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Oanda review and ratings

Established 2001
Location Australia Canada US UK Singapore Japan
Regulation ASIC, IIROC, CFTC, FCA, MAS, JFSA
Offices Sydney, Toronto, New York, San Francisco, London, Singapore, Tokyo
Broker type STP | ECN
Leverage up to 1:100 for AU and NZ clients (1:50 for US clients | 1:30 for EU clients | differently restricted for others)
Deposit from 20 USD
Spreads mid  mid
Platforms Web MetaTrader 4 Specific
Instruments Currencies Indices Metals Energies Softs Bonds
Funding methods Wire Transfer Credit Cards PayPal UnionPay Bpay

Company information

Oanda group includes 6 related companies.

Oanda AU - located in Australia, regulated by the Australian Securities and Investments Commission (ASIC).
Oanda CA - located in Canada, regulated by the Investment Industry Regulatory Organization of Canada (IIROC).
Oanda US - located in the USA, regulated by the Commodity Futures Trading Commission (CFTC).
Oanda UK - located in the United Kindom, regulated by the Financial Conduct Authority (FCA).
Oanda SG - located in Singapore, authorized by the Monetary Authority of Singapore (MAS).
Oanda JP - located in Japan, regulated by the Japan Financial Services Agency (JFSA).

Be aware, most of the companies have certain trading restrictions because of regulatory authorities influence.

Availability

Oanda refused to provide information regarding which clients (from which countries) are accepted and not by each of their entity.

Distinctive features

Trading instruments

Forex broker offers the following underlying assets for trading.

70+ Currency Pairs Based on major and minor world currencies.
16 Indice CFDs Based on baskets of different blue-chip stocks.
24 Metal CFDs Based on Gold, Silver, Platinum, Palladium and Copper.
6 Energy CFDs Based on Crude Oil (WTI, Brent) and Natural Gas.
3 Soft CFDs Based on Corn, Soybean, Sugar, Wheat.
6 Bond CFDs Based on US and EU government securities.

Comprehensive review

As one of the heavyweights in the world of online trading, Oanda is a broker most forex traders are familiar with. The brand originally launched all the way back in 1997 as a free source of currency exchange rates online. However, starting with a platform that pioneered online currency trading for individuals in 2001, it has since evolved to become one of the leading foreign exchange brokerages used by retail traders anywhere in the world.

Today, Oanda is one of the largest forex brokers in the United States, the single biggest in Japan, and has been awarded Singapore’s “No. 1 FX Broker” by the Investment Trends report for 2017. Moreover, the company has won awards for “Highest Overall Customer Satisfaction” in both the US, UK, Singapore, and Australia.

Based out of San Francisco, California, Oanda differs from most other retail forex broker in that it is headquartered in the US. Today, however, the broker is present all around the world, with local entities registered and regulated in the US, UK, Canada, Australia, Japan, and Singapore.

The regulations that apply to a trader depends on the individual’s country of residence, with stricter rules in terms of for example leverage for EU and US-based clients.

Oanda’s website stands out as easy to use, with intuitive navigation and important information easily available. The website is also available in 8 languages, catering to the needs of forex traders from around the world.

The number of markets offered for trading on Oanda is one of this broker’s truly strong sides, with everything from forex to bonds, and CFDs on metals, stocks, indices, and bitcoin offered. Although not among the tightest spreads in the industry, Oanda’s spreads still compares favorably to other brokers considering the level of professionalism and trust that this broker brings to the table.

Moreover, Oanda’s website features a table with live exchange rates and spreads of a long range of forex pairs and precious metals, enabling easy comparison with other brokers to find the best deal on any trader’s favorite trading instrument.

Oanda is also a great choice for traders who have fallen in love with the TradingView web-based charting platform. As one of only a handful of brokers worldwide that has enabled trading directly through TradingView’s interface, the broker has made an effort to attract a new group of traders who value the advanced yet intuitive technical analysis tools that TradingView offers. The TradingView platform is branded as “Oanda Advanced Charting” by the broker.

As far as other trading platforms go, Oanda offers its customers the popular MetaTrader 4 (MT4) downloadable platform, as well as its own CFD & forex desktop trading platform with integrated TradingView charts, and a similar proprietary web-based platform. In addition, the broker offers its very own mobile trading app, available through the Apple AppStore for iPhone and iPad and Google Play for Android devices.

In addition to online forex and CFD trading, Oanda is also taking the leap into the rapidly growing international money transfer industry. The company has already been offering this service to corporate customers for some time, but is now also setting up a similar service for private individuals, who may then be able to save a great deal of money compared to the high cost of making international wire transfers with banks.

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