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OANDA

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Name

OANDA

Date founded

Dec 31, 1995

Publicly traded company

Regulation in major hub

Yes

News

Webinars

Yes

Demo version

Yes

Regulation (trading)

Investment Industry Regulatory Organization of Canada (IIROC), Dubai Financial Services Authority (DFSA), Malta Financial Services Authority (FSA), Monetary Authority of Singapore (MAS), Commodities and Futures Trading Commission (CFTC), National Futures Association (NFA)

Country

United States

Languages

Chinese, English, French, Japanese, Russian, Spanish

Spot trading

Yes

Watchlist

Yes

Spreads

1.30

Scalping

Yes

Hedging

Yes

Decimal pricing

5 Digits

Max Leverage

50 : 1

One click execution

Yes

Minimal Lot

1.05

Currencies

Australian Dollar, British Pound, Canadian Dollar, Euro, Hong Kong Dollar, Japanese Yen, Singapore Dollar, Swiss Franc, United States Dollar

Currency pairs

72

Deposit methods

Bank wire, Credit card (VISA/Mastercard)

Minimum Initial Deposit

$1

Mini Account:

$1

Standard Account:

$1

ECN Account:

N/A

Premium:

$50,000

Withdrawal methods

Credit card (VISA/Mastercard), Bank wire

Contact phone

+1 877-626-3239

Contact email

OANDA is a US regulated broker, founded over two decades ago. With many key features, OANDA has helped redefine the global marketplace for currency-related products and services by leveraging a technical and innovative prowess that has transformed forex trading. Having a global presence in six different countries in Asia, Europe, U.S and Canada, OANDA is fully regulated under the jurisdiction of the NFA, FCA, CySEC, ASIC, MiFID, and CFTC.

OANDA's award-winning FX trading platform was the first of its kind to offer fully automated trading for institutional clients and retail when it was first introduced to the world several years ago. The FX trading platform provides offers competitive spread on over 70 currency pairs.

 

Features:

•     Several trading Products: OANDA offers trading products such as Gold, Oil, Metals, Commodities, and CFDs.

•     Minimal Initial Deposit: The minimum deposit needed to open an account is only $1, and you can fund your account via bank wire, credit cards or debit cards.

•     Tested and Trustworthy Platform: OANDA is known as the top class provider of historical forex data, which has been a separate part of their business for a long time. They are also the first broker to offer data showing the net long and short positions of all their client's trades.

•     US Clients are allowed: OANDA has its headquarters based in New York, U.S, and allows U.S clients to trade on their platform. So if you're a resident of the United States, you can open an account with them. This is something which is usually uncommon.

•     Several fiat currencies are supported: You can open an account with them in any of the 9 major used global currencies. These are the AUD, USD, EUR, CAD, GBP, HKD, JPY, SGD, and CHF.

•     Free Demo Account: You don't have to just go and open a real account, you can open a demo account and see how it suits you before depositing cash. Their demo accounts last for an unlimited period of time.

•     Wide variety of trading pair: You can trade in over 70 currency pairs and crosses plus some precious methods. That is a pretty wide selecting but if you really want to trade stocks indices and a wide range of commodities, then maybe OANDA isn't for you.

•     Relatively low charges and No hidden fees: Their spreads averages at 1.5 pips and there are no commissions or account maintenance fees. They offer a maximum leverage of 1:50 but brokers in the United States are banned to offer more than that.

 •     Several choices of trading platform: In terms of trading platforms, clients have a choice of MetaTrader 4, FX trade desktop or an API option. There is also a smartphone mobile trading platform in multiple languages.

•     Great deal of packages plan: Clients get free access to top quality newsfeeds and analysis. Also, as a client, you have access to a large amount of free training education.

•     Excellent Customer Support: They offer a 24-hour five times a week live support which you can access via email and live chat.

 

Advantages:

•     Extensive Education

•     Highly Restricted

•     Accepts U.S. clients

 

Disadvantages:

•     Only One Type of Account

 

Conclusion:

If you're looking to start small or you only have a few hundred US dollars to deposit or even less, then there are several good reasons why OANDA might be the ideal forex broker for you.

Screenshots
Pros & Cons
  • 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
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