Oanda Broker Review: Is it a trustable company?
Oanda is one of the oldest companies in the Forex industry. It is considered to be a safe option in the market. The company has many regulations and works in many countries. It offers a lot of features for all traders and seems to be a good choice. However, can you be sure that this broker is not a scam? Read our Oanda review to find out!
The company was founded in 1996 in America. It is well-known in the industry and has got many customers around the world. Oanda is regulated by the RFED and FCA which are very reputable authorities in this field.
Oanda is available in many different countries like Canada, Ukraine, Russia, the United States, Australia, and many others. It works legally everywhere and follows all the requirements. That is one of the reasons all customers are supposed to complete the verification process.
Although there is not a lot of information about Oanda on various forums, the company actually has many positive reviews on many websites. We will get to them later in this article.
What can you trade with Oanda?
Oanda provides a whole lot of available assets to trade. These include:
- Over 70 Forex pairs for spot trading
- More than 50 CFDs
- Many cryptocurrency CFDs
In addition, the broker makes copy-trading available. As you can see, there is a lot to do here, and it is very good.
Oanda is a bit better than the overall industry average. An automated machine is used to monitor all the prices. The spreads are based on liquidity and volatility. Keep in mind that high volatility can increase the spreads. For instance, the EUR/USD has an average of 1.2 pips and the GBP/USD has an average of 1.6 pips.
The company provides quite competitive fees in comparison to many other brokerage services. It is even possible to say that the charges are even lower than those at other companies.
Oanda does not have many payment methods. However, those that are offered are quite popular and available to all traders:
- Bank cards
- Wire transfers
Keep in mind that if you request a withdrawal by using a bank transfer, you might have to pay up to 35 Euros as a fee. This may bite into your profits, so you may want to consider using another payment method.
Trading platforms at Oanda
There are several different platforms at Oanda. First of all, it is the FxTrade software that is not very popular among traders. Although it is easy to work with and it provides many analysis tools, people still prefer the MT4.
MetaTrader 4 is more popular than Oanda’s platform, and there is a reasonable explanation for that. People are used to this software, they like the charting tools and lists, and it is even possible to automate your trades.
In the modern world, people seldomly stay at home for a long time. They usually travel, spend many hours in public transport, etc. This time can be spent productively. All you need is to get a mobile trading application. Does Oanda have one? Yes!
The mobile trading application provided by Oanda is available on many devices. It lets users download historical quotes, place orders, execute trades, analyze charts, and many other things that you would normally do on your PC.
The design is quite intuitive and seems to satisfy most users. Even if you have had no experience with other mobile trading software, working with FxTrade won’t be a problem.
At Oanda, users get a single standard account type. There is no minimum deposit and there are no additional bonuses for high volume traders. Nevertheless, all the users are equal in the features and that is not bad at all. We want to make profits, not compete with other traders.
There also is a possibility to use a demo account to test your skills and see whether you like the platform or not. There are no time limits, so you can use the demo version for as long as you need it. We think that this is cool because you have the possibility to master your strategies or keep dummy trading until you are confident enough.
Advantages and disadvantages
We have gathered all the positive and negative sides of the broker in two separate lists.
- Normal fees
- Understandable trading platform
- Quite easy registration process
- No withdrawal fees in most cases
- No minimum deposit
- No deposit fees
- Two-step login
- Not good CFDs
- Not satisfying customer service
- Big bank withdrawal fees
- Time-consuming verification
- No price alerts in the platform
User opinions about Oanda
Oanda is quite old, but there are not many reviews on the forums. If we consider all the opinions that we have found, we can say that the reviews are mostly neutral because there are both positive and negative sides.
Here is what Doug Scott thinks about the company. He says that the platform is great, and he likes the low spreads, swaps, and fast execution.
Another opinion is from Santiago. He likes working with Oanda and says that he has received a lot of assistance from his account manager. The withdrawals are quite quick. Santiago recommends the company.
Oanda is a trustworthy company that is regulated by many authorities and has neutral reviews. It provides two trading platforms and many assets to work with. In addition, there is a mobile application that keeps all the features of the web and desktop versions. The fees are also acceptable, but it is not recommended to use bank transfers.
Have you ever worked with Oanda? Let us know about your experience!