Oanda

Should You Trade with Oanda? Read This Broker Review First?

About Oanda

Oanda is a regulated broker that offers research tools that surpass industry standards and was designated with the “high customer satisfaction” mark by Investment Trends. This broker is best-suited for experienced traders who can make the most of its advanced research features and provides standard offerings for those who prefer desktop trading. 

Some Oanda downsides are the relatively limited number of trading products, trading styles and educational tools for beginning traders. Also, U.S. traders, due to regulations, are limited to forex trading with Oanda and do not enjoy the same safeguards, such as stop-loss protection, as European clients. 

Having said that, Oanda is among the highest-rated forex brokers in the U.S.

Year Founded 1996
Regulation FCA, CFTC, NFA
Minimum Deposit 0 for standard or $20,000 premium
Product Types Retail forex, CFD, bonds, indices, precious, metals
Products Offered 55 CFDs 70 currency pairs

Regulation

The first thing to look for in any broker is their licensing and regulation. Oanda definitely satisfies the requirement as far as licensing is concerned. It is regulated by the FCA or the Financial Conduct Authority of the United Kingdom, which is a first-tier licensing authority. Oanda also holds licenses from the CFTC or the Commodities Futures Trading Commission, National Futures Association (NFA) and  Retail Foreign Exchange Dealer (RFED). 

These licenses allow Oanda to legally offer its services in most of the world, although its services and safeguards are somewhat limited to the United States. This is due to rules in place, rather than anything lacking with this broker.

Accounts and Payment

There is no minimum to open a standard Oanda account, but a premium account requires at least $20,000. Clients can choose whether they prefer to be charged through spreads or commissions. Spreads can vary according to global financial volatility, and Oanda provides complete transparency regarding these changes. 

Although most brokers charge various minor fees, Oanda, has more than average, including the following: 

  • Overnight financing costs
  • Inactivity fees
  • Fees for deposits and withdrawals
  • Fees for bank wire transfers and debit cards.

Trading Products and Trading Platforms

Oanda was founded on the concept that it represents “all things currency” which explains its focus on forex. This is terrific for traders who also feel the similar focus in their own trading preferences, but others may find that choices may be a bit limited with Oanda. 

Although it does offer, indices, bonds, precious metals, commodities as well aso forex, it does NOT offer trading of the following: 

  • Individual stocks
  • ETFs
  • Cryptocurrencies

That is the reason its CFDs are limited to 55 whereas other brokers can offer hundreds or thousands. This may be alright, though, for traders who want to focus on only a few types of assets. 

Oana uses MetaTrader 4, which is a reliable and popular platform which includes watchlists, charting and automated trade capabilities. 

Oana is best-suited for desktop trading and does not incorporate a wide range of trading styles, such as social copy trading.

Education and Resources

Oana’s research features are outstanding and surpass the industry standard. The following is an overview of some services: 

  • MarketPulse
  • Autochartist
  • Dow Jones News
  • Analytical tool set
  • Financial calendars
  • Pattern matching engines
  • Volatility analysis
  • Consumer sentiment analysis
  • Real-time news feeds
  • Proprietary analysis

Oanda’s research features are so impressive that it may be a drawback for beginning traders who do not have the training and trader education to best implement all of these tools. Where Oanda excels in research, it is somewhat lacking in trader education and portfolio analysis.

Oanda Pros and Cons

Here are some advantages and disadvantages of Oanda’s service:

Pros

  • Top-tier licenses
  • Outstanding research features
  • Safeguards for UK and European accounts
  • positive reviews
  • Leading forex broker in the US
  • Solid reputation

Cons

  • No stop loss or account protection for US Clients
  • Lack of educational tools
  • No two-factor identification for security
  • More types of fees than average

Should You Trade with Oanda?

After analyzing Oanda, we have come to the conclusion that it is regulated and seems like a legitimate broker. Oanda is a particularly good choice for experienced traders who focus on forex and desktop trading. 

However, even if a broker is regulated, there still may be issues that can arise and the need for a broker complaint. If you need to deal with problems such as forex withdrawal problems and fund recovery, contact Broker Complaint Registry.

Do You Have a Complaint with a Broker? Broker Complaint Registry Will Help

 Contact Broker Complaint Registry experts if you need assistance with a broker complaint.  We deal with a variety of issues, including data theft, forex trading scams, and crypto complaints. Our team will refer you to experts who have vast experience dealing with regulators, banks, and law enforcement. We will provide advice and give you valuable guidance to help you resolve the issue.