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Oanda Broker Review–Investigating Every Feature: Oanda, established in 1996, is a global broker headquartered in the USA. The broker is known for its impressive technological driven products and service offering to clients at highly competitive prices. It is a well-reputed online trading platform which facilitates some excellent features like $0 minimum deposit, demo account, high leverage, and several trading platforms.
In this article, we would review the popular Oanda brokers. We shall first confirm if it is safe to trade or not and then list its significant features. We will then conclude the article by getting you an overall idea about the broker.
Is Oanda Broker Safe to Trade?
Oanda broker is a world-class, global online trading platform and regulates under several financial bodies. And, thus, the broker seems to be safe and secure to trade. However, there are questions about the efforts from the Oanda’s side to provide additional protection to clients.
The broker has a license from UK’s FCA (License number 542574), Australia’s ASIC (registration number: ABN 26152 088 349), Investment Industry Regulatory Organization (IIROC) of Canada, Financial Service Authority of Japan (JFSA), USA’s CFTC, and Singapore’s Monetary Authority.
Not to forget, every users’ funds are kept safely in tier I banks of the nations. Plus, the broker follows high-security policies like no negative balance and segregated funds policy.
In total, Oanda broker is not a scam and utterly legit.
Features Of Oanda Broker
The range of assets on Oanda brokers is minimal. The broker facilitates trading only in foreign currency exchange and complex financial derivatives, and not any other market like stocks, or actual cryptos could be bought or sold. However, there is a wide variety of forex pairs and CFDs; in total, there are 71 currency pairs and 53 CFDs.
Further, it is also possible that these limited financial instruments will reduce in your country. For instance, Bitcoins are available to trade as CFDs in Singapore, whereas no CFD trading is allowed in the USA. Thus, get your mind on first what you want to buy and sell, and then decide.
However, they provide excellent service to the products they offer.
2. Trading Platforms
The Oanda broker trading platform’s variety is at par with the industry standards. In other words, the range is good, but not excellent. There are two platforms available for the use of clients, i.e. MT 4 & FxTrade, both are available on the web, desktop, and mobile trading. Further, the platforms are user friendly and show a transparent and easy to understand fees report. But the downside is there are no price alert tools available, so you cannot set a rate notification.
The range of tools in both platforms is massive; it includes 80+ indicators, charts, news analyzers, algorithm trading, automatic trading, and many more.
You can also view the snapshot of pending and current orders.
3. Customer Support
Oanda broker customer service team knows that every second is precious in trading and can make customers lose their bucks. Thus, the team works hard 24/7 for the whole year, note that most brokers work for five days a week only. Also, the average response time is less than two minutes and support multi-lingual support. It includes English, German, Spanish, Russian, and many more.
The team was competent and fast in resolving the customer issues and was polite to the users. You can contact them via an email, live chat, or mobile phone. However, many consumers complained that their hold time was long.
4. Fees & Charges
Oanda broker spread charges and commissions override the other online trading platforms in the market. The broker solely earns from spread charges, and the average fee is 1.2 pips. Further, for advanced professionals who fill some minimum eligibility would get the raw spread charges directly from the market, plus some commission charges.
There is no minimum deposit required to start your trade, and all the buying and selling is free of cost. The broker is straightforward and transparent in this regard.
At last, there is an inactivity charge and overnight rollover fees too. Make sure you read about them on their website.
5. Trade Sizes
A trader on Oanda broker can trade in nano, micro, mini, and large lots. Usually, a typical broker facilitates buying and selling one micro lot, at the smallest level. However, with Oanda, you can go for even one unit or 0.001 micro-lots.
The Oanda broker education material is impressive and very useful. You can choose from video tutorials, E-books, courses, guides, seminars, webinars, and Q&A portal. There is enough material for both experienced and novice traders, but the organization of the education portal is not attractive. A beginner might face difficulty in finding the right thing for him. The reason is that the broker uses third party software to use images and videos like Youtube, and material is not placed in one place.
The quality is knowledge is excellent and covers almost every trading subject, both technical and fundamental.
In total, the broker needs to improve the user interface and update the portal.
7. Research and Analysis
There is an extensive variety of research and analysis tools for clients, both technical and fundamental. It includes market news feed, economic calendars for events, charts, patterns, graphs, premium content to speculate rates. It also contains third party experts advice from top providers like CNBC and Bloomberg. However, there are no social trading tools.
Both a new and professional trader would find this section useful. But, after a time it might not be useful for experienced ones as the content for them is limited.
So, this was the Oanda broker review from us. The broker is safe and secure to trade, but it is in your hands to decide whether the features fulfil your needs or not. We have described each element in detail; now it’s your turn.
The Bottom Line
Oanda is like a mountain in the trading industry and is moving towards its commitment to democratizing(commented) the trading market. The broker has also bagged several awards and recognitions for its services, including customer service, value for money, and overall satisfaction. The broker register with and works under six major ‘tier I’ financial bodies, serves users of over 200 countries, and supports around ten languages. Thus, the broker is reliable, and all of its services are world-class.
However, a trader who wants to trade a wide range of assets like stocks, indices, and commodities might not find them useful.
Overall, Oanda is a great choice to consider, but at last, it depends on you and your needs.
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