Oanda Broker Review

Although Oanda does not appear to offer any kind of bonuses or promotional deals, either to newly registered or existing clients, it does have impressive proprietary software that has been designed to accommodate the needs of a broad spectrum of traders. The excellent customer support centre is open 24 hours a day, 5 days per week and they can be contacted in several ways. They also have over 100 instruments available for trading.

Intro

Oanda is a well known broker which specialises in Forex trading and CFDs. With their transparent and fair business practices, Oanda aims to make investment and trading accessible to all kinds of traders, whether experienced or inexperienced, and they offer plenty of educational resources as well as a demo account to accommodate the needs of newcomers to the financial markets. With impressive customer service and over 100 available instruments for trading, Oanda has a lot to offer.

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Company Information

Oanda is owned by the Oanda Corporation and is one of the oldest brokers still to be trading online. Established back in 1995, this is a licensed and regulated broker with numerous organisations and bodies including the DFSA, FCA, IIROC and MAS with services that are used by a huge number of traders worldwide. Their services are limited depending on the country of origin of their clients, with some services only being available to clients based in the UK or Ireland and some not being accessible to American clients.

Assets Available

Oanda offers around 100 assets for traders to select from.

Their list of assets includes:

Currencies

Commodity CFDs

Bonds CFDs

Index CFDs

Precious Metals

Spread Betting

Bonuses & VIP Programs

Unfortunately, it appears that Oanda does not seem to offer any kind of promotional offers or loyalty programmes for either brand new members who register for their services or to any of their existing clients.

Mobile

As expected from most of today’s binary options brokers, Oanda has recognised the need for clients to check their assets and to carry out their trades while they are on the go. They are aware that traders do not want to be tied to their laptop or PC and, with the knowledge that downloading and installing memory intensive software slows down transactions by causing problems with computer memory, Oanda have therefore developed a web trading interface which is entirely internet based. This enables trade executions to be carried out more swiftly from anywhere worldwide and at any hour of the night or day using a tablet, iPad or Android smartphone as long as it has a functional internet connection. As well as having a mobile-optimised website, Oanda also has a free mobile application which makes it even easier to trade from a mobile device. It is easy to download this mobile app from the Google Play Store, Apple Store or even from the broker’s website.

Deposits and Withdrawals

Oanda offers a reasonable range of payment methods, however some can only be used by clients based in certain countries.

• Credit Card and Debit cards – Visa, MasterCard, Visa Electron,
• Bank wire transfer
• Cheque (US and Asia Pacific clients only)
• Paypal (UK, Europe, Canada, Australia, Asia Pacific
• DBS (Asia Pacific only)
• China UnionPay (Asia Pacific and Australia Only)
• Bpay (Australia only)

The minimum and maximum deposit amounts vary depending on the method chosen, with a minimum deposit amount starting at just $20 and going to an unlimited amount depending on the banking option selected. Depending on the method chosen, payments may either be processed instantly or may take up to 7 working days to clear.

Many currencies can be used to open an account, including all of the standard options such as Pounds Sterling, US Dollars, Canadian Dollars, Australian Dollars, Hong Kong Dollars, Singapore Dollars and Euros.

Customer Support

There are several methods through which clients can contact the Oanda customer support centre. These include:

• Email
• Telephone helpline
• Live Chat
• FAQs page for fast responses to the most common questions

The customer support team are available 5 days per week, 24 hours a day for the clients’ benefit.

Extra Features and Resources

Oanda takes great pride in offering an extensive range of educational resources for its clients’ benefit. The Oanda site offers online live training sessions as well as an on demand video library with videos that can help all kinds of traders, from the novice to the experienced trader. There is also an up to date market commentary to refer to as well as 24/7 news so that traders can keep their fingers on the pulse and inform their future trades. There are also many useful free analytical tools that Oanda’s clients can use such as the algo lab, technical analysis tools and economic event overlay. With a host of graphs and charts such as correlation tables, volatility graphs and candlestick patterns, there is a lot here to offer investors.

Verdict

Overall, Oanda has quite a lot to offer its potential clients, however it is also important to bear in mind that there are several negative points too.

Pros

• Cutting edge proprietary trading software that is suitable for use by both experienced and novice traders
• 100% online web trading interface requiring no installations or downloads
• Mobile trading apps for iPhone and Android
• Choice of customer service contact methods including instant live chat
• 24/5 customer service access
• Licensed, authorised and regulated broker
• Strong SSL encryption site wide
• Choice of base account currencies
• Multilingual support
• Multilingual website
• Free educational resources
• Free analytical tools
• Free market analysis and up to date news
• Free demo accounts
• Good choice of assets

Cons

• There appear to be no welcome bonuses
• Trading options are limited for some clients from various countries worldwide
• No weekend customer service options

FAQ

Which languages are supported by Oanda?

Oanda’s multilingual website is available in :

• Chinese
• Japanese
• English
• German
• Spanish
• French
• Italian
• Portuguese
• Polish

Is there a registration fee payable to Oanda?

Clients do not need to pay any registration fee when they open a live trading account with this broker.

Can I open a demo account?

Oanda gives its potential clients the option to open a free of charge demonstration account which is ideal for both brand new traders and those who are more experienced but who are looking for a no risks trading experience to practice and hone their skills in the financial market. New traders can learn the basics of trading in a risk free environment whilst more experienced traders are able to try out new techniques and strategies without risking their own money. A demo account also enables potential traders to try out the features of the site and to see how much they like the trading interface before opening a live account and making a financial commitment.

Will I need to install any software to my computer?

Traders can choose to install trading software to their PC or laptop if they choose to do so with this broker, however this is not necessary in order to use the web based platform. Both platforms are equally fast and will execute trades rapidly. They are equally user friendly and well designed with an easy to use layout, however the web based platform can be used at any time and in any place from any kind of internet enabled device as long as it has an active broadband or mobile internet connection.

Does Oanda accept clients from all countries?

Oanda accepts clients from most countries around the world, however some services and trading options may be limited depending on the country of origin of the client.

Why choose Oanda?

Oanda is a very reliable broker with years of experience in the financial markets. As they are licensed and regulated by recognised bodies around the world, clients can be assured that their personal and financial details are in safe hands. With over 100 different assets available for trading, Oanda also offer impressive educational resources, as well as a range of analytical tools and other helpful features that will help both experienced and novice traders to be able to maximise their profits. With no added commissions, a great range of banking methods and excellent customer support services, Oanda is a reputable and trustworthy choice of broker.

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