OANDA Review 2021 - Pros and Cons REVEALED

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About Oanda

Oanda was established in 1996 in the state of Delaware in the United States of America. The trading platform of the company which offers initially forex trading was launched in 2001. In the next year, the forex broker grew rapidly and reached world coverage with offices in all main headquarters like London in United Kingdom, Japan, and Asia. Oanda expanded its products list in 2012 with CFDs based on commodities, precious metals, indices, and bonds and became a multi-asset broker. In the next years, the company became the biggest broker in Singapore and Japan and increased it's recognizing globally.

Accounts

There are two types of accounts in Oanda – Standard and Premium accounts. The premium account is with a minimum balance of 20 000 USD or equivalent in another currency. The clients which choose the premium account have access to a dedicated relationship manager, unlimited free wire transfers, and priority in service queues.

Accepted countries

Oanda has several jurisdictions over the world and can onboard clients almost from every country in the world. The company is regulated by the Investment Industry Regulatory Organization of Canada (IIROC) in Canada, Australian Securities and Investments Commission (ASIC) in Australia, FCA in the United Kingdom, Monetary Authority of Singapore in Singapore, and the Malta Financial Services Authority in Malta and also from the regulators in United States of America and Japan. Depending on the location of the trader, he could choose the most suitable jurisdiction for him.

Fees

The fees are mainly deposit and withdrawal fees. Oanda doesn’t charge a fee for a deposit, but please note that your provider could apply a fee on your deposit in Oanda. The withdrawal fee depends on the withdrawal method which you choose. For credit cards, Oanda allows one free withdrawal per month. The size of the fee after the first withdrawal depends on the currency of your withdrawal.

Instruments

Oanda offers 70 currency pairs . The leverage depends on the restrictions of regulation in the different jurisdictions. For example, in the United States of America, the leverage is up to 50:1, and in Europe, it is up to 30:1. The forex broker offers also metals – Gold, Silver, Platinum, and Palladium. Gold and Silver are quotes not only against USD but also against other main currencies – EUR, CHF, CAD, AUD, SGD, HKD, JPY. The traders also the ratio Gold/Silver, which instrument isn’t common for most of the brokers.
Among commodities list, we could see Brent Crude and West Texas Oil, Natural Gas, Soybeans, Sugar and Corn. The traders could also benefit from CFDs based on major world stock indices and bonds.

Trading platforms

Oanda offers to its clients the most popular retail platform in the world – Meta Trader 4. The clients could use desktop, web, or mobile (iOS or Android) versions of MT4. The brokers also have their developed platform OANDA Trade with desktop and mobile versions.

Support

The company has a very well-developed FAQ (frequently asked questions) section in which probably you could find the answer to your question. If you can’t find your answer there or prefer to contact directly the broker, you could use the online assistant on Oanda’s website. There are several supported languages - English, Spanish, German and Chinese. As we pointed above if you need human support, the premium account could help you to get a faster answer.

Conclusion

Oanda is one of the biggest brokers in the world and the broker has a wide range of regulated companies all over the world. You could trade a big number of instruments on two trading platforms from all types of devices.

Author

Miroslav Georgiev

Miroslav Georgiev is Senior Risk Executive with 20+ years of professional wide-ranging experience in multinational forex companies. Take part in Global setup and development of Forex and CFD being an active part of the Business Team. Build and manage Risk management departments and teams.

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