Oanda Review 2023: Scam Or Safe | Read Fact-based Report Before You Trade

Oanda

$1

Min Deposit

1.2

Min Spread

Foundation

Broker Trusted Points

Regulation

Oanda, a multi-asset trading platform, has been counted among the top forex brokers since its inception back in 1996. Having a proven track record of over two decades, the broker distinguishes itself from other online Forex & CFD brokers. But what makes it suit your preference? Well! This updated and factual Oanda review 2023 will have an accurate & satisfying answer to this question. 

In its long 20 years of history, the platform went through many developments & policy changes, whether it’s in terms of regulations, fees, or products. However, the recent developments have had a more negative impact on the platform, which is evident from its declining number of active users. 

Considering the scenario, we think it’s the right time to review this platform so its potential users can make a more informed decision. In our fact-based Oanda Review, you’ll find a basic overview of the broker, along with researched scam report, fee structure, and a trading guide to the platform. 

Why We Choose It To Review?

Over the last couple of days, we have received many requests from our readers to review Oanda broker. Additionally, we took it upon ourselves to find out why the platform’s users are declining so fast. 

And on top of that, having a detailed overview of the broker you’re planning to trade with is extensively beneficial to your success. 

Our exclusive reviews are based on facts and research-backed findings and analysis reports of the particular broker and serve as a guide for its potential users. 

Who Is Oanda Broker?

OANDA, co-founded by Dr. Stumm and Dr. Olsen in 1996, is a brokerage platform offering to trade in all major financial markets, including Forex, Commodities, Cryptocurrencies, Stocks and Indices. 

Meanwhile, the domain – www.oanda. com is owned and operated under the OANDA Corporation, a financial services provider registered in all major countries, including Canada, Japan, Europe, Australia and the British Virgin Islands. 

The broker’s available trading platforms are easy-to-understand and have a clean interface, and its educational tools are also powerful, with numerous technical indicators and an excellent API offer.

For Whom Oanda Is For? 

As far as this Oanda review is considered, the platform seems to be more suitable for seasoned traders looking for stellar trading experience. 

Meanwhile, the current trading conditions & sophisticated user interface might be no less than stressful for beginners. At the same time, the platform limits US traders to Forex trading only. 

It accepts clients from the US, Europe, Asia, Australia and New Zealand. However, North Korean, Iran, Belarus, Syria and Sierra Leone residents are restricted from trading on the platform. 

Oanda Scam Report: Can It Be Trusted?

Oanda is a trusted Forex broker & its multi-regulations speak a lot about its legitimacy. According to our scam report from Oanda Review, the platform is not a scam but a legit & trusted one.  

Below, we have compiled a list of the broker’s regulatory approvals & licenses in different jurisdictions:

  • United States: Registered as a Futures Commission Merchant (FCM) and Retail Foreign Exchange Dealer (RFED) with the Commodity Futures Trading Commission (CFTC) and is a member of the National Futures Association (NFA No): 0325821.
  • Canada: Member Of the Investment Industry Regulatory Organization of Canada (IIROC).
  • Europe: Authorised by the Financial Conduct Authority (FCA) & the Malta Financial Services Authority as Category 3 Investment Services Licence Holder. 
  • Asia Pacific Region: Monetary Authority of Singapore (MAS License Holder). 
  • Australia: Authorised and Regulated by the Australian Securities and Investments Commission ASIC (ABN 26 152 088 349, AFSL No. 412981)
  • Japan: Financial Instruments Business Director of the Kanto Local Financial Bureau (Kin-sho)
  • British Virgin Islands: Regulated & Authorised by the BVI Financial Services Commission (BVI FSC). 

Despite these heavy regulations, the falling numbers of active users remain the biggest concern. Therefore, we don’t recommend trading with this broker. Instead, opt for a more regulated and trusted broker like InvestFW, Capitalix, or TradeEU. 

What Can You Trade On Oanda Broker?

With over 81+ underlying assets available for trading, the platform users have access to 6 major financial markets. Apart from spot trading, the platform has recently introduced CFD trading on Stocks.  

Before you get started on the platform, take a glance at all the available markets and underlying assets through this detailed Oanda Broker Review:

Financial Markets Available Trading Instruments
Forex 48 major and minor forex pairs
Indices  7+ Global Indexes
Commodities 10+ soft & hard commodities
Metals 4+ precious metals
Shares 20+ Global Stocks
Cryptocurrencies 10+ Cryptos

The platform’s list of available assets is comparatively lower than other Forex & CFD brokers. According to our findings from Oanda Review, it might be a notable reason behind the users losing confidence in this platform. 

What Are The Oanda Fees For Traders?

The broker’s fee is comparatively higher than the global industry standards. At the same time, what’s most irritating is its fee structure. It charges both commissions and spreads. However, the waiving off of the deposit & withdrawal fees is quite impressive.

And the most confusing is its entangled fee structure. To simplify things through Oanda Review, we compiled a list of all the fees & charges associated with the platform. 

Transaction Fees
Commission $40 per 1 Million trade
Spreads
  • Forex – 0.9 Pips
  • Stocks – 1.2 Pips
  • Indices – 0.3 Points
  • Cryptocurrencies – 3.3 Pips
  • Commodities – 1.9 Pips
Inactivity Fees $10 after One-year of account inactivity
Financing Fees 2.6%
Currency Conversion Fees 0.5% mark-up
Deposit Fees No
Withdraw Fee No

(Note: The spread charges listed above are the lowest or the starting fees. The charges may vary depending on your chosen asset). 

Does Oanda Forex Broker Offer Margin Trading?

The tier-based leverage available is determined by the Net Open Position. With increased trading volume, the margin percentage also increases. 

 

Tiers Net Open Position (USD) Available Margin
1 < 2 M 0.50%
2 2-5M 1.00%
3 5-50M 5.00%
4 > 50M 20.00%

The broker’s low leverage offering further adds another reason for its declining popularity. 

How Can You Start With Oanda Forex Broker?

Getting started with the broker is quick and easy. It only involves a few steps to start trading on the platform. There are no lengthy procedures or doesn’t need expertise-level knowledge to place the trade on the platform. Here’s a quick procedure to get started with the broker: 

  • Opening A Live Trading Account
  • Making Deposits
  • Placing Trade
  • Fund Withdrawal 

Oanda Review 2023: Account Types

The platform offers two retail investors’ account types, limiting both beginner & professional traders to trade only on a standard account type. The second one is a free demo trading account. 

In our opinion, through Oanda Review 2023, the platform should start offering a good selection of account types based n traders’ expertise to regain the trust of its active users. 

How To Open A Live Trading Account On Oanda Broker?

Opening a live trading account with the broker is somewhat less than an hour process, although verification may take more than three days to process. Additionally, there was no option for uploading verification documents; you only needed to send them through email. 

Here’s a detailed account opening procedure: 

  • On the homepage, click on the ‘Start Trading‘ Option. 
  • Now, create a username and a strong password and move to the next part.
  • Fill out information related to Account details, Personal details, Nationality, Home address, Employment and Trading experience.
  • Upon successful account activation, sign in back with your Oanda login credentials. 

How Can You Deposit Funds Into Your Live Trading Account?

After setting up a live trading account, the next step is to make a minimum deposit to start trading on the platform. Here’s a detailed guide on funding your account: 

  • Click on the ‘manage funds’ icon.
  • Now, tap on the ‘deposit’ button.
  • Enter the amount and select your preferred payment method. Your funds will be deposited instantly. 

Supported Deposits Methods 

The available payment methods for fund deposits include 

  • Credit and debit card
  • Bank wire and bank transfer
  • Skrill
  • Neteller

Minimum Deposit

There is no set limit for a minimum deposit, meaning you can start trading with as little as $10. This is quite an exciting aspect of this broker. 

How To Trade On Oanda? Step-by-Step Guide

Placing your first trade with the broker is a straightforward process. We also did so but lost in our first trade. Although we didn’t win anything but learned enough to present a step-by-step process for beginners planning to trade with the platform. 

  • Search for the asset you want to trade in. 
  • Select the Product Type & Order Type. 
  • Enter the Limit Price if you have selected the Order Type as LIMIT
  • Tap on Submit and re-confirm to complete the Trade.
  • Monitor your trade position regularly. 

How To Withdraw Money From Your Oanda Account? 

The detailed withdrawal process is listed below: 

  • Click on the ‘manage funds’ icon.
  • Now, tap on the ‘Withdraw’ button.
  • Enter the amount and select your preferred payment method. Your withdrawal request will be processed in 1 business day. 

Minimum & Maximum Withdrawal Limit

There is no set withdrawal limit. At the same time, the withdrawal fee of $20 is applicable for international bank and wire transfers. 

Supported Withdrawal Methods 

The available payment methods for the withdrawal of funds include 

  • Credit and debit card
  • Bank wire and bank transfer
  • Skrill
  • Neteller

How Are Oanda’s Trading Platforms?

The broker’s trading platform isn’t as beginner-friendly as it claims. Therefore, new users may find getting started on the platform challenging. 

Meanwhile, the broker’s platform offering is exceptional, with the availability of a more advanced MT5 platform, along with MT4 and a dedicated Mobile App- fxTrade Mobile App. 

MetaTrader4 (MT4)

  • Reliable and intuitive interface
  • Multiple order types and push notifications
  • One-click trading
  • Secure and fast chats with other traders
  • Flexible stop loss and take profit orders
  • 4 order Types
  • 9 Timeframes 

MetaTrader5 (MT5)

  • Built-in depth of market
  • Built-in economic calendar
  • Automated trading strategies
  • Improved charting with AutoChartist
  • 6 pending order types
  • 21 charting timeframes
  • 44 Analytical Objects
  • 38 Built-in technical indicators

fxTrade App

  • 4 pending order types
  • 21 charting timeframes
  • 44 Analytical Objects
  • 38 Built-in technical indicators
  • Built-in depth of market
  • Built-in economic calendar
  • Automated trading strategies
  • Improved charting with AutoChartist

Oanda Review: Standout Features

The unique features that make Oanda broker to stand out include the following: 

Welcome Bonus

Sign-up bonuses are exceptional in the trading industry, but Oandafx broker offers a generous bonus on registration. The bonuses are as follows – 

  • Deposit US$1,000 to receive a US$500 bonus
  • Deposit US$50,000 for a bonus of US$5,000

Available In The US

The broker’s availability in the US speaks a lot about its reliability and popularity. It is a CFTC-registered broker serving in the US and Canada. 

Does Oanda Offer Educational & Research Tools?

The brokerage platform offers a decent range of tools for both educational and research purposes. In addition, there is a dedicated section named – MarketPulse, which includes all necessary tools for research. 

Educational Tools

  • Trading Guides
  • Webinars
  • FAQ Support

Research Tools

  • Currency Converter
  • News Event
  • Economic Calendar
  • Technical Analysis

How Can You Contact Oanda Customer Support?

Contacting the broker’s customer support is quite a challenging task. There is no phone support and timely reply from the email support team. As a result, the platform user will always find themselves in an awful situation whenever they try to contact the support team. 

Here’s how you can contact the broker’s customer care: 

Oanda Review: Pros & Cons

Pros Cons
Fast and Free Account Opening Lacks Phone Support
Generous Offers On Sign Up High Fees
Advanced Trading Platforms Limited Assets For Trading
Available For US Clients
No Minimum Deposit Requirements

Final Verdict On Oanda Review

Overall, our detailed Oanda Review finds this platform best-suited for professionals than newbies. However, despite having a proven track record, the recent policies and developments of the platform have led to its downfall.

Considering the regulations, it is one of the few Forex brokers that are highly trusted. However, this is not the only parameter to watch out for. It falls short in terms of providing reasonable customer assistance and an extensive selection of underlying assets and fees. 

Overall, we don’t recommend trading with this broker, especially if you’re a newcomer. Instead, you can opt for a complete trading platform like Capitalix. The platform is five-star rated in terms of offering all the above features. 

FAQs

Is Oanda Worldwide? 

The broker accepts clients from the US, Europe, Asia, Australia and New Zealand. However, North Korean, Iran, Belarus, Syria and Sierra Leone residents are restricted from trading on the platform. 

Can I Trust Oanda?

Yes. The broker is trustworthy as it is authorized and well-regulated by the RFED, CFTC, ASIC, FCA, IIROC, MAS, KIN-SHO and BVI FSC. 

Is Oanda Legal In Singapore?

Yes, the broker is legal to prate in the country as it is regulated by the Monetary Authority of Singapore (MAS). 

Who Is Oanda Owned By?

OANDA was co-founded by Dr. Stumm and Dr. Olsen in 1996. Currently, the platform is owned and operated under the OANDA Corporation, a financial services provider registered in all major countries, including Canada, Japan, Europe, Australia and the British Virgin Islands. 

Which Country Is Oanda?

It is an RFED, CFTC-registered broker founded in the United States (US). 

Is Oanda Better Than Forex Com?

Yes, the broker is better than Forex.com in many ways, including low-cost trading, client basis and regulations. 

What Is The Minimum Deposit For Oanda?

There is no set limit for a minimum deposit, meaning you can start trading with as little as $10. This is quite an exciting aspect of this broker. 

Is There A Fee With Oanda?

Yes, there are commission charges, i.e., $40 per 1 Million trade and spreads, based on your chosen asset. 

  • Forex – 0.9 Pips
  • Stocks – 1.2 Pips
  • Indices – 0.3 Points
  • Cryptocurrencies – 3.3 Pips
  • Commodities – 1.9 Pips

How Much Money Do You Need To Open An Oanda Account?

The account registrations are free, while there is no set limit for minimum deposit requirements. 

What Is The Highest Leverage On Oanda?

The highest leverage a trader can access is upto 20.00%

How Much Can You Start On Oanda?

The broker eliminates the need for minimum deposit requirements, meaning you can start with as little as $10 and as high as $10,000. However, you’ll need to submit additional documents to trade with more than $9,000. 

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