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Table of Contents
Oanda Review
Introduction
Oanda has been among the earliest forex brokers in the international market for over 25 years. It was established in 1996, and its main headquarters is in New York, USA. However, it prides itself in being a global brand. It exists in over 190 countries and has multiple regulations in different regions.
The Oanda review 2022 shows that this is a reputable organization with some great features but limited instruments that they deal with.
In this Oanda 2022 review, we take a look at some of the defining features and understand whether it is a broker that is worth your while.
Regulations and Licensing
Oanda has branded itself as a trustworthy broker. They have taken great strides to ensure that they meet the requirement of the brand. Existing in over 190 countries, they are regulated in almost all the regions they are in.
They have regulations with ASIC, FCA, IIROC, JFSA, MAS, and CFTC, all of which are tier 1 regulatory authorities. However, it is notable that they do not have any security measures placed on their traders’ accounts. This will vary depending on the region where you open an account from.
They have taken great strides to be a trustworthy company but have included features that meet the industry’s bare minimum when securing their clients’ accounts.
Account Types
They offer two types of accounts to their traders. These include the standard account and the advanced trader account. The user’s type of account will determine certain features such as the minimum deposit amount, manager, money transfer, and priority service queues.
For the major part, there are no major differences between the two accounts. The minimum deposit amount for Oanda is zero dollars for the standard account. However, the minimum deposit amount for the advanced trader account is $10,000, and you are offered an account manager.
They also have a demo account that they have not highlighted on their list of account types. The am account remains active for as long as the trader has an account with them.
Spreads and Commissions
Oanda offers very competitive offers regardless of a trader’s location. They offer comparable spreads to other major firms in the big fields, and here is why.
Their spreads are as low as less than one pip and do not go higher than those offered by major brokers in the field. They further charge commission on trades. For a currency trade worth $100,000, they charge a commission of $5.
They charge an inactivity fee of $10 each month if a trader goes inactive for a year. They also charge a fee for trades carried out by the trader, ranging from 0.9 to 1.3 pips depending on the commodity or instrument being traded.
A trade that is held overnight creates an interest that Oanda charges. They charge interbank transfer fees for long forex positions and short positions at different rates. Additionally, they have a benchmark fee ranging from $5 to $9 on traded currency pairs.
Most of the commissions and charges they offer are highly dependent on the liquidity and volatility of the market. As far as the Oanda review 2022 can tell, they do not offer any online bonus so far.
Leverage and Lots
Oanda offers the lot’s size range from the micro lot of 1,000 units to as high as 100,000 units on the standard account.
On the other hand, the leverage they offer depends on the regional regulations placed in the region. Traders within the United States can get a leverage of 1:50 for the major currency pairs and 1:20 for all the other currency pairs.
The leverage they offer is lower than that of other competitions, one of the major drawbacks of this Oanda review 2022.
Trading Platforms
Oanda allows its traders to use MT4 trading, web trading platform, desktop trading platform, and mobile trading platform. Their software is the main trading platform for desktop, web, and mobile devices.
MT4 remains the only third-party trading platform Oanda offers to its traders.
Customer Service
Oanda has impressive customer service that runs 24/7 through email. They operate normally with the normal trading hours from Sunday to Friday evening. They have a live chat linked to an actual customer service agent and a phone number you can call. However, these two operate on a 24/5 basis.
Final Thoughts
Oanda has been on the market long enough to pride itself on some amazing features. The only drawback is that they have a limited number of instruments their traders can use with less than 120 instruments. Also, they have lower leverages that their traders can use.
Other than that, they are all good.
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