Oanda US Broker Review 2024: Verified Reviews, Pros & Cons

Is Oanda a good broker for you? Let us delve deeper. Established in 1996 by Dr. Michael Stumm and Dr. Richard Olsen, Oanda has positioned itself as a pioneering force in the world of currency and trading.

Headquartered in New York, Oanda offers a variety of currency-related services. It is a reputable global online brokerage for retail FX and CFD markets. It offers standard and advanced trader accounts catering to different needs.

Oanda offers instruments like indices, metals, commodities, and bonds U.S. clients lack account protection features like negative balance protection.

Oanda’s regulatory credentials are solid, with registrations and authorizations from prominent bodies such as the CFTC, NFA, and FCA, ensuring compliance and reliability across its operations.

Its comprehensive trading platforms, including FX Trade and TradingView, feature advanced tools and resources, making Oanda a versatile and trusted choice for traders globally.

Is Oanda a regulated broker? Yes, Regulated by Seven Tier-1 Regulators Highly Trusted:

Australian Securities & Investment Commission (ASIC)
Canadian Investment Regulatory Organization (CIRO)
Japanese Financial Services Authority (JFSA)
Monetary Authority of Singapore (MAS)
Financial Conduct Authority (FCA)
Commodity Futures Trading Commission (CFTC)
Regulated in the European Union via the MiFID passport system

How to open an account

Steps to open an Oanda trading account

Step1: Visit the OANDA | website: https://www.Oanda.com

Step 2: Fill out the online application form with your details.

Step 3: Fund your account.

Step 4: Choose a convenient deposit method.

(Debit/credit card, e-wallet, or bank transfer).

Step 5: Deposit funds into your account (There is no minimum deposit required for amounts up to US$9,000).

Step 6: Start trading!

Note: Log in to your Oanda account using the provided credentials.

Explore Oanda’s user-friendly trading platforms web and mobile to begin trading forex and other instruments.

For Deposits over USD$9,000

To ensure account security and comply with regulations, Oanda might request additional verification documents like a passport and bank statement for deposits exceeding US$9,000.

Oanda Trading Platforms Overview

Oanda offers powerful trading platforms designed to meet the diverse needs of traders, whether they prefer desktop or mobile environments. From the renowned MetaTrader 4 and MetaTrader 5 platforms to the award-winning FX Trade mobile app.

Oanda provides robust tools that cater to both novice and seasoned traders. Here is a summary of these platforms.

1. MetaTrader 4 (MT4)

MetaTrader 4 (MT4) is renowned for its user-friendly interface and advanced features, MT4 empowers you with in-depth analysis and automated trading capabilities.

Key features

Robust charting tools: Access nine different timeframes and a wide range of technical indicators for in-depth market analysis.
Expert Advisors (EAs): Develop and deploy automated trading strategies using MQL4.
Depth of Market (DoM): Benefit from competitive spreads and transparent pricing.
Real-time data: Stay informed with real-time price quotes and financial news.

2. MetaTrader 5 (MT5)

Stepping up from the ever-popular MT4, MetaTrader 5 (MT5) delivers a powerful trading experience.

Key features

Expanded timeframes: Analyze markets with 21 different timeframes.
Integrated economic calendar: Monitor market events directly within the platform.
Advanced order types: Utilize sophisticated order management options for enhanced trading strategies.
MQL5 for automation: Create complex EAs and indicators with MQL5, and access third-party plugins.

3. OANDA FX Trade Mobile App

Take control of your trades from anywhere with the OANDA FX trade mobile app.

Key features

Seamless trading: Execute trades quickly and efficiently with a highly responsive interface.
Cross-platform access: Consistent performance across iOS and Android devices.
Customizable layout: Tailor the app to fit your trading style and preferences.
Real-time data and alerts: Receive live price updates, news, and market alerts for timely decision-making.

Oanda asset and instruments review

Oanda provides traders with access to a wide range of assets and instruments through its robust trading platforms. Here is an in-depth look at the key categories of assets and instruments available for trading with Oanda:

CFD trading

Access major instruments like UK100, Germany 30, and EUR/USD with tight spreads no verification is required for deposits below US$9,000. Continue integration with MetaTrader for efficient trading. Oanda simplifies CFD trading with its MetaTrader platform, renowned for its advanced trading capabilities and user-friendly interface.

The competitive spreads across various instruments make it attractive for both new and experienced traders. The minimal verification requirement for smaller deposits enhances accessibility, facilitating a quick and easy start in CFD trading. CFD Trading is not available for US users.

Indices

You can trade major global indices like US Wall St 30, France 40, UK 100, and Germany 30. Tight spreads on key indices to maximize trading efficiency. For traders focusing on indices, Oanda offers robust trading opportunities with competitive spreads across a broad spectrum of major global indices.

This enables traders to make strategic decisions with comprehensive coverage and efficient execution. The platform’s depth and responsiveness provide a strong foundation for trading these significant financial benchmarks.

Oanda Forex broker review

Trade 48 major and minor forex pairs including popular ones like EUR/USD, GBP/USD, and USD/JPY. Benefit from low spreads to optimize trading performance. Oanda excels in the forex market with an extensive selection of currency pairs, catering to a diverse range of trading strategies.

The platform’s low spreads and real-time data allow traders to navigate the volatile currency markets. Whether dealing with major pairs or exploring minors, Oanda provides a solid trading environment with comprehensive tools and analytics.

Commodities

Trade commodities like Brent Crude Oil, Copper, and Natural Gas. Gain access to competitive spreads across various commodities. For those looking to diversify their trading portfolios with commodities, Oanda offers competitive spreads on a range of essential commodities.

The platform’s reliable pricing and detailed market insights support effective trading in these markets, making it a strong choice for commodity traders seeking both breadth and depth in their trading instruments.

Metals

Access Gold and Silver with competitive spreads. Detailed insights informed trading decisions. Oanda’s offering in metals trading stands out for its competitive spreads and rich market insights on Gold and Silver.

Traders can take both long and short positions, supported by the platform’s thorough analysis and intuitive tools, making it ideal for those looking to leverage the precious metals markets.

Oanda deposits and withdrawals methods

Managing your funds with Oanda is simple and flexible, offering a smooth experience whether you are depositing to start trading or withdrawing your profits. Here is an overview of Oanda deposit and withdrawal processes:

Deposits

Oanda provides a range of methods for funding your account:

Credit and Debit Cards

Use your MasterCard and Visa for quick deposits; it is available within one business day.

Bank Wire and Bank Transfer

Oanda accepts various bank wire and transfer options, with processing times depending on the chosen method.

Skrill and Neteller

It offers flexibility with these popular e-wallets for both depositing and withdrawing funds. Additionally, clients in regions like Southeast Asia, Latin America, and Africa can utilize local online/mobile bank transfers and e-wallets tailored to their preferences. For detailed instructions and available methods, visit the Oanda deposit funds FAQ page.

Withdrawals

Oanda follows a hierarchical withdrawal rule; the funds must be returned to the source of the deposit, ensuring compliance and security. Oanda provides several withdrawal options.

Credit and Debit Cards

Withdrawals are processed back to the original MasterCard or Visa used for deposits.

Bank Wire Transfer

Withdraw directly to your bank account via wire transfer.

Skrill and Neteller

Manage withdrawals through these e-wallets for added convenience.

For clients in Africa and other specific regions, Oanda offers tailored withdrawal solutions to accommodate local preferences and regulations.

Fees and commissions of Oanda

Choose from “Spread only” or “core pricing + commission” models to fit your trading style. Their competitive fee structure, combined with the rewarding Advanced Trader program, makes Oanda a cost-effective option for traders seeking clear pricing and financial control.

Here is a breakdown of the fees associated with these pricing models, as well as additional charges and the Advanced Trader program.

Pricing models

Fee Type	Spread Only	Core Pricing + Commission
Revenue Model	Generated through client trades crossing the bid-ask spread	Raw spread plus a fixed commission per trade.
Base Commission	N/A	$50 per million traded
EUR/USD Minimum Spread (Standard)	1.4 pips	0.4 pips (plus commission)
Spreads	Subject to market volatility and liquidity	Subject to market volatility and liquidity

Oanda pricing varies by asset class:

Comparison of spreads

Here is a comparison of spreads on popular FX pairs underpricing models:

FX Pair	Spread (Spread-only)
AUD/USD	1.1
EUR/GBP	1.1
EUR/JPY	1.6
EUR/USD	1
GBP/JPY	1
GBP/USD	1.2
NZD/USD	1.4
USD/CAD	1.5
USD/CHF	1.3
USD/JPY	1.1

Advanced trader program

Tier	Deposit Requirement	Monthly Trade Volume	Benefits
Tier 1	At least $10,000	Less than $10 million	Spread/commission discounts, dedicated manager, API support, free VPS, free wire transfers, discounted platform feature access
Tier 2	At least $10,000	Over $10 million	Spread/commission discounts, dedicated manager, API support, free VPS, free wire transfers, discounted platform access
Tier 3	At least $100,000	At least $100 million	Spread/commission discounts, dedicated manager, API support, free VPS, free wire transfers, discounted platform access
Tier 4	At least $250,000	Over $500 million	Spread/commission discounts, dedicated manager, API support, free VPS, free wire transfers, discounted platform access

Additional fees

Fee Type	Description
Overnight funding fees	Applied to positions held overnight, based on a blend of liquidity providers' swap rates, adjusted by an admin fee
Inactivity fee	Charged monthly if there are no open trades for 12 months 10 units of account currency
Deposit fees	Fees may apply based on the deposit method
Withdrawal fees	Fees may apply based on the withdrawal method
Bank Wire transfer fees	Fees apply for bank wire transfers
Multiple Debit Card Withdrawal fees	Charged for multiple withdrawals within the same month

Key features of Oanda

Oanda currency converter

Need to convert currencies quickly and accurately? Look no further than the Oanda currency converter. Trusted by major corporations and individuals globally, Oanda provides:

Real-time exchange rates: Get precise conversions based on live market data.
Extensive coverage: Convert any currency, including precious metals and historical rates - back to 1990.
Easy to use: Simply enter currencies by name, symbol, or country. Oanda's currency converter is your one-stop shop for navigating the complexities of global currency exchange.
Oanda's currency converter is your one-stop shop for navigating the complexities of global currency exchange.

FX Data services review

FX Data Services helps businesses optimize currency management, improve operational efficiency, and strengthen financial security. Their services prioritize accuracy, affordability, and user-friendliness.

Reliable exchange rate data: Get real-time and historical data for over 38,000 currency pairs, ensuring informed decisions.
Streamlined transactions: Facilitate fast and secure FX payments with competitive fees, minimizing costs.
Enhanced analysis: Conduct in-depth historical analysis with charting capabilities and easy data export.

Customer service

OANDA offers a robust and multi-faceted customer support system, ensuring that traders can get help through their preferred communication channels, enhancing the overall user trading experience.

Live Chat: Immediate, real-time assistance for quick resolutions.
WhatsApp: Convenient, support for quick queries and updates.
Facebook Messenger: Easy access through social media for seamless communication.
SMS: Direct text messaging for straightforward support.
Phone Call: Personal interaction for detailed assistance and inquiries.
Email: Reach out to frontdesk@oanda.com for detailed inquiries or support needs.

Pros

Transparent fee structure with historical data.
Advanced Trader program rewards high-volume traders.
No minimum deposit for standard accounts.
User-friendly currency converter and FX data services.
Multi-faceted customer support.

Cons

Conclusion

Oanda offers a well-regulated platform with a variety of tools and resources. Their transparent fee structure and educational resources cater to both beginners and experienced traders. However, US users should be aware of limitations on account protection and CFD trading. Before you start trading, carefully consider your experience level, investment goals, and risk tolerance.

Pro Tip

Start your forex trading journey with our trusted forex brokers‘ detailed reviews. Compare, choose, and conquer the markets with confidence. Learn the ins and outs of stocks, banking, investing, crypto, broker reviews, and much more. Begin now!

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Checkout This

Oanda US Broker Review 2024: Verified Reviews, Pros & Cons

How to open an account

Oanda Trading Platforms Overview

1. MetaTrader 4 (MT4)

2. MetaTrader 5 (MT5)

3. OANDA FX Trade Mobile App

Oanda asset and instruments review

CFD trading

Indices

Oanda Forex broker review

Commodities

Metals

Oanda deposits and withdrawals methods

Deposits

Credit and Debit Cards

Bank Wire and Bank Transfer

Skrill and Neteller

Withdrawals

Credit and Debit Cards

Bank Wire Transfer

Skrill and Neteller

Fees and commissions of Oanda

Pricing models

Oanda pricing varies by asset class:

Comparison of spreads

Advanced trader program

Additional fees

Key features of Oanda

Oanda currency converter

FX Data services review

Customer service

Pros

Cons

Conclusion

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