Oanda Review and Tutorial 2019

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The past twenty years have observed US-headquartered Oanda, develop to a recognized player on the worldwide online broker platform. Now they ease forex and also index/commodity CFD trading to clients throughout the world.
This in depth review of Oanda will pay for everything from charges and trading platforms to both regulation and accounts.
Risk Warning:CFDs are complicated tools and develop with a high risk of losing cash quickly as a result of leverage. 73.5percent of retail buyer accounts eliminate money when trading CFDs for this supplier. You should consider if you recognize the way CFDs operate and if you are able to afford to choose the higher risk of dropping your cash.
A Brief History
Before we get bogged down into the details and statistics of the Oanda trader review, it helps to paint an image of where the Oanda company began and just how far they’ve come.
Oanda’s little beginnings date back to 1996, which makes it among those first online forex brokers. Then it provided shareholders access to area forex and CFDs. These days, however, Oanda is well recognized within the forex market, supplying 124 trading tools, corporate FX solutions, money management options, and data on market rates to international businesses.
Although headquarters are located in the US, it even has quite a few international offices, such as Tokyo and London. In reality, Oanda works across eight international financial centers, with customers in more than 196 nations. It’s achieved licenses from important regulatory authorities, such as:
The UK
The US
Canada
Japan
Singapore
Australia
Despite failing to obtain a mention in several Oanda review discussion, the most FxTrade platform, established in 2001, was really the very first completely automated forex trading platform.
You might have noticed on Oanda distribute gambling reviews and forums that the provider provides spread betting. Whilst that is accurate, it’s simply accessible to Oanda Europe Ltd clients, who live in the UK or Republic of Ireland.
Minimum Initial Deposit
Oanda has stuck to needing no minimum deposit. It guarantees long-term traders and people that have limited funds don’t need to deposit greater than they could manage since they find their toes.
In addition, Oanda’s minimal size is 1 component of the base money of this quotation. They do also provide nano a lot and a great deal size calculator.
Spreads & Commissions
Whether you’re interested in finding an Oanda Europe Limited, Singapore, the Philippines, or even US costs review, Oanda stays highly aggressive whatever your place.
Oanda spreads are similar to other large companies, for example FXCM and FxPro.
To provide traders the lowest prices, Oanda employs an automatic machine to track global rates, and also spreads will even react to market volatility and liquidity. High volatility, specifically, can expand spreads. Both historical and current average spreads are clearly summarized, which ought to hamper some traders’ concerns over hidden fees.
This transparent approach was echoed by Vatsa Narasimha, CEO of the OANDA Global Group, who stated, “We consider the retail trading sector as a whole will gain in a more transparent way where brokers are held liable for creating questionable statements or disclosing their interests. ”
There is an important point to make when comparing Oanda spreads with agency brokers (no dealing desk). .So, just comparing spread alone won’t necessarily supply you with a very clear decision, as occasionally, other elements can affect the price of trades within a time period.
Leverage
For those seeking to trade on margin, you will discover leverage offerings in Oanda. For retail customers, maximum leverage has been determined by regulators on your geographical region, nevertheless, all Oanda users may further decrease their leverage limitation.
It is also worth highlighting, that although you might potentially raise earnings, trading margin may also minimise losses. Thus, using stop loss orders to limit possible losses together with leverage is a method utilized by most.
Other Fees
Oanda’s trading charges are simple and extremely aggressive. But, Oanda introduced an inactivity charge in September 2016. As luck would have it, this powerful tax is only going to influence people who don’t put any trades for two decades.
Note there isn’t any deposit bonus if you join using Oanda. It’s well worth keeping your eye on the official site to get any alterations to instantly (rollover) fees, funding fees.
Oanda Trading Platforms
FxTrade
It is the right time to proceed the FxTrade portion of this review, an important part of this Oanda offering. All in all, the machine is nicely made and easy-to-use, providing a great number of applications and stats.
You can trade directly from the graph. You gain from complex order forms, such as purchase, sell, and tracking stops. Account analytics are in your disposal. This fiscal trading applications also has graphs from MultiCharts, that allow for innovative and complex studies and screen styles. In addition to this, you get observe lists, news feeds, news feeds, and financial evaluation. Accessing historic and dwell exchange rates can also be simple.
On the downside, the stage lacks an ultra-modern appearance and a number of functions are more difficult to use. Rather than being in a position to start the information, forums and financial evaluation from the system, they start up to web pages in separate browsers. Again, you start Oanda’s sequence bookoutside this program. This will all stop a smooth trading encounter occasionally. Speed tests reveal server instances and implementation prices are business standard.
The end — that the FxTrade system caters to the requirements of traders of all experience levels. You have all of the tools required to trade only a couple of clicks away, as well as a whole slew of useful additional capabilities.
FxTrade API Libraries
A subscription to Oanda also means that you may research automated trading. API python tutorials are available on the internet that will assist you to get the absolute most from your API tools. Automated trading permits you to execute a lot more trades than you could manually. Additionally, it means that you can be busy in many of markets at the same time, from oil and gold into binary options and bitcoin CFDs.
Notifications can be produced for if you enter and leave places and pre-programming your standards can be accomplished with the aide of Algo labs. This gives you a while to obtain historical information, analyse encode info and craft successful strategies.
For seasoned traders and technophiles, the FxTrade API libraries may also help do All the following:
Access current and historical market information
Stop-loss, take-profit or entrance orders
Access beyond trading trades
Risk-free testing
Trade asks
MetaTrader 4
If Oanda’s desktop system doesn’t appeal, you have the option of the MetaTrader 4 (MT4) download. This review found the industry standard includes advanced charting, watch lists, plus trade automation via an ‘specialist adviser ‘ (EA) plugin. You are also able to save layouts and chart profiles. In addition, you can draw up swap rates, as well as live and monthly exchange rates charts from within the platform.
On the negatives, creating or amending EAs can be challenging. This is especially true for new traders who may be unfamiliar with the unique programming language. Whilst the audible alerts can be annoying, there are customisability options, not to mention a mute button, so we can let that drawback slide.
There also include several other fantastic trading tools available at Oanda:
MotiveWave — This professional charting and technical analysis platform offers more than 250 built-in studies/indicators and 30 built-in trading strategies. This high-performance and easy-to-use software is a powerful weapon to have in your trading arsenal.
Oanda Market Reports — Powered by Autochartist, this tool provides a brief summary of the markets. An email is actually sent to traders before they start analysis for the day ahead. Market Reports provide a technical outlook of the forex markets for the next 48 hours.
Drawing up a forex order book, indicators and potential strategy are also quick and easy. For those wanting to hedge, it is not prohibited. You can view both long and short positions for the same product on the MT4 platform.
Note traders will also find additional platforms are available in the Oanda Marketplace. These include third-party apps, plus algorithmic trading platforms, such as the Seer trading system.
Note Oanda does not offer Metatrader 5 (MT5).
Mobile Apps
If you are frequently on the move, being able to enter and exit positions from your mobile or tablet can prove extremely useful. Those looking for an Oanda mobile and iPad review will be impressed with the capabilities of the FxTrade mobile trading platform. Not to mention the integration with a range of devices, from iPhones to the Windows Phone 8.
Once you have your web login details, you can then download historical quotes, battle with forward rates and start speculating on the FTSE 100 or Nasdaq, for example. Also, the platform is straightforward to navigate and the sleek design allows for a stress-free experience. There is access to Oanda’s trading instruments, spread history, account analytics, as well as complex order types.
You retain the ability to trade directly from charts, plus you can benefit from charts with indicators and price overlays. You also have the option to tweak display styles to find a format that compliments your trading style. As an added bonus, the news, economic calendars, and financial announcements all open with ease from inside the app.This makes gauging market sentiment straightforward.
There is regular maintenance to ensure instrument lists are up to date. This also means any issues and glitches are swiftly remedied.
Overall, their mobile offering allows for a hassle-free transition from the desktop application.
Methods of Payment
Understandably, an increasing number of day traders are looking for straightforward deposit and withdrawal systems.
You can make deposits and withdrawals into your Oanda account with any of the following:
PayPal
Bank wire transfer
Credit & debit cards
Their website guides you through the process and their customer service should be able to help with any withdrawal problems.
There also other options available, depending on your location. Those in China can use China UnionPay and Bpay, for example. So, it’s worth heading over to their website to see what works where you are.
It is worth noting there can be withdrawal costs. These can be as much as 20 to 35 euros if you opt for bank transfer. Having said that, you do get one monthly card withdrawal without charge.
Overall, Oanda customer reviews have shown traders are content with the current money transfer mechanisms.
Account Types
Oanda offers a single, standard account, that requires no minimum deposit. Unfortunately, high volume traders with deep pockets may be disappointed by the lack of additional perks that some brokers offer traders with significant capital. However, it does mean everyone gets to benefit from over seventy currency and precious metal pairs, plus trades of any size.
Demo Account
Oanda demo account reviews are quick to highlight an impressive perk to the Oanda practice account. Whilst many forex brokers offer a practice download for a limited time period, Oanda’s FxTrade demo account is available for as long as a trader needs to hone his strategy and build his confidence.
Once you have your demo login details, you have nearly all the same functionality as live account holders. Funded with simulated money, their practice account is the ideal way to get familiar with market conditions and test drive Oanda as a potential broker.
Once your confidence has grown with volume indicators, currency heat maps and backtesting, you can then upgrade to a live account with ease.
Additional Features
If you are asking what about this review separates Oanda them from the rest, then their extensive range of research and trading tools may just do the job. Their offering surpasses many retail trading platforms.
Oanda’s academy, for example, offers the following:
Webinars — These online videoscover a host of subjects, from ‘Getting Started in Trading’ to more advanced topics, such as ‘Fibonacci Retracements and Clusters: An Advanced Look in Trend Formation. ‘
Interviews — Learn from experienced traders as they discuss a range of topics, from trading plans to strategy.
Articles — These detailed articles appeal to traders of all experience levels.
Tutorials –Tutorials can help users with a whole range of topics, including how to trade bitcoin, reading data feeds and identifying correlations. In addition, you can learn how to start scalping and compare recent live spreads. All of which may help increase your intraday trading salary.
On top of that, Oanda has made access to historical average exchange rates straightforward. Viewing open and long-short positions ratios are also quick and easy. Furthermore, monthly and yearly averages, plus historical classic interest rates can be found. This can all make conducting in-depth research a hassle-free process.
You can also benefit from news reports from a range of sources on Oanda. These include MarketPulse, 4Cast, plus the Dow Jones FX Select, where you will find breaking news, trend analysis, plus policy commentary. In addition, there is straightforward access to margin and leverage calculators to help you establish potential profit and loss.
The only downside is that with so many resources available, locating them can be a bit of a minefield.
Safety & Security
With an increase in cybercrime, digital security became a prominent concern in broker reviews in 2017. So, is Oanda a reliable broker? Fortunately, your personal data and trading activity are kept secure. They do this by using high-tech, sophisticated encryption technology.
Oanda Regulation
In recent years, too many day traders have fallen victim to unscrupulous brokers. This makes selecting a licensed and regulated broker, all the more important. Oanda’s pro-active approach to regulation should bring peace of mind to customers.
After receiving a number of international awards, it is little surprise to learn customer reviews are content with the standard of regulatory oversight. Oanda is regulated in the following countries:
US — Commodity Futures Trading Commission (CFTC)
Canada — Investment Industry Regulatory Organization (IIROC)
UK — Financial Conduct Authority (FCA)
Australia — Australian Securities and Investment Commission (ASIC)
Singapore — Monetary Authority of Singapore (MAS)
Japan — Financial Services Agency (FSA)
It is also worth highlighting, that despite far-reaching regulatory oversight, the extent of account protection in the event of default can vary depending on where you hold your account.
Benefits
This Oanda review found the following key benefits:
Product diversity — As a day trader, a range of products could mean greater opportunity. With Oanda, you get access to 71 currency pairs, 16 stock index CFDs, 23 metal CFDs, 8 commodity CFDs, and 6 CFD bonds.
Applications — You are able to use Oanda’s proprietary desktop software and platforms like MetaTrader 4. Developers also work hard to regularly implement updates.
Direct chart trading — Traders can enter and close positions directly from a chart. You will find this feature in both Oanda’s and the MetaTrader 4 trading platforms.
No minimum account size — This allows you to open accounts with as little as $1, making it ideal to test and develop intraday strategies.
Regulation — As detailed above, Oanda impresses with regulatory oversight by a number of bodies, across the world. This obliges Oanda to stay within rules and regulations designed to protect you, the trader. This should help reduce concerns over frauds and scams.
Demo account –You get a lengthy free trial and it’s easy to download the MetaTrader 4 demo account. You can then open positions and get your head around average exchange rates live. You can also practice with guaranteed stop losses and a whole load more.
For all of these reasons, Oanda is widely thought of as among the top 100 traders.
Drawbacks
Despite the numerous benefits, there also exits some Oanda negatives to highlight in this review:
Missing instruments — Oanda are effective at facilitating the instruments they do offer. However, if you are looking for cryptocurrencies and single-stock CFD trading, you will be disappointed.
Limited additional protection — Whilst Oanda do comply with regulatory standards, extra slippage and deposit protections could further benefit aspiring day traders, particularly in volatile markets. In addition, more could be done in terms of negative balance protection.
Slow customer service — In a business where time is money, Oanda’s sometimes slow customer service could hamper and frustrate highly active traders.
Disorganised resources — On the positive side, Oanda offers a multitude of educational and trading resources, from webinars to news sources. However, these resources are somewhat disorganised and are only available after launching external web pages. This could slow down your trading experience.
ECN –Oanda is not an ECN broker, it is a market maker and some people believe you find lower spreads with ECN brokers.
Oanda Trading Hours
Oanda’s trading hours coincide with many of the global financial markets. Trading is available from approximately 17:00 on a Sunday to 17:00 on a Friday UTC — 5.
Having said that, Oanda’s hours of operation will vary depending on which division you hold your account. Asia Pacific traders can relax knowing all the key markets they want access to will be open for business on their Oanda trading platform.
Contact & Customer Support
In the day trading business, every second is money. This means every platform glitch and account issue could cut into your profits. Therefore, having fast and effective customer support can prove essential. Fortunately, Oanda trading reviews are quick to highlight the company offer 24/7, multilingual support.
Apart from holiday trading hours, you can contact Oanda’s customer support team via email at all times. Alternatively, live online chat and phone support are also available during trading hours. See the official website for their contact phone number in your location.
You can find support in the following languages:
English
German
Spanish
Italian
French
Portuguese
Russian
It is also worth highlighting, some negative Oanda customer reviews pointed out customer service response times can be slow. However, hotline staff remain polite and helpful, endeavouring to use their support website and archives to answer your questions fully.
Overall then, users can trade confidently knowing effective support is on hand, regardless of location and time zone.
Verdict
So, is Oanda a good forex broker? Well, they score extremely highly in ratingsand reviews and it isn’t too difficult to determine why. They offer you a easy setup, aggressive pricing, a selection of merchandise offerings, and of course complex trading platforms. So, even once you compare Oanda versus FXCM along with other renowned brokers, Oanda still consistently succeeds.
But, there’s surely room for improvement concerning consumer services. Traders who prioritise quick and dependable service might want to appear elsewhere.
Finally though, this Oanda review has discovered the provider remains an appealing proposition to clients from all around the world.
Accepted Countries
Oanda prevents traders from Australia, Thailand, Canada, United Kingdom, South Africa, Singapore, Hong Kong, India, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar along with most other states.
Traders Can’t use Oanda in Belgium, France, Netherlands, Cyprus, United States.