OANDA Review

Oanda is recognized as a leading global provider of foreign exchange (Forex) and contract for difference (CFD) trading, currency exchange rates, currency data, and corporate FX payment services. On its website, the online broker makes the claim that it “treats your trades differently,” meaning that it provides its premium account holders with customized pricing and narrower spreads. You can also leverage features such as FIX APIs and REST to automate your trading methods.

Dr. Richard Olsen, who was the head of Olsen Limited, a leading econometric research and development company, and Dr. Michael Stumm, who was a professor of computer engineering at the University of Toronto, founded Oanda in 1996. Oanda is a leader in the foreign exchange market. The following year, Oanda made history by being the first company in the world to provide free online access to information relating to currency exchange rates. OANDA Rates, the company’s business solution, began gaining a huge number of leading audit companies and tax agencies throughout the world as subscribers in the year 1998.

Oanda began its online trading platform in 2001, enabling forex investors all around the world to exchange currencies for as little as one United States dollar. Two years later, in 2004, Oanda introduced an application programming interface (API) to its foreign exchange (Forex) trading platform. This allowed the company’s customers to automate their hedging and trading methods.

In 2007, the company initiated its expansion into the Asia Pacific region by opening an office in Singapore. Oanda made its debut on mobile platforms in 2010 with the release of a foreign exchange mobile application for Android and iOS. The following year, it established a presence in London, and two years later, it grew its operations in Australia.

Oanda was purchased by CVC Capital Partners in 2018, which is a private equity business that oversees assets worth more than US$70 billion all over the world.

A Rundown of the Winners

Oanda has been honored with a number of prestigious industry awards, which were bestowed upon the company in recognition of the superiority of its products, technological advancements, and support services.

Some of the trophies that Oanda has won are as follows:

Achieving the position of No. 1 Mobile Platform Award from Investment Trends US FX Report in 2015

The Best Educational Materials Award from Investment Trends Australia FX Report for 2016

ShareInvestor Awards’ Most Preferred CFD Provider Award 2016

2017 Winner of the UK Forex Award for Best Forex Trading Technology

Customer Service Award from Investment Trends – US Foreign Exchange Report 2018

Investment Trends Receives the Highest Overall Client Satisfaction Award from US Foreign Exchange Report in 2018

How to Open an Oanda Trading Account: Choosing Between the Various Account Types

Opening a demo account with Oanda is highly recommended for first-time traders, especially those who are just beginning their careers in CFDs and Forex trading. At Oanda, if you open a demo account, you will have access to an unlimited amount of virtual funds, which you can use to practice trading in a risk-free environment. Moreover, an Oanda sample account never expires and you can choose from five trading platforms.

You can switch to an Oanda live trader account whenever you are ready to start trading for real money there.

The following is a list of the procedures that need to be taken in order to open a demo account with Oanda:

1. Navigate to the Oanda homepage and select the “Open a Demo Account” link.

2. Clicking this link will take you to an online registration form.

3. Enter personal details such as your name, email address, and phone number.

4. From the dropdown menu, select the nation you are from.

5. Create your login details.

6. Give us your information by clicking the “Sign Up” button.

7. If you do this, you are agreeing to let the forex broker contact you by email or text message to tell you about the many services and products it offers.

At Oanda, opening a live trading account is accomplished through a series of steps that are very similar to those required to open a demo account. To use the online sign up form for Oanda, go to the homepage, click on “Open a Trading Account,” and then select your country from the drop-down menu that appears. In order to establish an account with the online broker, you will need to enter your personal information and then send it in.

Trading Markets at Oanda

Oanda provides traders with access to tight spreads across five strong trading platforms, as well as pricing on a variety of CFD instruments that may be traded anywhere in the world. Spreads offered by Oanda start at 1 pip for EUR/USD and USD/JPY, 0.9 points for the DE 30 and 0.8 points for the UK 100 respectively. Trading in Brent Crude begins at 3 points, and trading in XAU/USD begins at 25 cents, both of which are offered at Oanda.

Oanda also provides pricing information for a wide range of international CFDs, including foreign exchange (Forex), commodities, metals, and bonds.

Indices: You have the ability to buy positions on international indices such as the US Wall Street 30, the UK 100, France 40, and the DE 30.

Forex – Oanda provides pricing for more than 70 different currency pairings, including the EUR/USD, GBP/USD, and AUD/USD.

Commodities – Take positions on natural gas, corn, copper, and a wide variety of other soft and hard commodities along with a wide range of other soft and hard commodities.

Metals: You have the option of going long or short on gold, silver, and platinum.

Bonds– Oanda provides pricing on a variety of bonds, including the UK 10-year Gilt, Bunds, US T-bonds, and many others.

Oanda’s Various Trading Platforms

The broker provides clients with completely configurable desktop and web-based platforms through OANDA Trade, as well as apps for mobile devices. Additionally, if you want to speculate on the foreign exchange markets, you can use MT4.

OANDA Trade Web

The OANDA Trade Web is a browser-based trading platform that has exceptional features including trader analysis, comprehensive charting, and fast trade order execution, to name just a few of them. This platform was awarded the title of World’s Best Retail FX Platform earlier this year.

OANDA Trade Desktop

This is the upgraded desktop version of Oanda’s online trading platform, which features an elegant and user-friendly user interface.

OANDA Trade Mobile App

Through its native apps for iOS and Android smartphones and tablets, the online broker provides clients with access to a comprehensive selection of trading products. Traders have just as much control over their trading positions when they are away from their computers thanks to mobile trading apps that perform just as well as browser-based trading platforms.

MetaTrader 4

The absence of requotes, the ability to customize layouts, an easy-to-use trading interface, and a diverse selection of plug-ins are among the most notable aspects of Oanda’s MT4 platform. You may also trade on the go with your Oanda MT4 account by downloading the MT4 mobile app from the Google Play Store or the Apple App Store.

Additionally, you are able to trade directly from charts using the MT4 platform, which features various displays and nine different time periods. You can also use Oanda’s technical analysis package in the form of a plug-in, which gives you the ability to execute trade positions straight from the interface.

Trading Tools that Will Assist You in Realizing Your Full Potential for Profit

Oanda provides its customers with access to a comprehensive collection of highly effective trading tools, which enables them to better recognize profitable chances and devise successful trading strategies.

You are able to use TradingView powered advanced charts on Oanda’s trading platform. TradingView powered advanced charts are provided by TradingView. You can trade directly through these charts, which come equipped with sketching tools and more than 65 different types of technical indicators.

Technical Analysis: When analyzing intraday markets, it is important to make use of automatic pattern quality and chart pattern indicators. Technical Analysis is a charting application that is accessible through Oanda’s trading platform and is powered by AutoChartist. Technical Analysis is a browser-based tool. Take advantage of useful features such as continuous intraday market scanning, market performance analysis, and study of market volatility.

The Economic Overlay is a tool that may be used on your trading platform to acquire up-to-date information on significant economic events and announcements.

This trading tool, known as Dow Jones FX Select, offers in-depth policy commentary, breaking news, and professional analysis of trends in the market. This service was developed by a diverse group of editors and business news writers from throughout the world at Dow Jones, and it is offered in a number of different languages.

Instruction in Trading

Oanda encourages newcomers to CFD and FX trading to make use of its platform to receive the finest possible instruction. You can use the online broker’s award-winning mobile apps, MT4 platform, or browser-based trading platforms through a free demo account if you are an experienced trader who wants to test new strategies in real market situations. This is possible because the online broker offers all of these trading platforms.

Oanda provides the following list of educational resources for its customers:

Getting Started: If you are a newbie and have never traded online before, you may learn all the fundamentals at Oanda. This is ideal for people who have never traded online.

Tools and Strategy: Learn everything there is to know about creating your own trading strategies and making use of trading tools to analyze the circumstances of the market.

Capital Management: If you want to become an effective trader in CFDs or FX, you need to know how to reduce the amount of risk you expose yourself to. You will learn how to properly employ risk management strategies to protect your capital when you open an account with Oanda.

Webinars and Events: Oanda is home to a large selection of events and webinars, where you may enhance your trading methods by learning from the expertise of top traders and gaining access to their knowledge.

Finding Assistance and Assistance at Oanda

You can gain access to the extensive support portal that the company provides by clicking on the link labeled “Support.” The foreign exchange broker will ask you to select your nation so that it can provide specialized support in the areas of account management, trading, deposits and withdrawals, and assistance with platform use. On the Frequently Asked Questions page, you will discover the answers to a wide variety of questions. You can also discover the precise information you’re searching for by using the search box, which is located at the top of the page.

Additionally, Oanda encourages customers to get in touch with the company via phone, live chat, or email, and the company provides customer care twenty-four hours a day, five days a week.

Please contact frontdesk@Oanda with any questions.

During the hours of 1:00 p.m. Sunday through 6:00 p.m. Friday Eastern Time (ET), the live chat facility will be available.

Please contact us at the following numbers: +1-877-626-3239 for North America; +44-20-7101-1600 or +44-20-3151-2050 for Europe; +65-6579-8289 for Asia Pacific; +61-2-8046-6258 or 1300-0-62632 for Australia; or +0120-923-213 for the United Kingdom (Japan).

Oanda FAQs

Which other trading platforms does Oanda offer support for?

Oanda Trade is available via desktop and web platforms, as well as the MetaTrader 4 app for Google Play and the iPhone app.

What is the lowest amount that must be deposited into an Oanda account before it may be opened?

300 USD

How many different kinds of accounts does Oanda provide its customers with?

Oanda provides five different types of accounts: personal, premium, professional, join, and corporate. There is not a required minimum deposit for joint accounts, personal accounts, or business accounts. However, in order to keep your premium account status, you will need to keep a minimum deposit of US$50,000. All types of accounts, with the exception of the professional account, offer a leverage of 30:1, while the professional account offers a leverage of 100:1.

What different kinds of payment methods does Oanda provide?

To fund your trading account, you can use a wide variety of payment methods, including credit and debit cards issued by Visa and MasterCard, PayPal, Internet banking through Faster Payments (only available in the United Kingdom), Internet banking through BACS (only available in the United Kingdom), CHAPS (only available in the United Kingdom), Swift Payment, and EPA credit transfers (only available in the European Union).

What exactly is a sub-account used for? How can I make one of these?

You are not need to fill out and submit a sign-in form in order to create as many more accounts as you see fit at your discretion. You are required to connect all of your sub-accounts to a single primary account, despite the fact that you are allowed to have several sub-accounts. Sub-accounts can be opened in a variety of currencies, including CAD, GBP, EUR, SGD, JPY, USD, and CHF. These sub-accounts can then be used to take use of the features offered by particular Oanda products, such as MT4, spread betting (only available in the UK), and so on.

How do I get my hands on my hard-earned money?

Visit your Oanda account and pick the Manage Funds option in order to get access to your money and withdraw it. You will be able to withdraw profits, make deposits, and transfer funds between sub-accounts in this section. Your winnings from trading forex are deposited back into the same account that was used to make the initial deposit. You are permitted to make a withdrawal to your credit card or debit card for the full amount of your initial deposit. However, Oanda will not process your payout request until after they have validated the information associated with your account as well as the origin of the funds.

Does Oanda provide trading advise to its customers?

Oanda does not, to the best of our knowledge, provide individualized recommendations for trading. The educational materials offered by it are standard in nature and are provided solely for informational purposes. They are not based on the circumstances of your personal life in any way.

Should You Register for an Account with Oanda?

Because Oanda is an FX and CFD broker with a unique approach, we highly advocate using their services. In reality, the foreign exchange broker will go above and beyond to ensure that you make the most out of your trading endeavors. You will have access to platforms that have won awards, transparent pricing, free trading tools, and exceptional transaction execution through the use of this company. Additionally, it enables you to begin trading with a practice account and provides you with the highest quality trading instruction.

The following is a list of the most compelling arguments in favor of registering with Oanda:

The broker provides its clients with access to the fully automated and proprietary v20 trading platform.

Oanda offers spreads that are among the most competitive in the industry, as well as no minimum deposit requirements and transparent pricing methodologies. You can be required to pay financing fees as well as account maintenance fees, but you won’t come across any surprising hidden prices.

The organization provides support to customers around the clock, seven days a week, in a number of different languages.

Make use of the free tools that are available to you, such as instructional materials, research resources, market analysis, and demo accounts.

In addition, Oanda possesses licenses issued by six of the most important regulatory agencies located all over the world.

Oanda is not flawless; despite its near-perfect nature, it does have some shortcomings. It’s possible that you’ll come to the conclusion that the spreads are not all that competitive and that the selection of trading markets is not all that comprehensive. It’s possible that the minimal instructional resources provided by the broker will also disappoint you. Despite these cons, Oanda still remains one of the most reputed online trading platforms in the world.

We, therefore, suggest that you explore the online broker and sign up if you feel that Oanda is capable of satisfying your trading requirements.