The last 20 years have seen the company, headquartered in the United States of America, Oanda develop into an established company on the international online broker market. They offer forex and index and commodity CFD trading for clients around the globe. In reality, Oanda operates across eight international financial centers, serving clients across 196 countries. It has received licences from the top regulatory authorities which include:
- The UK
- The US
- Canada
- Japan
- Singapore
- Australia
Even though it did not receive any mention on numerous Oanda review sites The FxTrade platform, which was launched in 2001, was an extremely automated platform for forex trade.
A Short History:
Before we get caught up with the numbers and facts that are in the Oanda reviews of traders, it is helpful to start by drawing an idea of where the Oanda business was founded and how far they’ve been.
The humble beginnings of Oanda are from 1996 and makes Oanda one of the first Forex brokers online. In the past, it provided investors with accessibility to forex spot as well as CFDs.
Key Features:
In the present, Oanda is well established on the market for forex with the 124 trading instruments as well as corporate FX services. options for managing currencies, as well as information on exchange rates for international companies.
- Minimum Initial Deposit: Oanda has always been a firm believer in having no minimum deposit requirements for initial deposits. This ensures that day traders who are aspiring as well as those with less capital are not required to put down more money than they can afford when they get their feet on the ground.
- Leverage: If you are seeking to trade on margin, there are leverage options at Oanda. Retail clients’ maximum leverage is determined by the regulatory authorities in your area, but everyone Oanda users are able to lower their leverage limits.
- Trading CFDs: Over 120 CFD instruments, including over 70 forex pairs, are available for long or short positions. Position yourself in indices, cryptocurrencies, commodities, metals, and bonds.
- MetaTrader 4 is a platform for trading: Customizable layouts, a variety of plug-ins, an intuitive interface, and more are all available on the MetaTrader 4 platform.
- Trading instruments that are really effective: Interactive Charts, our operating performance platform, open position ratios, and an MT4 plug-in are just a few of the platform’s impressive features.
Pros And Cons of OANDA:
Pros:
- In 1996, the company was founded. OANDA is licensed in six jurisdictions that are tier-1 which makes it a secure brokerage (low-risk) for CFDs and forex trading.
- Top quality market research papers as well as daily analysis updates are available on Market Pulse. Market Pulse hub.
- OANDA has its own podcast “Market Insight”.
- The mobile application for fxTrade offers an excellent balance of features. It also ranks high in terms of user-friendliness.
Cons:
- It offers fewer updates to the market via video than its rivals.
- Although the educational content is excellent, the video content isn’t comprehensive and generally comes in the form of platform-based tutorials.
- Spreads at OANDA are less than average, and are trailing discounts the market leaders CMC Markets and IG by quite a large margin.
- OANDA’s fxTrade desktop and online trading platform is good but however, it is not the best. It also does not match the platform of IG as well as Saxo Bank.
Summing Up:
The trading fees of Oanda are simple and competitive. The company has however, Oanda introduced an inactivity fee in September of 2016. Luckily, this tax only applies to those who have not made any trades for a minimum of two years.
They provide a simple setup with competitive pricing and an array of products and even advanced trading platforms. Also, when you evaluate Oanda against FXCM or other all-star brokers, Oanda always impresses. There is definitely an opportunity to improve the quality of customer service.
