OANDA Review

Introduction:

OANDA is an excellent broker with an outstanding reputation and 25+ years of experience in the forex industry. The broker is known for its transparent pricing and stellar educational tools. In addition to this, OANDA is globally recognized for its efforts in offering unique trading services to traders. The main objective of OANDA is to ensure a hassle-free trading experience and follow stringent rules and regulations for traders’ safety. Let’s discuss all these features ahead in detail.

Features of OANDA:

• Offerings of Investments:

  The range of available markets available at OANDA can vary depending on the type of regulatory body that regulates your account. For example, CFDs are not available in the USA. On the other hand, Australia provides access to 71 forex pairs and 124 symbols. Additionally, there is an option for traders to trade Ethereum, Bitcoin and Litecoin as CFDs.
  There’s a wide range of assets available with OANDA. Overall, it provides access to more than 60 currency pairs and 30 CFDs. Additionally, it allows you to trade in nine different base currencies, including AUD, CAD, EUR, USD, JPY, HKD, SGD and CHF.
  OANDA traders can trade with 100+ trading instruments, including stock indices, bonds, futures, commodities, CFDs (precious metals) and forex. But as mentioned above, the availability of the assets is based on jurisdiction. No support for crypto trading is one thing that can disappoint traders looking to trade crypto. However, fiat currency trading is allowed.

• Trading Platforms:

  OANDA is one of the best forex brokers that offers its clients to choose from a wide range of trading platforms according to their needs and preferences. Although Metatrader platforms are sufficient to fulfill the trading needs of various traders, OANDA goes the extra mile and provides its very own proprietary trading platform, “fxtTrade”, to enhance the trading experience. It is one of the best trading apps with excellent speed and reliable technology.

• Algorithmic Trading:

  One of the best features of PANDA is that it facilitates automated trading. Traders can take advantage of the most profitable trading opportunities and execute them automatically.

• Account Types:

  Traders can choose from two types of accounts when they choose to open an account with OANDA. One is the standard account; the other is the premium account. As the name suggests, the standard account is for all traders (irrespective of their experience level) to trade forex and CFDs. On the other hand, with a premium account, traders need to meet certain conditions. A premium account holder gets access to customized prices, tighter spreads, free bank wire transfers, and a relationship manager.
  In addition to the above-mentioned accounts, OANDA also allows its clients to use a demo account. This demo account is for all newbies who wish to practice until they are well-acquainted with the trading platform and have developed their trading skills. Demo trading enables them to save them from the risk of losing all their funds.

OANDA’s Trading Conditions:

• Spreads and Commissions

  OANDA maintains a transparent approach and boasts of a highly competitive pricing structure consisting of average spread, commissions, and swap fees. OANDA offers competitive CFD spreads on 70 major and minor forex pairs as well as high volatility. The best thing is there are no hidden fees.
  OANDA offers two pricing options: The first one is spread only, and the second is commission plus the core spread. In addition, there are no deposit and withdrawal fees. OANDA also charges inactivity fees if there is no trading activity for twelve months.

• Leverage:

  Leverage is a crucial element when it comes to trading forex. As far as the leverage limit with PANDA is concerned, it entirely depends upon the discretion of the regulatory bodies in different jurisdictions. For example, a US-based regulator has fixed the leverage ratio of 50:1.

• Research:

  Nothing can beat a broker who can help you each and every step of the way by providing useful information. OANDA has won many traders’ hearts in this regard with its impeccable collection of research materials, which are specifically curated, keeping in mind the needs of both amateur and professional traders alike. The choice of educational materials is so vast that you can pick any material depending on your experience level. All this is available free of cost. Hence, with OANDA, even novices can learn to trade. The best thing is these educational resources are available in multiple languages.
  OANDA keeps you updated regarding the latest market trends by providing access to a wide range of expert analysis reports, articles, and guides. It also offers traders an economic calendar to navigate the forex market. OANDA’s charting tools make it possible to execute trades directly through technical indicators. In addition, there is also a “News Feed” section that features news and economic analysis from top news providers.

Pros and Cons Of OANDA:

Pros:

• OANDA is a safe broker as it is regulated in six tier-1 jurisdictions.
• Excellent quality research materials are available
• OANDA has its own proprietary trading app, known as “fxTrade” which is easy to use.
• Algorithmic trading is possible with OANDA.
• Social trading is available via ZuluTrade .
• No minimum balance is required to open a live account.

Cons:

• Video content is not impressive as compared to other materials.
• OANDA’s spreads are below average
• No negative balance protection for U.S. clients
• Average customer support

Conclusion:

OANDA is known for its strong regulatory track record and global licenses. It also provides robust market research materials and has an exemplary in-house mobile app. The only thing that holds back OANDA is it offers a limited range of products. Even it cannot compete with other low-cost brokers available. However, OANDA does rank higher in terms of its ease-of-use factor. This is not the case with other brokers with complex trading software. In short, OANDA has a decent offering of tradable assets, research, and education. It is one of the safest brokers and has an excellent regulatory track record.