OANDA review (2022) Review
The OANDA broker has come a long way in more than twenty years of its existence. In 2001, OANDA became one in each of the primary corporations to supply personal traders with their own trading terminal, which opened access to all trading instruments. In this review, we will try to reveal the activity of this Forex broker.
The needs of traders at OANDA are served by two main types of trading platforms, the MetaTrader4 (MT4) trading platform and the FXTrade WebTrader. The MT4 trading platform is highly regarded in the online trading community for its advanced features and sophisticated trading tools. As far as FXTrade WebTrader is concerned, JAVA is required to run it. Since it uses Internet technology, traders can access the platform from anywhere in the world, provided they have an Internet connection.
Like most online Forex brokers, OANDA does not charge a commission for its trading services. In fact, traders’ payments are spread based on real-time market value. Depending on the trading currency, spreads start at 1.1 pips. Index spreads are even lower, starting at 0.5 pips.
Traders should be aware that when volatility is high, spreads tend to widen.
The trading platform of the brokerage firm is 100% automated, which ensures fast execution of transactions. In addition, the possibility of reversal of contracts in their direction is excluded. Investors have access to more than 100 instruments, including: indices; bonds; currency pairs; metals; commodities. The spread is floating, for EUR / USD the average is 1.4 pips. With clear spreads set, traders don’t have to worry about hidden fees. Trading with advisors and scalping is allowed on oanda.com. The minimum deposit is 1$.
The brokerage organization operates legally, as its activities are controlled by the relevant authorities. Licenses were issued by the following regulators:
- Commodity Futures Trading Commission;
- Australian financial services;
- Financial Conduct Authority;
- Investment Industry Regulatory Organization of Canada, etc.
This suggests that it is safe to cooperate with this broker, and user reviews confirm this. In addition, the assets of all registered clients are held in accounts with the world’s largest banks. Accordingly, users do not have to worry about the fact that third parties will take over their funds.
This broker offers a demo account service. To open a demo account, you need to follow four steps:
- create a username and password;
- enter personal information;
- take the Compliance Test, this is a test of being aware of your actions.
- verify Your Identity: upload a copy of your driver’s license/passport to verify your identity. A bank statement or utility bill is then required to confirm your registration/residency.
The broker also offers 2 options for trading accounts:
- Standard – an account type with no restrictions on the minimum amount of replenishment, transactions are brought to the market, low spreads without commission costs.
- Premium – here the minimum amount for replenishment is 50 thousand dollars. It is considered ideal for pros as the size of the bets and the deposit are too high for beginners. A distinctive feature is that spreads are reduced here.
Deposit and withdrawal of funds in OANDA
The methods of depositing and cashing out a personal trading account depend on the location of the investor. If he uses services such as OANDA Europe Ltd., his methods of conducting external trade transactions will differ significantly from OANDA Japan Co., Ltd.
In general terms: in almost any branch, you can use the input and output of funds using plastic bank cards, bank transfer and some payment systems.
Advantages of OANDA
- the broker has existed for more than 20 years (it has been on the market for a long time and gained success, which means it is not a fraud);
- the activities of all departments of the company are certified;
- the company has representative offices in several countries of the world;
- the intermediary provides a huge number of investment instruments;
Disadvantages of OANDA
OANDA certainly has its drawbacks, but there are very few of them:
- not a very user-friendly website;
- there are few ways to withdraw funds.
Pros / Cons