From the spreads that they give on the website, this means that trading 1 lot of EUR/USD on a commission basis saves the trader on fees. When it comes to looking for a forex broker to trade with, OANDA is a strong option! In this broker review, we will highlight the important factors to look for when considering whether you should open a trading account with OANDA.
Therefore, if you largely depend on your mobile devices for trading, you can try installing both apps on your smartphone or tablet for the best of both worlds. Traders are free to download the MetaTrader app on their desktop or access the web browser-based interface through a supported browser. In our view, MT5 is highly advanced in terms of trading tools, indicator options, MQL programming capabilities, and the varied choice of instruments. However, MT4 does have its unique advantages, which are preferred by a large community of traders even to this day.
Catering to a vast clientele, from novice traders to large-scale financial institutions, they are also a preferred choice for institutional brokers and personal portfolio managers. Their offerings span a plethora of currency pairs, even accommodating rare pairs like eur chf and jpy cad. Regardless of your geographical location, OANDA’s world-class services are at your beck and call.
State-of-the-Art Trading Platform
They offer a plethora of educational materials that are perfect for traders at all levels. FOREX.com isn’t too shabby either, but their focus is more on market analysis rather than educational content. When it comes to product range and CFD markets, both OANDA and FOREX.com have a lot to offer, but in different ways. FOREX.com has a more extensive range of CFDs, including commodities, indices, and shares. OANDA, on the other hand, focuses more on forex pairs, which is great if you’re a currency trader.
- This list puts OANDA among the most trustworthy brokers out there.
- Subsequent withdrawals will incur this fee plus the same charge as for debit cards.
- Labeled Verified, they’re about genuine experiences.Learn more about other kinds of reviews.
- Specifically, we’ll analyze what OANDA is, how it works, what its uses are, and who can benefit from it in the US market.
- Of course, you still need to deposit some cash into your account to initiate any forex trades.
Sign up to our newsletter in order to receive our exclusive bonus offers and regular updates via email. Overall, our tested reviewing methodology proves that FXCM is the better broker in a range of key areas. Oanda is regulated by FCA, ASIC, FSA(SVG), NFA, IIROC, MAS and does not offer client protection.
We doubt whether the broker will process its clients’ refunds without verifying their identity. Nevertheless, all other trading conditions are similar to the Standard account. The platform offers trading instruments, educational resources, and user-friendly software, but withdrawal fees must be considered for investors. OANDA Broker has provided traders with cutting-edge platforms and a wide range of instruments to thrive in the markets for over 20 years. Whatever your level of trading expertise, OANDA has what you’re looking for.
The Trustpilot Experience
These apps are generally more conducive to advanced trading and can offer more options than the proprietary OANDA app. The trading latency and general order execution conditions are excellent in the MetaTrader mobile platforms. The OANDA Forex market hours for mobile trading are synced perfectly with the broker’s New York and London-based servers.
Lower Minimum Deposit: OANDA
The broker’s stated goal is to differentiate itself with superior trade execution and transparency, and all data points to that being the case. Other OANDA Forex trading fees include a commission of $40 per $1 million for Core account holders and $35 per $1 million for Premium Core account holders. The broker also charges a financing cost for overnight positions, which includes SWAP and an admin fee that can cost anywhere from 1% to 2%.
Those in search of this asset class in the US will need to look elsewhere. If it is the personal touch you are after, you are also able to contact OANDA via telephone too. However, one of the very few downsides we have found is that some offices do not provide telephone contact details. If you are a trader in Germany or Poland you might have to try your English out and phone the London number instead. The support pages are written in a variety of different languages including English, French, Spanish, Portuguese and Japanese. Just click on the flag to select the required country and you will be redirected to pages in your preferred language.
Some brokers reserve account management assistance for high-value or professional trader accounts, but OANDA assigns one to each and every new client. We found OANDA’s customer service exemplary, with multiple layers of support available at any time, anywhere in the world. We tasked a team member with resolving three ‘issues’ with an OANDA Corporation account and were impressed with the speed with which she came back to us with solutions. We like that OANDA Trade manages to find a balance between ‘accessible’ and ‘custom’. New traders won’t struggle to perform basic tasks, while more experienced traders will enjoy creating a custom interface.
Trusted, market-leading, global broker.
Over the past five years, he has gained experience trading currencies, stocks, options, and futures. Theo’s trading experience led him to test out over one hundred different trading services and he shares his insights in reviews to help other traders. The app is available for trading on iOS and Android devices, and the broker ensures excellent compatibility for smartphone and tablet users.
The broker’s website clearly outlines the prices for each model. Our OANDA review also cautions clients that the broker charges financing costs or financing credits on positions that are held overnight. This is expected from a forex broker, and we appreciate that OANDA Corporation is clear with the pricing.
Prioritize transparency and innovation to offer a trading experience. OANDA took pride in being the first to provide currency exchange information, which played a significant role, in fostering the growth. As an established broker, is a comprehensive platform oanda forex broker review and innovative tools to explore different markets, making it one of the world’s largest forex brokers. From Stocks to CFDs, design your investment portfolio with ease. The app offers commission-free trading, trend analyses, and invaluable market insights.