Oanda Review 2024- Is It a Legit Broker?

Oanda is a US broker that mainly offers forex trading, while EU clients are also able to trade US stocks. It offers a high-quality and easy-to-use trading platform, and its research tools are also powerful, with numerous technical indicators and a great API offering. The account opening process is user-friendly and fast. It is a good choice for new investors. Keep reading this Oanda review to know more about this platform

A Detailed Table on Oanda

Features

Descriptions

Founded Year

1996

Trading Platforms

OANDA Trade (Web/Desktop), Mobile Trading App, MetaTrader 4 (MT4), API Solutions

Instruments

Forex, Indices, Commodities, Bonds

Minimum Deposits

$0

Accessibility

Web, Desktop, iOS, Android

Oanda Leverage

Up to 1:200

What are the Trading Platforms of Oanda

Oanda offers a suite of advanced trading platforms designed to cater to the diverse needs of traders. The primary platform is the Oanda Trade web and desktop application. It provides an intuitive interface for executing trades, analyzing market trends, and managing portfolios. Traders benefit from advanced charting tools, technical analysis, and risk management features.

For those on the move, Oanda provides a mobile trading app compatible with iOS and Android devices. This mobile platform allows traders to stay connected to the markets, execute trades, and monitor positions from anywhere. Its API solutions enable algorithmic trading and seamless integration with third-party applications.

The MetaTrader 4 (MT4) platform is available for Oanda clients who prefer its renowned charting and automated trading capabilities. With Oanda, users gain access to a comprehensive set of financial instruments, including forex, indices, commodities, and bonds. The platforms prioritize transparency, offering real-time pricing, market news, and economic analysis.

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How to Use the Oanda Currency Converter

Would you like to go for Oanda trading? If yes, you need to follow some simple steps to use this platform. Here is the process:

  1. At first, you sign up in Oanda and then go for the Oanda login process. After that select the Currency Converter tool.
  2. Choose the currencies you want to convert from the drop-down menus. Qanda supports over 190 currencies.
  3. Enter the amount you want to convert. You can convert amounts as small as 0.000001 of a currency unit.
  4. The converted amount will instantly appear below. Oanda uses live mid-market rates to provide the most accurate conversions.
  5. For more details, click the information icon next to the exchange rate. You’ll see a chart of historical rates and other stats for that currency pair.
  6. Save frequently used conversions as favorites for quick access. This handy feature lets you bypass selecting currencies each time.

Commissions and Fees of Oanda

When it comes to commissions and fees, Oanda keeps things simple. As a market maker, Qanda makes money on the spreads between the buy and sell price of currencies and CFDs. They don’t charge any commissions for opening or closing trades.

Spreads are variable but generally tight during active trading hours. The spread on major FX pairs like EUR/USD is typically around 0.8 pips. Spreads widen outside market hours when liquidity is lower. Qanda’s low spreads and no-commission trading is appealing to many casual traders and beginners.

Oanda does charge some miscellaneous fees, though, like wire transfer fees, returned cheque fees, or inactive account fees. Inactivity fees only apply if you don’t log in for 2 years.

Unlike some brokers, Oanda doesn’t charge additional platform or data fees. You get access to their web-based trading platform and mobile apps for free. Charting tools, research, news feeds, and account management tools are all included at no extra cost. 

Compared to other forex brokers, Oanda’s fees are very competitive. Their transparent, low-cost model focusing on spreads rather than commissions is ideal if you’re looking for an affordable broker to casually trade forex and CFDs.

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Deposits and Withdrawals of Oanda

With Oanda, funding your account and withdrawing money is very simple. The good thing is, the Oanda minimum deposit is $0. You have several options to deposit funds

  • Bank wire transfer – Free deposits, but can take 2-5 business days. Minimum $1,000.
  • Debit/credit card – Instant funding with a small fee of 1.5%. No minimum.
  • PayPal – Connect your PayPal account for instant deposits and withdrawals. Fees may apply.

Withdrawals are also simple. You can request a withdrawal through your Oanda account and funds will be sent back to the method used for your most recent deposit. Bank wire withdrawals are free but can take 2-3 business days. Debit/credit card and PayPal withdrawals are instant with possible small fees.

The key is to choose funding methods that work for your needs and timeframes. Whether you prefer the lower fees of bank wires or the convenience of cards and eWallets, Oanda aims to provide a smooth experience getting money in and out of your trading account.

Is Oanda a Legit or Scam Broker?

Oanda is a reputable and legitimate broker. They are regulated in several major jurisdictions, including the UK, US, Canada, and Australia. Oanda does not take the other side of customer trades or engage in any proprietary trading.

As an NFA-regulated broker, Oanda segregated customer funds from its operating funds. This means your money is kept separately and not used for any other purposes. Oanda is also a publicly traded company, so its financials are transparent and audited regularly.

Top Alternatives to Oanda Worth Considering

If Qanda doesn’t seem like the right forex broker, there are some other options available for you. Here are some other alternatives to consider:

Forex.com: Operated by Gain Capital, Forex.com is a reputable forex broker that’s been around since 1999. They offer competitive spreads, a choice of trading platforms, and educational resources for new traders. Forex.com is regulated in the U.S., U.K., Canada, and Australia.

TD Ameritrade: Best known as a stockbroker, TD Ameritrade also provides forex trading through its think or swim platform. They have tight spreads, 24/7 customer service, and an easy-to-use mobile app. However, forex commissions and fees tend to be a bit higher than competitors. TD Ameritrade is a publicly traded U.S. company that’s strictly regulated.

CMC Markets: A global forex broker based in the U.K. and Australia, CMC Markets offers a popular web-based trading platform and mobile app with competitive pricing. They provide 24-hour support and a wide range of technical indicators for analyzing currency pairs. CMC Markets has been regulated by top-tier agencies since 1989.

FXCM: One of the largest forex brokers, FXCM provides trading on over 80 currency pairs through multiple platforms. Spreads are low and they charge no commissions, though account maintenance and inactivity fees apply. FXCM has regulatory licenses in the U.K., Australia, and South Africa. In the U.S., FXCM works with Leucadia National Corporation.

Final Thought

As one of the original forex brokers, Oanda had years to refine their services and build a solid reputation. If you’re looking to dip your toe in the foreign exchange market, Oanda seems like a great place to start. Their simple, low-cost model is ideal for beginners and their currency converter and trading platforms work seamlessly on both desktop and mobile.

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