Once you set your username and password, you’ll need to enter some information about yourself. In addition to your name and birthdate, you’ll need https://forexarena.net/ to provide a copy of a valid ID or input the number and expiration date. Navigate to the OANDA homepage and click any of the ‘Open an Account’ buttons you’ll find on the screen.This will take you to page one of the application.
OANDA Corporation Spreads
Additionally, they may try the proprietary Oanda Trade platform as a competitive alternative, supporting algorithmic trading following its partnerships with MultiCharts and MotiveWave. We use proprietary AI technology to assist in some aspects of our content production. However, our scores, ratings, and rankings of online brokers are based on our in-depth product testing and thousands of hand-collected data points. It is regulated by an impressive seven top-tier authorities including ASIC, MiFID, and the FCA, although it is not publicly traded. With a high oanda forex broker review Trust Score of 93, it ranks as “Highly Trusted,” according to the forex industry research from ForexBrokers.com.
Offering of investments
Trading is no longer a solitary task and more traders have come to rely on the opinions and insights of other traders. Social traders will find their experience lacking on the OANDA platform. Other than a forum, OANDA doesn’t offer any social investing tools.
Trading Fees
All content on ForexBrokers.com is handwritten by a writer, fact-checked by a member of our research team, and edited and published by an editor. Generative AI tools are not a part of our content creation or product testing processes. Our ratings, rankings, and opinions are entirely our own, and the result of our extensive research and decades of collective experience covering the forex industry.
Overview of Trading Platforms
Steven Hatzakis is the Global Director of Research for ForexBrokers.com. OANDA (Canada) Corporation ULC is regulated by the Canadian Investment Regulatory Organization (CIRO) and customer accounts are protected by the Canadian Investor Protection Fund within specified limits. A brochure describing the nature and limits of the coverage is available upon request or at There is no minimum balance or deposit amount needed to activate a live account at OANDA. OANDA balances its decent offering of written educational material with a series of webinars conducted by its staff.
- Our ratings, rankings, and opinions are entirely our own, and the result of our extensive research and decades of collective experience covering the forex industry.
- The broker lists its business hours for phone and live chat support as Sunday 4 p.m.
- Steven Hatzakis, an industry veteran with decades of experience in the forex market, leads the BrokerNotes research team.
- Research and educational materials are also better than average and can cater to various experience levels.
- Globally popular for forex trading, the platform boasts an intuitive interface, excellent charting features, a customisable order book and an overall user-friendly trading experience.
After all, you can try the demo account and see for yourself why many forex enthusiasts recommend OANDA. OANDA’s desktop platform has the same strong range of order types as the web platform. Charting has 24 indicators, 9 drawing tools, 9 time frames, and 10 chart types. One of the most useful advantages of the charts is that you can adjust the candlesticks to bid, ask, and mid. Alerts and 1-click trading are not available on the OANDA Trade web platform, but they are available on the OANDA mobile app. Overall, we rate this web platform as better than average for the industry, with a robust range of features and solid charting.
However, clients are not accepted from China, India, North Korea, and Iran. OANDA offers a swap-free Islamic account that adheres to the principles of Sharia law. OANDA acts as principal and not as an agent when executing client trades and acts as the sole execution venue. OANDA group companies look to the execution venues available to them for the pricing, hedging, and execution of orders. In the table below, you can see the Swap Long (the cost/credit of holding a buy position overnight) and the Swap Short (the cost/credit of maintaining a sell position overnight) for one full-sized contract. A full-sized contract is 100,000 units of the base currency (the first currency quoted in the pair).
I rank trading costs among the most defining aspects when evaluating a Forex broker, as they directly impact profitability. Steven Hatzakis is the Global Director of Research for BrokerNotes.co and ForexBrokers.com. Steven previously served as an Editor for Finance Magnates, where he authored over 1,000 published articles about the online finance industry. A forex industry expert and an active fintech and crypto researcher, Steven advises blockchain companies at the board level and holds a Series III license in the U.S. as a Commodity Trading Advisor (CTA). XM Group also offers integration with MetaTrader 4, but it doesn’t offer any in-house apps, relying instead on the MetaTrader 4 platform completely.
Educational and research materials are also above average for the industry. OANDA is one of the most widely regulated brokers globally and one of only a small minority of forex and CFD brokers that offer their services in the United States. The company’s in-house trading platform, OANDA Trade, was specifically designed to provide clients with a user-friendly Forex exchange. It’s got an intuitive and customizable interface, an economic calendar, trade history reports, real-time quotes, and some risk-management tools. We also take an in-depth look at each broker’s commissions and fees, such as bid/ask spreads – including the average spread data for some of the most popular forex currency pairs.
Globally popular for forex trading, the platform boasts an intuitive interface, excellent charting features, a customisable order book and an overall user-friendly trading experience. It takes into account pricings from multiple liquidity providers (such as banks, hedge funds, etc.) to offer users competitive bid/ask spreads. The pricing is transparent, and the platform displays both the buy and sell prices.