Oranda Forex Broker provides real users with * positive reviews, 1 neutral reviews and * exposure review!
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This hateful offshore broker made money in an easy way by providing huge spreads. Let me tell you, the spread on the usd/gbp, for instance, reached up to 50 pips sometimes. You have no way to rescue your money but lose it.
OANDA, a well-established player in the forex and CFD trading space since 1996, continues to attract traders with its user-friendly platform and robust regulatory framework. However, it faces criticism for higher-than-average spreads and limited product offerings. This review will delve into the strengths and weaknesses of OANDA based on various sources, providing a comprehensive overview for potential users.
Note: It is crucial to understand that OANDA operates through different regional entities, which may affect the services and protections available to traders. This review aims to present a fair and accurate assessment of OANDA's offerings.
| Category | Rating (out of 10) |
|---|---|
| Account Conditions | 8.5 |
| Tools and Resources | 8.0 |
| Customer Service and Support | 8.5 |
| Trading Experience | 8.0 |
| Trustworthiness | 9.0 |
| User Experience | 8.5 |
| Fees and Costs | 7.5 |
We evaluate brokers based on extensive research and hands-on testing of their services.
Founded in 1996 by Dr. Michael Stumm and Dr. Richard Olsen, OANDA has evolved from providing currency exchange information to becoming a leading forex broker. The company is headquartered in New York and operates globally, with regulatory oversight from various top-tier authorities, including the CFTC, NFA, FCA, and ASIC. OANDA provides access to a range of trading platforms, including its proprietary OANDA Trade, as well as the widely used MetaTrader 4 (MT4) platform. Traders can engage in forex, indices, commodities, and cryptocurrency trading, although the latter is managed through a partnership with Paxos.
OANDA is regulated in multiple jurisdictions, including the U.S., U.K., Australia, Canada, Japan, and Singapore. Each regulatory body imposes specific requirements that enhance trader protection. For instance, OANDA Europe Limited offers negative balance protection, which is not available for U.S. clients. This aspect is crucial for traders considering OANDA, as regulatory protections vary significantly based on the entity governing their account.
OANDA supports deposits in various currencies, including USD, EUR, GBP, and others. There is no minimum deposit requirement, making it accessible for traders of all experience levels. However, the platform charges a $10 monthly inactivity fee after 12 months of no trading activity. While OANDA does not charge for deposits, withdrawals via bank wire may incur fees, and U.S. clients can only withdraw funds through debit cards and bank transfers.
OANDA has a very appealing feature of no minimum deposit for its standard account, allowing traders to start with any amount they feel comfortable with. However, for those seeking to access OANDA's more competitive core pricing, a minimum deposit of $10,000 is required.
Currently, OANDA does not offer significant bonuses or promotional incentives, which may be a drawback for traders seeking additional benefits for their trading activities. This lack of promotions is noted by several sources as a limitation compared to other brokers that provide various incentives.
OANDA provides access to over 70 currency pairs, precious metals, indices, and commodities, but its offering of cryptocurrencies is limited. U.S. clients are particularly restricted, as they cannot trade CFDs on stocks or access the full range of asset classes available to international traders.
OANDA's cost structure is a mixed bag. While it offers competitive spreads starting from 1.2 pips for major currency pairs, the overall pricing can be higher than some of its competitors. A notable aspect is the core pricing option, which offers lower spreads but includes a commission of $5 per $100,000 traded. Additionally, traders should be aware of overnight financing costs and potential currency conversion fees.
The maximum leverage offered by OANDA varies by jurisdiction, with U.S. clients limited to 50:1 on major currency pairs. This leverage is deemed conservative compared to some competitors that offer higher ratios. Traders should carefully consider their risk tolerance when utilizing leverage.
OANDA supports multiple trading platforms, including its proprietary OANDA Trade, MetaTrader 4, and mobile applications. The OANDA Trade platform is praised for its intuitive design and robust analytical tools. However, some users have reported that the platform could benefit from improved features such as one-click trading and alerts.
OANDA accepts clients from a wide range of countries, but it does not service clients from certain regions, including North Korea, Iran, and a few others. This restriction is a standard practice among brokers to comply with international regulations.
OANDA offers customer support in multiple languages, including English, Spanish, Chinese, and German. The support team is available 24/5 through live chat, email, and phone, receiving positive feedback for their responsiveness and helpfulness.
| Category | Rating (out of 10) |
|---|---|
| Account Conditions | 8.5 |
| Tools and Resources | 8.0 |
| Customer Service and Support | 8.5 |
| Trading Experience | 8.0 |
| Trustworthiness | 9.0 |
| User Experience | 8.5 |
| Fees and Costs | 7.5 |
OANDA's lack of a minimum deposit requirement is a significant advantage for new traders. However, the limited product offerings and fees associated with withdrawals could deter some users.
The platform provides robust research tools through its Market Pulse section, which includes market analysis and economic calendars. However, the educational resources could benefit from better organization.
Customer service at OANDA is generally well-rated, with users appreciating the availability of support in multiple languages and the responsiveness of the team.
The trading platforms are user-friendly, but some users note that the lack of one-click trading features can hinder the trading experience during volatile market conditions.
OANDA's strong regulatory framework contributes to its high trust score, but potential users should be aware of the limitations in protections for U.S. clients.
The user experience is generally positive, with an emphasis on transparency and ease of use. However, some features could be improved for better functionality.
OANDA's cost structure is competitive, but traders should be mindful of potential fees, particularly for withdrawals and inactivity.
In conclusion, OANDA remains a reputable choice for forex and CFD trading, particularly for those who value a transparent and regulated environment. However, traders should weigh the pros and cons, especially regarding costs and available asset classes, before opening an account.
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