Oanda Review 2021 Pros and Cons Uncovered

I don’t tend to write many of these reviews, if ever, but if this review can help one person make a well informed decision on what broker to use, then great. I’ve been with Oanda for a number of years now and I can’t praise them enough. Great broker, the spreads/leverage are great and their support team are amazing. I’ve had the most contact with him, so if the other staff members are as good as him, then even better. I cannot recommend OANDA highly enough, they are really on the ball in terms of Customer Service. I have recently opened my Live account following a few months working with the Demo version.

oanda forex broker review

And for that reason, Oanda historical spreads are accessible by all the traders. Further, the OANDA Asia Pacific Pte Ltd provides stop-loss order protection. But US users don’t get to access any of these features, but eventually, Americans don’t need any protective features as the USA regulation is very strict. The lack of a minimum Deposit, transparent pricing, technical optimization and a variety of tools make OANDA broker popular among the community of traders.

Write a review

Still, Oanda reportedly influences market prices, spreads, margin terms and more without consent or sometimes even acknowledgement by the user. It’s terrible of course, but there is evidence that it may not be as bad. In general, if you look at it in comparison with other brokers, then they are very good in this office. There are quite favorable conditions, a convenient conclusion (it’s still good that there is a bank of its own), many options for exactly how to trade. The main thing is to have a head on your shoulders and attentiveness.

You can make deposits via credit or debit card, bank wire transfer, or PayPal depending on your requirements. Oanda Europe limited charges no fees on making deposits via credit or debit card or bank transfers, but there is a fee on depositing via PayPal . A demo account takes away your fear of failing at trading by giving you the chance to hone your skills. To say, it is a demo, but everything you experience here is real except for virtual deposits. There are two types of accounts that you can choose to open with Oanda – standard account and premium account.

  • OANDA also offers clients “a powerful and more dynamic trading experience” by partnering with third party providers MultiCharts, CQG FX, and TradingView.
  • In our review of the service, we found it doing well at resolving our queries.
  • The ForexBrokers.com annual forex broker review is the most cited in the industry.
  • Oanda offers unlimited demo accounts, ideal for testing algorithmic trading solutions and new strategies.
  • It also provides powerful research tools, especially trading APIs.

FOREX.com provides traders 91 currency pairs (e.g., EUR/USD) compared to OANDA’s 71 available pairs. Forex pairs aside, FOREX.com offers traders access to 5500 CFDs while OANDA has 124 available CFDs, a difference of 5376. For our 2022 annual forex broker review, we spent hundreds of hours assessing 39 forex and CFD brokerages to find the best forex broker. For the more advanced users, there is also an API management function that can allow experienced traders to create and test their own automated trading strategies.

What is the minimum deposit for OANDA?

Another key difference is that you can build trading bots called Expert Advisors in with MetaTrader 4. To get a better understanding of these terms, read this overview of order types. Base currencies, a selection that compares well to the company’s closest competitors.

oanda forex broker review

Furthermore, when traders use the MT4 premium upgrade, this enhances functionality, with additional order types and trade management features. We also really like the ability to overlay multiple currency pairs onto a single chart for comparison. This is a function that is not seen on MT4 and is a strong feature of the platform.

Oanda maintenance

They claim to execute all operations in just 0.012 on average, by the way. As for currency conversions, you won’t need additional software to make a converting operation, just an active account. Additionally, there is a fairly decent educational chapter on their website.

For example, OANDA Europe Limited offers ESMA-mandated negative balance protection, while OANDA Asia Pacific Pte Ltd. offers guaranteed stop loss orders. U.S. clients are the exception, as OANDA Corporation does not offer their accounts any such protections. OANDA advertises that it offers a trading analysis application, powered by Chasing Returns, which analyzes the client’s trading history.

Its superior risk management technology provides traders with extra protection against any frauds or scams. Trade directly from charts using over 50 technical indicators, including MT4 Order Book Indicator. MT4 Plug-In incorporates tools like intraday market scanning, automatic chart pattern recognition, and trade automation. Traders will need to pay inactivity fees if they don’t conduct any trading for a long time. Oanda provides various economic analysis features complying with real-time news, calendars, and analytics.

The web-based offering includes charts from Tradingview with advanced studies and display styles along with most of the functionality of the downloadable version. Clients also have the option of trading directly from charts. Other features include customizable watchlists, news feeds, research options that open up in a browser, and API access. OANDA accepts U.S. clients, making it one of the few global online forex brokers to do so.

Thankfully, Oanda’s advanced encryption technology keeps cybercriminals at bay. Its global presence and compliance with international regulatory standards make it a safe broker to trade among traders. Oanda Europe limited enables traders to scan the trading platform opportunities and trade directly from charts using technical indicators across all its platforms. Forex and CFD trading is made simple with Oanda’s fair trading view.

Reliability and regulation

Additionally, they may try the proprietary Oanda Trade platform as a competitive alternative, supporting algorithmic trading following its partnerships with MultiCharts and MotiveWave. Oanda also partnered with TradingView, offering traders the community features and technical analysis at TradingView. For our Oanda review, we checked the trading platform on various metrics. The incredible trade execution speed and transparent trading market conditions impressed us the most. 78.3% of retail investor accounts lose money rapidly when trading CFDs with OANDA Europe Markets Ltd and OANDA Asia Pacific Pte Ltd.

Please read Oanda reviews below and share your live trading experiences. OANDA enables its clients to trade over 100 instruments including currency pairs, commodities, indices, bonds, and metals. There are no additional commission fees, and the costs are mainly based on spreads. Besides, the broker does not have a compulsory minimum deposit requirement or trade size, which makes the broker favorable to sign with. The comparison table below shows the funding fees and other relevant fees.


We have analyzed information about the geography of the broker’s customers in August 2020. In our review, we will compare the services offered by Oanda with those provided by its competitors – XM and XTB, in order to show the benefits and drawbacks of the broker in a more efficient way. The also have numerous NFA complaint and were fined by both the CFTC and NFA this year for “nay deficiencies” and undercapitalization . Then B book brokage firms…Even an A and B book brokage is better then these Savages …Oanda is neither…which Speaks Volumes… The quality of this content can be deduced from personal experience or from other people’s experience.

Furthermore, they were the first broker to introduce “pipettes” in 2004. This shows that driving the industry oanda review forward is at its core. Oanda customer support is available 24/5 but fails to list phone numbers.

The web trading platform primarily offered by Oanda is its own proprietary FXTrade web trader. The web trading platform offers all of the same functionality as the desktop platform, though in a more user-friendly manner. The broker was co-founded in 1996 by Dr. Michael Stumm and Dr. Richard Olsen. These men formed the bedrock of what was, at the time, one of the most innovative companies in the sector.

But, all the CFDs might not be accessed globally as some countries may restrict some instruments. But you will get to the details of the restricted instruments while signing https://forexbroker-listing.com/ up. Forex traders across the world can follow this article to get a detailed overview. А decent broker, the conditions are good, often better than other brokers provide.

Our only real negative is the lack of selection in trading instruments. Unlike crypto brokers, OANDA do not offer stock trading CFDs and has a minimal crypto selection. Aside from that, we believe OANDA is an excellent broker. If OANDA goes bust, how safe your funds are will vary according to the regulator the entity the account holder is registered with.

If you trade smart you can make consistent money with this broker. Withdrawals and deposits are simple, fast and legit, ACH, debit card and wire if you choose. 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.