trade and specify how many units that they wish to close.

The idea is to set multiple profit targets in one position and then partially close the trade with every profit target reached. Therefore, traders can secure a minimum profit for every trade with the first portion closed and make even an even bigger profit with the second portion.

 

MT5 Web is Now Available

Aside from the desktop and mobile versions, OANDA MT5 is now available for webtrader. You can open both live and demo trading accounts on the platform. It offers all of the powerful features of the famous MT5 platform, including one-click trading, built-in depth of market, advanced trading tools, improved capabilities, economic calendar, automated trading strategies, etc.

 

Crypto Trading Service in the US

OANDA is one of the few brokerage firms that operate in the US, which clearly gives them an upper hand over other brokers in the market. Recently, OANDA announced the launch of a new crypto trading offering for US-based traders, designed to give easy access to digital currency as well as forex in a secure trading environment. The trading service has been developed in partnership with Paxos Trust Company, a fully regulated blockchain infrastructure platform.

In a nutshell, this new service allows US-based traders to trade spot cryptocurrencies on Paxos' itBit exchange using the OANDA mobile platform. All of the activities starting from account opening to funding and trading are manageable from the app, so traders can seamlessly conduct their trading in a single platform.

With institutional traders slowly but surely making their way into the crypto world, the adoption of crypto may increase again in the near future. There is a chance that retail traders may return to the crypto market again, especially considering the easy access and low entry barrier these days. With that being said, this launch is certainly a huge opportunity for traders to gain crypto exposure in a safe and reliable environment.

 

Top Broker for Client Satisfaction

In November 2022, OANDA has been named the top broker for Overall Client Satisfaction in Singapore for two consecutive years. The title was given based on Investment Trends' 2022 Singapore Leverage Trading Report, which is the largest study of retail investors in Singapore each year. The report talks about a range of topics, including a detailed analysis of the trading attitudes, behaviors, and needs of Singapore-based traders. For the 2022 report, the data was based on an online survey of 2451 respondents, concluding in September 2022.

In addition to that, OANDA has also won the best "Value for Money" and "Email Customer Service" client satisfaction awards in the same event, further demonstrating the broker's commitment and worthiness to their clients.

 

What's Next?

OANDA stated that for 2023, the company is planning to connect more with their clients through a dedicated Client Relationship service and develop the best possible online trading experience. They also emphasize the need for analytical tools to help clients spot trading opportunities and navigate their way through the online trading world.

Where to Find the Information on the Official Broker Site?

  • This information is reported per May 19 2024.
  • We can not ensure if this offering is still available or remain the same in future.
  • The broker announcement page may or may not exist anymore, You may explore OANDA homepage and try to find "Promotion" section on the menu, footer, etc, to ensure the availability and validity of this promotion.

 

Final Thoughts

All in all, it seems that OANDA has done quite well in 2022. OANDA has made various upgrades to their service in order to attract more active traders and cater to their needs. OANDA's win in Singapore seems like a perfect way to end the year for the company. While the future is still uncertain, it's pretty clear that we can expect more upgrades from OANDA next year.

If you are interested, you can go ahead and visit the broker to create a new trading account. It's highly recommended to start with a demo account first to check the platform and get familiar with the features. Once you're ready, you can switch to a live account to start trading with real money.

 


OANDA is an award-winning broker with an outstanding reputation for more than 25 years in the trading industry. The broker supports excellent customer care and transparent pricing on state-of-the-art platforms.