In your research about brokers always make sure to check all the necessary details. So we 55brokers assist in choice and review trading conditions, and here is OANDA Review.
What is OANDA?
OANDA is a technology-driven financial services corporation founded back in 1996, with a belief that the internet would open the markets with fair access to everyone for data and trading. Indeed what we experience now shows that the approach was absolutely right, while OANDA stood as the first company with comprehensive currency exchange informationpresented online and the one supported the development of currency trading in 2001. Recently, during the last years broker truly grown to a global corporation with offices in 8 financial centers (USA, Canada, UK, Japan, Singapore and Australia) , that serves clients from about 200 countries, maintained support in 9 languages and follows strict regulations of 6 major authorities.
In its offering, OANDA is a leader in currency data, offering Forex & CFD trading (over 100 instruments, including currency pairs, indices, commodities, bonds and metals), corporate fx payments and exchange rate services for a wide range of organizations and investors. Actually, OANDA reliability and trust are confirmed also by the leading global brands who choose OANDA as their partner and including the biggest world organizations Google, KPMG, TESLA, airbnb, FedEx, IATA, pwc, twitter, Expedia and more.
In addition, OANDA’s commitment to democratize the global financial markets has been recognized throughout industry publications and organizations by its multiple awards within the industry. Oanda clients also have voted the company as number one in customer service, or value for money and overall client satisfaction on a yearly basis.
In your own research, you should always consider the most important information that the broker’s offering consists of. With this purpose, in this review we cover the following highlights:
OANDA Corporation is actually heavily regulated and authorized by various government agencies due to its global presence and coverage of various jurisdictions. In simple words, license and follow of regulations meaning that the broker complies to the international standards that check on the firm sustainability before its launch, regularly during its operation and even covers clients funds in case of the company insolvency with specified limits. Or even more simplified the regulated company is a potentially safe company to trade with, as its every step and actions are strictly overseen and complied with the operational guidelines.
In case of OANDA that is divided by the geographical regions and covering the US, Canadian, European, Asian and Australian markets are also respectively regulated and authorized by each of the necessary, particular agencies that oversee the trading business.
All customer funds, according to the regulations are kept in top tier bank accounts and are fully segregated, as well as protected by negative balance protection. Within the trading process, Oanda manages currency exposure and risk while use risk management technology, which net aggregate client positions automatically and anonymously, aggregates positions above predefined which are immediately hedged.
OANDA Trading Platforms
Generally speaking, Oanda Review recognized technology and software offering aiming to build itself around the right approach to protect the client and his trades, therefore adheres to tighter spreads and custom platforms across premium offering and automation of trading strategies. No one would debate that execution means a lot in trading, and at Oanda you can enjoy new proprietary v20 execution engine that executes trades in just milliseconds.
As a mainstay OANDA using a proprietary platform fxTrade, which can be classified as ‘easy to use trading functionality’ and has won many awards along of numerous highest traders’ regards. A platform providing access across trading functionality, including advanced charting tools, chart pattern recognition, institutional quality backtesting, and a stream of financial news from leading providers. Overall, the platform indeed can be classified as best in its class and definitely will be enjoyed by various level traders. OANDA’s platform supporting Web Trading, Desktop Trading and Mobile Trading Apps.
However, if you prefer MetaTrader4 it’s still an option with OANDA too, furthermore platform including all favors of exceptional execution, competitive spreads, full support of EAs including hedging scopes and a possibility to install pattern MT4 plugin for technical analysis.
Another designed by OANDA feature is OANDA Forex Labs, which is an absolutely unique institution performing latest developments and featuring Forex Analysis, Signals & FX Tools in continuous improvements process, as well there is an ability to try the beta version on the new ones.
OANDA Trading Fees
For OANDA there is no difference between clients, that’s why the broker do not differ the types of account and features only one standard type of trading account. However, the client turns to the Premium client at $50K minimum deposit and gets tailoring requirements, custom pricing and tighter spreads.
The broker’s proposals lead to trade over 100 instruments including currency pairs, commodities, indices, bonds and metals with no minimum deposit requirement or trade size, no added commissions, with the costs based only into the spread, which is by fact quite competitive.
The Oanda spread is calculated through an Oanda platform which is electronically connected to numerous global banks that access the most accurate foreign exchange and CFD rates. Below you may see an average spread on most traded instruments, as well as a snap from live quotes.
OANDA Fee Terms
Crude Oil WTI
Apart from live quotes, you may find information about the historical spread on particular asset or instrument, which can be very useful for you to understand the price policy of the Oanda and get knowledge on how the spread is influenced by the volatile market conditions.
Compare OANDA fees to another popular broker eToro.
What is OANDA Leverage?
The OANDA fxTrade platform supports margin trading, which means you can trade positions larger than your account balance. The advantage of margin-based trading is that you can leverage the funds in your account and potentially generate large profits relative to the amount invested, however, the downside is that you have an equal opportunity to incur losses in your account. So you should apply in good practice to utilize stop-loss orders and limit high leverage on particular potential losses. However, in Oanda policy Stop Loss orders are not guaranteed, (check on the guaranteed stop loss brokers).
The maximum leverage allowed is determined by the regulators in each geographic region. You may always choose to be conservative and limit leverage utilized to lower levels than allowed by the regulators, for example, the US regulator requires 50:1 leverage on Forex instruments, while the recent European ESMA regulation demand maximum of 30:1. Yet, Australian clients may still apply to a leverage 400:1.
What OANDA offers for Deposits and Withdrawals?
The important question about money transfers to and from the trading account features a slight difference according to the trader’s residence and under which OANDA entity you hold an account. It is a fact, various jurisdictions due to tax and laws allow some of the payment methods, while others may be prohibited to use.
Oanda minimum deposit
The Oanda applied no minimum deposit requirement rule, yet you should calculate amount in order to cover trading fees and margins.
Therefore, USA clients options offer Bank transfers and payment by Credit Cards, Checks and Automated Clearing House – with no fees, however, be ready that your bank may charge some performance services. Canada Clients: Bank wire transfer and PayPal (CAD only). European Clients may use Credit/ Debit Cards, SWIFT wire transfer, PayPal (GBP, USD and EUR), BACS and CHAPS (only GBP). The Asia Pacific traders eligible to use DBS Pay Bills, Internet banking transfer, Bank wire transfer, PayPal (SGD only), Cheques (SGD only), China UnionPay. And the last group is Australian Clients that allowed to use Credit/ Debit Cards, Internet banking transfer, Bank wire transfer, PayPal, Bpay, China UnionPay.
Oanda withdrawal fee
Same as with deposits, withdrawal policies vary based on the company division. Most often transactions performed via Bank Transfer or Wire Transfer, or Credit cards with 0$withdrawal fee for the first request within a month. Yet, if you wish to withdraw more funds, it may incur additionally applicable to various jurisdictions fee. See example on fees for Australian clients.
Conclusion on OANDA
Overall, going throughout attractive Oanda Review and features such as no minimum deposit, pricing transparency, technical optimization and a variety of tools, it is becoming clear why the broker gained high trust and popularity among the traders’ community. The fact that the company stands and operates on a strong background of reliable and successful cooperation with “global business giants” it definitely adds another advantage towards Oanda.
What we like is not to mention the number of developments and patterns being done by the OANDA in technical instruments and their impact on a trading process. And the last, but not the least is the approach to active users, owing to the smart management of the risks. It is obvious that there is no risk of interest conflicts as OANDA is not the broker that asks or find reasons why a trader should leave when he finds his success. Thus, in so many words when you choose OANDA, you’ve chosen a reliable and trusted partner.
Nevertheless, it is always good to know your personal opinion about Oanda and its conditions, which you may express in the comment area below.
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