OANDA Review : Read Before You Trade

We show the total trading cost incurred by both models when opening a 1 lot ($100,000 traded) position on EUR/USD. OANDA provides forex and CFD traders everything they need to successfully navigate the markets, with multiple daily articles, as well as podcasts and research tools. One minor annoyance is that many of the research resources from the desktop and web platform open in a new browser, rather than being directly integrated within the platform.

Can I trust OANDA?

• It’s been a really great experience even though I’m losing more than winning but that’s just down to my own stupidity and experience.
• BestBrokers.com does not assume liability for the financial losses our readers can potentially incur while trading with the online brokers we shortlist.
• Charting has 24 indicators, 9 drawing tools, 9 time frames, and 10 chart types.
• From OANDA’s array of tools and services, it’s pretty clear that they equip traders with the necessary insights and analysis to navigate the financial markets confidently.
• The fxTrade mobile trading platform crams an impressive amount of functionality into a small platform to the point that it is almost as robust as the desktop application.

Charting has 24 indicators, 9 drawing tools, 9 time frames, and 10 chart types. One of the most useful advantages of the charts is that you can adjust the candlesticks to bid, ask, and mid. There is a very high degree of risk involved in trading securities. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses.

KYC Procedure for Account Creation and Depositing

Also, multilingual support in Live chat, e-mail, and international phone lines are available. At first, OANDA Corporation is authorized by the CFTC (USA) and is a member of the NFA. There are only a few forex brokers in the world that have managed to get this kind of license. TradingView users are pleased that they don’t have to adjust to a new charting platform when trading with OANDA. Some of its trading tools include customizable watchlist, price alerts, limit orders, and stop loss levels. This enables you to place trades with unmatched speed and precision.

Products

There is a strong research team of currently six analysts at OANDA covering markets and timezones around the world across a range of asset classes. According to the FAQs page, withdrawals are usually processed within one business day, and the funds appearing on your account will depend upon which method has been chosen. You will generally get at least one free withdrawal per month on most methods (debit card, PayPal). After that, subsequent withdrawals will incur fees depending on the region, for example £10 in the UK, $15 in the US and €20 in the EU. There are a total of 23 metals markets to choose from, which we believe is a strong offering. As with other brokers, the app is available through Android and Apple devices.

OANDA also provides fewer video updates than the leaders in this category, such as Saxo and IG. OANDA was one of the first brokers to integrate TradingView charts, and you can now log into the TradingView web platform and connect your OANDA account to unlock the full trading platform experience. According to most research, the differences between them in terms of quality are more or less negligible.

We champion verified reviews

• The OANDA Group has multiple subsidiaries that are licensed to offer products to clients around the globe.
• Thus, from a technical standpoint, OANDA is primarily best for forex traders.
• However, once you have an account and select chat from within the client portal, it typically takes only a short time to receive a response.
• No, OANDA does not charge any fees for fund withdrawals, allowing traders to access their funds without additional costs.
• OANDA provides access to a broad range of trading instruments, including forex pairs, CFDs on commodities, indices, and stocks.
• If you need to contact the support team, you can do so via email, live chat, or even phone.
• But both very experienced and very inexperienced investors are likely to find this experience inadequate.

OANDA protects client funds by using account segregation, which keeps client funds separate from the company’s own funds and offers negative balance protection to prevent losses beyond the deposit. No, OANDA has no minimum deposit requirement, making it accessible to traders with any budget. Signing up, creating an account, and using OANDA is absolutely free. The platform charges no maintenance fees, nor does it require regular payments. Unlike many similar platforms, OANDA only takes a commission out of successful trades at a rate of $50 per million.

This is the equivalent of 0.5 pips for a 1 lot trade on EUR/USD. From the spreads that they give on the website, this means that trading 1 lot of EUR/USD on a commission basis saves the trader on fees. Blain Reinkensmeyer has 20 years of trading experience with over 2,500 trades placed during that time.

OANDA also offers trading on soft commodities like coffee, cocoa, sugar, and cotton through CFDs. The CFTC and NFA enforce rules to protect retail traders and maintain market integrity. This fee differs depending on the type of asset being traded and the number of trading days. Steven oanda review Hatzakis is the Global Director of Online Broker Research for BrokerNotes.co and ForexBrokers.com. Steven previously served as an Editor for Finance Magnates, where he authored over 1,000 published articles about the online finance industry. XM Group also offers integration with MetaTrader 4, but it doesn’t offer any in-house apps, relying instead on the MetaTrader 4 platform completely.

OANDA commissions and fees summary

This way, you can test out all the features and get familiar with the UI and charting tools before you sign up. All in all, the Elite Trader program is a nice loyalty-based system for high-volume traders. There are no fees or hidden requirements; as long as you meet the minimum monthly volume of trades, you will keep your tier level and its perks. Similarly to the desktop and web platforms, the official mobile app is highly customizable. You can set up the layout, as well as the chart sizes, levels for pending orders and bounds for trading.

FxScouts helps traders across the globe by meticulously testing and reviewing online brokers and providing Forex education and market analysis. While partners may pay to provide offers or be featured, they cannot pay to alter our recommendations, advice, ratings, or any other content. Our content and research teams do not participate in any advertising planning nor are they permitted access to advertising campaign data. OANDA is a highly secure broker that prioritizes the safety of its clients.