178 User Reviews
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Oanda was founded in 1996, and their main headquarters is in Canada. However, they also have five subsidiaries located in Australia, Singapore, Japan, the U.K., and the U.S. They offer competitive spreads and their website does posts market spreads in real time on all assets. They offer over 30 CFD’s but you have to check the website to see if your local law permits you to trade in the different instruments they offer. There are over 60 currency pairs offered. Perhaps most attractive to many people is the fact that there is no minimum deposit nor is there a minimum trade amount.
Oanda Account Types
There is only one standard account offered for all clients in this standard account comes with a free demo account so that you can practice with virtual money before you start using your own money. This demo account lets you practice based on the current market conditions until you hone your skills. Beginners will find this free demo much more useful and worth the cost than an advanced professional trader.
Oanda Trading Platform and Tailored Trading Packages
This enterprise uses a proprietary trading platform. It is the first online retail Forex trading platform available on the market. Known as “fxTrade” it has been available since 2001 and has been continually upgraded since that time. This platform has always been a Web-based platform capable of handling heavy volume. It also supports the offerings of meta-trader 4 so all of the systems come with a mobile app that lets you trade anywhere you are so long as you are connected to the Internet whether you want to use the proprietary trading platform or the meta-trader platform. No matter which platform you use all trading activity and personal information are encrypted at all times.
Oanda Financial Tools, Resources or Other Exclusive Features
One of the most attractive features associated with Oanda trading is the fact that they don’t have an escalating structure for benefits or resources. The reason they don’t have this is that they choose not to discriminate against traders based on how much money they have to trade with at the start for an opening of their account. Some people see this as a downside because they want better benefits when they open up an account with more money but those who only have a little to work with might see it as something favorable.
Immediate Trade Execution at Oanda
You can enjoy immediate trade executions with Oanda. Their platform works in real time.
This company is very transparent with their policies, their guidelines, what they offer, and what they make. Information on the compliance is readily available for each area in which they operate.
As far as security is concerned they maintain regulatory compliance in each of their six corporate locations. All the client deposits are segregated from the operating capital of the international banks that they use. If you want to fund your account you can use wire transfers, checks, credit cards, even debit cards. The withdrawals follow a similar availability and the requests are processed quickly so long as you have your personal identity information on file. All of that has to be current and on file, and most importantly, approved by the organization before you can start making withdrawals. Aside from this, they do encrypt personal data for security and protection.
Oanda Fees and Commissions
Given the different platforms and trading markets available, traders are asked to check the website for the fees and commissions as they apply to their account level.
Oanda Trading Academy
Educational and training materials are rather extensive with this company. They have webinars and commentary prepared each day so that you can trade based on the newest information out there.
If you have any questions you can contact bilingual customer support agents receive regular training to help answer any questions you have. You can access the use of customer service agents via phone, email, fax, or live chat. More importantly, they have eight global offices so that you have another layer of convenience on a much more regional level which is important for larger corporations operating on a global scale. You can contact customer support 24 hours a day five days a week when the market is open.
- They have a proprietary trading platform.
- They have been around for many years.
- They operate worldwide.
- They are major global liquidity provider which means they are a bigger company. You may not like working with Oanda because it can be more difficult to get answers or have an information process than this is the option for you.
- They don’t appear to be flexible enough for every trader but better suited for active professional traders.
Is Oanda a Scam?
So, is Oanda a scam? Well, overall they have a lot to offer and they have received a few industry awards for different facets of the business but their biggest accomplishment is rather outdated. They are best known for simply providing conversion rates for the public and using that to produce their fully automated online Forex trading platform. But they use that for the last two decades and even though they have amassed 20% of the trading market for Oanda Forex, their biggest accomplishment is something from almost 2 decades ago.