Founded in 1996, Oanda is a well-known online retail broker that is regulated in multiple jurisdictions, including the US, UK, Canada, Japan, Singapore, and Australia. The broker provides forex and CFD trading in up to 10,000 instruments, across all major financial asset classes. Oanda has won several awards over the years, including the Best Retail FX Platform in 2018. Although Oanda provides optimum execution speeds, the broker does not offer direct market access, and their spreads are relatively on the high side.
Oanda Review Introduction
In this Oanda review, we will take a look at some of the most important factors worth considering when choosing a forex broker for your online trading needs. This includes trading platforms, trading tools, research and education, account funding options, customer support and broker regulation.
You may also wish to view my best forex brokers based on countless hours that I have spent researching and testing hundreds of brokers, all of which you can see in my forex broker reviews. You can also use my free trading tool to compare forex brokers including Oanda.
Oanda Platforms & Tools
Oanda provides their clients with multiple trading platforms including their proprietary “Next Generation” platform and the widely used MetaTrader 4 platform. Both platforms are available in desktop and web versions, as well as mobile applications for iOS and Android devices.
The broker provides a wide array of trading tools in the Next Generation trading platform, such as advanced charting software from Tradingview, the Algo Lab for developing and testing automated testing strategies, pattern recognition and price projection tools, sentiment tool for measuring traders’ sentiment, and chart forum community where traders discuss strategies.
Oanda Research & Education
Oanda has several educational materials in the “Learn” section of its website, which includes trading guides, training videos, and articles. The training videos cover various trading topics and are grouped into beginner, intermediate, and advanced sections. With the guides covering different types of trading, the articles explain the basic concepts in trading that a beginner should know.
Oanda Trading Accounts
The broker offers several account types:
- Standard Account: no minimum deposit and available to all clients
- Premium Account: minimum deposit of $20,000 for U.S. clients, 50,000 CAD for Canadian clients, and $50,000 for all other clients
- IRA: for U.S. clients only
- Professional Account: for EU clients who need bigger leverage
- Joint Account: for EU and Canadian clients, with a maximum leverage of 1:30 and 1:50 respectively
- Business Entity Account: for EU and Canadian businesses
- Eligible Contract Participant (ECP): for U.S. clients with more than $10 million
- Corporate Accounts: for the Asia Pacific and Australian clients only
Oanda Account Funding
Oanda accepts several payment methods, such as:
- Automatic Clearing House (ACH): for USD accounts
- Credit/Debit cards: MasterCard and Visa card
- Wire transfer: May take up to 5 business days
- Checks: for U.S. residents only
- Online payments: PayPal, BACS, CHAPS, Swift, SEPA, and BPay
Oanda Customer Service
The broker provides 24/7 customer support services via phone, email, and live chat, and you can talk to them in English, Chinese, Spanish and Dutch. You can also reach them through their social media handle on Facebook, Twitter, LinkedIn, and YouTube.
In the US, Oanda is registered with the Commodity Futures Trading Commission (CFTC) as a Futures Commission Merchant and Retail Foreign Exchange Dealer (RFED) and is a member of the National Futures Association (NFA). The broker is also licensed and regulated by the Investment Industry Regulatory Organization of Canada (IIROC.)
Outside of North America, Oanda is licensed and regulated by the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC), the Financial Futures Association of Japan (FFAJ), and the Monetary Authority of Singapore (MAS). The broker keeps clients’ funds in segregated bank accounts with the top banks in Europe and America.
Oanda Review Summary
Oanda is a well-regulated broker that provides innovative trading services through its award-winning platforms and tools. With over 10,000 tradable instruments, Oanda provides you with multiple asset options.
It is worth mentioning that some of the trading products and services in this Oanda review may differ or not be available to traders in some countries due to regulations. As brokers terms can change over time, please verify all information is up to date directly from the Oanda broker website which you can visit by using the link below.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. A large percentage 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.