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CFDs are complex instruments and carry a high risk of losing money quickly due to leverage. 76.6% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. This content is for educational information purposes only and should not be construed as investment advice or investment recommendations.
A trusted global brand, OANDA stands out for its reputation and quality market research. Its regulatory portfolio is strong, and its support for third-party features strengthens its overall offering.
Oanda Web Trading Platform
OANDA is considered low risk, with an overall Confidence Score of 92 out of 99. OANDA does not trade publicly, does not operate a bank, and is authorized by six level 1 (high trust) regulators, a zero level 2 (average trust) regulator, and a level 3 regulator. (low confidence). OANDA is authorized by the following tier 1 regulators: Australian Securities & Investments Commission (ASIC), Canadian Investment Industry Regulatory Organization (IIROC), Japan Financial Services Authority (JFSA), Monetary Authority of Singapore (MAS), Financial Conduct Authority. FCA), and the Commodity Futures Trading Commission (CFTC). Learn more about Trust Score.
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The range of markets available on OANDA will vary slightly depending on which entity controls your account. CFDs are not available in the United States, while in Australia and the BVI OANDA offers a total of 124 symbols and 71 forex pairs – as well as the option to trade Bitcoin, Ethereum and Litecoin as CFDs. The table below summarizes the various investment products available to OANDA clients.
Cryptocurrency: Cryptocurrency trading is available on OANDA via CFD, but not available for trading underlying assets (e.g. buying Bitcoin). Note: Crypto CFDs are not available to retail traders of any UK brokerage entity, or to UK residents (except for Professional clients).
Note: Crypto CFDs are not available to retail traders of any UK brokerage entity, or to UK residents (except Professional clients).
OANDA trading fees are generally steep, with large effective spreads in both weakness and core prices, compared to the best brokers. Although not a discount broker, OANDA’s main advantage is its automated execution through its account offers.
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Spreads: OANDA’s bid/ask spreads (customer fees paid for trading) are more comparable to FOREX.com and FxPro, while minimum spreads (or lower published prices) may be slightly higher than companies that list sub-pipe spreads. (less than 1.0 pip). For example, the average non-core price on OANDA was 1.2 pips on the EUR/USD pair during Q1 2019.
Base Price: OANDA’s base price features lower spreads, but includes a commission per side of $5 per $100,000 worth of money (or approx. $10 per standard spin lot). This option requires a minimum deposit of $10,000, and when factored into commission, the all-in price is almost the same as the no-commission price. For example, let’s say the EUR/USD spread is 1.4 pips below the default price structure, and the spread for the base price is only 0.4 pips. Once you calculate the commission equal to 1 pip (0.5 pips per side), the total price for the finished base price becomes 1.4 pips – similar to the default price.
Micro lot: In most cases, the smallest contract size for forex trading is one micro. However, OANDA lowered this minimum trade size by three times – at 1 unit or 0.001 micro lot.
Transparency: As part of its push for greater price transparency, OANDA still publishes final averages of its spreads almost all the time. However, because it doesn’t publish numbers that reflect the average spread over a specific period – such as days or months – it is difficult to make accurate comparisons.
Oanda.com Trading Platform
The fxTrade OANDA mobile app is easy to use and provides quality market research with excellent charting features, ranking among the best brokers in this category in 2022.
App Overview: OANDA offers the popular MetaTrader 4 (MT4) mobile app developed by MetaQuotes Software Corporation, along with its own fxTrade mobile app.
Ease of use: Opening a chart in the fxTrade app is as easy as clicking on the chart icon below the watchlist. Whether setting up a trade or adding price alerts, I found the overall layout simple and easy to use. Beyond their intuitive design, fxTrade’s charts and apps are balanced by features like Autochartist search and headlines.
A neat feature that stands out for me is the smooth transition of the trading ticket window from the chart. Users can quickly enter their orders into charts, then adjust their stop-loss to a limited order level with a simple drag and drop function.
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Graphics: The fxTrade versatile chart app has 33 technical indicators, 13 drawing tools and the ability to select from more than a dozen timelines. Zooming in and out of charts in fxTrade is a smooth experience thanks to the responsive design of the app.
Sync: I’d like fxTrade to add the ability to sync watchlists, and it’s worth noting that the mobile chart indicators don’t sync with the desktop or web versions of fxTrade. Lastly, adding educational and analytical videos to the market should be the next logical (and useful) step in the evolution of the fxTrade app.
The fxTrade OANDA suite of trading platforms is a good choice for charting (powered by TradingView) with news but falls short in other areas, such as the imperfect integration of research and trading tools into its desktop and web platforms.
Platform Overview: OANDA offers two platform suites; the popular MetaTrader 4 (MT4) platform, developed by MetaQuotes Software Corporation and available for Internet and desktop, and the fxTrade OANDA Internet and desktop trading platform. MetaTrader 5 (MT5) is now available on OANDA after being recently expanded outside of Japan, from the broker’s BVI entity.
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Charts: The fxTrade OANDA platform features TradingView-supported charts, with over 80 indicators and some additional features, such as the ability to cover multiple currency pairs on a single chart for comparison. I also appreciate that the online version and the desktop version of fxTrade are identical to each other, making swapping between versions simple and painless.
However, many of the features built into the platform will trigger a new browser window to open – even when you’re on the desktop version. Other brokers integrate these features directly into the platform, allowing you to stay focused without a new window popping up on your screen.
Trading Tools: Other platforms are available from third-party developers on the OANDA Marketplace. The Seer Trading Platform, for example, supports the development of algorithmic trading systems – including backtesting and advanced testing of automated trading systems. OANDA also supports trading connections with various charting platforms such as TradingView, NinjaTrader, MultiCharts, and MotiveWave. Lastly, Algo Labs OANDA provides API access to several supported languages, such as Python and C#.
Account Management: OANDA combines several services into an online account management portal, making it easy to transfer money between accounts and access your reports.
Oanda Review: We Weigh The Pros And Cons
OANDA provides forex and CFD traders with everything they need to navigate their markets successfully, with several daily articles, as well as podcasts and research tools. The small drawback is that a lot of search resources from the desktop and web platforms open in the new browser, rather than being directly integrated into the platform. OANDA also provides fewer video updates than leaders in this category, such as Saxo Bank and IG.
Research Overview: OANDA offers a wide range of research for forex traders. The MarketPulse site has an excellent selection of articles organized by category with several updates published daily, with headlines about MetaTrader4 (MT4) and the fxTrade OANDA platform streaming live from Dow Jones Newswire – among other providers. Autochartist’s integration into the broker’s web platform and mobile app offers automated trading signals and technical analysis. Finally, OANDA produces a series of Market Insights and daily analysis updates.
Market News and Analysis: OANDA’s MarketPulse site has specialized news, research and analysis information, marketed by its in-house research team. The fxTrade OANDA mobile app provides news from Dow Jones along with the company blog.
OANDA balances offering decent written educational materials with a series of webinars conducted by its staff. However, it does not have a series of educational videos. Expanding its video series and further organizing its existing content will enhance OANDA’s educational offerings, which are not currently quantified for education leaders like IG and AvaTrade.
Oanda Forex Education
Learning Center: OANDA’s online course spans 19 chapters, and covers both technical and fundamental analysis. Each chapter comes with several lessons, but many of the accompanying videos are just platform tutorials – not financial markets education.
Opportunities for improvement: OANDA’s educational content for beginners is spread across its website. Adding the ability to filter educational resources by experience level will benefit traders of all skills. The best brokers in this category have a complete offer of both videos and articles. Because of that, I’d also like to see an increase in the number of educational videos on OANDA, beyond the existing tutorial platforms.
OANDA angle is its main regulatory record, and license
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