OANDA US Review 2024
Website: www.oanda.com
Min. Deposit: US$
Leverage: 1:50
Trading Platforms: MT4, fxTrade Mobile, TradingView
Regulation: NFA, CFTC
Headquarters: US
Founded: 1997
Regulatory Licenses:
- OANDA Corporation - authorized by the CFTC (USA) and is a member of the NFA (USA) registration No: 0325821
Updated on April 8, 2024
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Our methodology for reviewing brokers is comprehensive and detailed. We compare and scrutinize various aspects of each broker, including fees, spreads, regulatory compliance, platform options, customer service, and more. Our comparisons are based on research of over 1000 brokers, ensuring that our recommendations and conclusions are well-founded and reliable. We aim to provide an unbiased and thorough review to help traders make informed decisions.
OANDA is a globally recognized Forex Broker, with a specific entity, OANDA US, dedicated to providing trading services exclusively for US residents. Founded in 1997 in the State of Delaware, US, OANDA was a pioneer in offering free online exchange rate information. Today, it stands as a leading financial firm in the United States, offering a broad array of services to its clientele.
What Type of Broker is OANDA? ▲
OANDA operates as a multi-faced broker, catering to a diverse range of trading needs and preferences. Its offerings span across Forex and various other financial instruments, making it a versatile choice for traders.
Pros
High reliability due to toptier regulation
Favorable trading conditions for both beginners and experienced traders
Wide selection of tools and platforms
No minimum deposit requirement
Availability of a demo account
Cons
Unavailability of CFDs for US residents
OANDA Review Summary in 12 Points ▲
Headquarters: USA
Regulation: National Futures Association (NFA) and Commodity Futures Trading Commission (CFTC)
Instruments: Forex, Indices, Cryptocurrencies, Commodities
Platforms: MT4 desktop, web and mobile, fxTrade Mobile, TradingView
Demo Account: Included
Base currencies: EUR, USD, GBP, AUD, CAD, CHF, HKD, JPY, SGD
Minimum deposit: No minimum requirement
EUR/USD Spread: 1.2 pips
Education: Tiered education materials
Customer Support: 24/5
OANDA has consistently improved its services and expanded its offerings, maintaining a focus on reliability. Its transparent operations have facilitated partnerships with prestigious brands like Google and Tesla. Our comprehensive analysis awards OANDA a score of 4.8 out of 5, positioning it as a highly reliable and trustworthy broker among over 1000 brokers analyzed.
OANDA's commitment to excellence is reflected in the numerous awards it has received. Notably, awards voted directly by customers highlight OANDA as one of the industry's top brokers for customer service.
Our expert research concludes that OANDA is a thoroughly regulated company, making it a safe option for trading. It adheres to strict guidelines and holds licenses from globally recognized authorities, ensuring compliance and trader safety.
Regulated by the National Futures Association, OANDA meets the stringent requirements set for brokers in the USA. The NFA's oversight ensures that OANDA operates with integrity, transparency, and in the best interest of its clients. Our trust score for OANDA is 4.8 out of 5, reflecting its reputable service and reliable licenses across various regions, despite some variations in regulatory standards and protection.
The NFA's rigorous regulatory programs are among the strictest globally, ensuring market integrity and participant protection. Trading with NFA-regulated brokers like OANDA means engaging in transparent transactions safeguarded against fraud, albeit with certain restrictions such as a maximum leverage of 1:50.
Being strictly regulated by the NFA, Oanda's leverage offering is maintained at a standard level, which some clients may find too restrictive. However, this is in accordance with what U.S. regulations permit. Given that leverage entails significant risks, the maximum leverage available for U.S. residents is 1:50.
Our analysis revealed that OANDA provides five distinct account types: Standard, Core, Swap-free, Premium, and Premium Core. These account options offer traders a variety of benefits, including no commission fees, access to powerful analytic tools, competitive pricing, and 24/5 customer support, among other features.
Through our detailed research, we determined that OANDA US does not impose additional commission fees, with costs mainly derived from spreads. Furthermore, the broker does not enforce a minimum deposit requirement or dictate a minimum trade size, making it an attractive option for traders. Compared to over 1000 brokers, OANDA's fees are ranked favorably low, with an overall score of 4.7 out of 5. It's important to note that fees may vary depending on the specific entity offering the service. Below is a comparative table of funding fees and other relevant charges, illustrating OANDA's overall competitive fee structure.
OANDA's spreads are directly calculated on the broker's platform, which is electronically linked to numerous international banks, ensuring access to the most precise foreign exchange rates. The average spread offered by the broker typically begins at 1.2 pips. Upon comparing OANDA's spreads to those of other brokers, we rated them favorably low, with an overall score of 4.7 out of 5. Our findings indicate that the Forex spreads are considerably lower than the industry average, and spreads for other instruments are equally appealing.
Opening an OANDA Live Account ▲
Initiating a live trading account with OANDA is a straightforward process. Prospective traders are required to complete several steps:
1. Apply for a live trading account by submitting the necessary information.
2. Fund the account.
Upon completion of these steps, traders are notified that they are ready to commence trading with OANDA.
OANDA stands out by offering a diverse selection of advanced trading instruments, which includes a plethora of currency pairs, indices, commodities, bonds, metals, futures trading, and commodities futures. It's important for US residents to note, however, that due to regulatory restrictions in the country, OANDA does not provide CFDs to its US clients. On a brighter note, OANDA extends its offerings to include cryptocurrency trading for its individual retail clients in the USA, covering popular tokens such as BTC, ETH, LTC, BCH, PAXG, LINK, MATIC, UNI, and AAVE among others. The comprehensive range of trading instruments available through OANDA has earned it a score of 4.8 out of 5 for its wide selection among Forex, Indices, Cryptos, Shares, and more.
OANDA simplifies the process of depositing and withdrawing funds. Clients can manage their funds via the "Transfers" section of their portal, which facilitates deposits, withdrawals, and fund transfers between OANDA accounts. With a rating of 4.8 out of 5, OANDA's funding methods are considered highly favorable. Although the minimum deposit is average for the industry, the associated fees are minimal or non-existent, and clients can benefit from multiple account-based currencies. However, it's crucial to verify the availability of deposit options based on the regulatory entity overseeing the account.
Pros
A variety of payment methods are offered
No minimum deposit requirement
Cons
Deposit options may vary by regulatory entity
In terms of deposit options, OANDA features several methods including Debit/Visa, Debit/Mastercard, ACH, and Bank Wire. Notably, there is no minimum deposit requirement at OANDA, although clients should consider the necessary amount to cover trading fees and margins, which vary by instrument. When comparing the minimum deposit requirements, OANDA sets itself apart from many other brokers with its $0 minimum, as opposed to the common $500 minimum seen elsewhere.
Withdrawing funds is straightforward, with options for debit cards and bank wire transfers. It's important to note that debit card withdrawals are limited to the initial deposit amount, with remaining funds withdrawable through alternative methods. Bank transfer withdrawals are processed within 2 working days, and both the OANDA account and client's bank account details must match.
OANDA provides its clients with access to the fully customizable MT4 platform, TradingView, and a mobile trading app, aiming to protect clients and their trades with tighter spreads and custom platforms across its premium offerings, including automated trading strategies. With an overall rating of 4.5 out of 5, OANDA's platform stands out in the industry, particularly for professional trading, complemented by excellent tools and research.
The proprietary platform, Oanda Trade, is lauded for its user-friendly functionality and has received numerous awards and high regards from traders. It supports Web Trading, Desktop Trading, and Mobile Trading Apps, with the Web Trading platform offering easy access via any browser. The desktop platform boasts a full suite of capabilities including advanced charting tools, chart pattern recognition, quality backtesting, and a stream of financial news from leading providers. Furthermore, for those who prefer MetaTrader4, it remains an option with OANDA, featuring exceptional execution, competitive spreads, full support of EAs including hedging scopes, and the possibility to install an MT4 plugin for technical analysis.
The quality of a broker's customer support is a critical consideration, and OANDA excels in this area as well. Providing 24/5 support to its USA customers via email and live chat through the OANDA help portal, the support team is dedicated to delivering relevant and satisfactory answers to customers' inquiries. OANDA's customer support has been rated 4.5 out of 5 based on our testing, with fast and knowledgeable responses and easy accessibility during working days.
OANDA demonstrates its commitment to trader education through a wide array of educational materials and webinars, tailored to various levels of experience from basic to expert. The broker offers a comprehensive range of trading tools including analysis reports and advanced charts powered by Trading View, in addition to an economic overlay and other essential research tools vital for a successful trading experience. OANDA's educational offerings and research collaborations with market-leading data providers have earned it a rating of 4.8 out of 5, reflecting the high quality of its educational materials and research.
In conclusion, OANDA is recognized as a safe and reliable broker, offering attractive features such as no minimum deposit requirement, pricing transparency, technical optimization, and excellent trading conditions, including a selection of tools that cater to a wide array of trading strategies. The broker's high trust and popularity within the trading community are further underscored by its successful collaborations with global business giants. OANDA is particularly well-suited for:
Beginners
Advanced traders
US Traders
Traders who prefer MT4
Forex and Cryptocurrency trading
A variety of trading strategies
Algorithmic or API traders
Those seeking low fees and competitive spreads
Good customer support
Excellent educational materials and research
This comprehensive review affirms OANDA's standing as a top choice among traders, combining a secure trading environment with a broad range of services and tools designed to meet the needs of both novice and experienced traders alike.
