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|
|#||Accepts US traders||✔|
|#||24 hour trading||❌|
|#||Trading by phone||❌|
|#||1st deposit bonus||❌|
|#||Forex contests competitions||❌|
|#||Interest charges on the balance||❌|
|#||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.
As a market maker, OANDA may have lower entry requirements compared to an ECN broker who benefits from a higher volume of trades and typically has larger capital and minimum trade requirements. Market makers typically have a lower minimum deposit, smaller minimum trade requirements and no commission on trades.
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/Debit Cards, PayPal, Bank 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 MT4, 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.
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.
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.