Is Oanda A Good Forex Broker – Oanda is an international Forex broker founded in 1996 and headquartered in the United States. Oanda specializes exclusively in currency trading solutions for all levels of traders. Their biggest selling point is their strong regulatory framework and solid ownership platform.
Oanda is a safe and reliable broker thanks to their strong regulatory framework that has obtained 7 licenses from some of the most respected financial watchdogs in the world. Listed below are each of Oanda’s regulators:
Is Oanda A Good Forex Broker
During our investigation process of Oanda, we found amazing user reviews and overall a very good feeling about their presence.
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Oanda has no minimum deposit requirements and charges no deposit fees. Currently, they only accept deposits or withdrawals through the methods below:
It is very important to note that despite Oanda’s decision not to charge a deposit fee, withdrawal fees are charged through a particular structure:
Please note that the above example is set in USD, there may be cost variations based on the base currency of your account. Simply put, avoid using bank transfers to withdraw money unless you plan to deposit large amounts of money.
Oanda’s platform, while very tight and integrated for some things, is not for others. When you launch your online trading platform, you will see a money management option where you can create multiple accounts in different currencies and request deposits or withdrawals.
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Keep in mind that this section is platform independent and opens in a separate tab on your browser, so we highlight the lack of integration because it is not an option readily available within the platform.
Oanda offers a welcome bonus of up to $5,000 upon a customer’s first deposit. If a customer deposits a minimum of $1,000 then the bonus will be $500. On the other hand, if you feel lucky and are able, a deposit of $ 50, 000 will bring you the incredible amount of $ 5, 000 as a bonus.
The above promotion is not available in the United States, European Countries, the United Kingdom and is only applicable to the extent permitted by local laws and regulations.
Oanda profits from the payout spread (difference between the buying and selling price) when you open the exchange. Let’s compare the spreads with some similar brokers:
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Oanda’s spreads are definitely competitive compared to the majority of FX brokers, but still not the lowest.
Oanda does not charge commissions such as entry and exit commissions per trade but they do charge currency conversion fees, depending on the base currency of the traders account.
Another very important fee to mention is that Oanda charges an inactivity fee of $10 per month after a user leaves their account inactive for a period of one year.
Oanda’s advantage offer is mainly dedicated to currency pairs (68 so far). When it comes to stocks, ETFs or other asset classes, Oanda definitely falls short compared to its competitors.
Oanda Review 2023: Pros, Cons And Key Features
Oanda’s total asset offering is only 107 trading instruments, most of which are currency pairs. Here’s how they compare to other well-known brokers:
Oanda is clearly a good choice for currency (FX) traders as they offer no minimum deposit, minimum trade size of one unit in any currency (eg: 1 Euro, 1 US dollar, etc.) and a solid platform. On the other hand, when it comes to other asset classes there are definitely better options out there.
Our favorite part of the Oanda platform is their mobile trading app. It is very fast, easy to use and simple. Let’s go over the main areas.
Oanda’s mobile platform home is packed with basic features such as sorting directly by asset class from the top while viewing the chart of each asset on there and a classic bottom menu to switch between the platform areas.
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At first glance, we notice the similarities between Plus500 and Oanda when it comes to platforms. Both have the same layout of an asset list and a half-screen chart at the bottom.
Oanda’s passion for simplicity is clearly evident because they do not have a dedicated view but rather when you click on each asset, the table in the middle of the screen changes and allows you to click on the details to see some information key about each asset.
Compared to some of the competitors, it would definitely be better to have a dedicated asset view with the most important information about each asset such as customs related news.
The Oanda mobile platform order placement panel is a one-stop-shop for trading as each user can directly change the same asset they want to trade directly from the panel.
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While it is still a very effective tool as it allows a trader to place a lot of value, see margin exposure and more. We still feel that it is not an order placement panel designed for an optimal mobile experience, but rather a quick copy of the desktop version.
There is no ability to customize your news or filter it. In the end, it is not very useful, but rather just an added benefit to get some extra news.
As a positive point we can definitely say that the Oanda mobile experience was fast, smooth and generally perfect. The charts were responsive and allowed us to draw and set indicators without experiencing any lag.
In conclusion, Oanda’s mobile platform is definitely well built for what it does with the exception of the mobile order placement panel. On the negative side, we would like to see more feature integration instead of having access to extra browser tabs to get news, economic calendar or any other resource.
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Oanda’s online trading platform is a very compact experience as everything a user needs is in one place. Let’s go over its main features:
At a glance, any user can access the asset view, news, portfolio and charting tools right from home. Unfortunately there is no notification center for important issues.
The order placement window is definitely well optimized and designed for desktop devices (so we felt that the mobile one was exactly the same as this one with small changes).
Compared to the mobile version, there are some more options as in the mobile one, a user can only choose from “market order” or “entry order” while in the web version, a user can choose from “market” , “limit” and “stop” orders.
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The news of Oanda’s web platform is the same as the mobile version. It is necessary to open an additional tab external to the platform to see integrated Dow Jones news.
Here is where we start to notice polar opposites when it comes to integration. On the one hand, the platform has everything you need in one place, on the other hand, every time you need additional resources, more tabs and external resources need to be loaded since nothing is part of the platform.
In conclusion, the internet trading platform is a good tool to execute your trades and do simple tasks. There should not be too many expectations for the research or the added value in it.
Oanda’s desktop platform is a downloadable version of their web platform with some options still requiring the use of additional tabs on your web browser (which makes no sense). Let’s go over its average features:
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In the home of the desktop platform, you will be able to find everything you need like the web version.
While it’s a nice gesture given a desktop platform, we don’t recommend it at all. Any user can easily use the web and mobile version. There won’t be much advantage in using the downloaded desktop version.
In general, we feel that they have decided to simply provide many tools regardless of their quality, but in the end, they are not very useful.
Oanda is a great FX broker and should continue to do what it does well without trying to provide too many additional resources that do not meet its expectations.
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The Oanda website provides a “Learn Section” where they offer some introductory text-based articles for people who don’t know much about brokerage or trading accompanied by some Webinars pending potential broadcast dates.
In general, Oanda’s education department needs more effort to meet the standards of some of its competitors.
On the downside, Oanda needs to improve its asset offering to cover more markets and also platform integration to enable a smoother experience.
Judging by Oanda’s current position and as a company founded in 1996, they clearly have a defined path where they want to remain as a leading FX broker instead of taking over other markets.
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If you are a currency trader looking for a safe broker with a strong regulatory framework and competitive offers in currency trading, Oanda is definitely a great choice.
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