Oanda: An Overview
Oanda is an online broker offering forex and CFD trading. The company was founded in 1996 and is headquartered in New York City. Oanda has offices in the United States, Canada, the United Kingdom, Singapore, Japan, Australia, and New Zealand.
Oanda offers two main types of accounts: a standard account and a premium account. Standard accounts have a minimum deposit of $1,000 and leverage up to 50:1. Premium accounts have a minimum deposit of $10,000 and leverage up to 200:1.
Oanda offers the following platforms for trading: MetaTrader 4, WebTrader, Mobile Trader, and Tabletop Trader. MetaTrader 4 is a desktop platform that supports multiple languages. WebTrader is a web-based platform that supports English, Japanese, Chinese (Simplified), German, French, Italian, Russian, Spanish, Portuguese (Brazilian), Arabic, Indonesian, Vietnamese, Thai ̈ , Bengali ̈ , Hindi ̈ , Urdu ̈ , Turkish ̈ , Persian ̈ , and Malayalam ̈ . Mobile Trader is a mobile platform that supports Android and iOS devices. Tabletop Trader is a tablet platform that supports iPad devices.
Oanda has received numerous awards over the years including Best Retail FX Platform from Profit & Loss magazine in 2013 and 2014; Best Retail FX Provider from Shares Magazine in 2015; Best Online Broker from
Oanda’s Regulatory Bodies
Oanda is a broker regulated by some of the most trusted agencies in the world. The company is registered with the Commodity Futures Trading Commission (CFTC), the National Futures Association (NFA), and the Financial Industry Regulatory Authority (FINRA).
These agencies work to ensure that Oanda operates fairly and transparently, offering a high level of protection for its clients’ funds. In addition, Oanda is also a member of the Investor Compensation Fund (ICF), which provides additional protection for clients’ investments.
The Different Types of Oanda Accounts
Different types of Oanda accounts include the following:
1. Standard account: This is the most common type of account and offers access to all features and products on the Oanda website. A minimum deposit of $10 is required to open a standard account.
2. Mini account: A mini account allows access to all features and products on the Oanda website, but with a reduced lot size. This account type is best suited for those who want to trade smaller amounts of money. A minimum deposit of $250 is required to open a mini account.
3. VIP account: VIP accounts offer all the features and products of a standard account, but with increased lot sizes and decreased spreads. This account type is best suited for those who want to trade larger amounts of money. A minimum deposit of $10,000 is required to open a VIP account.
Pros and Cons of Trading with Oanda
Oanda is considered one of the best forex brokers and has been in operation since 2001. It is regulated by top-tier authorities, offers multiple platforms including the popular MetaTrader 4 (MT4), and has received high marks from users in terms of customer service and overall satisfaction.
That said, no broker is perfect and Oanda does have a few drawbacks worth mentioning. Below, we take a closer look at both the positive and negative aspects of trading with this broker.
Pros:
– Wide range of currency pairs available for trading
– Competitive spreads starting at just 1 pip on major pairs
– No commissions on trades
– Leverage up to 50:1 available
– Highly regulated by top financial authorities
– Excellent customer service ratings
Cons:
Oanda’s Trading Platforms
Oanda is a leading online broker that offers trading in a wide range of financial instruments, including foreign exchange (forex), CFDs, and metals. The company’s award-winning platforms are designed to meet the needs of both retail and institutional traders.
Oanda’s desktop trading platform, fxTrade, is one of the most popular forex trading platforms in the world. The platform is available for Windows, Mac, and Linux operating systems. fxTrade offers a user-friendly interface and advanced features such as charting and order management tools.
The company’s web-based platform, fxTrade Web, can be accessed from any internet-connected computer. fxTrade Web includes all of the features of the desktop platform, plus it is optimized for use on mobile devices such as smartphones and tablets.
Oanda also offers mobile trading apps for iPhone, iPad, Android, and BlackBerry devices. These apps provide access to all of the features of the web-based platform, plus they offer real-time quotes and charts.
Oanda’s Trader Ratings
Oanda is a broker that has been around since the early days of online trading. They offer a wide range of markets including Forex, Indices, Metals, energies and more. They are regulated by the Financial Conduct Authority (FCA) in the UK and the Commodity Futures Trading Commission (CFTC) in the US.
Oanda’s trader ratings are very good. The company has a Trustpilot score of 4.5 out of 5 and an average rating of 9.4 out of 10 from over 2,000 reviews. On Forex Peace Army, they have a 3rd party verified rating of 4 out of 5 with over 1,600 reviews.
The vast majority of Oanda’s reviews are positive, with traders praising their customer service, low spreads, and easy-to-use platform. There are some negative reviews too but these are mostly from traders who have lost money due to their own trading mistakes. Overall, Oanda is a reputable broker with happy clients.
Conclusion
Overall, Oanda is a trusted broker that offers a variety of features and tools to its clients. While it is regulated by multiple authorities, some traders may find the platform interface to be confusing. However, customer service is available 24/7 to help resolve any issues. Overall, Oanda is a good choice for experienced traders who are looking for a reliable broker with competitive spreads.