It is crucial to read the broker review before trading with the broker. You can find the OANDA review in detail below. OANDA is known as a minimal risk platform, with a high trust score (91/99). OANDA is not a publicly-traded company and doesn’t operate a bank. It is authorized by 6 highly trusted top-tier authorities, 0 tier-2, and 0 tier-3-low trust- authorities.
The number of markets that are available might differ slightly according to the location of the QANDA entity where traders open their accounts. CFDs aren’t accessible in the US, although OANDA sells Bitcoin as a CFD in Australia. The list below outlines the various investment packages accessible to OANDA users.
Traders can invest in crypto using CFDs and not through buying Bitcoin. It is essential to note that cryptocurrency CFDs aren’t offered to retail traders or United Kingdom residents through any brokerage firm’s UK company.
- Social Trading / Copy-Trading
- Forex Trading
- CFD Trading
- A total of 124 Tradeable Symbols
- A total of 71 Forex Pairs
- Cryptocurrency (CFD)
OANDA Review – Fees
In terms of pricing, the broker is only moderately better than the industry average.
Spreads: The broker’s bid/ask spreads, or trading costs, are quite equivalent to FOREX.com as well as FxPro, albeit the least spread price accessible (or cheapest stated rate) could be a bit greater than different businesses that feature a sub-pip spread (less than 1.0 pip). For instance, throughout the first quarter of 2019, the overall non-core prices at the broker was 1.2 pips on the Euro and US dollar pair.
- The minimum contract size for FX trading is usually one micro lot.
Openness: As an element of its quest for enhanced price transparency, the broker releases a trailing estimate of its average spread throughout almost all timescales on a regular basis. Nevertheless, it is impossible to establish a more exact assessment since it does not offer a precise statistic that shows the average spread across a specified duration, like a day or a month.
Platforms and Features
fxTrade, the broker’s trading platform package, is good for charts and news yet falls short in other categories. With a diversified platform supply, OANDA is decent but not outstanding.
The OANDA fxTrade platform is accessible from online, desktop, and mobile devices. Charting, provided by TradingView, includes over 80 indications and signals and other different features, like the opportunity to evaluate numerous currency pairs on one chart. The web and desktop variants of fxTrade seem virtually identical, traders can switch between the two with ease.
In the broker’s Marketplace, third-party developers offer extra platforms, such as the Seer Trading Platform. This platform facilitates algorithmic trading technique creation, incorporating back-testing and forward-testing automated trading processes. The broker also offers trading access to a variety of charting programs, including NinjaTrad, MotiveWave, and MultiCharts. Finally, its Algo Labs section employs Quant Connect to allow traders to create applications in a variety of different languages, like C# and Python.
The broker’s online account managing interface integrates various features, making it simple to move funds between accounts and checking statements. Performance measurements from the analytics service Chasing Returns is one of the account’s services.
The broker also supports the MT4 platform for those who want it.
Research and Analysis
Regardless of the fact that most research loading in a new tab (which is unpleasant), OANDA offers FX and CFD traders all they need to properly handle the markets.
Regarding FX traders, OANDA provides a wide selection of analyses. For instance, the broker’s MT4 platform receives news from MarketWatch, Mainichi Reuters, MarketPulse, and CNBC, along with different sources.
Premium: Technical analysis, diverse macroeconomic headlines, analyses from UBS, an economic cycle prediction by 4CAST, and exposure to AutoChartist are all part of the research materials. Dow Jones Select is also available for a monthly charge from the broker.
OANDA’s MarketPulse website features news, analyses, and analytical data, with most of it powered by the company’s research staff. fxTrade, the broker’s phone application, broadcasts news from Dow Jones and also the firm’s blog.
OANDA Review – Training Materials
The broker offers an excellent mix of instructional content in both textual and visual formats, as well as webinars led by company personnel. OANDA’s training services will be elevated by extending its variety of textual materials and videos in comparison to education leaders like Saxo Bank and IG.
Textual and Visual: The broker’s digital lessons include 10 chapters that address technical and basic analysis instruction. Every section has numerous lectures and an associated video, with the training theme being frequent signs. While the information is not structured by expertise level, the “getting started” chapter contains fundamentals for newcomers, addressing topics that are typically found in platform training.
Trading From the App
The broker’s fxTrade application is simple to operate, offers high-quality market information, and has outstanding charting capabilities (33 technical indicators). However, very much like desktop as well as web-based equivalents, falls short in key areas vital to daily FX and CFD traders.
Orders: A standout feature was the smooth transition to the trade ticket window inside the charts. Customers can rapidly place orders using the chart and afterward alter their stop-loss and limit order settings with an easy drag-and-drop.
Deposits: Paying while using the application is easy, money transfers to the live account very quickly appear once the process is finished.
Synchronizing: Apart from the pros, one thing that must be implemented is worldwide watchlist synchronization. Tools supplied by the platform’s web or desktop versions are instantly synced to the application. Likewise, phone chart indicators don’t really synchronize with fx trader’s pc or web versions.
OANDA Review – In General
OANDA’s competitive advantage is its outstanding legal track record, with permits in the most stringent major financial hubs, as well as thorough market studies. Disadvantages include a limited range of tradable assets and pricing.
Overall, this broker is particularly fit for both novice and experienced traders who want to connect through API or utilize automated trading systems on Meta Trader 4.