This broker was not featured in our 2020 Broker Review Audit. This is because, in the past 12 months, it has failed to pass our initial screening process and is not recommended by our team of experts. As such some of the information found here may be out of date.
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Oanda is one part of a large corporation that has been in existence since the mid 1990s. It is a foreign exchange company that provides currency conversion, online retail Forex trading, online foreign currency transfers and Forex information. When it comes to choosing a Forex trader there are hundreds to choose from, but there aren’t all that many that have been around for as long as Oanda. In fact, many say Oanda can be considered one of the early pioneers of Forex trader. And after all this time, they must be doing something right to still be in business, and increasing their customer base on a daily basis. One of the great things about Oanda, especially for beginners, is there is no minimum deposit, so there is every opportunity to start with small investments, to be sure that Forex trading is the right form of investment for you.
Oanda, fxTrade and other members of Oanda’s fx family are trademarks owned by Oanda Corporation. Oanda has many faces and provides financial services, acts as a Forex and CFD broker and market maker, and offers its services for traders in Europe, US, Canada, and Asia. It has received several international awards and is licensed and regulated in a number of different countries, including the UK, Australia, and the US.
|More than 90 currencies and precious metal pairs|
Oanda has a lot to offer different traders
Choose Oanda as your broker and there are a number of different markets to choose from. More than 90 currencies and precious metal pairs, along with CFD products that include commodities, bonds, and stock indices. Although we should point out that CFDs or precious metals are not available for trading if you are a resident of the United States.
Forex traders can expect highly competitive spreads, and no commission. There are 40 major currency pairs for trading, all using Oanda’s fx Trade or popular MT4 trading platforms. Indices are used by many traders as a way of speculating on the world’s financial markets, and with Oanda traders can take advantage of the volatility brought about by world events and corporate news to trade stock indices. Bonds can be used by traders who want to diversify their portfolio. Traders can hedge against risk and try to predict future interest rates, while at the same time leveraging the security and stability that government treasuries usually offer. If you prefer to trade CFDs, Oanda offer popular commodities such as wheat, corn, copper, crude oil, and natural gas. Along with precious metals such as gold, silver, and platinum.
Choose between MT4 and the fx Trade Web Trader
For many there won’t be any choice, as MT4 is the preferred trading platform of many traders. But for those looking for something a little different, there is fxTrade Web Trader. It does require JAVA to run, but can be used by traders who want to access the platform anywhere in the world. This is because it is web based, and only requires a secure and reliable internet connection.
Both platforms also have mobile versions. More tech savvy traders also have one more option. By using Oanda fx Trade API libraries they can build their own automated system. We should also mention some rather good trading tools that are offered by Oanda.
- MotiveWave – A professional charting, technical analysis and trading platform
- FinGraphs – Provides straightforward tools used to identify trends, highlight risk levels, and calculate possible price targets
- Market Reports – Powered by Autochartist and giving a quick overview of the state of the markets, and delivered to a trader’s inbox at the start of the trading day
- Forex Order Book – This summarises open orders and positions, 24 hours a day
- Currency converter – Accessible via a tab at the top of Oanda’s home page
Oanda have one real account and a demo account for new traders
Only a few basic questions are requested if you choose to open a live account with Oanda, and you can be ready to trade in just a few minutes. There is no minimum deposit amount like many other brokers, which makes it the perfect choice for beginners and those with limited funds. A number of payment methods are accepted, including the most common ones such as bank transfer, and major debit and credit cards.
For beginners there is a great education section, with webinars and investment articles for traders, but it wasn’t as extensive as many of the other brokers we get to review. There is the Oanda Academy with resources to improve trader’s confidence, an instructor-led learning option with live online sessions, as well as an on-demand video library. Also there is the option for self-directed learning covering all the basics as well as looking at technical trading.
We had no problems navigating our way around the Oanda website and opening an account was quick and easy. It is regulated in a number of different countries, which is always going to be a plus. With a great range of products and services, and no minimum deposit requirement we would recommend you give this broker a try.
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