Oanda Review
Advantages

Info

Name Oanda
Website www.oanda.com
Established 1995
Country United States

Advantages

Advantages

Large choice of assets
Small spreads
Low leverage
Unlimited practice account

DisAdvantages

Disadvantages

MetaTrader4 platform not easily available
Unclear web pages

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Oanda Review

8 10

OANDA is a multi-faced financial services Forex broker. The company has been the recipient of several international awards including Best Forex Provider 2012, Highest Client Satisfaction 2012 and more. OANDA is based in the New York and is available for traders in the U.S., Canada, Asia and Europe. No regulation was cited.

General Information

Founded: 2001
Maximum leverage: 20
Minimum deposit: None
Languages available: English, Chinese, German, Japanese, Spanish, Russian, Portuguese, Korean, Italian

OANDA Platforms

OANDA’s primary trading platform is called fxTrade. The demo version is referred to as fxTrade Practice. Unlike most other Forex brokers that offer a demo for a limited time, OANDA’s fxTrade Practice is available for as long as it takes you to beef up your trading skills before opening a real account. You can also reset your 100,000-unit starting balance or your profit/loss at any time, and change your leverage to test your comfort level. Leverage starts at 20:1. OANDA offers over 90 currency and precious metal pairs on this platform.

OANDA’s platform does not offer the MetaTrader 4 platform, but does provide full access to MetaTrader4 tools such as graphs, algorithms, and customization features. An fxtrade account must be set up first before downloading OANDA MetaTrader4 software. Trading thru MetaTrader 4 can be done in 17 languages.

When opening an account, you can choose from seven available currency options. You can also select the leverage you want for your trading. OANDA offers much lower leverage than other platforms, which limits the risk. OANDA recommends a leverage of 1:20, though they offer a maximum of 1:50.

Tools

OANDA offers a range of useful trading tools. Their currency converter, which is available in over 10 languages, appears right on the front page and is quick and easy. Once you have registered and opened either a practice or real account, you can make use of OANDA’s Exchange Rate Data Feed which integrates OANDA rate feeds directly into your internal systems or can be used to enhance your website with customizable widgets. In fact, according to OANDA, leading companies depend on OANDA's currency data feeds and web widgets as the authoritative currency source for their back-office operations and websites.

With OANDA’s Trade Leader’s Program (OTLP), powered by Currensee Trade Replication Technology, you can follow the trades of a select group of experienced Forex traders and automatically replicate their trades in your fxTrade sub-account. You can also modify your account by adding, modifying and deleting Trade leaders and can monitor your account in real time.

Traders can use the OANDA fxTrade API libraries to build automated Forex trading into their software systems. Automated Forex trading actions include stop loss, take profit and entry orders as well as access to past trading transactions. OANDA prides itself as offering the lowest spreads in the industry.

OANDA FX Labs

In addition to all the above features, OANDA offers FXLabs, a new tool OANDA has developed which allows users to test the latest developments from OANDA's engineers and send in their comments.

Other tools include live feed information, charts, comparisons and historical data as it relates to different currencies. Their Correlation Table allows you to compare how currency pairs have moved relative to each other and to analyze your portfolio exposure and risk. With their Volatility Graph you can zero in on which currency pairs show the most significant price fluctuations over various time periods.

OANDA offers the gambit of educational tools including videos and webinars. It also makes suggestions of available books to purchase to enhance your Forex knowledge. Customer service is available 24 hours a day, 5 days a week via chat, email and phone.

While doing the OANDA review, I found navigating the pages to be somewhat laborious and I had trouble returning to the landing page from some of the other pages. Despite this, I found that OANDA is a company that offers Forex traders everything they need in a transparent and user-friendly manner.


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10 Comments Add Comment

  • idht

    They will tell you about how good they are, let me concentrate on the other side to be fair. So, what have we got?

    - A buggy website.
    - A lot of bureaucracy during account opening.
    - No options for secure electronic document uploading, you have to take the risk and email them scans of the documents. It's quite unsafe and unsecure.
    - Waaay outdated trading tools. Aren't they still on MT4????
    In trading, the winner is often the one with the best tools. Good luck if you are with Oanda. you may need it often.
    - hidden fees during the money transfers: I paid for the incoming wire to Oanda, for the outgoing wire. I thought, that was it. No, two weeks later I received a (well delayed, wasn't it) extra charge for $25 "from the intermediary bank". an authentic hidden charge.

    they sure have a nice marketing team though. WE ARE THE BEST they tell you. Sorry, I don't think so.

    idht February, 2012
  • Greg

    Im not sure how old this review is but it seems a bit dated. I can say as far as Oanda platforms they have a nice Java one and really nice iPhone and iPad one as well. Now I can't say that I have used MetaTrader but I can tell you that Oanda does indeed offer it as an option to those who wish it. Oanda does seem to offer very tight spreads at least compared to FXCM. They also claim not to trade against their traders. Just some food for thought.

    Greg July, 2011
  • Sara Patterson

    Same Guy - you're totally right, and I fixed it. Thanks for bringing it to our attention!

    Sara Patterson June, 2011
  • same guy

    BTW, they now accept credit card deposit for USD, so you might as well update the "disadvantage" section. ;) http://fxtrade.oanda.com/account/deposit-funds

    same guy June, 2011
  • lolatyou

    LOL @ all these negative "ya ya ya bucket shop bucket shop" comments by the shills. Have fun!

    lolatyou June, 2011
  • Raul

    I am totally agree with Baneya. Oanda is a Bucket Shop. What he is telling happened to me yesterday. I was trading and the market move against me. When I wanted to close the trade, the connetion was lost. So, stay away of Oanda and look for a real ECN broker. They are thieves.

    Raul May, 2011
  • sonny

    I've used Oanda on a test basis and one comment I want to add is that during new breaks (medium to high FX calander events) their spreads wided unto 10-15 pips. during the same period DBFX only went to 4-5 pip range.

    sonny April, 2011
  • Jeff

    Oanda are thieves. They may say the spreads are small, but they charge interest on every one of their trades, except for going long on AUD. If you go long EUR against the USD, you pay negative interest. If you go long EUR against the JPY, you pay negative interest. Long EUR against the Swissie, you pay negative interest. It is a backdoor way to steal your money, very underhanded, and should be actionable for misleading trade practices.

    Jeff January, 2011
  • baneya

    I have been with Oanda for about a year. Oanda is a market maker so they actively trade against there customers. They actively hunt stop losses. Oanda's trading platform freezes often. I have lost my connection to my trading account while trading and they told me that I was having internet connectivity problems even though I could get to other web sites and log in to my email without a problem. They also did not know that I used to be a network administrator before telling me that I was having internet connectivity problems. Oanda is a highly manipulated environment. The correct term for this type of broker is a "Bucket Shop" ECN brokers are the most free market breed of broker. They do not have a dealing desk that can be manipulated. ECN brokers want you to be successful because they make money when you make money. Oanda makes money when you loose. As time moves forward traders will opt for ECN brokers and market makers will go bust.

    baneya December, 2009
  • Vahrokh

    I find it odd to see this site flagged with 3 stars, while completely trash others have 5. I tried a dozen including most of the top page and they might be beautiful or super-easy but what ultimately matters is the meat, sorry. OANDA is NOT easy mode - true and opening a cross oceanic account can be a pain. But past those barriers, their factual quality is hugely above other 5 star names. 1) They are actually certified and traceable, unlike so many "fiscal paradise island funds" who can do you any abuse and even disappear with little hope of refund. They want 1000 safety measures when opening an account (is it bad? Sure it sucks but it's quite transparent, i.e. something new in finance and they helped me online for hours when my bank made a mistake) 2) Their platform is not as easy or powerful as I'd like (ie no Metatrade or similar) but in exchange they have low response times and even during moderate big jumps your quotes are honored, stop loss and trailing always saved my money so far. 3) In case of trouble (and as new trader you *WILL* have some) their chat was always ready, prompt and resolutive (this is what I mean with "meat", the good services can be seen when things go wrong not by their nice graphics) 4) The spread is decent indeed just make sure to check what rate is going for the day and pair because despite they publish their wages (aka spread) per currency there are so many combinations you can easily miss on one of them. 5) As I said above, their platform is not Metatrade but still it supports a good deal of parametrizable indicators, oscillators and so on, from Fibonacci to many famous and less famous ones. They got a PDF and online guide about when to use them but remember their site is for the "newbie that has learned some ropes already". But to fully know what to do, just spend (or better, *invest* because it's gold time) some time on babypips.com/school and you'll be more than setup. In closing, I'd give OANDA 4 to 4.5 stars and only because they lack of programmable platform. The long term and standing qualities (not without troubles, but no broker has no troubles expecially those spending all their time at making taking money off you VERY easy but hard to take it back) and long term day after day viability make it for me one of the best entry level and middle level brokers. I found better - there's always better - but they expect you to be a semi-professional with $10k+ on hand and thus beyond this review site.

    Vahrokh September, 2009

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