Oanda Review 2023: Weighing The Pros & Cons

Oanda is a company authorized by the CFTC to trade futures and exchange foreign currencies. It is also a member of the National Futures Association (NFA).

Oanda Main Highlights

🚀 Minimum deposit:	0$
⚖️ Leverage:	Up to 1:200
🛡️ Regulations & Licenses:	CFTC, NFA, FCA, MAS, ASIC, IIROC
💵 Deposits/Withdrawals:	Credit/debit cards, wire transfers, PayPal
💻 Trading platform:	MetaTrader 4, Mobile apps, Web platform
🌙 Islamic Account:	Yes
🔗 Main domain:	oanda.com

A Look at Oanda

Oanda is a well-known online foreign exchange broker in the USA, with offices around the world. It provides a platform for trading currencies, CFDs (complex financial instruments), and other assets such as stock indices, bonds, commodities, and precious metals.

It is highly regarded for its advanced proprietary platforms and precise technical indicators, which can help traders make profitable investments.

The shareholders of OANDA Global Corporation have agreed to an offer from a subsidiary of CVC Capital Partners Asia Fund IV to purchase all of their company’s stock. Oanda is a multi-award-winning brokerage that provides a currency converter tool to convert one currency to another.

Oanda Account Types

You can open two kinds of accounts with Oanda:

Standard account

The standard account is suitable for traders of all skill levels, allowing them to trade in Forex and CFDs.

Premium account

Having a premium account involves meeting certain conditions. You can enjoy benefits like custom pricing, tight spreads, free wire transfers and having a relationship manager as a premium account holder.

In addition to these retail investor accounts, Oanda also allows new traders to create a practice account with fake money. This way, they can try out trading without actually risking any real money.

Islamic account (swap-free)

OANDA offers a Swap-free account to traders which has special features:

• Spreads start at 1.6 pips for EUR/USD
• No commission fees
• Leverage up to 1:200 on major Forex pairs
• Ability to trade in micro-lots starting at 0.01 lots
• Access to 26 different instruments across different asset classes
• Stop-out level of 50%
• One-click trading available
• All trading strategies can be used
• USD is the base account currency
• Maximum trade size of 10 million

Oanda Regulations and Licenses

Six powerful regulatory bodies, including:

• The US Commodity Futures Trading Commission (CFTC).
• The US National Futures Association (NFA).
• The UK Financial Conduct Authority (FCA).
• The Australian Securities and Investment Commission (ASIC)

Oanda Top Features

Oanda offers a lot of features for traders and brokers of all kinds. These features are easy to use and let people trade forex in whatever way they prefer.

Analysis tools

A successful trade requires a well-thought-out strategy. With its advanced analysis tools, designed for experienced traders, you can make a successful plan and improve your trading abilities. The analysis tools include coding, news analysis and visual market data analysis.

Trading platforms

Oanda offers different trading platforms for the web, computers, or smartphones. You can easily trade Bitcoin CFDs from your desktop or mobile. When keeping a trade open overnight, traders must pay interest.

This platform is available in 7 languages and it is known for providing reliable trading conditions for its clients. You can also access other platforms from third-party providers via Oanda’s marketplace.

Education resources

Oanda provides free resources for both novice and experienced traders. You can select the material tailored to your level of knowledge.

The material covers topics such as trading basics and live market analysis. It is available in multiple languages. Additionally, there are no minimum deposits and withdrawals, as well as low fees for Forex and CFD trades. You can also use the MT4 trading platform and access a variety of assets such as metals and gold.

Algorithmic trading

It utilizes a smart algorithm that assists you in finding the most lucrative trades and executing them accurately.

Wide range of assets

Oanda offers a wide variety of trading options, with more than 60 currency pairs and 30 CFDs to choose from. It also supports nine different base currencies, such as USD, EUR, GBP, AUD, CAD, HKD, JPY, CHF, and SGD, thus eliminating the need for currency conversion fees.

Maximum leverage of 50:1 is available for major currency pairs, and there is a wide selection of CFD products.

Oanda Trading Platforms

Oanda provides easy-to-use trading platforms that can be used on desktop computers and mobile devices.

Web trading platforms

Oanda’s web trading platform for forex can be quickly and easily accessed from your web browser. The platform offers advanced charting tools to analyze market trends with more than 100 charts, overlays, technical indicators, and drawing tools.

You can also use the platform’s advanced technical analysis tools to find trading opportunities with the help of chart pattern recognition, position ratios, and back-testing. Plus, you can get up-to-date market news and insights from leading news providers such as Dow Jones International.

Additionally, Oanda offers a Live Account feature to manage accounts and industry-standard order execution speeds even during periods of higher market volatility. They also have an advanced trader program.

Desktop trading platform (FXTrade)

Oanda’s platform is easy to use on both mobile and desktop devices, and it has better research and data analysis tools than other trading platforms. It also offers a wide range of trading instruments.

• Access to various trading tools and analytics.
• Competitive prices and quick order execution.
• Advanced charts to assess the market.
• Manage trades with different order types.
• Personalize the platform to suit your needs.
• View orders and open positions.
• Stay up to date with news and market analysis.
• Utilize trailing stop orders to limit losses.

MetaTrader 4

Oanda’s MetaTrader 4 (MT4) platform is well-liked by traders for its useful features. It has trading algorithms, back-testing, and full support for expert advisors and hedging. Additionally, it includes a variety of technical indicators and chart pattern recognition, as well as the ability to trade directly from charts. The platform also includes an intraday market scanner and automated trade features.

Mobile trading platform

Oanda fxTrade mobile trading platform allows you to access and manage your investments. It has a range of features that can help you track trading opportunities. You can use a range of order types, account analytics, and competitive spreads.

The app also includes a mobile chart to place orders and set up profit targets for pending orders. You can get notifications on market sentiment and price signals and you can also use technical analysis tools to define your trading strategy using charts, overlays, indicators, and drawing tools.

And you can customize trades for any instrument. You can trade directly from the charts and adjust stop-loss and limit orders. The app has the same trading features as the desktop version.

Oanda Deposits & Withdrawals

Oanda makes it easy to withdraw your earnings. To start, simply submit a withdrawal request. You can choose from a range of payment methods, including credit or debit cards, wire transfers, or PayPal. The first withdrawal request each month is free of charge.

Depending on the payment method and country, it may take 1-5 business days for the funds to appear in your bank account. Be sure to read the terms and conditions for withdrawals, as they may vary by country.

Related article: FxPro Review2023: Is It good for beginner traders? | Brokers Times

FAQs