OANDA is a well-established broker since 1995. OANDA has headquarters in British Virgin Islands, Canada, Germany, Japan, Malta, Poland, Singapore, Switzerland, United Arab Emirates, United Kingdom and United States. They are generally well-suited for OANDA to provide their Forex/CFD trading services to global clients.
This broker has also been regulated by CFTC/NFA 0325821, FCA (UK) 54257, FSA (Japan) 1571, FSC (BVI) SIBA/L/20/1130, Kanto Local Finance Bureau (Japan) 2137 and MFSA 18.12.2020.
Apart from the forex demo account, this broker offers OANDA. To successfully navigate your trading account, you also need to consider about leverage and minimum deposit. Talking about leverage in general, the maximum leverage offered by OANDA is up to 1:50. Meanwhile, you can open an account with a starting capital of $1
If you want to look for a more simple explanation regarding this broker's account type(s), take a loot at the following chart:
Besides lots of currency pair, OANDA also offers some instruments you would like to trade on, such as Forex, Gold & silver and CFD for your best choice. Somehow, remember that different instrument has different trading conditions. In this case, you have to make sure that your strategy is well suited for the instrument you chose.
As for OANDA account, OANDA specifically provides it with the following instruments and leverage:
Gold & silver
PayPal : Online payment was not a thing back in the early 2000s, but PayPal has been in the market since 1999 and thus deserves to be regarded as one of the first e-payment services in the world. The US-based company is popular across many online platforms, including forex brokers.
Wire transfer : Wire Transfer is the most commonly used payment method. Nearly all brokers in the world provide this method on their service. The reason is wire transfer is basically traditional transfer between banks in the worldwide. So, this method is guaranteed for its safety. This really helps traders who avoid third-party payments or don't have credit cards.
OANDA also provides payment with Credit/debit cards
Trading platform is a tool where you can buy or trade an instrument with only some clicks on your device, anytime and anywhere you want. In addition, price chart is also usually provided with some analytical tools to help you analyze the price movement, so you can increase your profitabiliy by placing well-planned trades.
Hereby, OANDA offers you Currenex Classic, Oanda Platform and NinjaTrader.
Do you have any question or find any trouble related to OANDA? If you do, you should reach OANDA's support to get the information that you need. Here is the detail of the broker's customer support:
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 1:50, 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.
FAQ About OANDA
Is OANDA a good broker?
A good broker constitutes a good service for traders in terms of many criteria including trading instruments, deposits and withdrawals, as well as customer support. What is good for a certain trader does not necessarily mean the same thing to you. So the term "a good broker" can vary in meaning. You can decide for yourself if OANDA is a good broker for you or not by reviewing the criteria. In general, OANDA provides trading service in Forex , Gold & silver and CFD . As for the payment methods, you can choose between Credit/debit cards, PayPal and Wire transfer. The customer support is available via Email, Live chat, Phone and Web form.
What is the minimum deposit for OANDA?
The starting capital in OANDA is $1.
Is OANDA regulated?
OANDA is regulated by CFTC/NFA 0325821, FCA (UK) 54257, FSA (Japan) 1571, FSC (BVI) SIBA/L/20/1130, Kanto Local Finance Bureau (Japan) 2137 and MFSA 18.12.2020. A regulated broker equals a more responsible trading environment. You can also expect a more guaranteed safety of funds as some of regulatory frameworks in the financial industry require a compensation scheme in case of unprecedented incidents that result in clients' financial losses.
Is OANDA legit?
OANDA is a brokerage company offering trading services for clients since 1995 with offices in British Virgin Islands, Canada, Germany, Japan, Malta, Poland, Singapore, Switzerland, United Arab Emirates, United Kingdom and United States.