OANDA full review - TopForex.Trade

OANDA

Forex and CFDs trading with OANDA – the US-originated Forex and CFD broker that provides opportunity to trade currency pairs, commodities including Gold, Cryptocurrencies like Bitcoin and Ether against US dollar, bonds and Indices. For new traders OANDA offers demo accounts and Forex bonuses of up to $1000 on the first deposit.

Numbers of instruments
150+
Regulated by
IIROC
MAS
FCA
CFTC
ASIC
Overall
97
Comissions & fees
97
Licensing & safety
98
Platforms & tools
96

OANDA

A broker you can trust

OANDA Banner

OANDA is a US-originated, founded in 1996 truly “all about currency” broker providing services from currency conversion, supply of Forex data services for businesses to offering an established global online brokerage to traders on Forex and CFD markets.

OANDA is one of the top-tier Forex brokers in the world, accepting clients from more than 100 countries. By registering, traders get access to multiple financial markets, gaining the ability to trade Forex pairs and CFDs for indices, commodities, metals, Cryptocurrencies like Bitcoin and Ether and bonds. OANDA trading platforms and mobile apps are equipped with a wide range of professional trading tools and educational materials for traders of any level.

Globally, OANDA offers three account types: demo, Standard and Advanced Trader, which makes the broker a fine fit for both new and seasoned trades. Moreover, it requires no minimum deposit to open an account with OANDA, but new traders who’ll top up their accounts get a welcome bonus of up to $1000.

As reliability is a key when it comes to trading, OANDA has a base to prove a point. It’s regulated by several of the most authoritative regulators in the world: IIROC, RFED, CFTC, FCA, MAS, ASIC, and others.

OANDA should be the broker of your choice because:

Fully regulated and licensed broker
Available in more than 100 countries, including the US and Canada
100+ trading instruments and assets
Free demo account
No minimum deposit
Verification-free account if the first deposit exceeds $9000
Welcome bonus up to $1000
Multi-currency trading accounts
Easy to learn & navigate platform
Trading apps available for Android and IOS

 

OANDA Regulations and safety

Since 1996, OANDA has been in the Forex business. It is a well-capitalized, established market maker with several trading platforms. For important enterprises, such as tax agencies, accounting firms, and financial institutions, OANDA is the authorized source for currency data.

These institutions aside, OANDA aims to make trading simple and accessible for its clients. To make investment services available to users in different jurisdictions, the broker complies with multiple authoritative regulations around the world.

Some of OANDA regulations are:

  • The US: Retail Foreign Exchange Dealer (RFED), Commodity Futures Trading Commission (CFTC), and a Forex dealer member of the National Futures Association (NFA), #0325821;
  • Singapore: Monetary Authority of Singapore (MAS), License No: CMS 100122-4;
  • Canada: Investment Industry Regulatory Organization of Canada (IIROC);
  • Europe: Financial Conduct Authority (FCA), No: 542574;
  • Japan: Financial Services Agency (FSA), #2137 and Financial Futures Association #1571
  • Australia: Australian Securities and Investment Commission (ASIC), ABN 26 152 088 349

OANDA is required to file financial reports with regulators in the territories in which it operates, as well as to employ international professional accountant agencies to audit its financial statements. On a regular basis, the broker compiles and submits financial information to regulators.

Also, by financial regulars, OANDA is obliged to keep capital reserves at certain levels, though the broker’s capital reserves substantially exceed these levels.

 

OANDA Trading instruments

OANDA strives to provide competitive spreads across its full range of Forex and CFD markets, including indices, commodities, Cryptocurrencies, metals, and bonds, more than 100 instruments in total. 

  • Forex: more than 70 currency pairs
  • Metals: Gold and Silver
  • Commodities: Oil, Natural Gas, Copper, Wheat, and others
  • Cryptocurrencies: Bitcoin, Bitcoin cash, Litecoin and Ether against the US dollar
  • Indices: US Wall St 30, France 40, UK 100,Germany 30, 16 in total
  • Bonds: more than 25

 

OANDA Bonus program

OANDA FOREX BONUS

With OANDA, you can get a Forex bonus of up to $1000 on your first deposit.  All you need to do is to set up a new live account and top it up with a minimum of $25 or equivalent in another accepted currency). 

Once you have made your deposit, the broker will immediately credit your account with a one-off welcome bonus of 50% of the initial deposit, up to a maximum of $1000.

For example, if your initial deposit is $600, then your total account balance becomes $900. Or, if you want to maximize bonuses you can get, then deposit $2000, and OANDA will immediately turn your initial balance to $3000.

OANDA Trading platforms and tools

OANDA lets you choose between fully customizable OANDA Trade web-based and desktop platforms and speculation on the Forex markets using MT4. Also, the broker provides apps for mobiles and tablets. With the mobile version, you can access more than 50 technical tools, including 32 overlay indicators, 11 drawing tools, and 9 chart types with OANDA apps for iOS and Android. 

Aside of variety of trading platforms, OANDA offers: 

  • Advanced Charts 

Leading indicators and drawing tools include trade-through charts and 65+ technical indicators. You can analyze market trends using drawing tools such as Pitchforks, Gann Fans, Elliott Waves, and more.

  • Technical analysis

Technical analysis is a web-based charting application accessible on OANDA Trade platform. Continuous intraday market scanning, performance statistics, market volatility analysis, and more.

  • Economic overlay

Keep your finger on the trading pulse. Receive updates on important economic announcements and events directly from your OANDA Trade platform. Global economic overview, customizable view, reference results, and more. Also available on OANDA demo accounts.

 

How to start trading with OANDA

With OANDA user-friendly, intuitive platform, you can start trading just in a few easy steps. 

Step 1. Fill in a simple application form and verify your identity. 

Step2. Fund your account, depositing funds securely via a debit/credit card or bank transfer. Top up your account as a new user to get 50% of your deposit amount as a bonus. 

Step 3. Now you can start trading on platforms through web, mobile or desktop more than 100 financial instruments. 

 

OANDA Minimum deposit

There is no minimum deposit requirement to open an account with OANDA. However, as soon as you are up to making the first deal, your account needs a sufficient balance for a trade. The deposit amount defines your trading conditions, especially when it comes to trading with leverage.

Usually, the leverage amount is written like 1:20, 1:30, 1:100 or any other. Basically, it means that for each deposited $1 of yours the broker gives the opportunity to open a position for $20, $30 or $100 respectively. 

To explain better, let’s illustrate it with an example of an OANDA Pro account with leverage of 1:100. 

If you deposited $600, you would be able to trade amounts up to $60,000 on the market.

or, 

If you deposited $2000, then you can make deals worth up to $200,000. 

As you see, the more money you deposit, the wider your trading opportunities. Moreover, bigger deposit gives you more trading flexibility and mitigates risks: as in example, with $2000 deposit you can trade the same worth of deals with lower leverage, staying more secure in terms of market volatility. 

 

OANDA Fees and Commissions

OANDA charges several types of fees, those amounts are among the smallest in the industry. Another good thing here – the mathematics behind these charges is really clear, so let’s break it down by type.

  • No deposit fees;
  • Withdrawal fees depend on the method you use: 

Debit/credit card: You can make one free withdrawal to your credit or debit card per calendar month.

Paypal: No fees for withdrawals made to PayPal accounts.

Bank transfer: Withdrawals made by bank transfer will incur a fee, depending on your trading currency. 

  • Financing fees apply for positions kept open over time;
  • An inactivity fee applies as is a monthly charge that is levied on an account if there has been no trading activity for a period of 12 months.
  • Currency conversion fees

When you make a deal with an instrument in a currency other than your account currency, the realized profit or loss, as well as any associated adjustments, will be converted to your account currency at the broker’s current currency exchange rate. This rate is derived by adding a 0.5% mark-up or mark-down to the midpoint price (buy + sell price divided in half) at the time of conversion (depending on whether a debit or credit is to be applied to your account).

 

OANDA Deposits and withdrawals

It is simple to deposit and withdraw funds to and from your trading account. You can deposit, withdraw and transfer funds from your ‘My Funds’ page.

You can fund your account using a number of different methods:

  • Credit/Debit cards (Visa, MasterCard)
  • Paypal
  • Bank wires and electronic bank transfers (Faster Payment, Bacs, CHAP, SEPA, and others)

Also,  you can withdraw funds from your account via a number of the same payment methods as for deposit.

 

OANDA Conclusion

OANDA – a reputable US-originated broker with millions of clients around the world and long history of operations – for more than 2 decades of work earned itself a stellar reputation among users, compiling with a slew of global regulators at the same time.

The broker is an excellent choice for new traders, since there are demo accounts available together with detailed educational materials and market insights, and no minimum deposit requirement. With minimal commissions and spreads, a variety of trading instruments including Forex, Indices, Commodities and Crypto including Bitcoin and Ether, advanced trading platforms and mobile apps, there are also Forex bonuses of up to $1000 on your first deposit. 

OANDA overall scores

This review was created for you to learn more about OANDA and decide on how well it suits your needs and values. We scored it using our own criteria and methodology to present you with a full, informative report. However, some info is clearer in numbers! Please, see OANDA final scores in areas that our experts consider high-priority.

Overall
97 points
Comissions & fees
97 points
Licensing & safety
98 points
Platforms & tools
96 points
Instrument
Number
Forex pairs
Bonds
Indices
Commodities
Cryptocurrencies
Metals
70
25
17
8
4
3

OANDA fees and commissions

OANDA charges several types of fees, those amounts are among the smallest in the industry. Another good thing here - the mathematics behind these charges is really clear.

Pros
Cons
Fully regulated and licensed broker
Available in more than 100 countries, including the US and Canada
100+ trading instruments and assets
Free demo account
No minimum deposit
Verification-free account if the first deposit exceeds $9000
Welcome bonus up to $1000
Multi-currency trading accounts
Easy to learn & navigate platform
Trading apps available for Android and IOS

OANDA broker FAQ

OANDA is the US-originated Forex and CFDs broker that accepts clients from more than a 100 countries around the world. It has been on the market from 1996, and now operates complying with rules and security measures of at least 9 strictest international regulators.
OANDA is a CFD and Forex broker that has been on the market for more than two decades and regulated by 9 (!) regulatory bodies around the globe, including FCA, IIROC, RFED, ASIC, and MAS.
There is no minimum deposit to open an account with OANDA. However, as soon as you are up to making the first deal, your account needs a sufficient balance for a trade. Your account balance may be multiplied by the broker when you trade instruments with leverage. For example, with a deposit of $600 and leverage of 1:1000, you can make deals worth $60,000.
OANDA offers two account types: Standard and Advanced Trader accounts provide with a variety of features and account advantages, including two price options and a variety of platform features. When the markets are open, help is available 24 hours a day, 7 days a week.
OANDA provides Cryptocurrency trading of Bitcoin, Bitcoin cash, Litecoin and Ether against the US dollar and more than 100 other financial instruments.
With OANDA, you can get a bonus on the first account top up of up to $1000. As soon as you top up the account, OANDA will immediately credit your balance with a one-off welcome bonus of 50% of the initial deposit.