For trading on the Forex and CFD markets, the broker Oanda offers a unique trading platform, FxTrade, which, according to company representatives, ensures the high-quality execution of transactions without dealer intervention and without the use of algorithmic programs that operate in the broker’s favour.

In this review, we will discuss the advantages and disadvantages of the Oanda broker and examine trading accounts and platforms, commissions, terms, and customer reviews of the company.

Oanda Broker Overview

The history of Oanda Corporation began in 1996 when Dr. Michael Stumm and Dr. Richard Olsen decided that internet trading should be accessible to everyone. Initially, Oanda Corporation promoted applied ASP services, but since 2001, it has shifted to providing brokerage services.

Today, the broker has seven major centres and clients in nearly two hundred countries. Oanda's clients can trade currencies, indices, commodities, and precious metals.

Oanda Review Summary

Our broker evaluations are based on a transparent and objective methodology. We strive to provide you with a comprehensive and honest review so that you can make an informed decision. Continue reading for a detailed overview of the Oanda broker.

Oanda is one of the most reliable Forex brokers. The broker is licensed to operate in several countries and is also a member of the following regulators:

Legal Entity	Regulator	Review
OANDA Corporation OANDA Corporation	NFA NFA CFTC CFTC	Oanda US review
OANDA Australia Pty Ltd OANDA Australia Pty Ltd	ASIC ASIC	Current review
OANDA (Canada) Corporation ULC OANDA (Canada) Corporation ULC	CIRO CIRO	Oanda CA review
OANDA Europe Limited OANDA Europe Limited	FCA FCA	Oanda UK review
OANDA Japan Co., Ltd. OANDA Japan Co., Ltd.	JFSA JFSA	Oanda JP review
OANDA Global Markets Ltd OANDA Global Markets Ltd	BVIFSC BVIFSC	Oanda review
OANDA Asia Pacific Pte Ltd OANDA Asia Pacific Pte Ltd	MAS MAS	Oanda SG review
OANDA TMS Brokers S.A. OANDA TMS Brokers S.A.	KNF KNF	Oanda EU review

Regulation in Australia

OANDA Australia Pty Ltd operates under the strict regulatory oversight of the Australian Securities and Investments Commission (ASIC), ensuring a high level of protection for traders. ASIC's regulatory framework is designed to maintain the integrity of financial markets and protect consumer interests. In Australia, OANDA clients benefit from the ASIC's mandate for fair and transparent trading practices. Additionally, while Australia does not have a formal investor compensation scheme like some other countries, ASIC's stringent capital requirements and compliance standards provide investors with a significant layer of safety. Traders with OANDA Australia are also protected by the firm's adherence to ASIC's rules regarding client money, which require brokers to keep client funds separate from the company's funds in segregated accounts. This ensures client assets are protected in the unlikely event of the broker's insolvency.

The registration process at Oanda is relatively simple and well-structured. Each step is detailed, providing clear instructions for the user. Account opening is possible directly from the homepage, which is convenient and time-saving.

The flexibility regarding the minimum deposit is also impressive, allowing traders to start trading with any amount they are comfortable with.

However, in some cases, additional documents may be required to verify identity, which can prolong the account opening process. Even considering this, opening an account with Oanda is user-friendly and convenient.

Registration

Registering for an account with Oanda involves providing detailed personal and financial information to ensure compliance with regulatory standards and to tailor the trading experience to your needs.

To open an account, you must provide the following information:

1. Personal and Contact Information: You will need to provide your name, address, and date of birth. This basic information is essential for setting up your profile.

2. Identification Details: For identity verification, Oanda requires details from your driver's license. This step is crucial for confirming your identity and complying with legal requirements.

3. Financial Information and Trading Experience: You will be asked to provide information about your financial status and previous trading experience. This helps Oanda assess the types of trading activities that are suitable for you.

4. Client Suitability Assessment: Part of the registration process includes an assessment to determine if trading is suitable for you, based on your experience, financial status, and trading objectives.

Oanda will attempt to verify your identity electronically (EID) by matching the details provided during registration with those in your credit file. Note that this process does not involve checking your credit score.

Even if you pass the EID process, stay alert for any communication from Oanda’s Onboarding team. They may contact you to confirm or clarify the details of your application.

Verification

The verification process with OANDA is straightforward but thorough, ensuring compliance with regulatory standards and the safety of client funds and information. Below is an overview of the required documents and specifications for the verification process.

Required Documents

Additional Documentation

In certain instances, additional documentation might be requested:

• Alternate or second proof of identity.
• Alternate or second proof of address.
• Code verification for security purposes.
• Clarification of your profile details.

After submitting your application, monitor your email (including the junk folder), as OANDA may request further supporting documentation or information.

Client Area Overview

In Oanda's client area, you can:

• Open a new trading account;
• Deposit and withdraw funds;
• Change personal data and verify your account;
• Make trading reports for any period;
• Contact the broker's support team.

Minimum Deposit

There is no specific minimum deposit size at Oanda. This means you can start trading with any amount you consider acceptable.

Oanda offers a variety of account types designed to meet most traders' needs. However, it is essential to note the absence of cent accounts, fixed spread accounts, and investment accounts such as PAMM or copy trading accounts. This is because, while the primary needs of traders are met, some specific types of accounts that may be important for certain categories of traders are not available.

Trading Accounts

Oanda offers two types of trading accounts:

Both accounts provide flexibility in choosing the trading platform and access to various assets for trading.

Demo Account

Oanda offers a demo account for traders to test their skills with unlimited virtual funds and without a time limit. Trading is conducted with actual market prices and current spread values. To register for a demo account, one must complete a form similar to that used for opening a real account.

Professional Trading Account

Oanda offers a Professional Trading Account tailored for experienced traders seeking enhanced features. This account type provides increased leverage options and a range of exclusive benefits.

Key Features and Offers

1. Higher leverage ratios: Trade Forex and CFDs with increased leverage.
2. Volume rebates and margin relief: Available when placing guaranteed stop-loss orders (GSLO), stop-loss orders, or trailing stop losses on indices, forex, gold, silver, and crude oil CFD trades.
3. Cash rebates: Up to US$7 per million for a limited time. Minimum trade volumes apply.
4. Welcome bonus: New account holders can receive up to AU$10,000 based on initial deposit and trading requirements within 90 days.

Account Comparison

Qualification Criteria

• Wholesale clients: Assets of at least AU$2.5 million, gross income of at least AU$250,000 for the last 2 financial years, plus certification from a qualified accountant and high financial literacy.
• Sophisticated investors: At least 12 months of trading experience, 150 derivatives trades in the last 12 months, a total notional value of trades equal to or greater than US$10 million, and satisfactory assessment by an OANDA representative.

VPS

Oanda collaborates with reliable partners to provide Virtual Private Server (VPS) services, which ensure a dynamic trading experience with low latency and improved stability.

1. BeeksFX is one of the largest VPS providers for Forex, with data centres in New York and London. VPS services from BeeksFX provide some of the lowest latencies in retail Forex trading, ensuring precision in trade entries and exits.

2. Liquidity Connect is a leading provider of Infrastructure as a Service (IaaS) technology, supporting enterprise operations on global financial markets with a focus on low latency. They offer VPS and ultra-low latency connections to liquidity providers, bridge providers, and fintech providers from Equinix in LD4 (London) and NY4 (New York). Additionally, they offer hosting and white-label services for MT4/5 brokers, cTrader servers, and broker VPS, as well as cybersecurity tools to mitigate DDoS attacks and secure remote management (VPN).

If you want to learn more, you can write to vps@oanda.com.

The broker offers comparatively low spreads and does not charge fees for deposits or withdrawals. However, an inactivity fee and significant swap rates may increase the overall cost of trading for some traders.

Spreads and Swaps

Oanda provides competitive spreads for its clients. For instance, the average spread for the EUR/USD currency pair is 0.8 pips, which is relatively low compared to most other brokers. Nevertheless, swap rates can be significant and vary depending on the currency pair and the direction of the position.

Commission per lot

In the Core Pricing account, Oanda charges a commission of $3.5 per lot for one-sided trades. This rate is considered average in the market, balancing competitive pricing with the services provided.

Inactivity Fee

The broker charges an inactivity fee if no trading activity has occurred on an account for 12 months.

The fee is 10 AUD. The inactivity fee stops being charged if:

• there are no funds left in the account;
• the account has been closed;
• the client has resumed trading activities.

If a client resumes trading, they may request a refund of the inactivity fees charged for up to three months.

Oanda provides clients with flexible and convenient conditions for conducting financial transactions, but it is necessary to consider potential payment system fees and currency exchange costs.

Deposit and Withdrawal Terms

1. Oanda does not charge any fees for deposits or withdrawals. However, fees may be applied by the payment systems through which the financial transactions are processed.

2. The broker imposes no limits on the amounts for deposits or withdrawals. Funds can be transferred in any global currency. However, make a deposit or withdrawal in a different currency than that of your trading account. You should consider any commission the payment system may charge for the currency exchange.

Methods of Account Funding

Account funding at Oanda is available through the following methods.

Payment System	Currencies	Deposit Fee	Operation Limit
Bpay	AUD	0%	—
Bank Transfer	USDEURAUD. . .show all	0%	—
Visa	USDEURAUD. . .show all	0%	—
Mastercard	USDEURAUD. . .show all	0%	—

Withdrawal Methods

Withdrawals can only be made via the same method used for deposit. The processing time for the withdrawal request depends on the transfer currency and the withdrawal method.

Payment System	Currencies	Withdrawal Fee	Operation Limit
Bpay	AUD	0%	—
Bank Transfer	USDEURAUD. . .show all	0%+ 20 USD	—
Visa	USDEURAUD. . .show all	0% limitscommission limits	—
Mastercard	USDEURAUD. . .show all	0% limitscommission limits	—

The fees for withdrawing funds vary, but typically, the first withdrawal to a debit card is free, with a subsequent fee of 20 units. For other withdrawal methods, the payment amount depends on the account currency.

Oanda offers a diverse selection of trading products, including various currency pairs, a range of cryptocurrencies, and commodities. While it does not provide stock trading options, its array of CFDs across different markets still presents a comprehensive choice for many traders.

What markets are available?

The following CFDs are available for trading on Oanda:

Maximum Leverage

The maximum leverage offered by Oanda varies depending on the market and product. Here is an overview of the maximum leverage for retail traders relative to the market for Oanda:

The availability of platforms like MetaTrader 4 and OANDA Trade and integration with TradingView provide traders with extensive capabilities for their trading activities. The functionality of each platform is impressively diverse and deep, allowing for meticulous analysis and the development of complex trading strategies.

MetaTrader 4

Oanda provides the classic MetaTrader 4 (MT4) platform, known for its user-friendly interface and advanced trading features. MT4 is available in various versions to cater to different user needs, including downloadable versions for Windows and mobile applications for both Android and iOS devices. Additionally, traders can access Forex and CFD markets directly through a web browser version of MT4.

As a market maker, Oanda ensures all trades on MT4 are executed without additional costs, rejections, or requotes. The platform also features a minute-by-minute industry news feed, keeping traders informed about the latest market developments.

OANDA Trade

OANDA Trade is an Android and iOS mobile application recognised for its high-quality technology, speed, and reliability.

The app allows you to access all your accounts using a single-tap login feature, eliminating the need to sign in repeatedly.

After installing the app, press the "One-Tap Sign-In" button and enter your standard OANDA credentials. This redirects you to a page displaying all your accounts.

Starting trading in the OANDA Trade app is straightforward and user-friendly. You can browse numerous available instruments and look for the most likely trades. Setting risk and profit parameters is quickly done in the order terminal, and you can monitor the chart even while placing your trade.

OANDA Trade is a powerful and easy-to-use application for trading in financial markets, aimed at providing an optimal trading experience for traders of various levels.

Integration with TradingView

TradingView is a popular social trading platform that allows traders to view thousands of charts, analyze market trends, and share ideas with other users worldwide. It is a meeting place for traders and investors to exchange opinions and trading ideas in real time.

A key feature of TradingView is the large array of technical analysis tools and indicators that can be used to create complex trading strategies. The platform supports trading across various financial markets, including Forex, stocks, indices, futures, and cryptocurrencies.

Oanda's integration with TradingView allows traders to leverage the benefits of this platform, including the ability to trade directly from TradingView charts. This means traders can access deep market analysis, extensive graphic analysis tools, and a community of traders without leaving the Oanda platform.

The Oanda broker's analytical section offers many tools to aid traders in making well-informed decisions.

Premium Tools for MetaTrader

Oanda provides premium tools for MetaTrader 4, including trade alert management, keyboard trading, a mini-terminal, tick chart trading, and more. These augment the already available MetaTrader features, such as expert advisors, custom indicators, and scripts.

Autochartist

Autochartist automatically recognizes chart patterns and model quality indicators for intraday market analysis. The tool can be an advisor on MT4 and a web application accessible through MetaTrader.

Currency Converter

The Oanda currency converter allows you to check average exchange rates and convert all major world currencies. OANDA's rates are based on data from significant market participants.

Currency Correlation Table

Oanda offers a currency correlation table, enabling a quick assessment of the relationships between various currency pairs. The correlation coefficients in the table help determine the degree of correlation between two currency pairs.

MarketPulse

MarketPulse is an award-winning news and analysis service from Oanda that delivers deep insights into macroeconomic aspects, technical analysis, and Forex news. It includes detailed technical reports on major currency pairs, commodity markets, global indices, and an economic calendar.

Oanda’s educational offerings cater to new and experienced traders, providing a comprehensive learning experience in leveraged trading, market analysis, and practical trading techniques.

Trading Resources

Oanda provides a wealth of trading resources, essential for enhancing trading skills and developing innovative strategies. The resources cover various aspects of trading, including:

• Leveraged trading: An introduction to leverage concepts in trading, helping traders understand the differences and nuances of other trading forms.
• Fundamental analysis: This section explains the importance of fundamental analysis in trading and how it influences trading decisions.
• Technical analysis: An essential tool for traders, this part delves into how technical analysis works and its application in trading strategies.
• Indicators and oscillators: Exploring the role of indicators and oscillators in leveraged trading, highlighting their importance in market analysis.

Webinars and Workshops

• Webinars: Oanda regularly hosts webinars where traders can register to learn about various trading topics. Market experts lead these sessions and cover a range of subjects, from live market analysis to advanced trading strategies.
• Trading workshops: Aimed at improving trading skills, these workshops are conducted by experienced market analysts. They offer a mix of webinars and events, focusing on practical trading skills and market insights.
• Live Market Analysis: These webinars provide insights into the market trends of major forex and CFD trading instruments, aiding traders in making informed decisions.
• Premium Webinar Series: Exclusively available to live account holders for a limited time, these premium webinars delve into advanced trading strategies using technical tools and indicators.

Oanda offers various communication channels, allowing clients to choose the most convenient option, and the support service operates at times suitable for most regions. Many positive user reviews confirm the staff's professionalism and the effectiveness of the solutions.

How to contact support?

Oanda provides a dedicated client support portal where answers to the most common questions related to trading and the broker's services can be found.

Support can be contacted via interactive chat, phone, or email.

Phones and Working Hours

OANDA provides one contact number for traders in Australia:

• +61 2 8046 6258

You can reach OANDA's support team from 8:00 AEST on Monday to 10:00 AEST on Saturday. These dedicated hours ensure that assistance is readily available for Australian traders during the active trading periods.

Email

• frontdesk@oanda.com for trading-related inquiries
• moneytransfer@oanda.com for questions about money transfers

Oanda Pros and Cons

Advantages

1. Strict Regulation. Oanda is regulated by leading financial authorities worldwide, ensuring high security.

2. Tight Spreads. Oanda offers competitive and transparent spreads.

3. Advanced Trading Platforms. Oanda supports MetaTrader 4 and its proprietary platform, OANDA Trade.

4. Quality Analytics. Automatic pattern recognition, advanced tools for MetaTrader, a currency converter, and other resources are provided.

5. Extensive Learning Section. Oanda offers rich educational materials and resources, including webinars, videos, and articles.

Disadvantages

1. Limited Account Types. Oanda offers only one standard type of account, which may not be suitable for traders with different needs.

2. Inactivity Fee. An inactivity fee may be charged if the account is not used for an extended period.

3. High Swaps. Oanda has relatively high swap rates, which could reduce the profitability of long-term trades.

Conclusion

Oanda is an excellent choice for Australian traders seeking a reliable and regulated broker with competitive spreads and various trading assets.

With quality analytics and diverse educational materials, Oanda suits beginners and experienced traders.