OANDA: Review, Analysis and Complete Guide
OANDA is a secure broker regulated by various regulatory commissions according to the country in which it operates that guarantee fair and transparent financial markets to invest in the FOREX and Index CFD market.
OANDA offers comprehensive trading solutions for both retail and corporate clients. It provides the opportunity to trade a wide variety of Forex products in the US and Japan, as well as Forex and CFDs in Canada, UK, Europe, Middle East, Africa, Asia Pacific and Australia.
OANDA has been awarded for its exceptional execution platform and sophisticated tools that provide advanced information for better decision making and useful indicators for trading.
OANDA is a leader in Forex solutions and its unique features as a broker, through the use of advanced graphics, portal with Chasing Returns technology and access to APIs that allow for customized solutions.
Below we will refer to the various features of OANDA, its fee schedule, trading methods, user opinions and everything else necessary for you to evaluate whether you are the right broker to invest.
Pros and cons of OANDA
- Highly regulated and secure broker
- Excellent opinions and acknowledgements
- Forex and CFD Specialist
- Well designed portal
- No minimum deposit required
- It does not offer promotions or incentives
- Little diversity of assets
OANDA Financial Products
OANDA clients can invest in more than 70 currency pairs, offering comprehensive coverage of the Forex market, its main asset class in this trader’s trading operations.
Its base level selection of precious metals allows for some diversification opportunities. Bond FDs are also a strength for OANDA.
On the contrary, crypto-currencies and stocks are not abundant among the assets of this international broker. The coverage of the Forex market is excellent, with varied availability.
Forex and CFDs: Forex is one of the most liquid markets in the world with a daily volume of 6 trillion dollars The dollar is the most traded currency in the world
Awarded as the best retail forex trading platform in 2018, OANDA offers competitive spreads on over 70 currency pairs.
CFDs: Contracts for Difference offer the possibility of leverage, whereby the difference in price of an asset is exchanged between the time the position is opened and the time it is closed (long or short).
It is very important that the chosen broker is reliable because it involves great risks if the trading is not secure. OANDA specializes in this type of trading and offers competitive spreads across its entire range of forex and CFD markets, including indices, commodities, bitcoin, mini bitcoin, metals and bonds.
With OANDA it is possible to trade a wide variety of metals including gold, silver, platinum and palladium.
Crypto-currencies: On OANDA it is possible to take a safe position on bitcoin from the OANDA Trade platform. Bitcoin is a form of virtual currency that started in 2009 and this broker offers 50% leverage for trading with bitcoin or mini bitcoin.
Commodities: This broker has a volatility table that gives the client a general overview of the recent behavior of commodity prices in order to make a more informed decision.
The best option it offers is undoubtedly Brent crude oil, as the spread starts at only 3 points. It also operates competitively with other commodities such as copper, wheat and natural gas.
Bonds: Through OANDA apps it is possible to react to market bond activity in real time and these applications offer customized tables, risk control and price alerts to take advantage of all available opportunities.
OANDA’s main bonds include Bund, UK 10Y Gilt, US 10Y T-Note, US 5Y T-Note, US 2Y T-Note and US T-Bond.
MarketPulse This is a blog operated by this broker which, according to the opinions of many users, is a fundamental tool when making investment decisions.
It is an excellently designed financial portal with a macroeconomic section that is subdivided into MarketPulse, Economic Exposure, Central Bank Watch and OANDA Video.
With these tools traders receive an interesting summary of the main indicators that can significantly influence their trading strategies.
How to Open an OANDA Account
According to most users, opening an account with OANDA is a simple and safe process.
The process of opening an account with OANDA consists of three steps. First it will be necessary to register by completing a standard form. Secondly, the client must confirm his/her identity through a copy of his/her identification and proof of residence.
Considering OANDA’s strict adherence to the comprehensive regulatory framework in the various countries in which it operates, users can fully rely on this broker to provide them with their personal and financial information.
Finally, once the identity and address have been verified, the account can be funded and trading can begin.
Requirements and verification
One of the requirements to be able to operate in OANDA is to have verified identity by scanning the relevant documentation: identity card, passport or driver’s license. You must be over 18 years old.
You will also be asked for a document confirming your address (the date of which may not be more than three months) which you will inform in due course when you register.
These requirements are essentially important when withdrawing funds from your account and make the system more secure and reliable for investing.
To open a demo account you need to fill in a form, select the type of platform and download and install the corresponding application to start trading virtually. You will be able to access it by creating a user name and password.
Demo accounts allow you to learn about the operation of trading platforms and examine analytical tools in a practical way. There is no limit to the duration of the account.
With the OANDA demo account it is possible to practice different trades using fxTrade, MT4 and mobile platforms. This account will allow you to trade confidentially with competitive spreads and excellent functionalities from CFDs to crypto currencies such as Bitcoin or mini Bitcoin.
OANDA has offices in the world’s most active financial markets and technology centres. Based in the United States, it also operates in Asia and Europe.
It has 4 offices in Asia, 3 offices in Europe and 3 offices in North America.
How to use OANDA
OANDA offers different trading platforms, so that the trader can safely choose the software that best suits his or her needs and thus optimize the results of his or her investment decision.
This platform allows you to analyze trends using Advanced Graphics with a wide variety of indicators and drawing tools for investing. With these charts it is possible:
- Place, view and close trades directly from the charts;
- Choose from over 10 charting classes, from the most basic to the most advanced such as Renko and Kagi
- Features more than 50 design tools, including Pitchforks, Gann Fans and Elliott Waves.
Its intuitive platform is easy to use and navigate. In addition, it is possible to customize it according to the user’s preferences when investing.
Another very useful tool on this platform is the access to news and updated data from prestigious entities such as Dow Jones International and 4CAST.
OANDA offers apps for Android, iPhone and tablet. These applications allow full access to markets with full graphic functionalities and various indicators and technical tools.
In any of the mobile devices it is possible to establish personal parameters that favour the trading of the assets that you want to trade.
The mobile platform makes it easy:
- React to market activity in real time, managing positions, controlling risk and monitoring performance.
- Adapt the size of the charts to the user’s trading style.
- Add funds to your account directly from your mobile phone.
- Set notifications about Bitcoin price alerts, expirations, future events and global market news.
Meta Trader 4
OANDA platforms are combined with MT4’s graphics and analysis for better performance and execution.
The MT4 premium upgrade offers access to a wide variety of enhancements including additional indicators and expert input such as mini charts, alerts, transaction warnings, and more.
Oanda Trade Web Platform
This platform allows trading by combining an intuitive interface with a set of technical analysis tools and a sophisticated charting package.
Research and Visualization Tools
OANDA has several analysis tools to identify opportunities and create a more solid trading strategy. Among them we can mention the following:
- Advanced charts with TradingView technology Includes over 65 technical indicators and drawing tools. Allows you to analyze market trends using drawing tools such as Pitchforks, Gann Fans, Elliott Waves, among others.
- Technical Analysis Allows you to analyze the markets using automatic chart pattern recognition and quality indicators for better trading. Technical analysis (AutoChartist) is a charting application for continuous market analysis, performance statistics, market volatility analysis, among others.
- Dow Jones FX Select provides real-time news updates, trend analysis and expert commentary developed by a global team of Dow Jones reporters and business news editors. Available in several languages.
- Trade Performance Portal Developed by Chasing Returns, this portal analyzes a trader’s trading history and helps them focus on their strengths while identifying areas for improvement. Trading Performance is available on your OANDA Trade platform and on the mobile application.
OANDA Deposits, Withdrawals, Fees and Limits
Deposit Methods and Minimum Deposit
According to users’ opinions, depositing funds into an OANDA trading account is simple and straightforward. Funds can be deposited by credit and debit card, BPay, online banking and bank transfer.
To make a first deposit into your OANDA trading account, simply select the ‘ manage funds ‘ tab after logging in.
Credit and debit cards supported by MasterCard and Visa are accepted. Your card provider may charge you a transaction fee and an international processing fee for using this method.
When the method used is BPay It can take between 1 and 3 business days for the funds to be reflected in the account. The user must send a transfer receipt showing the amount sent.
Deposits made by online bank transfer are processed within 1-3 business days. There is no maximum deposit limit, however, the bank may impose a limit per transaction. International bank transfers may take up to 5 business days.
Deposit limits are reset on the first of each calendar month at 00:00 hours (GMT).
OANDA allows you to withdraw funds by credit and debit card and bank transfer (including online banking). Funds can be withdrawn by selecting the ‘Manage Funds’ tab after logging in to your OANDA account. Clients can request a withdrawal from any verified bank account.
When the withdrawal is by credit or debit card, the processing takes up to six working days. The total amount that can be withdrawn cannot be greater than the amount that was originally deposited.
For withdrawals by bank transfer, 1 to 2 business days are required for withdrawals and up to 5 business days for international withdrawals.
Fees and Commissions
Market volatility and market liquidity are the two main factors affecting Forex and CFD spreads. OANDA has a patented price engine that ensures that its spreads closely follow the prevailing global market.
It has a customised pricing algorithm that automatically calculates the spread for each instrument traded on the trading platform. This mid-point fluctuates throughout the day as wholesale prices change.
OANDA spreads are quite competitive and start from only 0.8 points in Australia 200 and 0.5 points in NAS100. It offers USD/JPY and EUR/USD from 0.6 pips (spread only), Brent Crude Oil from 3 pips and XAU/USD from 25 cents.
The Commodity Futures Trading Commission (CFTC) limits the leverage available to retail foreign exchange traders in the United States to 50:1 on major currency pairs and 20:1 on all others. OANDA Asia Pacific offers maximum 50:1 leverage on FX products and limits apply to leverage offered on CFDs. IIROC determines the maximum leverage for OANDA Canada clients and is subject to change.
Is OANDA Safe?
OANDA is a safe and reliable trader since it is regulated by the financial authorities in the countries where it operates.
OANDA is a well-regulated global operator, fully complying with the requirements of all its regulatory agencies. Users can have full confidence in the operations they carry out in all jurisdictions where OANDA operates.
OANDA is regulated in the United States by the Commodity Futures Trading Commission (CFTC) and is a member of the National Futures Association under number 0325821.
In Canada it operates under the framework of the Investment Industry Regulatory Organization of Canada (IIROC). OANDA users are protected by the Canadian Investor Protection Fund.
OANDA Europe LTD is regulated in the UK by the Financial Conduct Authority (FCA) under licence number 542574.
OANDA Asia Pacific Pte LTD holds a Capital Markets Services License granted by the Monetary Authority of Singapore. The Australian Securities and Investment Commission (ASIC) regulates OANDA Australia Pty LTD under the AFSL license number 412981.
OANDA Japan LTD is governed by the Financial Futures Association of Japan under subscriber number 1571.
OANDA, being regulated in Europe by the Financial Conduct Authority (FCA) has the Financial Services Compensation Scheme (FSCS) which offers protection up to £85,000.
In Asia it also has a Compensation Scheme (CDDA Scheme) for unexpected losses.
OANDA answers questions and provides support through the help portal where frequently asked questions on the most common problems can be found.
For more complicated problems OANDA offers an online chat function which is the most efficient way to communicate with a support representative.
Email and phone support are also available but response times are often longer.
The support is available 24/5 and is generally not widely used by users, according to the opinion of many of them who consider it unnecessary since OANDA does not present major difficulties for their operation.
Opinions from OANDA
Next we will bring you the opinions of some users who are already operating with this operator. These opinions will also help you decide if OANDA is the ideal online broker to invest your money.
One of the opinions belongs to Jimmy G. who said: “OANDA is excellent for CFD trading, although I would like to have more variety of crypto apart from Bitcoin“.
Another opinion is that of Louis W.: “I have been using OANDA for three years and I really find it far superior to other traders, especially when it comes to depositing and withdrawing funds”. “”.
Also, among the opinions about this operator, Matthew S. said: “The customer service is excellent, the assistance before and after the transactions exceeded my expectations”. “x”.
Finally, we mentioned another of the opinions about OANDA, in this case Linda M.. said: “I find it reliable and secure when investing my money. Investing in Bitcoin was a great decision. “”.
OANDA Alternatives and Competitors
If after reading all the features and opinions about OANDA you still need to know the opinions about other service options, it is also possible to choose among other brokers. Currently, there are several companies that offer the online broker service.
Here are some reviews from other brokers so you can rate and compare features and opinions:
OANDA is a reliable and safe operator as it has regulations in all jurisdictions it operates and is supported by important compensation schemes.
OANDA is, without a doubt, a specialist in Forex and CFDs, this positions it as a very important operator at international level. However, it’s more difficult to trade with this operator if you want to diversify your assets beyond the typical Bitcoin or mini Bitcoin.
The platforms it handles are also a strong attraction for users, since it has multiple options, both desktop and mobile with very versatile applications for trading in real time.
Trading rates are above average, but being a market maker it claims to have competitive margins. It does not require a minimum deposit and this also makes it attractive, especially for the less experienced.
Therefore, we recommend OANDA as a broker specialized in forex and CFDs to trade safely and efficiently, with several trading options in the financial market.
OANDA technical and characteristic sheet
|Countries where it is regulated||20|
|Time to open account||1-3 days|
|Bank card deposit|
|Deposit with electronic wallet|
|Demo account available?|
|Easy to use platform?|
Frequently Asked Questions about OANDA
OANDA is a secure and regulated broker that offers comprehensive solutions for both retail and corporate clients, especially in the Forex and CFD market. It has been awarded for its exceptional platform and sophisticated decision tools.
OANDA offers different trading platforms, so that the trader can choose the software that best suits his or her needs and thus optimize the results of his or her investment decision.
OANDA Exchange offers several payment methods for withdrawal of funds, including: bank transfer, credit cards or debit cards. Costs related to transfers depend only on the transaction method.
With over 70 currency pairs, OANDA offers comprehensive coverage of the Forex market. It also offers a basic selection of precious metals and commodities for more diversification opportunities when investing. Major world indices are added to the bond CFDs. You can trade in Bitcoin or mini bitcoin.
OANDA is a safe and reliable broker to invest since it is regulated by the financial authorities applicable in all jurisdictions where it operates and uses advanced technology that makes it even safer. The awards it has received confirm this.
OANDA is regulated in the United States by the Commodity Futures Trading Commission (CFTC) and is a member of the National Futures Association under number 0325821. It is also regulated in Canada, Europe and Asia.