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Independent rating of Forex broker Oanda

3/10 (votes 100)

On-line since
1995
Country of origin
US
Regulation
CFTC, NFA, MAS, IIROC, FCA, FSA, FFAJ, ASIC
Payment options
bank transfer, checks, PayPal
Minimum account size
$1
Minimum lot size
0.001
Leverage
1:50
Spreads
variable, 1.3 pips on EUR/USD
Oanda is a regulated and long-standing broker. The company is sure to gain favour with experienced traders who are eager to test a new platform in the forex market. Oanda officially operates in the United States which is a big advantage since brokerage companies are strictly regulated in this country. The company's offices are also located in Singapore, Sydney, Tokyo, Toronto, San Francisco, and London. There are no Oanda offices in CIS countries.

The company has a number of awards and is also on the list of brokers recommended for cooperation. Trading conditions are equally comfortable for both experienced and novice traders. However, the company is more suitable for professional traders. Oanda tries to differentiate itself among its competitors with superior execution quality and transparency. The broker offers its clients a wide range of lot sizes. So, this fact can partially cover the existing shortcomings, including the lack of cryptocurrencies.

Traders will have to do some training in order to fully take advantage of all the tools and analytics offered by the company. Educational platforms are available for traders at Oanda. However, sometimes the navigation can be difficult as not all the materials are located in a single place. This is one of the reasons why users often give low rating to the broker.

Pros
  • Accounts can be opened with as little as one dollar
  • The broker is regulated by major regulatory bodies
  • Traders can access 71 currency pairs and a wide variety of other asset classes
  • Traders can use platforms like MetaTrader 4 or Oanda's custom-built web and desktop trading software


Cons
  • Traders do not have access to cryptocurrencies or single-stock CFDs
  • Customer service representatives are slow to respond
  • Accounts do not have a negative-balance or slippage protection
  • Some research and news resources are only available by launching external web pages or applications which is not always convenient


Additional info
Oanda provides traders with economic analysis, real-time news feeds, calendars, and advanced data analytics. The quality of the resources is rather high, but some investors may find it difficult to use and understand the materials without prior training.

The broker offers the leverage of 1:50. On Monday and Friday evening, the ratio decreases to 1:20. This rule is stated in terms and conditions. Investors should also consider the fact that in the platform, quotes are displayed up to the fifth figure.Oanda’s customer support has no Russian language option. All queries must be submitted in English. Otherwise, they will not be answered. 

Despite the trusted name and an overall excellent service, some negative reviews can be found on forums.

Comments

Author: Kamus Date: 2021-08-27 02:32:27 (UTC+3)
Execution of orders is fast, i don't have problems with my withdrawals or deposits, just one time I couldn't withdrawal $300 of earnings I made. But it was ok now. I am pleased with them till now.I trade shares,commodities and metals with them. The platform works fast and I never got re-quotes, and the broker is not manipulating the prices during volatility times.
Author: Sara Date: 2021-04-19 04:12:07 (UTC+3)
I continue to invite my friends to join this forex because I want them to feel like my success as well. So far it’s been nearly 20 months and I’m satisfied with their system and services. I would recommend to others if you're looking for reliable and good service. I also have a demo account for 2 weeks and now open a real account. So far it's been great and I have never done this before. I haven't faced requote and never closed a trade with negative slipage. I feel secure cause and money feels secure with Oanda and thanks to the quick and helpful customer service.
Author: Hashim Date: 2021-03-31 06:33:26 (UTC+3)
Oanda is a very popular broker. It has also been in business for a many years already so we can see that they are serving their clients well. I started investing with them last year and the trading interface is excellent. My trades are executed instantly and the fees are very low.
Author: Aleksandar Date: 2021-02-08 08:28:56 (UTC+3)
I've found a poor execution on the Oanda's fxTrade platform, As my orders execute time is so long and orders go 10 to 40 pips slippage. If I make a complained to Oanda's support, they say it happens when a big news event. But, I've found their price quotes isn't live, So I think Oanda broker doing an unfair activity with us. So I have confused to trade with Oanda broker so far.
Author: Chris Date: 2020-12-21 01:47:46 (UTC+3)
Oanda gave me opportunities to step up my game and I am utterly grateful for that. I deposited $1500 for trading, and I earned profit with $1000 at first time. Oanda has very low spreads and their execution is very good and slippage is almost none. I've made profit over $5000 at this broker over the past 3 months. I also like their payment system. Thankyou.
Author: Helmar Date: 2020-12-01 06:08:50 (UTC+3)
Oanda is one of the top brokers and that is no surprise because they really provide the greatest services. This company is regulated by major hubs and they have a wide range of trading instruments. My experience at this broker has been pleasant and I have always had smooth trading activities because of their stable platform.
Author: Freddo Date: 2020-08-28 03:56:41 (UTC+3)
I am very grateful to my account manager who help me a lot to became a successful trader. I started with $100 as test purpose and notice they have very transparent binary option platform. I earned $230 just first one months. I can say that Oanda is Profitable broker.
Author: Russo Date: 2016-10-19 10:29:03 (UTC+3)
I have traded with Oanda for about 6 years now after losing a stack of cash with a few "bucket-shop" brokers. That,to be fair,would have been more down to my ignorance than their bad practices although that didn't help. Anyway, since I began to understand how the markets operate,luckily this coincided with me joining Oanda.I have to admit, I preferred it when they had fixed spreads as opposed to these ridiculous "dynamic" ones. But at the end of the day, if your trading strategy gets affected by a quick shift of spread then they probably aren't for you. Having said that,I did read one review where the chap said he got stopped out by a Gbp/Nzd spread widening from 8.8 to 95.6 ! Jeez! If that was true,thats absolutely wrong, but then I wouldn't touch any currency pair trading at a normal rate of 8.8! Thus, I'm not an active trader so my review can't comment/verify on the platform stability that others had been complaining about. However, I do wish to point out that Oanda is by far the most honest broker I've experienced. After about an hour of talking, I went on to request for their balance sheet because I was about to commit almost half of my portfolio in Oanda. They got the permission right after they went back and sent it over to me. I can't disclose details here since I've signed the NDA. What I can say is I fine to have my 50% portfolio to be placed in Oanda and I will continue trading with this broker
Author: Lane Date: 2016-09-26 09:42:19 (UTC+3)
The spreads at Oanda are the worse ever. I'm a pure news trader. I do not recommend Oanda to any who plans to trade news events. I just did a simple news trade just now with GBPUSD pair. On news release, their "ask line" barely moved a bit! All at the same time, the market price dived! The spike on the news was about 20 pips...but since the ask line hardly moved down along with the market price. The spread came out to be 13-16 pips! I had a 1 lot size trade size for this one; once my order was executed, the spread was so wide. I was already at -$150 since the news only moved about 20 pips. Hence, there was no way to make profit off of this trade. Oanda is terrible for news trading. I am scared just thinking about trading Nonfarm payroll for usd with oanda tomorrow. I scared of having a 70 pip spread and lose over 50% of my account. I close my Oanda account and never return to this broker. I would not recommend for news traders!!!
Author: andrei Date: 2016-09-22 02:03:46 (UTC+3)
they used to be good and fast withdrawals but no more: usually the withdrawals were processed in a couple of hours, for the last one i'm still waiting (12 hours since confirmation and it's not even processed yet!) and i called 2 times the customer services to receive 2 different versions of excuses! First one said that it will be sped up and proccessed immediately (didn't happen) - the second one told me that nah, all payments are made late in the evening - lies, because i had many withdrawals with them and i received the money in my account during the day! As I said, I am still waiting! I am an intraday trader so it wasnt even a big amount - I am just very frustrated, so inconsistency. The fast processing was one of the reasons why i preferred them in the first place!

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