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OANDA Broker Review
Phone: 020 31512050
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Our Overall Rating
- Low trading costs, high transparency, and a choice of trading platforms.
- Best Forex Trading Technology at the UK Forex Awards, 2017.
- Excellent proprietary platform.
- Only 52 CFD’s
- Not the cheapest broker out there.
- Intensive FAQ section.
- Customer support could use some improvement.
- No negative-balance protection.
OANDA is a global Forex broker with offices in London, New York, Tokyo, Singapore and Sydney, and is fully regulated in all the jurisdictions in which it operates. The firm has been offering Forex and CFD trading since 1996, with low trading costs, high transparency, and a choice of trading platforms.
The company is well-respected by traders worldwide and has won numerous industry awards, including Best Retail FX Platform 2018, at the FX Week e-FX Awards, No. 1 Forex Broker in Singapore 2017, from Investment Trends Singapore CFD & FX Report, and Best Forex Trading Technology at the UK Forex Awards, 2017.
Commissions & Fees
Like many online Forex brokers, OANDA takes its fees from the fairly competitive spreads, and closely in line with other brokers. OANDA uses an automated system to tie their spreads tightly to global pricing in the Forex market. Spreads are dynamic, and up-to-date spreads for each instrument are displayed on the website.
There are other useful details for traders, such as today’s high and low prices, margin percentage and percentage change. Although OANDA is known as a Forex broker, there are a range of other instruments available as CFDs, with details for each displayed under the ‘products’ menu on the website.
Platforms & Tools
OANDA provides clients with the custom FXTrade desktop platform, which integrates a range of tools and indicators, including charts from TradingView and MultiCharts.
There are a variety of order types available, as well as watchlists, news feeds and account analytics. The popular MetaTrader 4 platform is also available, along with all the trading tools, technical indicators, and advanced features that MT4 traders take for granted.
OANDA also offers excellent and intuitive mobile trading for both iOS and Android devices, via the FXTrade mobile platform, as well as the mobile version of MT4.
OANDA offers customer support via phone, email and live chat, available 24 hours a day, 5 days a week. The OANDA help section is one of those that ask you to fit your enquiry into a category before asking it and then encourages you to browse the FAQ section. This is not our favourite support model, but when you eventually get to ask your question, responses are reasonably prompt and helpful. The frequently asked questions sections are very extensive, and it’s likely your question is answered in there somewhere, so the firm is clearly trying to keep things efficient by directing clients to existing help sections first.
OANDA Prohibited countries:
Belgium | Cyprus | France | Netherlands
From their website:
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.
73.5% of retail investor accounts lose money when trading CFDs with this provider.
You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
OANDA provides excellent trading platforms, including MT4 trading for those who prefer it, a very satisfactory range of trading tools and technical indicators, and an interesting choice of instruments. While the firm focuses on Forex trading, there are several other instruments available as CFDs, and the broker provides spread betting, in the jurisdictions where it is legal of course, which many competitors do not.
Fees are reasonable, and the website and platforms are easy to navigate, Customer support could use some improvement, but overall OANDA is a very attractive choice for online Forex traders.
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