OANDA also offer OANDA Trade, MT4 and TradingView trading platforms. In addition to FX, the broker also offers indices, metals, commodities, and bonds to provide trading opportunities across financial markets. ForexBrokers.com has been reviewing online forex brokers for over six years, and our reviews are the most cited oanda forex broker review in the industry.
OANDA Fees
It is also customizable, allowing you to change the layout to suit your preference. Multiple chart layouts are available, and traders can view up to 8 charts at once. For example, OANDA clients in the United Kingdom benefit https://forexarena.net/ from the oversight of the Financial Conduct Authority (FCA). The FCA requires that clients have negative balance protection, which means they cannot lose more than their deposit. After submitting your financial details, you’ll need to answer some questions about your trading experience. It may feel invasive, but brokers assume a certain level of risk with each client.
- Oanda is well-regulated and provides an excellent choice of trading platforms.
- Also, I can use the Tradingview for free due to their campaign that the whole year subscription was credited on my account.
- OANDA shines in the area of research, with industry-leading analysis available from the MarketPulse website and news from Dow Jones.
- There is a very high degree of risk involved in trading securities.
- It is possible to set time in force conditions; you can set your limit of stop-loss order to expire after a set time, for example, 2 days or 1 week.
- For forex traders on the go, OANDA offers a native fxTrade mobile app.
Popular Forex Broker Reviews
As we’ve mentioned in our OANDA review, there isn’t a minimum amount of money you need to deposit to start trading on this platform. Of course, you still need to deposit some cash into your account to initiate any forex trades. It currently ranks slightly above OANDA thanks to its larger offering of currency pairs and CFDs.
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Each year, we collect thousands of data points and publish tens of thousands of words of research. All information contained herein is based on ForexBrokers.com’s independent review of this broker’s various global brand entities. OANDA, founded in 1996, is a well-established online broker specializing in forex and CFD trading.
MetaTrader 4 Desktop
OANDA’s trading costs are generally steep, with high effective spreads across both its default and core pricing, compared to the best brokers. While not a discount broker, OANDA’s main advantage is its automated execution across its account offering. The educational section for beginner traders remains below average and insufficient. The content lacks depth, and a classroom-style approach with well-structured lessons and courses is not available. Oanda hosts live webinars, but the overall educational value trails competitors with an excellent educational offering.
Trade Experience
This is great for beginner forex traders, but also for folks that trade in high volumes and want to keep up and improve. One of the things that sets OANDA corporation apart is its focus on technology. This is evident in its web-based trading platform, which is one of the most user-friendly and intuitive platforms around. The broker is also known for its competitive spreads and extensive research and educational resources.
You can set up the layout, as well as the chart sizes, levels for pending orders and bounds for trading. Additionally, you can turn on automated notifications for whenever your orders are about to expire or the app finds a good price. OANDA’s educational resources include the basics, such as a demo account and platform tutorials. They also go further to offer a wide variety of educational articles, videos, and live webinars. If you do not have a demo or live account, customer support via chat is harder to access, and it is necessary to navigate several questions from a chatbot. However, once you have an account and select chat from within the client portal, it typically takes only a short time to receive a response.
FxTrade offers four basic order types with the option of attaching take-profit and/or stop-loss orders to them. Additionally, users can choose to set their stops and limits based on price or pips, and pertinent information such as “pip value,” “trade value,” and “margin required” are shown on the order ticket itself. OANDA offers most clients varying degrees of account protection depending on the region.
I appreciate the third-party partnerships Oanda maintains, as they deliver cutting-edge trading tools. The limited asset selection and absence of modern payment processors are notable. Oanda presents traders with a trustworthy and reliable Forex broker and 69 currency pairs from an upgraded MT4 trading platform. Alternatively, the proprietary Oanda Trade trading platform features a clean user interface equipped with streaming news and performance tools. This Forex broker offers 68 forex pairs with the choice of a spread-only or core pricing account.
The software uses the past six months of trading statistics and is available on live accounts only. Charting is provided by TradingView, which features over 100 indicators, over 50 drawing tools, 9 time frames, and 11 chart types. Compareforexbrokers receives a commission from OANDA when users sign up and fund an account through the link on this page.