Don't just trade with any broker, trade with the best! Check out our recommended brokers:
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.
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 firstname.lastname@example.org 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.
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.
I'm doing lots of research for a forex broker. This one is regulated so maybe I will go with it.
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.
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.
Same Guy - you're totally right, and I fixed it. Thanks for bringing it to our attention!
BTW, they now accept credit card deposit for USD, so you might as well update the "disadvantage" section. ;)
LOL @ all these negative "ya ya ya bucket shop bucket shop" comments by the shills.
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.
Registration is required to ensure the security of our users. Login via Facebook to share your comment with your friends, or register for DailyForex to post comments quickly and safely whenever you have something to say.
Create a DailyForex.com Account Now
Review info: OANDA
Review Date: 2016-03-01
Rating : 4.5
Reviewed By : Sara Patterson (Google+)