Oanda

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Oanda 2024 Broker Review

Written by:

ForexBrokerTalk

Fact checked by:

ForexBrokerTalk

Recommended for

United States citizens who trade forex

Trust Level: High

  • Regulated by: CFTC, ASIC, CIRO, FCA, CIRO, and more
  • Founded in 1996

Popularity

378 people chose this broker in the last 6 months

Introduction To Oanda

Oanda, a pioneer in online forex trading, was established in the mid-1990s with the aim of making forex markets accessible to a broader audience. Initially providing free exchange rate information, the broker has since evolved into a full-fledged forex trading service provider. Oanda is known for its transparent pricing and advanced trading technology.

Oanda offers a diverse range of trading instruments, focusing primarily on forex with over 68 currency pairs, and has expanded to include cryptocurrency trading in partnership with Paxos. The trading platforms offered by the broker, include OANDA Trade, MetaTrader 4, and TradingView.

As for regulation, OANDA Corporation is a registered Futures Commission Merchant and Retail Foreign Exchange Dealer with the CFTC and a member of the NFA. This regulatory framework underscores Oanda’s commitment to maintaining high compliance and financial integrity standards. This regulation allows the broker to accept traders from the United States. For the latest information on OANDA’s offerings and regulatory status, it’s best to consult their official website.

$0

Minimum Deposit

Variable

Spread / Commissions

Yes

Free Demo Account

No

Inactivity fee

Pros

Accepts US traders

Well regulated in multiple tier one jurisdictions

Cons

High trading fees / spreads

Video Review

Coming soon!

Oanda Quick Facts

Country Headquarters

New York, United States

Instruments Offered

Forex, Metal, Stock Indices

Base Account Currency

USD, GBP, EUR, CHF, JPY, CAD, SGD, HKD, AUD

Minimum Deposit

$0

Withdrawal Fee

None

Account Verification Time

1-2 days

Deposit Options

Wire Transfer or Debit Card

Accepts crypto deposit

No

Trading Platforms

MetaTrader 4, Oanda Trade, FXTrade

Demo Accounts

Yes

VPS Offered

Yes

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Account Opening 5 / 5


Oanda offers an uncomplicated and direct process for opening an account. Once you provide the necessary basic verification documents, your account will be set up and ready to use in no time.

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Commissions & Fees 3 / 5

We have found that Oanda’s spreads are very uncompetitive, and higher than it’s peers. On the bright side they do not charge a withdrawal fee.

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Deposit and withdrawal 3 / 5

Oanda only offer deposits through bank wire and debit card.

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Trading Platforms 4.5 / 5

MetaTrader 4, Oanda’s own platform “Oanda Trade” and TradingView are offered. This should be enough to cover any traders desires.

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Customer Support 5 / 5

Oanda offers customer support through phone, live chat, and email. Their supported languages are English, Spanish, and Chinese.

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Other 5 / 5

Some other cool features that Oanda offers:

  • Free demo accounts
  • Mobile trading platform
  • Market analysis
  • Newsletter
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About ForexBrokerTalk

ForexBrokerTalk is a free service which helps both new and experienced traders find the best forex broker for their needs. As an impartial party we have reviewed more than 50 different forex brokers, with new brokers being added everyday. Additionally we offer a free newsletter to keep traders up to date on the latest in forex broker news, promotions, and more! Have any questions? Click here to contact us and we’ll be happy to help.

4 / 5

ForexBrokerTalk Final Score

Oanda is a great option for traders who live in the United States. Their proven track record and high regulation status shows that they are a trust worthy broker.

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