OANDA is a market maker and one of the first online trading organizations situated in the United States which provides multi-asset trading, reliable currency data and analytics to consumers and business clients worldwide It has been around for the past 27 years since it was established in 1996 and has subsidies in the United Kingdom, Japan, Singapore, and Canada etc, allowing traders to get access to markets while also providing sophisticated trading tools, extensive research capabilities, and free education through MarketPulse, and award-winning trading platform. For trade execution, the platform is fast and easy to use with extensive security features, but on the other hand, Oanda does not provide a vast range of investment options, focusing on forex and 8 cryptocurrencies at the moment.
Oanda minimum deposit
Oanda does not have a minimum deposit requirement or charge, so you may start trading with as little money as you choose, making it ideal for inexperienced investors wishing to start small. Although there are some limits for maximum deposits: traders may deposit up to $9,000 in trading funds without a passport, using various methods such as debit and credit cards, PayPal, wallets, and $20,000 per bank month for bank wire transfers.
Is Oanda safe?
Oanda is regarded as a secure Futures Commission Merchant and Retail Foreign Exchange Dealer in the United States and across the world, providing a safe trading environment that conforms with regulations, so traders see the broker as extremely trustworthy, and it has already received an overall high trust rating. Customers are strongly encouraged to use two-factor authentication (2FA), which is accessible to OANDA customers, as well as the biometric login for the mobile app. The platform is licensed by seven tier-1 authorities, including the CFTC, NFA, and FCA, indicating great signs of reliability. Despite not being listed on the stock market, Oanda makes all of its information available to the public as they believe in a transparent approach by brokers. As a result, traders will have more trust, transparency, and confidence.
Oanda Account Options
Oanda offers a robust, reliable and convenient trading environment for Forex and CFD investors. With the right combination of trading tools and features, flexible margins, sound risk management practices and low spreads, this forex broker makes it possible for anyone to become successful at trading. See below for Oanda account options:
|Platforms||MetaTrader 4, OANDATrade, TradingView|
|Account Currency||USD, GBP, EUR (+7 More)|
|Funding/Withdrawal||Wire Transfer, Debit Card, ACH|
|Spread||As low as 0.2 pips|
|Interest on margin||No|
|Accounts for money managers (MAM, PAMM)||No|
|Free Demo Accounts||Yes|
|Accepting US Clients||Yes|
Oanda Account Types
Oanda has five main account types, standard, elite, swap-free, premium, and premium core. Each of these accounts might share similar features, but each one is different and could have a few different features from the rest. However, each account type caters to a particular target. It is thus best to pick the one that suits you best.
Oanda standard account
The Oanda standard account is a trading account type offered by the company. A standard account does not require verification as long as you don’t deposit over $9000. The account features low spreads starting from 1.2 pips on majors, access to over 75 trading instruments, and supports all types of trading. It has a 50% stop-out level, meaning positions will be closed if the account’s equity falls below this threshold. The standard account also supports one-click trading for quick order execution. It is available to traders worldwide and offers additional features like the MT4, and MT5 Premium. As well as the Acuity Signal Centre, which provides trading signals and analysis to aid decision-making. Overall, the Oanda standard account caters to a diverse range of traders, providing them with tools and options to execute trades efficiently and effectively. Not forgetting it is a ZERO-COMMISION PER MILLION account that offers 0.01 minimum lot sizes.
Oanda Core account
The Oanda Core account is designed for traders seeking specific features and trading conditions. It does not require verification for deposits below US$9,000 and offers tight spreads starting from 0.2 pips. The account imposes a $40 commission per 1 million traded. The stop-out level is set at 50%, meaning positions will be closed if the account’s equity falls below this point. Supported currencies include USD, EUR, HKD, and SGD. The account facilitates one-click trading and supports platforms like MT4, MT5, and fxTrade. It is particularly recommended for traders using Expert Advisors (EAs), engaging in short-term trading, and high-frequency trading strategies.
The Oanda Swap-Free Account is designed to cater to traders who adhere to Islamic principles and prefer an interest-free trading environment. This account type allows traders to avoid paying or receiving interest on their balances. Notably, there is no verification required for gross account deposits below US$9,000, making it easily accessible. The account offers competitive spreads starting from 1.6 pips and operates with a commission-free structure, charging US$0 per million traded. With a minimum trade size of 0.01 lots and access to 26 trading instruments, traders can diversify their portfolios efficiently. The account also includes a 50% stop-out level to help manage risks effectively. Please note that the base currency for this account is limited to USD. Embracing the principles of fairness and inclusivity, the Oanda Swap-Free Account is a recommended option for those who seek a trading platform aligned with their beliefs.
The Oanda Premium Account is a feature-rich offering for high-volume traders seeking exceptional benefits and services. To open this account, verification is required. It comes with tight spreads starting from 0.8 pips and operates on a commission-free basis with US$0 commissions. The account allows for a minimum lot size of 0.1, granting traders greater flexibility in trade sizing. Base currencies include USD, EUR, HKD, and SGD. Traders can access the platform through MT5 and fxTrade. To enjoy the premium perks, a balance of over $20,000 is required, along with trade volumes exceeding 10 million USD. In addition to standard benefits, premium account holders enjoy special privileges such as an account manager, zero deposit fees with bank fee reimbursements, free withdrawals, priority support, and a complimentary VPN service. For high-volume traders seeking top-tier advantages, the Oanda Premium Account is the ultimate choice.
Premium Core Account
An Oanda Premium Core Account is an exclusive offering tailored for high-volume traders seeking top-notch advantages. Opening this account requires verification. It boasts tight spreads from 0.2 pips and operates with a commission of US$35 per 1 million traded. With access to 200+ trading instruments, traders can diversify their portfolios extensively. The account features a 50% stop-out level to help manage risks. Base currencies include USD, EUR, HKD, and SGD, and it supports platforms MT5 and fxTrade. To unlock the premium core benefits, traders must maintain a minimum balance of USD 20,000 and execute trades exceeding USD 10 million notional or equivalent per month. In addition to standard benefits, premium core account holders enjoy a dedicated account manager, zero deposit fees with bank fee reimbursements, free withdrawals, priority support, and a complimentary VPN service. For high-volume traders seeking unparalleled trading experience, the Oanda Premium Core Account is the ultimate choice.
Oanda Pros and Cons
In this section, we look at some of the benefits and limitations of trading forex with Oanda.
Advantages of trading forex with Oanda
-The broker has reliable, effective, and prompt customer support available 24 hours a day. Except for weekends.
-Multiple top-tier regulations, such as the FCA in the UK, ASIC in Australia, and CIRO in Canada
-There is no minimum deposit on Oanda
-Availability of research tools, extended learning materials for forex, tutorials and technical analysis reports via MarketPulse.
-Offers rebates for the Elite Trader Programme
-The interface is user-friendly, and navigation is clear and straightforward.
-The registration process is easy
Disadvantages of trading forex with Oanda
-Lacks price alerts which is an important tool for traders.
-Lacks a banking license or stock exchange listing.
-No guarantee stop-losses, thus no negative balance protection for clients in the US and UK.
Oanda platform reliability and security
Oanda is a world-class forex broker with a number of trading platforms. Its flagship service is the OANDATrade, which is available via the Web version or Mobile application. OANDA offers clients three methods to trade the markets, OandaTrade Web, OandaTrade Mobile, both via TradingView, and MT4, with the mobile version featuring a customizable interface where users may establish their particular set of default parameters and trade directly from the charts. Furthermore, it provides the popular MetaTrader 4 (MT4) download for desktop and mobile trading on mobile smart devices, as well as the TradingView platform. The latter has one of the largest financial communities on the internet, as well as a plethora of trade ideas and custom indicators.
Oanda User experience
Oanda runs its services on top of the MetaTrader Lineup for the MT4. This means you will have an easy time adjusting if familiar with MetaTrader. However, the broker does not have its own proprietary trader dashboard, but you still can install desktop software or use the web interface. Having MetaTrader also ensures traders access to advanced charting tools, technical analysis and indicators. Mobile support has allowed traders to monitor and invest in forex while on the go. The mobile versions are available for both Android and IOS devices. Finally, Oanda holds regular free webinars and live events such as live market analysis with experienced analysts, which can benefit traders with more info and tips on what’s taking place in the industry, while also directing traders to MarketPulse for further learning.
Yes. Oanda is one of the safest forex brokers both in the United States and in the world. Traders consider the broker as highly trusted and have already given it an overal trust score of 4.8/5 on TrustPilot.Besides, the broker also has a license and is regulated in the British Virgin Islands.
Dr Richard Olsen and Dr Stumm co-founded Oanda Forex in 1997 as a platform for opening up financial currencies, assets, data and trading.
Yes. The platform is registered in the British Virgin Islands and regulated by the British Virgin Islands Financial Services Commission (BVIFSC).
Oanda has no minimum deposit, traders start with what they have and grow their positions to whatever amount they want. However, the maximum deposit limit is $9000. This is a competitive minimum deposit compared to other brokers in the industry. Which therefore lowers the entry barrier for newbies who want to trade forex with Oanda.
Oanda minimum withdrawal depends on the currency type and payment method. The lowest you can withdraw on the Oanda brokerage platform is $5 on the micro account and $50 on the ultra-low Oanda account.