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OANDA, co-founded by Dr. Sturm and Dr. Olsen announced in 1996 that it was doing “all currencies”, from currency conversion to providing foreign exchange data services for businesses to full-fledged global online brokerage services for individuals who wanted to trade the foreign exchange market and retail CFDs.
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Globally, OANDA offers both Standard and Premium account types, as well as a product catalog that includes a wide range of CFDs and spread betting offers across multiple asset classes, but not all service areas. In addition to Forex, brokers also offer indices, metals, commodities and bonds to provide trading opportunities in financial markets.
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OANDA offers different levels of account protection for most customers, depending on the region. OANDA Europe Limited provides negative balance protection as required by ESMA, while OANDA Asia Pacific Pte Ltd provides guaranteed stop orders. US customers are an exception, as OANDA Corporation does not provide such protections for their accounts.
In the United States, OANDA tops the CFTC’s Retail FX Obligations Report, which “represents the total amount of funds in the FCM, RFED, or FCMRFD that would be obtained by combining all funds, securities, and assets deposited by retail FX customers. Enter one or more A retail foreign exchange account. Adjusted for realized and unrealized net gains and losses.”
An organized website with the goal of transparency, emphasis on customer education and research, multiple user interfaces and global regulatory oversight puts OANDA at the top level of online forex brokers.
OANDA offers clients access to a variety of financial instruments, but is suitable for seasoned traders looking for a top-notch desktop trading experience. Product availability varies by region. For example, U.S. clients can only trade Forex, but the broker has fast and reliable trade execution, research resources above industry norms, a functional user interface, and a verifiable regulatory track record.
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OANDA, as is the norm in the brokerage industry, generates revenue from the spreads offered to clients. The spread structure is very simple and consists of two price options “Spread Only” and “Core Price + Commission”. The former generates revenue from client transactions that “cross” the bid-ask spread, while the latter adds a base commission of $50 per million dollars to the original spread, which is in line with industry standards. Commission costs are aggregated and posted to customer accounts as cash adjustments.
These pricing options are easily found on the OANDA website and apply to both types of accounts offered by the broker, although the displayed spreads will vary. For example, the “Standard” account in the “Spread Only” model has a minimum EUR/USD spread of 1.3 pips, while the “Core Price + Commission” model suggests a crude oil spread of 0.4 pips.
OANDA advertises the use of automated machines to try to keep tabs on global prices, but spreads are still subject to market volatility and liquidity. In accordance with its Code of Ethics for Transparency, OANDA disseminates historical dissemination data across all its asset classes.
U.S. clients can opt-in to OANDA’s Advanced Trader Program, a 3-tier rewards system for high-volume traders. Benefits include discounted spreads or commissions, a designated “special relationship manager”, API support, free VPS and wire transfers, and discounted access to third-party platforms. Level 1 requires clients to deposit a minimum of $20,000 per month or trade in excess of $10M, while Levels 2 and 3 require monthly trading volumes in the range of $10-$500M and $5M+, respectively.
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OANDA does not have a minimum deposit requirement for clients who want to open a “standard” account, but the logic states that this amount will be subject to the margin requirement of the minimum transaction size required by the client. A “Premium” account requires a minimum deposit of $20,000 to receive additional customer benefits such as unlimited free wire transfers.
The cost of the OANDA FX Fund is billed on overnight positions, described as “a combination of next-tier primary liquidity providers adjusted by our x% (annual) management fee”.
In addition to “a monthly inactivity fee denominated in 10 units of currency on your account when your account has not made any transactions for at least 12 months,” the broker also lists fees for deposits/withdrawals, the bank said. Wire transfers, debit cards and ACH transactions.
, accessible via download (desktop), browser or mobile app. In addition, it offers downloads of the popular desktop version of MetaTrader 4 (MT4), as well as a mobile version for trading on portable smart devices.
Oanda Review 2022: Pros, Cons And Key Features
, OANDA’s main user interface has been carefully designed to provide clients with access to trading tools, complex order types and account analysis. The desktop version offers proprietary charts as well as advanced charts from third-party provider Tradingview. Clients can take advantage of OANDA’s research applications, including MarketPulse and Autochartist technical analysis, directly from the platform, even as products will be launched on the web. OANDA’s “Order Book” presents customer sentiment, while its “Internal Market (DOM)” provides insight into supply and demand dynamics. In addition, many related tools and resources, including Dow Jones FX Select news and several types of calculators, enable
The web-based product includes charts from Tradingview, features advanced research and display styles, and many downloadable versions. Clients can also choose to trade directly from the chart. Additional features include customizable watchlists that open in your browser, news feeds, research options (economic analysis, MarketPulse) and API access.
OANDA offers a unique feature where clients can choose to set trading criteria for individual instruments based on base currency amount, leveraged equity percentage or account currency amount. This provides clients with greater trading flexibility and assists with all risk management.
Four basic order types are available, with the option to attach “Take Profit” and/or “Stop Loss” orders. There is also a “Trailing Stop” order option. In addition, users can choose to set pips and limit prices based on price or pips, and display relevant information such as “point value”, “trade value” and “required margin” on the order sheet.
Oanda Review: Is Oanda A Good Broker?
Clients can also trade using the popular MetaTrader 4 (MT4) platform. MT4 includes advanced charting, research, watchlists, and trade automation through the “Expert Advisor” plugin that is admired by many traders. Since the MT4 platform is a well-known industry standard, traders switching to OANDA from other brokers will be familiar with its capabilities. On the downside, the app has a somewhat dated look and feel, and some features can be clunky.
Mobile trading platforms cram a ton of functionality into a small platform that’s almost as powerful as the desktop app. Traders can access OANDA trading tools, sophisticated order types and account analytics from their mobile devices. The mobile platform also includes charts with price overlays, indicators, and flexible display styles, as well as the ability to trade directly from the charts, such as the desktop app. Other features include news feeds and economic analysis. Being able to continue our research and trading experience on the mobile platform feels great to our desktop experience.
The OANDA client landing page is attractive because of its functionality. It empowers customers by providing various options, allowing them to launch the interface and manage account details, such as adding or withdrawing funds, adding sub-accounts, changing passwords, accessing APIs, and contacting customer service.
OANDA’s primary focus is foreign exchange, which makes sense that it advertises that it is the “currency of everything.” Applications include:
Oanda Review: Key Findings For 2022
While OANDA has what it takes to compete effectively in the online brokerage space in 2020, it lacks in some categories. For example, the broker does not offer individual stocks, ETFs, industry sectors or cryptocurrencies, which limits the total offer for CFDs to 55, much lower than its competitors. To give you a broader perspective, other Forex brokers can offer you from 1,000 to 10,000 CFDs to choose from.
OANDA customer support is available 24/7 via email. The broker advertises its hours of operation from Sunday 1pm EST to Friday 6pm EST, but does not offer “live chat” and phone support throughout. Chat and phone support have limited availability, and OANDA representatives are courteous and knowledgeable when accessible.
The support site also has a great knowledge base and searchable archive that can answer many questions about the trading platform and order types. But for seasoned investors and completely inexperienced investors, that experience seems to be insufficient.
A series of educational videos and articles are
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