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Oanda Review 2017 - Forex Broker Rating

#8 of 11 Forex Broker Comparison - Best UK Forex Brokers

OANDA has stayed in business longer than most brokers we know of today. This is the reason the broker has garnered enough reviews in terms of reliability, platform performance, and customer support. As for the average trader who is interested in finding a good forex broker to trade with, it all boils down to certain factors which will determine whether OANDA is the appropriate broker to open an account with or not. For this reason, we at Yourate.com have highlighted important things that you need to know about this online broker. Keep reading our OANDA review to know more about this broker and what they have to offer. You can also check out our forex broker comparisons to know more about other top brokers.

DEMO
Free unlimited demo account

HIGHLIGHTS

  • High client fund security
  • No discrimination of service based of account size
  • No minimum deposit on account
  • Wide range of market instruments to choose from
  • Special technical tools for flexible automated trading
  • More than 60 currency pairs

User ratings

01Trading Offer & Conditions 8.5
02Trading Platforms & Demo Account 8.0
03Bonus for New and Existing Customers 8.0
04Mobile Trading 8.5
05Payments9.5
06Security / Regulation 8.5
07Customer Service 8.5
08Account Opening 8.0

OUR OANDA EXPERIENCE

Established in 1996, OANDA is one of the pioneers of retail forex trading, and has risen to become one of the biggest brokers in the industry. With their FxTrade platform, traders can access the firm’s market making trading desk back office that has been upgraded to handle large trading volumes with very short execution time. Aside offering retail forex trading, the broker also provides basic quote rate streaming services, hedge consulting, money transfer processing, and other forex related services. They have a very large customer base with subsidiaries in the UK, Australia, Japan, Singapore and US. One very distinctive feature about them is that they offer a very wide range of currency pairs to choose from. This broker accepts US customers but limits their trading to forex only. Aside their wide FX pairs offering, their clients can trade CFDs for commodities, metals, stock indices and bonds.

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Trading Offer & Conditions

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01 Trading Offer & Conditions

More than 60 Forex pairs tradable

More than 60 Forex pairs tradableThe first thing we are going to point out is that this broker has relatively high spreads, so if tight spreads is the first and most important thing to you then this broker is not for you. Spreads are generally high on their platform during the news or when the market is especially volatile.

Spreads often differ based on the traded currency pair, and spreads for currency pairs are usually higher than the spreads charged on indices. Spreads on indices can be as low as 0.5 pips.
When considering the leverage they offer, OANDA might not be the way to go if you want to trade with very high leverage ratio. The maximum leverage allowed is 1:50, this is often a major impediment for many traders who want to trade with higher leverage.

Just like many online brokers that employ the market making model, OANDA does not charge commissions on trades; instead, the broker makes money by charging spreads based on the real time market values.
Like other UK brokers, spread betting on OANDA UK account is tax-free and commission-free for UK and Republic of Ireland residents.

The range of instruments a broker offers is one very important thing you should consider before making your decision. As part of our OANDA trading review, we consider it necessary to inform traders about the extensive market offerings of this broker. OANDA offers traders over 60 major, minor and exotic currency pairs. In addition to their numerous currency pairs, they offer CFD trading and spread betting on precious metals, commodities, indices, bonds and energy. The availability of some of these instruments, however, is subject to the local laws of the client’s environment. It is advisable to check their website in order to see if your local law permits CFD trading on these elements. As said earlier, US clients should note that their trading is limited to forex trading only. And spread betting is only available to clients residing in the UK and the Republic of Ireland.
  • 24/5 trading
  • Commission-free forex trading
  • Indices spreads start from 0.5 pips

Trading Platforms & Demo Account

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02 Trading Platforms & Demo Account

OANDA offers traders two simple trading platforms: the MetaTrader4 and FxTrade WebTrader. The MT4 platform is distinctive in that it has innovative features and sophisticated trading tools. With their browser based fxTrade WebTrader, traders can use their platform without installing any additional software on their system, but it needs java to run. These two trading platforms are accessible on mobile devices so that traders can watch the market and execute trades on the go. Traders can use the OANDA FxTrade API libraries to customize their automated trading system and to set up trading activities like:

  • Stop loss, take profit and entry order
  • Trade request and market execution

The API libraries also grants access to historical and current market data and trading transactions. OANDA offers clients the opportunity to customize MT4 and automated OANDA technical indicators using the AutoChartist plugin.

FREE AND UNLIMITED DEMO ACCOUNT

To make your forex trading journey easier, we recommend starting with a demo account. Meanwhile, it has become standard that most forex brokers offer free demo accounts. However, for most brokers, traders only get access for a limited time. OANDA gives traders an increased flexibility by giving an unlimited account, granting free access to their demo platform. With OANDA demo platform, you can use demo account for as long as you want whether you open a live account or not. We’re impressed with this offer. Their demo platform has exactly the same function as their live account, only that you trade with virtual credit, and not with real money. The demo platform is important because it gets you to know your broker better and you can also use it to test your trading strategies.

Important: fxTrade platform is not only available for Windows, it is also available for MAC OS and Linux.

Bonus for New and Existing Customers

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03 Bonus for New and Existing Customers

OANDA VIP ACCOUNT

Many brokers offer attractive incentives in form of cash bonuses and trading rebates. OANDA does not offer any cash bonuses at the moment like AvaTrade for example. However, traders with a particularly high trading volume will benefit from a premium account. Among other things, there are better conditions such as "volume discount”.

BONUS
Free unlimited demo account
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    Yes

    Volume discounts
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    Yes

    Free unlimited demo account
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    Yes

    Trainings and webinars
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    Unlimited

    Duration of bonus offers
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    £0

    Minimum deposit
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    No

    Tournaments and competitions
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    No

    Personal contact person
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    Yes

    VIP Account
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    Without deposit

    Account opening

This broker periodically offers their clients robust cash prizes. These cash prices are for clients that participate in their demo contests. The content is not always available, so traders must always watch out on their website if they intend to participate. Traders who have already opened an account with them will also get notifications of these competitions via email.
Just like its many competitors, the broker also maintains an affiliate program for introducing brokers. The broker also has limited referral programs with robust offers.

  1. 01 | VIP program
  2. 02 | Volume discounts
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Mobile Trading

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04 Mobile Trading

Mobile trading is an essential part of today's trading. It is becoming increasingly important that traders should be able to access their trading platform at any time. Like many other forex brokers, OANDA offers traders forex app which is available for Android and iOS mobile devices. The mobile app is not available for devices that run on the Windows Mobile OS. However, there are many positive OANDA reviews on the respective app stores.

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Apple

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Android

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Windows

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Web App

01 | tip

The OANDA app is very flexible and easy to use. All important functions and charting tools are also available. Whether you want to monitor your open positions, check the account balance or read the news - everything is possible.

02 | recommendation

In order to be able to trade the markets at any time, we always recommend using a mobile trading app. However, that should be after you’ve done a comprehensive chart analysis on your PC.
  • Use the OANDA mobile trading apps on the go
  • Monitor open positions and manage account

Payments

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05 Payments

OANDA DEPOSITS: NO MINIMUM DEPOSIT REQUIRED

For our OANDA trading review, we also looked at the payment options offered by this broker. It is important to know the payment options and the fees charged (if any) on deposits and withdrawals. We also looked into the broker’s minimum deposit requirement.

OANDA offers clients the flexibility of choosing between these payment options:

  • Bank Transfer
  • Credit card (Visa and Mastercard)
  • Debit card (Visa and Mastercard)
  • PayPal

The possibility of paying through PayPal is one outstanding feature of this broker, as there are only very few brokers who accept this payment method for deposits and withdrawals. With their several payment options, there is something for everyone. The broker also accepts Giropay and e-wallets like Skrill or Neteller. The broker has no minimum deposit as well as GKFX.

For bank transfers, there are usually no fees. However, for clients that pay with credit cards, it is important to note that the issuer may charge up to 3% on deposits and withdrawals, including international processing fees. Payments via PayPal would also incur a cost of up to 1.4% percent plus £0.35. The broker itself, however, does not charge any fees. Except for bank transfers, all deposits are immediately credited to the trading account.

Important: The fees depend on the costs that the payment service provider charges you directly or transfers to OANDA.

In principle, we always recommend a method of payment where money is directly available for online trading, such as a credit card. However, if high charges are involved, then you should prefer cheaper alternatives.

WITHDRAWAL METHODS

Deposits and withdrawals can also be made via cheques, wire transfer, debit cards, PayPal, or Neteller. Deposits and withdrawals will always follow the same path, as required by most brokers. Withdrawals are often processed within a short time. Just as in the case of deposits, there is no minimum limit on withdrawals.

Plus500 does not charge on deposits and withdrawals. The broker also has a PayPal payment option.

  1. 01 | No fees for bank transfer payments
  2. 02 | Payments by credit card may incur charges
  3. 03 | Payments by PayPal may be charged

Security / Regulation

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06 Security / Regulation

Being in the currency business since 1996, OANDA is a well-established and well capitalized forex broker. They are also an authoritative source on currency data for leading companies including accounting firms, tax authorities and other financial institutions. OANDA is regulated by the Financial Conduct Authority (FCA) in the UK, which ensures that they keep clients’ funds in segregated bank accounts which are different from clients’ accounts; this regulation guarantees the security of clients’ funds in the unlikely case of insolvency. The broker is also registered with organizations like the Commodity Futures Trading (CFT), National Futures Associations (NFA) and Futures Commission Merchant (FCM).

LICENSE
license
FCA license 542574
BaFin registration number 124563

CFTC license 0325821
ASIC license 412981
IFFA registration number 2137

To manage currency and risk exposure, OANDA uses sophisticated risk management technology to net aggregate a trader’s position automatically and the outstanding aggregated positions are immediately hedged with their top tier partner banks.

  • Customer deposits are kept separately from the company's capital
  • FxPro does not speculate with clients’ funds
  • The broker’s own capital is used for hedging positions
  • In the event of insolvency, no creditor has access to customers’ money
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    Secure payments
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    50.000 GBP Deposit inscurance
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    Compliance with all MiFID regulations
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    Regulated by FCA
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    Negative balance protection

The broker offers a negative balance protection policy for all customers, which means that clients cannot be liable for more than their initial deposits in the events of loss. This security system has strongly influenced our OANDA Forex review; this is because it proves that the company is concerned about your trading success and your safety.

Customer Service

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07 Customer Service

FRIENDLY, FAST AND COMPETENT

As part of our OANDA review, we considered their customer service so as to get a comprehensive picture of the broker. The OANDA customer support service department is available via live chat, phone or email 24/6 from Sunday to Friday. Customers can interact with their customer care representatives in English, French, Spanish, Japanese and six other major languages.

EMAIL

LIVE CHAT

TELEPHONE

Address
OANDA Europe Limited

Tower 42, Floor 9a, 25 Old Broad St, London EC2N 1HQ

Email
[email protected]
Phone
+44 20 3151 2050

For the benefit of clients, OANDA’s satellite offices in Singapore, US, Canada, Japan and other places enable the broker to be able to deal with customers’ issues first hand. Their customer service is very helpful; they deal with customers’ queries first hand without referring them to the FAQs. They also follow up customers’ complaint via email with a short response time.
Just as expected of brokers of such caliber, navigating their site is not very complicated even for first timers.

  • 24/6 Support via Live Chat
  • 24/7 support via e-mail

Account Opening

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08 Account Opening

The trader account mode is a distinguishing feature of OANDA. Unlike many other brokers that offer different account types with varied features, OANDA offer its clients only one standard account type regardless of their capital or trading experience. This account, however, is very flexible, in that clients can trade without restrictions on micro or mini lots irrespective of their account sizes.

This means that all clients can have access to extra features and plug-ins like the AutoChartist tool regardless of their account size. This is unlike many competitors that make this tool exclusive for their traders with large account sizes. It is very important to note that this tool is also available on the demo accounts but is only available for a limited time. This indicator also lags by five candlesticks on the demo accounts.

To open an account with OANDA, you can choose between a live account and the demo account. If you just want the demo account alone, you need only a few details.

But the OANDA account opening process for a live account is not complicated either. After you have filled in your personal data, the broker asks you about your financial situation and previous trading experience.
You need to verify by uploading all required documents. The broker checks your documents and verifies your account within a short time.

  1. 01 | Open and verify your account
  2. 02 | Deposit money
  3. 03 | Start trading the markets immediately
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