OANDA Review 2019 | Is OANDA a Scam or Legit Forex Broker?

Read our OANDA review to find out if OANDA is a scam or a reliable forex broker. Unbiased Forex brokers reviews combined with user comments.

Average broker rating

2.8/ 5

Rating breakdown

Protection & Regulations
40% Complete (danger)
2.0/5
Trading platforms
100% Complete (danger)
5.0/5
Tradable Products
20% Complete (danger)
1.0/5
Deposit and withdrawal
100% Complete (danger)
5.0/5
Trading Fees
20% Complete (danger)
1.0/5
Support
60% Complete (danger)
3.0/5
OANDA
OANDA Overview

OANDA is one of the early pioneers of online forex brokers, established in the mid-1990s. The company is said to be founded by Dr. Michael Stumm and Dr. Richard Olsen. When the online trading platform FXTrade was launched in 2001, it was the first fully automated forex trading platform.

# Broker's Features OANDA Availability
# Commissions
# Hedging
# PAMM
# Scalping
# Accepts US traders
# 24 hour trading
# Swaps
# Demo account
# Daily analysis
# Automated trading
# Mobile trading
# Trading by phone
# 1st deposit bonus
# Forex contests competitions
# Bonuses Promotions
# Interest charges on the balance
# Free education
# Expert advisors
# Partnership programs
# Trust management
# 24 hour support

The variety of online brokers on the internet is very huge, so it is necessary to do a transparent review and comparison of the companies. After spending several days researching different forex brokers for trading FX, our team at onlineforextrading.net team collected over 50 data points. For this review, we will review OANDA.

Financial Trading and Investment Services: First of all, you should know which financial instrument you want to trade and then searching for the right broker. This can be stocks, forex, CFDs, cryptocurrencies or options. OANDA offers Online Financial Trading and Investment Services Such as N/A.

Broker Type: Many types of brokers can be found in the most dynamic market in the world. OANDA is Market Maker, No dealing desk.

Minimum Deposit Requirement: To properly understand if a broker is suitable for a certain trader, we will then take a look at how much is required as a basic minimum to open an account. You need to consider how much money you can spare to start off a Forex brokerage. OANDA recommended minimum capital is $1.

Is the Forex broker regulated? Commissions and fees aside, let's take a look at regulation. Trust is critical, and you should highly consider choosing a broker that regulated in a major hub. OANDA is regulated by CFTC, DFSA, FSA, IIROC, MAS, NFA. For our reviews, official regulation of an official financial authoritarian is required. Brokers have to fulfill certain conditions to get these licenses. In order to violate the rules, they would lose their license and a lot of money.

Languages Available: Next lets have a look at each broker's different Language options. OANDA offers Chinese, English, French, German, Japanese, Korean.

Payment methods: Next lets have a look at each broker's payment options. OANDA offers Credit Card, PayPal, Wire Transfer different payment methods for each account types.

At OANDA Withdrawals can be made through credit and debit cards, bank wires and e-wallets. The broker charges no fees for transactions.

Trading platforms: Next, let's look at the tools and features fx traders desire. With trading platforms, OANDA makes MetaTrader 4, Oanda fxTrade available to clients.

Web & Desktop Trading Platforms: Serving the needs of traders at OANDA are two basic types trading platforms, the OANDA’s MetaTrader4 (MT4) trading platform and the FXTrade WebTrader.
Mobile Trading Platforms: Both these versions of trading platform are also available as mobile versions for mobile devices. For tech savvy traders, they can use the OANDA FXTrade API libraries to build their own automated trading system to accommodate trading actions.

Other

Support
Customer support at OANDA is available 5 days a week from Sunday (1pm EST) to Friday (6pm EST). The customer service representative can contacted by means of live chat, email fax or telephone.

Recup
With features such as real time pricing, automated trading capability and no minimum deposit requirement and trade sizes, it is easy to see why OANDA is popular among many traders. The fact that OANDA is a regulated and long established broker is an added bonus for traders.

People Also Asked

Is OANDA regulated?
Yes, OANDA is regulated by top-tier regulators, CFTC, DFSA, FSA, IIROC, MAS, NFA inclusive.
Where is OANDA based?
OANDA is based in USA
How does OANDA make money?
OANDA charges a spread between the bid price and ask price. It does NOT charges a commission.
How do I deposit in OANDA account?
With OANDA you can deposit money via the following means; Credit Card, PayPal, Wire Transfer.
How do I withdrawal in OANDA account?
OANDA lets you request a withdrawal of funds from your account via the following means; Credit Card, PayPal, Wire Transfer.
What is the minimum deposit for OANDA?
OANDA has $1 minimum deposit.
What are the available account base currencies with OANDA?
OANDA trading accounts are offered in N/A. If your country's currency isn't included in the list, you will need to open an account with another currency base.
What is the max leverage in OANDA?
OANDA has a maximum leverage is 1:50 for professional traders.
How do I open an account with OANDA?
Opening an account with OANDA is a three-step process. First fill out the registration form, second is to send verification details to the verification department and lastly is to fund your account.
Does OANDA use MetaTrader?
OANDA platforms: Yes, OANDA use MetaTrader as well as the following platforms: MetaTrader 4, Oanda fxTrade
What type of broker is OANDA?
OANDA appears to be a Market Maker, No dealing desk broker which offers market access to a variety of traders.
Does OANDA accept US clients?
Yes
Does OANDA offers Islamic accounts ?
Yes
What financial instruments can I trade?
You can trade a wide variety of instruments with OANDA: You can trade a wide variety of instruments with OANDA: N/A