Oanda Review.
Oanda is an online broker for investors of all experience levels, specializing in forex and CFD trading.
Contributor, Benzinga.
Updated: June 8, 2022.
verified by Jay and Julie Hawk.
Forex Charts.
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1 Minute Review.
OANDA offers commercial and standard access to the forex market, with over 70 currency pairs to trade. OANDA’s platform is comprehensive, offering a wide range of indicators and charting tools for experts as well as a simple and intuitive layout that’s perfect for beginners.
You won’t find retirement savings or stock trading on OANDA — the platform doesn’t offer any type of trading beyond the forex market. However, the broker does forex trading especially well — though it could stand to offer more in the way of customer service and lower fees.
New forex traders looking for an easy-to-use platform Mobile traders who need a comprehensive on-the-go offering Experienced forex traders who seek a wide selection of charting tools, indicators and currency pairs.
Over 70 unique currency pairs to trade Comprehensive and easy-to-understand platform Mobile platform improves upon the desktop version.
Only forex trading available No retirement accounts available.
Oanda Ratings at a Glance.
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Table of Contents [ Show ]
Why OANDA Over Others? OANDA Quick Summary OANDA Pricing OANDA Usability OANDA Education OANDA Customer Support OANDA's Offerings OANDA's Mobile App OAND Overall Rating Frequently Asked Questions.
Why OANDA Over Others?
Why should you use OANDA for your forex trading? Let’s take a look at a few of our favorite features OANDA offers forex traders.
Easy-to-use platform. OANDA’s trading platform offers 10 chart types, a variety of indicators and 32 overlays. This makes it an excellent choice for both beginner and experienced traders. Full-service mobile app. OANDA’s mobile app doesn’t cut any charting or trading functionality from its desktop version. There’s even a special app for tablet users. Educational materials are available in multiple languages. If your native language is German or Mandarin, you’ll love the fact that OANDA’s webinars and instructional videos are available in both those options in addition to American English.
OANDA Quick Summary.
Tradable assets Over 70 forex currency pairs Platform Comprehensive. Wide range of trading tools and indicators. Mobile app Fully-operational. Mirrors desktop web-trading platform. Account minimum $0 for Standard accounts, $10,000 for the Advanced Trader program. Available account types Standard forex margin accounts for individuals, plus extra benefits for those qualifying for the Advanced Trader program. Also offers Corporate/Trust accounts.
OANDA Pricing.
As a forex broker, OANDA makes its money from variable dealing spreads instead of charging a flat-rate commission. When you view exchange rates for a particular currency pair via OANDA’s platforms, you’ll generally see 2 rates listed — a “buy” rate and a “sell” rate. These levels correspond to other forex brokers’ “bid” and “ask” exchange rates, respectively.
The “buy” rate is the highest possible exchange rate OANDA is currently willing to pay you for that currency pair, while the “sell” price is the lowest exchange rate OANDA is willing to sell that currency pair for. The difference between the buy and sell prices is called the “dealing spread”, which at least partially compensates OANDA for executing your trade. Dealing spreads may vary depending on current market conditions and the specific currency pairs you’re trading.
Like most other brokers that offer forex trading, OANDA’s dealing spreads can change over time. However, the broker does an excellent job of keeping traders up to date on current spreads and how they’re changing. OANDA shows you clearly how much of a dealing spread you’ll pay away for each trade before you execute it.
The broker also includes a Percentage Change feature that tells you whether the exchange rate of displayed currency pairs is rising or falling — a feature that can be helpful to spot opportunities if you trade more than 1 currency pair on a regular basis.
OANDA’s display shows you the dealing spread and the percentage change on the day for a range of currency pairs.
OANDA also offers a leverage ratio of up to 50:1 for U.S.-based accounts. Margin trading deposit requirements vary depending on the currency pair, but they generally range between 2% and 10%.
You may incur a fee when you wire money from your OANDA account to your bank account, depending on your base currency and the number of times you initiate a withdrawal. These fees are waived for those who qualify for the Advanced Trader program.
OANDA also charges a monthly inactivity fee of 10 units of your base currency per month after you go 12 months without a trade. For example, if you incur a fee and your base currency is the USD, you’ll pay $10 a month for every month you don’t execute a trade after 12 months.
These inactivity fees end after 1 of 3 things happens:
You make a trade. You close your account. Your pre-funded account balance reaches 0.
OANDA will not continue to charge inactivity fees to your bank account if your forex trading balance reaches 0. This inactivity fee is stricter than at competing brokers. For example, IG only begins charging inactivity fees after 24 months.
There’s no minimum deposit required to begin trading with a standard account from OANDA. You’ll need to deposit $10,000 to join OANDA’s Advanced Trader program.
Advanced Traders receive priority service, a dedicated relationship manager to handle any errors or questions, unlimited free wire transfers and improved tools, like the MT4 open order indicator.
There’s no minimum deposit required to begin trading with a standard account from OANDA. You’ll need to deposit $20,000 to open a premium commercial account. Premium account holders receive access to a wider range of trading tools, as well as a personal account assistant to handle any errors or questions.