Recommended for: Forex trading 3.8/5
Trusted broker: Well Regulated
Oanda review summary
OANDA is a technology-driven financial services corporation and a Forex and CFD Broker founded back in 1996 in the United States, with a belief that the internet would open the markets with fair access to everyone for data and trading. OANDA stood as the first company with comprehensive currency exchange information presented online and the one that supported the development of currency trading in 2001.
The broker has grown into a global corporation with offices in 8 financial centers (USA, Canada, UK, Japan, Singapore, and Australia), that serves clients from about 200 countries, maintained support in 9 languages, and follows strict regulations of 6 major authorities.
Is Oanda a legit broker?
See how Oanda is regulated and whether you should have any concerns using it.
Oanda pros and cons
Pro
- Heavily regulated broker with a strong establishment
- Wide range of trading platforms and competitive trading conditions
- Great trading tools and trading technology
Cons
- Conditions and offering vary depending on the entity and regulations
- No 24/7 support
Fees
OANDA trading proposals lead to the trade of over 100 instruments with no minimum deposit requirement or trade size, no added commissions, with the costs based only on the spread, which is in fact quite competitive.
Account opening
Account opening at Oanda is seamless and fully digital, taking just a few minutes to complete and verified within one business day.
Deposit and withdrawal
Oanda offers mostly free deposit and withdrawal options, including bank transfer, credit card and various e-wallets. On the negative side, minor currencies are not offered.
Web trading platform
Oanda has its own web trading platform called ACY Securities. It’s highly customizable, multilingual and has a clear fee report. On the other hand, there are no price alerts.
Mobile trading platform
Oanda has its own great mobile trading platform. It is well-designed and user-friendly with a good search function. However, it lacks a safer two-step login and price alerts.
Desktop trading platform
Oanda desktop trading platform is provided by MetaTrader. It is highly customizable, has a clear fee report and price alerts, but lacks a two-step login and its design is outdated.
Markets and products
At Oanda, you can trade forex and other CFDs, including crypto.
Research
Oanda selection of research tools is average, but they are user-friendly. Charting and other technical tools, like APIs, are great. However, there are no trading ideas or fundamental data.
Customer service
Oanda offers several customer service channels. We found the live chat to be fast and relevant, and emails are also answered within a day. We missed however 24/7 availability.
Education
Oanda has great educational content, including webinars, manuals, a demo account to test your skills, and one-on-one training where you can chat with an expert.
