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

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 centers 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	Oanda AU 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	Current review
OANDA TMS Brokers S.A. OANDA TMS Brokers S.A.	KNF KNF	Oanda EU review

Regulation in Singapore

OANDA Asia Pacific Pte Ltd, a key player in the Forex market, operates under the stringent regulatory framework of Singapore, ensuring a high level of trust and reliability in its services. As a licensed entity by the Monetary Authority of Singapore (MAS), OANDA adheres to rigorous financial and operational standards, reflecting its commitment to maintaining the integrity and transparency of its operations.

OANDA's compliance with MAS regulations in Singapore signifies a robust oversight mechanism. This includes strict adherence to the rules regarding the segregation of client funds. OANDA is mandated to keep clients' funds in separate accounts, distinctly apart from the company's operating funds. This segregation is crucial in safeguarding traders' capital, ensuring that their investments are not used for corporate purposes.

Although Singapore does not offer a specific Forex compensation scheme, the regulatory framework established by MAS compensates for this through stringent operational requirements. These requirements include regular audits, comprehensive risk management protocols, and ensuring financial entities like OANDA have adequate risk disclosures. This level of oversight enhances the safety and transparency of the trading environment, offering significant protection against fraud and malpractices.

Additionally, OANDA's operations in Singapore are subject to continual scrutiny and compliance checks by MAS. This ensures the broker consistently upholds the highest financial integrity and operational conduct standards. Regarding disputes or grievances, traders can seek resolution through Singapore’s Financial Industry Disputes Resolution Centre (FIDReC), providing additional security and recourse for traders.

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

When opting to open an account with OANDA, prospective clients must furnish a range of personal and financial details. This information is crucial for ensuring compliance with regulatory standards and for the broker to better understand the client's trading profile.

Required Information

1. Full name and aliases. Applicants must provide their full legal name, including any aliases they may have used. This is essential for accurate identity verification.

2. Residential address. The applicant's current residential address is necessary for account setup and verification.

3. Date of birth. This is required for age verification, ensuring that the applicant meets the minimum age criteria for trading.

4. Nationality. OANDA needs to know the applicant's nationality for regulatory and jurisdictional purposes.

5. Unique identification number. This could be an identity card or passport number, serving as a primary means of identity verification.

6. Employment details. Information about the applicant's employment status and details helps OANDA understand the client's economic background.

7. Financial information. This includes details about income, investments, and other financial commitments, aiding in assessing the suitability of financial products for the client.

8. Customer knowledge assessment (CKA). OANDA requires clients to complete a CKA to gauge their understanding of the financial products and the risks involved in trading.

9. Prior trading experience. Applicants must provide details about their prior trading experience, which is crucial for OANDA to tailor its services to the client's experience level.

Verification

The verification stage is crucial to registering an account with OANDA's Asia Pacific Division. This process involves submitting specific documents to confirm your identity and address, ensuring compliance with regulatory requirements.

Required Supporting Documents

1. Proof of Identity. Applicants must upload a valid government-issued photo ID. This document should display:

   • The applicant's photo.
   • Full name.
   • Date of birth.
   • Nationality.
   • A unique identification number.
   • Dates of issue or expiry.
   • High-resolution, clear, color images of both the front and back of the ID are required.

2. Proof of Address. Accepted documents include:

   • A utility bill, bank statement, or credit card bill.
   • Must be issued in the applicant's name.
   • Should show the current residential address (P.O. boxes or business addresses are not accepted).
   • Dated within the last six months.
   • Government-issued photo identification can also serve as proof of address.

Additional Documentation

After applying, OANDA may request further supporting documents or information, such as:

• An alternate or second proof of identity.
• An alternate or second proof of address.
• Code verification.
• Clarification of profile details.

It's important to note that uploading the required documents does not complete the registration process. A member of OANDA's Onboarding team will review the application and follow up via email for any further details or to confirm the approval of the account. Once approved, the account will be ready for funding.

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.

The account options offered by OANDA are a decent selection that caters to the diverse needs of different traders. However, it is worth noting that OANDA lacks specific account types such as cent accounts, Islamic accounts, and specialized investment accounts, which limits the broker's appeal to particular segments of traders looking for such specialized options. Despite this, the overall versatility and adaptability of the accounts to different trader profiles remain reasonable.

Trading Accounts

Oanda offers three types of trading accounts:

A standard account provides flexibility in choosing the trading platform and access to various assets for trading.

Premium Accounts

OANDA's Premium and Premium Plus accounts offer several distinctive benefits, setting them apart from Standard accounts. These advantages cater to more experienced traders or those with higher trading volumes, providing an enhanced trading experience.

This detailed structure allows traders to select an account type that aligns with their trading style and financial goals, with each tier offering progressively enhanced features and benefits.

When considering an upgrade to a Premium or Premium Plus account at OANDA, it's important to understand the criteria for eligibility. New clients are automatically assigned an account package based on the value of their initial deposit. For existing clients, eligibility to upgrade is determined by meeting specific notional trade volume requirements. Those interested in exploring these premium options further, whether to request a trial or to gather more detailed information about the upgrade process, are encouraged to reach out directly to OANDA’s relationship management team at premium-oap@oanda.com. This direct communication provides personalized assistance and detailed guidance tailored to each client's unique trading needs and goals.

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.

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 centers 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, 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.

Inactivity Fee

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

The fee is 10 USD. 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 a versatile range of deposit methods, ensuring convenience and accessibility for clients. However, the withdrawal options are more restricted in terms of methods and associated fees for multiple withdrawals within a month. The requirement to withdraw funds using the same method as the deposit can be limiting for some clients. Additionally, using PayPal, though convenient, comes with notable fees, particularly for deposits. The processing times for deposits and withdrawals are generally efficient, ensuring swift transaction completion.

Methods of Account Funding

Payment System	Currencies	Deposit Fee	Operation Limit
PayPal	SGD	6%	—
Bank Transfer	USDEURAUD. . .show all	0%	—
PayNow	SGD	0%	—
DBS	SGD	0%	—
FAST	SGD	0%	—

For account funding at Oanda, clients have several options with varying processing times and fees. DBS Bill Pay and PayNow/QR Pay offer convenient funding within 1-2 business days without fees, making them ideal for quick and cost-effective transactions. Bank transfers, another popular method, typically take 1-3 business days for local and up to 5 days for international transfers, with potential fees charged by the sending bank. While providing immediate funding, PayPal incurs a total fee of 6% (1.8% plus 4.2% admin fee). Additionally, clients can deposit funds using cheques, processed within five business days without fees, though they must be drawn from a Singapore bank.

Withdrawal Methods

Payment System	Currencies	Withdrawal Fee	Operation Limit
PayPal	SGD	6%	—
Bank Transfer	USDEURAUD. . .show all	0%+ 20 USD	—

Regarding withdrawals, Oanda's methods include PayPal, cheques, and bank transfers. PayPal withdrawals, processed in SGD, take about one business day but come with a 6% processing fee on deposits. Cheque withdrawals, available only in SGD for Singaporean residents, take 2-3 business days to issue (excluding mailing time) with no withdrawal fees. Bank transfers, a standard withdrawal method, take 1-2 business days within Singapore and slightly longer for Internet banking transfers, without OANDA-imposed fees. However, clients should be aware of potential additional processing times or fees from their financial institutions.

Oanda offers diverse 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 relative to the market for Oanda:

The availability of platforms like MetaTrader 4, fxTrade, and integration with TradingView provides 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.

fxTrade

fxTrade is Oanda's mobile application for Android and iOS, which has rightfully earned recognition for its high-quality technology, speed, and reliability.

A significant advantage of fxTrade is its integration with MetaTrader 5. 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 (not MT5 or MT4). This redirects you to a page displaying all your accounts.

Starting trading in the fxTrade 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.

fxTrade 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 platforms, 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 MT5 platforms and a web application accessible through MetaTrader.

Currency Converter

The Oanda currency converter allows checking average exchange rates and converting 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 Singapore:

• +65 6579 8289

You can reach OANDA's support team from 5:00 SGT on Monday to 7:00 SGT 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, fxTrade.

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 Singaporean 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.