OANDA Review


OANDA presents traders with a trustworthy, reliable Forex broker and 69 currency pairs to trade from an upgraded MT4 trading platform. Alternatively, the proprietary OANDA Trade trading platform features a clean user interface equipped with streaming news and performance tools. Does OANDA provide the trading conditions to support profitable traders globally?



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Overall Rating

3.3 out of 5.0

Regulation (single-weighted)

3.8 out of 5.0

Fees (double-weighted)

4.3 out of 5.0

Asset Selection (double-weighted)

1.4 out of 5.0

Choice of Trading Platforms (double-weighted)

4.1 out of 5.0

Research & Education (single-weighted)

3.7 out of 4.0

Customer Service (single-weighted)

2.9 out of 5.0

Ease of Account Opening (single-weighted)

4.0 out of 5.0

Ease of Withdrawals (double-weighted)

2.7 out of 5.0

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OANDA Snapshot


Competitive Cost Structure with Upgraded MT4 Trading 







Execution Type

Market Maker/ECN Hybrid

Minimum Deposit


Maximum Retail Leverage

1:10 to 1:50 (dependent on jurisdiction)

Trading Platform(s)

MT4, OANDA Trader (proprietary)


Besides one of the best upgrades to the out-of-the-box MT4 trading platform, OANDA provides traders with charts from TradingView, technical analyses from Autochartist, real-time news from Dow Jones FX Select, and VPS hosting in partnership with BeeksFX and Liquidity Connects. Traders will also benefit from the order execution and processing power of the CQG FX Platform. Quality in-house market commentary exists, but the educational section remains average at best.

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OANDA Overview of Main Features

Retail Loss Rate




Minimum Raw Spreads

0.0 pips

Minimum Standard Spreads

0.6 pips

Minimum Commission for Forex

$5.00 per round lot

Commission for CFDs/DMA

Not applicable

Commission Rebates


Minimum Deposit


Demo Account


Managed Account


Islamic Account


Inactivity Fee


Deposit Fee


Withdrawal Fee


Funding Methods

3-5 (dependent on geographic location)

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Regulation and Security

Regulation & Security Rating Summary 

  • IIROC (Tier 1): 5.0
  • CFTC (Tier 1): 5.0
  • FCA (Tier 1): 5.0
  • FSA (Tier 1): 5.0
  • ASIC (Tier1): 5.0
  • MAS (Tier1): 5.0

Rating = 5.0 / 5.0

Trading Environment Competitiveness by Regulator 

  • IIROC (Uncompetitive Trading Environment): 3.0
  • CFTC (Uncompetitive Trading Environment): 3.0
  • FCA (Uncompetitive Trading Environment): 2.5
  • FSA (Uncompetitive Trading Environment): 1.5
  • ASIC (Competitive, but OANDA chose an uncompetitive structure): 3.0
  • MAS (Uncompetitive Trading Environment): 2.0

Rating = 2.5/ 5.0

Combined Score 

Rating = 3.8/ 5.0

OANDA remains well-regulated and compliant with six Tier 1 regulators but maintains an uncompetitive trading environment. Only one jurisdiction, governed by the ASIC, enables a balance between regulation and competitiveness, but OANDA opted for an uncompetitive approach. The primary regulator of OANDA is the IIROC, which limits leverage and bans bonuses and promotions. The cost of regulation is also visible in the other four jurisdictions, governed by the FCA, the CFTC, the MAS, and the FSA.

Regulation fulfills a central role, but it should not harm the competitive advantage under misguided ideas of trader protection. Overall, OANDA delivers well on security, but does not offer traders a competitive trading environment. It remains one reason why OANDA failed to become a primary choice for traders outside of North America.

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Fees Rating Summary 

  • Excellent Commission-Free Forex Costs: 5.0
  • Excellent Commission-Based Forex Costs: 5.0
  • Average Cryptocurrency Costs: 2.5
  • Good Commodity and Metals Costs: 4.0
  • Good Index CFDs Costs: 4.0
  • Volume-Based Rebate Program: 5.0

Rating = 4.3/ 5.0

OANDA delivers an excellent commission-free and commission-based pricing environment. The former commences with a minimum mark-up of 0.6 pips or $6.00 per 1.0 standard lot in the EUR/USD, the most liquid currency pair. The latter delivers raw spreads from 0.0 pips for a commission of $50.00 per $1,000,0000 in nominal trading value, comparable to $5.00 per lot.

High-frequency traders who transact $10,000,000 monthly qualify for a volume-based rebate ranging between $3.00 and $11.00 per $1,000,000 traded. It results in a per lot cost reduction of $0.30 to $4.70 to $1.10 to $3.90. Swap rates on leveraged overnight positions apply, an inactivity fee exists of $10 monthly after twelve months of dormancy, and OANDA levies a 0.50% currency conversion. Traders may also face third-party deposit and withdrawal costs.

Comparing trading costs is challenging, with many variables impacting the final fees. We evaluated the spreads of the EUR/USD, gold, the S&P 500 and WTI crude, four of the most traded assets, available at all brokers.

Here is a screenshot of the OANDA MT4 trading account during the London-New York overlap session, the most liquid one, where traders usually get the lowest spreads.

Oanda MT4 Platform London-New York Overlap Session

Daily financing costs change, and OANDA lists them transparently on its website. Unlike other brokers, the MT4 trading platform does not show swap rates.

Oanda Rates and Costs May 19 2021

Swap rates apply with a T+2 formula to account for weekends. Therefore, most Forex positions incur a triple fee on Wednesdays with a few exceptions where a T+1 applies.

Oanda Rates and Costs May 21 2021

Below is a list of trading cost examples for buying and selling the EUR/USD, holding the trade for one night and seven nights, in the commission-free OANDA trading account:

Taking a 1.0 standard lot buy/sell position, in the EUR/USD at the tightest spread and holding it for one night will cost the following:

UK $6.00 Spread + $5.64 swap rate = $11.64

UK $6.00 Spread + $1.13 swap rate = $7.13

Taking a 1.0 standard lot buy/sell position, in the EUR/USD at the tightest spread and holding it for seven nights will cost the following:

UK $6.00 Spread + $39.07 swap rate = $45.07

UK $6.00 Spread + $8.38 swap rate = $14.80

High-frequency traders outside the UK can lower trading costs in the commission-based account, but various conditions apply. Rebates range between $3.00 and $11.00 per 10.0 lots or $0.30 to $1.10 per lot.

Oanda Tiers

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What Can I Trade?

Asset Selection Rating Summary 

  • Average Forex Selection: 2.5
  • Dismal Cryptocurrency Selection: 0.2 (UK = 0.0)
  • Below Average Commodity and Metals Selection: 2.0
  • Average index selection: 2.5
  • No Equity Selection: 0.0

Rating = 1.4/ 5.0

The asset selection at OANDA remains focused on Forex, where it only delivers an average choice of currency pairs. While the overall list of trading instruments allows new traders to learn how to trade, most advanced traders will find asset choices insufficient unless they use a scalping strategy that requires a few liquid assets.

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Account Types

OANDA maintains two choices: the commission-free Standard account and the commission-based Premium one. Most retail traders will manage their portfolios in the former, but the overall pricing environment remains competitive in both. There is no minimum deposit for the Standard account, while conditions for the Premium vary based on the regulatory jurisdiction. Regrettably, OANDA does not treat traders from all jurisdictions with an equally fair trading environment. For example, the UK Premium account requires a minimum balance of $20,000 without offering beneficial services. In Singapore, traders qualify based on trading volume and have a commission-based pricing environment with a cash rebate program.

Below is the difference for high-frequency scalpers in the EUR/USD with 100.0 lots in monthly volume in the UK and Singapore:

UK: $6.00 (0.6 pips spread) per lot x 100.0 lots = $600.00

Singapore: $0.00 (0.0 pips spread) per lot + $4.60 (commission with lowest rebate) x 100.0 lots = $460.00

OANDA offers unfavorable conditions for Premium accounts in the UK.

oanda uk accountsThe offer for traders in Singapore presents a cost advantage but lower leverage.

Oanda Singapore Accounts

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Trading Platforms

Choice of Trading Platforms Rating Summary 

  • MT4 with Upgrades: 5.0
  • MAM/PAMM Accounts (No): 0.0
  • Competitive Proprietary Trading Platform (no algorithmic trading): 3.5
  • Automated Trading: 5.0
  • API Trading: 5.0
  • Social Trading/Copy Trading: 5.0
  • VPS Hosting: 5.0

Rating = 4.1/ 5.0

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Overview of Trading Platforms







Proprietary Platform


Automated Trading


Social Trading / Copy Trading


MT4/MT5 Add-Ons


Guaranteed Stop Loss


Negative Balance Protection


Unique Feature One

Excellent MT4 Upgrade with 28 Tools

Unique Feature Two

VPS, Autochartist, and TradingView

Traders can manage their accounts with the MT4 trading platform, the market leader in automated trading solutions, or try the proprietary OANDA Trade as a competitive alternative for manual trading strategies. Despite developing a proprietary trading platform, OANDA delivers one of the best MT4 upgrade packages with 28 plug-ins. It shows the commitment of OANDA to automated traders, a function OANDA Trade does not support. While the MAM/PAMM module is missing from MT4 at OANDA, the trading platform has an integrated copy-trading functionality. OANDA Trade provides traders with a better user interface compared to the dated MT4 design.

Usage of both trading platforms is simple. Beginner traders can learn it without obstacles. MT4 and OANDA Trade allow customization and include many technical indicators and drawing tools for technical analyses. OANDA also partnered with TradingView for a third alternative. Using the TradingView platform with an OANDA account for a third alternative offers traders the community features and technical analyses at TradingView.

Here is a screenshot of the OANDA MT4 trading platform, showing live spreads on the left, an order placement window in the middle, and the EA Marketplace at the bottom.

Oanda MT4 Trading Platform

The partnership between OANDA and TradingView presents an option for traders who seek an active trading community.

Oanda and TradingView Platform Partnership

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Unique Features

Besides the MT4 upgrade and the TradingView partnership, OANDA also features technical analysis from Autochartist, an established third-party tool. Regrettably, OANDA does not have the MT4 plug-in and only offers it on the OANDA Trade web terminal. VPS hosting for automated trading solutions is also available, and OANDA has an API, allowing third-party developers to connect advanced trading solutions to the OANDA infrastructure. The trading tools ensure that traders have a competitive edge in financial markets.

The MT4 upgrade package at OANDA is excellent.

Oanda MT4 Upgrade PackageTechnical analysis by Autochartist also stands out, but the MT4 plug-in is missing.

Oanda Technical Analysis by Autochartist

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Research and Education

Research & Education Rating Summary 

  • Daily Research: 5.0
  • Daily Trading Recommendations: 5.0
  • Streaming News: 5.0
  • Below average Educational Content: 2.0
  • Live Webinars: 5.0
  • Trading Courses: 0.0

Rating = 3.7/ 5.0

OANDA offers competitive research, both in-house on its MarketPulse blog and in partnership with third-party providers. Clients have access to daily market commentary and trading recommendations. The educational section for beginner traders remains below average and insufficient. The content lacks depth, and a classroom-style approach with well-structured lessons and courses are not available. OANDA hosts live webinars, but the overall educational value trails competitors who have an excellent educational offering.

The MarketPulse blog offers a mix of research and education.

Oanda MarketPulse Blog

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Customer Support

Customer Support Rating Summary 

  • 24/5 customer support: 5.0
  • Multilingual support: 5.0
  • Live chat (only chatbot): 2.5
  • Phone Support: 0.0
  • Call-back option: 0.0
  • Quality FAQ section: 5.0

Rating = 2.9/ 5.0

OANDA lacks a dedicated Contact section, fails to list phone numbers and their registered address. It relies heavily on its FAQ section, while the live chat appears as a chatbot without human support. An e-mail button exists, and OANDA states 24/5 support but fails to maintain a quality customer support portal with swift access to a customer services representative.

OANDA provides most of its support via the FAQ section or a chatbot. Traders in need of human assistance may only e-mail the support team.

Oanda Customer Support

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Bonuses and Promotions

At the time of this review, OANDA neither provides bonuses nor grants special promotions.

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Opening an Account

Opening an Account - Ease of Account Opening Rating Summary 

  • Online Application Process: 5.0
  • Amount of Personal Information: 2.5
  • Account Type Choices: 2.5
  • Minimum Deposit Requirements: 5.0
  • Swift Verification Procedure: 5.0
  • User-Friendly Back Office: 4.0

Rating = 4.0/ 5.0

While the online application takes only a few minutes, OANDA collects more personal data than most brokers. The mandatory account verification, requiring a copy of the trader’s ID and proof of residency document, is part of the process. It allows new clients to complete everything in one session.

Oanda Account Opening

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Deposits and Withdrawals

Deposits & Withdrawals - Ease of Withdrawals Rating Summary 

  • Third-Party Online Deposit & Withdrawal Methods: 0.5
  • Availability of Cryptocurrencies: 0.0
  • Absence of Internal Withdrawal Fee: 5.0
  • Withdrawal Processing Times: 4.0
  • Easy of Withdrawal Process: 4.0

Rating = 2.7/ 5.0

Most OANDA traders have access to just bank wires, credit/debit cards, and PayPal. There are no deposit fees, but third-party withdrawal costs apply at all three options. OANDA fails to deliver competitive payment processors, but some jurisdictions feature localized alternatives, often related to banks. Traders may swiftly request withdrawals from their back office, where a withdrawal hierarchy exists. Costs and processing times depend on the method, but OANDA fails to provide traders with competitive options.

The deposit and withdrawal options and OANDA remain limited and unacceptable to many traders.

Oanda Deposits

A withdrawal hierarchy exists at OANDA.

Oanda Withdrawals

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Is OANDA a good broker?

OANDA is well-regulated and provides an excellent choice of trading platforms. It also maintains an uncompetitive trading environment, and traders need to weigh what is most important on an individual basis.

How much does OANDA charge per trade?

The minimum costs in the commission-free account are $6.00 per 1.0 standard lot and $5.00 in the commission-based alternative. Average trading costs are higher than that, depending on the asset.

Can you make money with OANDA?

OANDA presents traders with a competitive pricing environment and trading platforms but low leverage and a limited asset selection. The infrastructure to make money exists, and the rest is up to the individual trader.

Are OANDA spreads high?

OANDA offers tight spreads, delivering a trading cost advantage to clients.

What is the OANDA minimum deposit?

There is no minimum deposit for the Standard account, but the Premium requirements are as high as $20,000, dependent on the jurisdiction.

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Broker Comparison


Alpari vs. OANDA

Forex.com vs. OANDA

eToro vs. OANDA

AvaTrade vs Oanda

IG Markets vs Oanda

ETX Capital vs Oanda

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General Information

Company Information

  • Broker's Name : Oanda
  • Headquarters : United States
  • Regulation : CFTC, FCA, FSA, ASIC, IIROC, MAS

Account Information

  • Type of Broker : 35,38
  • U.S. Clients Allowed :
  • Minimum Deposit : $0
  • Maximum Leverage : 1:50
  • Commissions / Spreads : both
  • Account 1 : Standard
  • Account 2 : Premium
  • Account 3 : Spread Betting (UK-only)
  • Demo Account :
  • Islamic Account :
  • Segregated Account :
  • Managed Accounts :
  • Deposit Options :
  • Withdrawal Options :

Instruments Traded

  • ETFs :
  • CFDs :
  • Commodities :
  • Metals :
  • Stocks :
  • Oil :
  • Gold :
  • Binary Options :
  • Indices :

Trading Platforms

  • Type of Platform : MetaTrader 4, Proprietary platform
    • Platform Languages :
      • English
    • OS Compatibility :
      • Mac
      • Windows
      • Linux
      • Mobile
      • Web
      • iPhone
      • iPad
  • Trading Signals :
  • Charting Package :
  • Market Analysis :
  • Chart Trading :
  • Automated Trading :
  • Scalping :
  • Hedging :
  • Mobile Alerts :
  • E-mail Alerts :
  • Trailing Stops :
  • Guaranteed Stop Loss :
  • Guaranteed Limit Orders :
  • Guaranteed Execution :
  • One-click Execution :
  • OCO Orders :
  • Interest on Margin :
  • Web-based Trading :
  • Mobile Trading :

Customer Support

    • Website Languages :
      • English
      • Spanish
      • Italian
      • French
      • German
      • Chinese
      • Russian
      • Portuguese
  • Support Hours : 24/5
  • E-mail Support :
  • SMS Support :
  • Chat :

Pros and Cons


  • Excellent 28-tool MT4 upgrade package

  • Trustworthy broker with more than 25 years of experience

  • Competitive pricing environment

  • Quality market commentary on the OANDA blog MarketPulse


  • Limited asset selection with equities missing

  • No modern payment processors

  • The educational section lacks content and depth


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Bottom Line

OANDA maintains an excellent choice of trading platforms and a competitive pricing environment. It established itself as a reliable and trustworthy broker, but the restrictions on leverage result in an uncompetitive environment for committed traders. The limited asset selection and absence of modern payment processors are notable. OANDA fails to compete well internationally but remains a primary choice in North America.

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User Reviews

Did you have a good experience with this broker? A bad one? Tell our team and traders worldwide about your experience in our User Reviews tab. Your email address will not be posted.

Please make sure your comments are appropriate and that they do not promote services or products, political parties, campaign material or ballot propositions. Comments that contain abusive, vulgar, offensive, threatening or harassing language, or personal attacks of any kind will be deleted. Comments including inappropriate, irrelevant or promotional links will also be removed.

17 User Reviews

I have to come out of the dark to help traders. With my Binary option and Forex strategies, I have made profit in the past 3 years and now I make £20,000 every week. After changing a lot of strategies, I and my associates have decided to share this one since it's a success. It is the least I can do for beginners or people who have lost much to binary options and are looking for the right strategy which I am willing to help for free. Email me via my email vanderlaanyoelle007@gmail.com for help.


Been with Oanda since May 2006. I find their charting indicators very basic and pretty useless for me. My biggest gripe is the fact you can not hedge in just one account - you have to go long in one account and short in another. As both accounts look identical in terms of color and indicators shown, you have to be extremely careful that you are in your appropriate account when opening or closing a trade, otherwise you will be offsetting an already open trade in the account you place the trade. Most frustrating - and expensive!
For charting, I use one of the several "free" charting services with more options for my indicators - I don't have to use closing prices exclusively, I can use high,low or mid points as my variables etc...


Oanda is very old and reliable broker, with many licenses. That’s why I opened an account with them. A lot of interesting services and good pack of instruments. But when I started trading I faced a lot of problems: sometimes my SLs was removed, spreads are often higher then must be. Also my friend, scalper, was trying to do business with them, but after 2 weeks of trading he WD his money and changed his broker, so if you are a scalper, I advise you to stay away: big slippages and bad execution.

Barbara O'Sullivan

I see that Daily Forex has a new format for its reviews and that they have updated their review of this broker. I've been trading with Oanda for years now and it's been a good experience. They have added the MT4 platform which has made trading much easier.

Go For It

I'm doing lots of research for a forex broker. This one is regulated so maybe I will go with it.

Jose Fernandez

This is a good broker. I live in the United States and there isn't too many brokers that sell currencies. I like this one a lot.

Alie Campbell

Oanda seems to have been around forever. But they always seem to be changing and I guess that is good. I am debating whether to open an account with them or with another broker. I like that they use the metatrader4 platform.


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.


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.

Sara Patterson

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

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


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


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.


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.


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.


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.


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.

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