Forex broker review oanda

OANDA.

Advantages.

Extensive Educational Material Highly Regulated Accepts U. S. Clients.

Disadvantages.

Only One type of Account.

Advantages.

Extensive Educational Material Highly Regulated Accepts U. S. Clients.

Disadvantages.

Only One type of Account.

OANDA Review.

OANDA is a multi-faced financial services Forex and CFD broker and market maker. Founded in 1996, OANDA is based in New York and is available for traders in the U. S., Canada, Asia and Europe. The company has been the recipient of several international awards and is regulated in six different countries under NFA, CySEC, ASIC, CFTC, MiFID, and FCA.

Read our description of OandA below, or take our video tour to determine if this top Forex broker is right for you.

OANDA was the first broker in 1995 to offer a broad range of currency exchange-rate information free of charge over the Web. Today, it possesses one of the world's largest and most accurate databases of currency rates, handling more than a million queries a day. The FxTrade trading platform was launched in 2001.

OANDA offers a standard account and there is no minimum deposit required to open it. A demo account is available for traders just wetting their feet in Forex trading. Unlike most other Forex brokers that offer the demo for a limited time, OANDA’s fxTrade Practice is available for as long as it takes a trader to beef up his trading skills before opening a real account.

A 100,000-unit starting balance or profit/loss can be reset at any time, and leverage can be changed to test a trader’s comfort level. Maximum leverage is 50:1. OANDA offers over 70 currency and precious metal pairs.

There are seven excellent trading tools available at OANDA.

MotiveWave is a professional charting, technical analysis and trading platform which enables traders to quickly and easily perform detailed traditional analysis using cycles, trend lines, channels, forks, studies and more.

MotiveWave Trading Tool.

FinGraphs is based on a pre-set technical analysis that features straightforward tools to identify possible trends, calculate possible price targets, and highlight levels of risk.

FinGraphs Trading Tool.

OANDA Market Reports is powered by Autochartist and a quick overview of the state of the markets is delivered to the trader's inbox before they start their analysis for the day. Automated traders can also use the Autochartist program to customize MT4 and automated OANDA technical analysis indicators. Market Reports offer a technical outlook of the Forex markets for the next 24- to 48-hours.

Also powered by Autochartist as a MetaTrader 4 Plugin, is continuous technical analysis featuring ongoing intraday market scanning, automatic chart pattern recognition, pattern quality indicators, and automated alerts for specified patterns.

Technical traders can also avail themselves of candlestick patterns to try to predict future price movements.

A clear description of each of the above tools is provided on the website accompanied by relevant graphs when applicable.

The Forex Order Book is a 24-hour summary of open orders and positions held by OANDA's clients. This unique feature compares OANDA's clients' open orders and positions for any major currency pair. These two utilities are part of OANDA’s suite of decision-making software tools.

OANDA is proud of its updated currency converter which can be easily accessed by a tab at the top of the home page. OANDA's currency calculator tools use OANDA Rates, the touchstone foreign exchange rates compiled from leading market data contributors. These rates are trusted and used by major corporations, tax authorities, auditing firms, and individuals around the world.

OANDA's Currency Converter.

In addition to the rates details, traders can create their own personalized ‘travel cheatsheet’ with a chosen currency pair which can be printed out, folded and used anywhere and anytime.

The currency converter is available for mobile devices such as Android, Blackberry and iPhone.

There are several areas of education at OANDA’s Academy. In addition to video training on a number of topics, there is a choice of interesting articles for both beginners and advanced traders. Interviews with top traders in a variety of markets contribute an interesting mix of different methods and strategies within the Forex industry.

Updated news reports from several different media sources are available on OANDA—MarketPulse, 4Cast, and the Dow Jones FX Select which provides Forex trading professionals with real-time breaking news, expert trend analysis, and in-depth policy commentary developed by a global team of Dow Jones business news reporters and editors.

The Commitments of Traders (CoT) is a weekly report published every Friday at 3:30pm and issued by the Commodity Futures Trading Commission that aggregates the holdings of large speculators, mainly hedge funds and banks in the U. S. futures markets where commodities, metals, and currencies are bought and sold.

OANDA also offers a series of live informative webinars on a number of subjects that are suitable for both new and experienced Forex Traders. Subjects such as ‘Basics, ABC’ and ‘Getting Started in Trading’ are offered as beginner webinars. There are also intermediate topics as well as more advanced subjects. Examples of these include ‘Avoiding False Breakouts’ ,’ Risk Management: A Key Component of your Trading Plan’ and ‘Fibonacci Retracements and Clusters: An Advanced Look at Trend Formation.’

A well listed economic calendar is also available.

Regulation.

OANDA is regulated in six different countries under the local regulatory boards--NFA, CySEC, ASIC, CFTC, MiFID, and FCA.

Customer Support.

Traders can reach customer support via , Chat during local trading hours and by posting a question online.

Deposits/Withdrawals.

Deposits can be made into the OANDA account by check, PayPal, Bankwire or Credit Card.

Conclusion.

OANDA is a leading financial service provider. The website is easily navigated and opening an account is straight forward and can be done quickly. The broker offers a full line of products and services and is internationally regulated. I was pleased to see a site plan that included all the topics I was looking forward. Not all brokers supply this.

Advantages.

Extensive Educational Material Highly Regulated Accepts U. S. Clients.

Disadvantages.

Only One type of Account.

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Risk Disclaimer: DailyForex will not be held liable for any loss or damage resulting from reliance on the information contained within this website including market news, analysis, trading signals and Forex broker reviews. The data contained in this website is not necessarily real-time nor accurate, and analyses are the opinions of the author and do not represent the recommendations of DailyForex or its employees. Currency trading on margin involves high risk, and is not suitable for all investors. As a leveraged product losses are able to exceed initial deposits and capital is at risk. Before deciding to trade Forex or any other financial instrument you should carefully consider your investment objectives, level of experience, and risk appetite. We work hard to offer you valuable information about all of the brokers that we review. In order to provide you with this free service we receive advertising fees from brokers, including some of those listed within our rankings and on this page. While we do our utmost to ensure that all our data is up-to-date, we encourage you to verify our information with the broker directly.

Risk Disclaimer: DailyForex will not be held liable for any loss or damage resulting from reliance on the information contained within this website including market news, analysis, trading signals and Forex broker reviews. The data contained in this website is not necessarily real-time nor accurate, and analyses are the opinions of the author and do not represent the recommendations of DailyForex or its employees. Currency trading on margin involves high risk, and is not suitable for all investors. As a leveraged product losses are able to exceed initial deposits and capital is at risk. Before deciding to trade Forex or any other financial instrument you should carefully consider your investment objectives, level of experience, and risk appetite. We work hard to offer you valuable information about all of the brokers that we review. In order to provide you with this free service we receive advertising fees from brokers, including some of those listed within our rankings and on this page. While we do our utmost to ensure that all our data is up-to-date, we encourage you to verify our information with the broker directly.

OANDA Review 2017.

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OANDA Review.

OANDA Review.

OANDA is one of the early pioneers of online forex brokers, established in the mid 1990s. The company is said to be founded by Dr Michael Stumm and Dr. Richard Olsen. When the online trading platform FXTrade was launched in 2001, it was the first fully automated forex trading platform. Since then, OANDA have grown by leaps and bounds to handle more than a million queries a day. It is estimated that about 20% of the global spot forex trades goes through OANDA’s servers.

Trading Platforms.

Serving the needs of traders at OANDA are two basic types trading platforms, the OANDA’s MetaTrader4 (MT4) trading platform and the FXTrade WebTrader. The MT4 trading platform is highly regarded by the online trading community for its advanced features and sophistication trading tools. As for FXTrade WebTrader, it requires JAVA to run. Because it is web based, traders can access the platform from anywhere in the world as long as they have an internet connection.

Both these versions of trading platform are also available as mobile versions for mobile devices. For tech savvy traders, they can use the OANDA FXTrade API libraries to build their own automated trading system to accommodate trading actions such as:

Access To Current And Historical Market Data Access To Historical Trading Transactions Risk-Free Testing Stop-Loss, Take-Profit Or Entry Orders Trade Requests.

Account Types.

OANDA does not distinguish between different types of traders. As such, there is only one standard type of trading account at OANDA. The good news is they also don’t have a minimum deposit requirement as well. Trades of any sizes are permitted without any minimum lot size requirement.

Commission & Spreads.

Like most online forex brokers, OANDA doesn’t charge any commission for their trading services. Instead what traders pay is a spread based on real-time market values. Depending on the currency traded, spreads starts from as low as 1.1 pips. Spreads for indices are even lower, starting from as low as 0.5 pips.

Traders are cautioned that during times of high volatility, the spreads tend to widened.

Customer Support.

Customer support at OANDA is available 5 days a week from Sunday (1pm EST) to Friday (6pm EST). The customer service representative can contacted by means of live chat, fax or telephone. For the benefit of their clients, OANDA maintain an office in the following locations:

Reliability.

To maintain the integrity and reliability of their operations, OANDA ensure that it meets all the required regulatory requirements for an online forex broker. For example, the company is registered with the Futures Commission Merchant (FCM), Commodity Futures Trading Commission (CFTC) and the National Futures Association (NFA ID #0325821).

As for the protection of client’s funds, OANDA only deal with Tier 1 banks like Deutsche Bank, J. P. Morgan Chase, Royal Bank of Canada and the Royal Bank of Scotland.

Innovative Trading Practices No Discrimination Between Traders Open And Transparent Pricing Powerful And Simple To Use Forex Trading Platforms Quality Execution Quality Support Reputable Broker Tight Spreads.

EAs Are Not Supported On Their MT4 Platform Spreads Tend To Widen During The Releases Of News The Charting Package Supplied Can Be Improved They Are a Market Maker.

Conclusion.

With features such as real time pricing, automated trading capability and no minimum deposit requirement and trade sizes, it is easy to see why OANDA is popular among many traders. The fact that OANDA is a regulated and long established broker is an added bonus for traders.

OANDA Overview.

Company Information.

Deposit Options.

Withdrawal Options.

Contact Information.

Trading Account Options.

OANDA Trading Features.

Suitable For.

Customer Service.

Customer Support Languages.

Trading Services.

Supported Instruments.

OANDA Reviews.

Not sure why so many small brokers rate higher. Oanda offers all that they do plus the comfort of knowing your money is safe in this well capitalized broker. This is crucial in uncertain times. Remember SNB debacle? Yes, they are a market maker which causes them to have high spreads at times but someone has to do it!

They help you even if you did not do your deposit yet.

Other brokers talk a lot but does not help you before you dep.

Other brokers push you and tel you a lot of stories, when you deposit your money,

There support fades.

Oanda help you, and does not push you .

They give you space, you are never under presure to do your deposit.

They look after you even if you did not sighn up whith them yet.

The other brockers, wil help you till a point and then they demand more money othewise they cant help you any more.

All the brockers that give you a welkome bonus, be aware.

That is there way to get you by your #$%.

Owned and backed by the family of Richard Olsen, they own Bank Julius Baer. So remember, when you trade with these crooks, their own bank Julius Baer is trading the other side of your trade = you lose!!

I use Oanda for 3 to 4 years.

Own app from browser (manual limited functions) is very very good and speedy.

From Metatrader. very very bad. They delay the orders, stop losses, etc. Its all about your money. Not for serious traders with serious money. It is not the unique.

A Review of the Oanda Forex Brokerage.

A forex broker review of Oanda. The system allows you to set limit orders and move stops visually. It works extremely well for technical trading.

Here are few the best features:

No Minimum Opening Deposit Custom Lot Sizes Trade Directly on the charts Custom News Feed Demo Accounts Never Expire Sub Accounts.

Least liked features.

Demo Accounts.

The Oanda demo account is virtually identical to the live account.

The price feed is the same as the live account and demo accounts never expire.

Customer Service.

Oanda provides customer service by , chat, and phone. Oanda seems to be typically responsive to request for service via any of the three methods. s sometimes take up to 24 hours to be returned depending on the issue.

Oanda provides variable spreads, which means that spreads can change depending on market conditions. Most of Oanda’s spreads are extremely competitive during normal market conditions. The only time that the spread jumping will usually prove to be a problem is if you are trading directly around a major news release. For example, the EUR/USD typically trades with a spread of 0.9 – 1.9 pips under normal market conditions. During a news release, the spread for the EUR/USD can go as high as ten pips.

Oanda only allows 50:1 leverage. Many traders might consider this a disadvantage, but I consider it to be like selling a gun with a safety on it.

50:1 leverage is sufficient for forex trading. Leverage set at 100:1 and higher can be dangerous and cause you to make oversized trades just because you can.

Currency Pairs.

AUD/CAD AUD/JPY AUD/NZD AUD/USD CAD/JPY CHF/JPY EUR/AUD EUR/CAD EUR/CHF EUR/CZK EUR/DKK EUR/GBP EUR/HUF EUR/JPY EUR/NOK EUR/NZD EUR/PLN EUR/SEK EUR/TRY.

EUR/USD GBP/CAD GBP/CHF GBP/JPY GBP/USD NZD/CAD NZD/JPY NZD/USD USD/CAD USD/CHF USD/CNY USD/CZK USD/DKK USD/HKD USD/HUF USD/INR USD/JPY USD/MXN USD/NOK USD/PLN USD/SAR USD/SEK USD/SGD USD/TRY USD/TWD USD/ZAR.

As an added bonus, Oanda also allows you to trade gold and silver against the dollar. The symbols are XAG/USD (Silver) and XAU/USD (gold).

Oanda comes with a decent charting package. A reasonable amount of technical indicators are available, and you can trade directly on the charts.

Opening an Account.

Opening an account was simple. Oanda takes 1-2 business days to check your identity, but after that, you are ready to go.

Overall Grade: A.

Oanda provides good customer service, excellent reliability, and a reasonably good platform to trade with. They even provide a newsfeed service for free with your account. It is an excellent broker, particularly if you are just getting started.

Oanda Review Visit site.

Live discussion.

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Oanda profile provided by MatthewC, Mar 22, 2016.

Trade with confidence knowing your OANDA CFD* & retail forex trading account gets competitive spreads with no commissions on your trades, no minimum deposit and no account maintenance fees.

Low cost of CFD and forex trading is more than just spreads. It's having your trades executed automatically without requotes or rejections, unless you choose to place upper or lower bounds to protect against price fluctuations.

Award-Winning Online Trading Platform.

Experience the power and ease of CFD and forex trading with OANDA across all our trading applications. OANDA puts you in full control of your trade strategy, so you never lose sight of the market.

Court cases.

Let other traders know if this service is worth checking or should be avoided.

Your feedback matters!

They hunt my Stop Loss continuously. ed them with pics and still not being fully refunded. After a while I just gave up requesting my money because they did not answer. I fell like my account is sandboxed and they just want to drain me up. I give them 3 stars because they are just like others are. However, I cannot recommend them.

I've been trading with Oanda now for 2 years without problems.

I mostly trade the news, so execution and slippage are keywords for me.

Their spreads could be better, but the most important thing for me is that they are safe to trade with.

The ONLY reason I have an account with Oanda is because they the only ECN account I can use in the USA without having 10 million to open the account (everything else is Dealerdesk). Other than that, I mean………..they are really a bad company to work with…………..truly. Even withdrawing money turned into a 2-3 week issue for me…….but of course…………..deposits work just fine. You cant even delete payment methods off their website once its added…………even if the payment method is expired and haven’t been used in almost 2 years. And if you want funds sent to a different card other then your expired payment method, then you have a submit a form verifying the payment method (mind you the card expired in 2015), is indeed expired, and that you wish to have the funds transferred directly to the bank using checking and routing number ($20 fee). I wish I was making all this up ☹ . The only reason i gave them 2 stars is because they have one of the most functional forex sites i seen. Everything is horrible.

Oanda has variable spreads and they will spike for numerous reasons. The maximum spread on their pairs is from 30 to 60 pips and it will be reached quite often. It will be reached on several news releases and even for news that is for a different market. For instance, the Non-Farm Payroll data or the Pending Home Sales data in the U. S. will cause pairs like the AUD/CHF or the GBP/NZD to spike to their maximum value. This makes Oanda completely unreliable because you never know when a spread spike is going to happen and take your positions out for a grotesquely expensive spread. You're not going to follow the news schedule for every markets and wonder if it will affect your position in another one. Moreover, their spread are going to oscillate around a certain average but they easily double for a fraction of a second for no apparent reason. Interestingly, when the price comes close to your stops but there was still enough room (considering the average spread) for it to not be triggered, the spread is magically going to increase and take you out. With other brokers you might have an order that comes to a single pip or being executed but with Oanda you can forget about that. It seems like they have a piece of code in their system that increases the spread when there are orders sitting around. Market regulators aren't going to start inspecting their code. Of course, they always say that it is due to market conditions and liquidity but it is often not. Sometimes there is barely any movement following a certain news release but the spread will still spike for a fraction of a second. It would be understandable if there was indeed increased activity, volatility, lots of transactions. If their spread increased and was larger than usual for a certain amount of time in these conditions it would be legitimate. But, quite often, there is nothing at all and still you get these spikes. Moreover, it is only for a fraction of a second so it is more of a system technicality than anything related to the markets. I find this completely dishonest. I have closed my account and opened another one with FXCM where the spreads are stable and never get to those ridiculously exaggerated values of 30 pips or more that Oanda will use to steal your money.

I was migrated over to Oanda about 18 months ago by TradeStation.

Last week I called TradeStation to move my forex deposit to a futures account and was advised that my funds were at Oanda . They gave me phone number and I called to close the account and remit funds. They asked me for void check and drivers license to confirm Sent immediately. A few days later I asked them by when my funds would be sent. They replied that they needed additional information. I asked "What additional information" They replied that it had to match TradeStation info. TradeStation told me that my info with them is EXACTLY the info I sent. Seems like the delay delay delay routine that many pursue. They are Not Available on phone support. Looks like they hope I will give up in frustration. Surprised, but not really. I had noticed that they have done this over and over again. That's an indication of insanity. If a company does not have adequate phone support (Except Interactive Brokers who are GEMS!) Stay away!!

Still waiting for I pending withdrawal of more tan 5,000 usd, and they are trying to make my bank responsable, my bank already sent an saying the never received the funds, Oanda insist i need a letter from my bank, letter that my bank has made very clear they are not sending, it been almost two months and Im at a dead end, I THINK OANDA IS NOT PAYING.

Been 3 years with oanda , now that i have started getting profitable and really good at it , i am noticing blatant SL hunting. The chat service after giving me 1 generic answer , adviced me to 'find another broker '.

I was of the opinion that Oanda was an OK broker and consequently I have traded with them for around 3 years believing my losses were my own fault and not the brokers doing. That was until I finally got my head out of the sand and listened to a profitable trader who laid out just how hard this game is and what I needed to do to get profitable. So I began doing the real work of Logging all my trades, Doing spread sheets to analyse my trades and my trading habits. It was when I finally made that effort I discovered just what Oanda is really up to behind the scenes.

I found on more than one trade I was getting stopped out by as little as a few ticks at a time so I did an analysis of the EURUSD Chart and the Candle wick lengths against another brokers chart (won't say who as I don't want to infer anything about their own suitability) and found that Oanda's wick lengths were around 0.3% longer at crucial support levels than the other brokers charts. I measured other candles at random just to be sure and at non crucial times and they were the same or very near. Lesson one use wide stops with Oanda!

Point in case this morning I set a stop of ten pips and entered the EURUSD long at 1.20595 so the default 10 pip stop should be 1.20495 right. Wrong! FXTrade set it at 1.20483 a full 1.7 pips shorter than it should be. I have reported this to them so lets see what the answer is. So set everything in FX Trade manually at least. I have yet to see an Official Oanda video explaining the actual workings of this platform so you can be in informed. I'm not talking about "how to's" but information on the true workings of these features so you can avoid foul ups!

I know losses are expected and slippage etc happens but I do believe that the odds are weighted even heavier against you with Oanda. Their deposit and withdrawal is good and I'm sure they are better than some others but when you are trying to develop an edge you don't need anymore disadvantages through brokers messing around.

I noticed that OANDA increased the spreads in EU/US over the years while falsely advertising low and competitive spreads.

Large spreads resulted in large losses because orders were not executed due to the large spread.

OANDA has presently lawsuits in New York district court and Santa Clara Superior court, California for false advertising and fraud.

Stay away from this broker as their customer service sucks. How many customers write review of them, they dont bother to even address a single issue.

I have problems with the platform freezing every now and then. They said the reason to be my internet. I told them that MT4 of other live brokers are working perfectly, they do not have an answer, but they keep saying that they are looking into the issue seriously. Seriously for the last 2 weeks, still not having an answer. Atleast my time and energy writing s with no response is the only result.

Will never recommend this broker. If you want a good broker, go for Global Prime, though they have only MT4. I was interested in Oanda as their platform is good (if it doesnt freeze) with Order indicators and Autochartist., but with a pathetic customer service and platform freezing, with no help from anyone, you would end up losing money. Avoid by all means. I have a live account, you may contact me for verifying the authenticity as I have chain mails with Oanda with their pathetic response.

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