OANDA US Review

OANDA US

OANDA US

www.oanda.com

  • Leverage: 1:50

  • Regulation: NFA

  • Min. Deposit: No minimum deposit

  • HQ: US

  • Platforms: MT4 desktop, web and mobile, fxTrade Mobile, TradingView

  • Found in: 1997

OANDA licenses: OANDA Corporation - authorized by the CFTC (USA) and is a member of the NFA (USA) registration No: 0325821

 

Disclaimer: OANDA Corporation is regulated by the CFTC/NFA. OANDA is a member Firm of the NFA (Member ID: 0325821). CFDs are not available to residents in the United States.

Top 3 Forex Brokers

  1. What is Oanda?
  2. Oanda Pros and Cons
  3. Awards
  4. Is OANDA Regulated?
  5. Leverage
  6. OANDA Accounts
  7. Fees
  8. Spreads
  9. Market Instruments
  10. Deposits and Withdrawals
  11. Trading Platforms
  12. Customer Support
  13. Education
  14. Conclusion

What is OANDA?

OANDA was founded back in 1997 in the State of Delaware, United States. This is a technology-driven financial services corporation, being the first company to share exchange rate information on the Internet, completely free of charge. The company has come a long way since 1997, today being one of the leading financial firms, providing a wide range of services to United States residents. In this OANDA US Review, we will try to represent all the benefits of signing with the broker.

Is Oanda a Good Broker?

Through the years, OANDA has proved to be a reliable and trustworthy broker. It has been constantly enhancing its services and broadening its offerings, also paying attention to its reliability factor. Due to its transparent activities, the broker has been able to cooperate and establish partnerships with well-known brands and organizations, including Google, TESLA, Airbnb, FedEx, and many other world-known names.

OANDA Pros and Cons

One of the advantages of OANDA is its reliability, as the broker is overseen by a top-tier regulator. Besides, OANDA offerings are quite favorable both for experienced and beginner traders. OANDA has a wide range of tools and offerings, thus being a good choice for traders with different expectations. Also, having no minimum deposit, the existence of a demo account, and a selection of platforms makes the broker a good choice.
On the negative side, CFDs are not available to residents in the United States.

10 Points Summary
🏢 HeadquartersUSA
🗺️ RegulationNational Futures Association (NFA) and Commodity Futures Trading Commission (CFTC)
📉 InstrumentsForex, Indices, Cryptocurrencies, Commodities
PlatformsMT4 desktop, web and mobile, fxTrade Mobile, TradingView
🎮 Demo AccountIncluded
💰 Base currenciesEUR, USD, GBP, AUD, CAD, CHF, HKD, JPY, SGD
💳 Minimum depositNo minimum requirement
💰 EUR/USD Spread1.2 pips
📚 EducationEducation materials by the level
☎ Customer Support24/5

Awards

The reliability and excellence of OANDA are also proved by a large number of awards it has acquired during its history. OANDA has won different awards in different nominations, but one of the most convincing of those awards is the one voted by the customers directly, making it one of the best customer service brokers in the industry.

Is OANDA Regulated?

OANDA is regulated by the National Futures Association.
All brokers based in the USA are required to be licensed and authorized by the NFA. The NFA is a derivatives industry self-regulatory organization. It oversees the on-exchange, Forex, and OTC, as well as the Commodities Futures Trade Commission. The regulatory body imposes a sharp standard of procedures that protect US clients. All the brokers, including OANDA, should follow certain rules, such as limited leverage with a maximum of 1:50, also, restrictions on hedging and scalping strategies. Due to the tight and top-tier regulation, OANDA is considered a low-risk Forex broker.

How are you protected?

The regulatory programs imposed by the NFA are considered the strictest worldwide and ensure the integrity of markets, participant protection, and following of operational standards. This makes trading with NFA-regulated brokers transparent, protecting the clients from fraud. However, the strict rules also restrict clients, limiting them in certain ways: the maximum leverage available is 1:50.

Leverage

Being strictly regulated by the NFA, has also some downsides, that clients, too, may find too restricting. Leverage is one of those restrictions that often disappoint clients. However, it is better to be safe than sorry. Due to the fact that leverage involves high risks, for USA residents the maximum available leverage is 1:50.
It’s important to mention, that for different entities the leverage is different. There are more lax regulations, thus enabling higher leverage. For instance, Australian clients have access to 400:1 leverage, while the European ESMA regulation allows a maximum of 30:1. Thus, as you see, the leverage is mainly regulation-related.

Account types

OANDA offers five different account types, so clients have a wide choice to pick from Standard, Core, Swap-free, Premium, and Premium Core. OANDA trading accounts give the clients a number of opportunities, imposing zero commission, powerful analysis tools, competitive prices, 24/5 customer support, etc.

How to open an account

Opening an account with OANDA is quite straightforward. To open an account, clients need to cover several steps:

  • Apply for a live trading account, by providing the necessary information
  • Fund the account

After completing the mentioned steps, traders will be notified that they are able to start trading with OANDA.

Fees

OANDA enables its clients to trade over 100 instruments including currency pairs, commodities, indices, bonds, and metals. There are no additional commission fees, and the costs are mainly based on spreads. Besides, the broker does not have a compulsory minimum deposit requirement or trade size, which makes the broker favorable to sign with. The comparison table below shows the funding fees and other relevant fees.

FeesOANDA US FeesFXCM FeesXM Fees
Deposit feeNoNoNo
Withdrawal FeeNoNoNo
Inactivity feeYesYesYes
Fee rankingLowAverageHigh

Spreads

OANDA spreads are calculated straight on the broker’s platform, which is electronically connected to numerous global banks with access to the most accurate foreign exchange.

Asset/ PairOANDA US FeesFXCM FeesXM Fees
EUR USD1.2 pips1.3 pips1.6 pips
Crude Oil WTI4 pips4 pips5 pips
Gold25.30.76 point35

The table below will enable you to have a better understanding of OANDA spreads:

Market Instruments

OANDA offers a wide range of advanced instruments, including currency pairs, indices, commodities, bonds and metals, futures trading, and commodities futures. However, US residents should know, that OANDA does not offer CFDs for US residents, due to the regulations present in the country.

Deposits and Withdrawals

OANDA Deposits

Deposit and withdrawal processes with OANDA are quite straightforward and quick. Generally, funding is possible through MasterCard, Visa, or Discover, bank transfers, and an automated clearing house (ACH).
In fact, the deposit and withdrawal options differ from entity to entity, some methods being unavailable in certain locations. Thus, the information above is true for USA clients (Check Forex Brokers Accepting US Clients).

To fund the OANDA trading account, clients need to log in to ‘manage funds’ and initiate the process. In the case of Debit Cards, there is a $20, 000 monthly limit. Also, if clients choose the option of wire transfers, they should take into consideration that it can take up to 3 to 5 working days to process the transfer.
And at last ACH deposits can take up to 6 business days, and have a limitation of $50,000 per deposit.

Withdrawals

Withdrawing funds is possible through debit cards and bank wire transfers.
It may take up to 3 business days for funds to be processed into the client’s account. The amount that clients are allowed to withdraw to their debit cards cannot exceed the initial deposit amount. The remaining funds can still be withdrawn, but using alternative methods.
Bank transfer withdrawals take up to 2 working days. To use bank transfers, the OANDA account details and bank account details of the client should coincide.

Trading Platforms

In trading, execution is one of the key points for sure. In this respect OANDA provides its clients with industry-leading trading platforms, ensuring success in trading.

Good selection between platforms suitable for beginners and professionalsNo alerts
A mainstay on multiply awarded proprietary OANDA Trade
Powerful trading capabilities with a free range of tools
Clean view and good charting
MT4 still available as additional platform option

MT4 Desktop, Web and Mobile

OANDA enables its clients to conduct their trades through the industry-leading MT4 platform, enabling desktop, mobile, and web access. MT4 gives the clients an opportunity to experience trading to its fullest with access to additional indicators and expert advisors. Expert advisors enable traders to build trading algorithms, backtest trading strategies, and use already existing algorithms as a trading strategy.
MT4 trading charts are also very helpful, giving access to nine-time frames and multiple displays over 50 built-in indicators, and other advantages.

TradingView

OANDA cooperates with TradingView, providing its traders with the best of both platforms. Clients can use their OANDA account on TradingView’s platform and get access to TradingView’s community features, powerful charts, and analytical tools.
Among the advantages of the platform are flexible alerts, technical analysis, social community, and others.

Customer Support

When choosing a broker, it is always advisable to pay attention to the particular broker’s customer support. In this respect, too, OANDA has proved to be trustworthy.

OANDA provides 24/5 support to its USA customers through email and a live chat via the OANDA help portal. OANDA support team does its best to provide relevant and satisfying answers to the customer’s questions and requests.

Education

For many customers, the broker’s educational section is very important. This is especially true for new traders. OANDA understands the importance of educational materials and tries to support its clients in this.
OANDA provides educational materials at all levels – ranging from basic to expert levels.
Besides, the broker provides technical and fundamental analysis, different charts, and reports. Traders can also improve their trading knowledge and technical skills by accessing the Webinars, conducted by top instructors.

Conclusion

OANDA is a good broker with quite attractive offerings. Its benefits are many, ranging from no minimum deposit, pricing transparency, and technical optimization to a variety of tools, and a great education. All of this is responsible for the broker’s growing popularity. Signing with OANDA and gaining access to its favorable offerings and features, traders will surely have good trading experiences. Besides, the level of trust the broker provides is also essential, as it enables traders to conduct their trades without the fear of risking their funds.

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