Is Oanda a Scam?

Is Oanda a Scam
Oanda is an established, multi-regulated online broker that offers customers around the world around 10,000 instruments via a versatile platform. However, compared to other online brokers, the spreads are usually high. In this Oanda review, our team has covered some of the most important things to consider when choosing the best broker. Oanda is ranked in the categories of Best Forex Broker, Best Stock Broker, Best CFD Broker, Best Crypto Broker, and Best Online Broker. You can use our free broker comparison tool to compare online brokers including Oanda.

summary
Oanda was founded in 1996 by two professionals with a vision to change the way the world interacts with different currencies. The company was founded in the United States but currently has offices around the world in Canada, the United Kingdom, Japan, Singapore and Australia.

The broker has a team of experienced analysts who present the latest news, analysis and commentary. Oanda has received more than 50 industry awards over the years in areas such as trading platform functions, mobile apps, customer service, risk management, investor education and more.

Oanda insists that it is the only place of execution for all of its client orders. The broker also confirms that it does not keep an order book in which customer orders can deliver or receive liquidity. All orders are executed at the best available price and optimal speed. This execution method makes the broker a “market maker”.

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License
In the United States, OANDA Corporation is a member of the National Futures Association (NFA) No. 0325821. The broker is also registered with the Commodity Futures Trading Commission (CFTC) as a Registered Commission Futures Trader and Retail Foreign Exchange Trader (RFED).

In Canada, brokers are regulated by the Investment Industry Regulatory Organization of Canada (IIROC).

Oanda Europe Ltd is authorized and regulated by the Financial Conduct Authority (FCA) with license number: 542574

Oanda Asia Pacific Ptd Ltd is regulated by the Monetary Authority of Singapore (MAS).

OANDA Australia Pty Ltd is authorized and regulated by the Australian Securities and Investments Commission ASIC (ABN 26152 088 349, AFSL No. 412981).

Oanda Japan Co. Ltd. regulated by the Financial Futures Association of Japan (FFAJ). License number is 1571

Customer deposits are kept in separate separate bank accounts. These funds are held by leading European banks such as NatWest, Barclays and Lloyds, Ulster Bank in Ireland, Deutsche Bank in Germany and Barclays in France. Oanda’s account records are regularly reviewed by internal auditors. Every year, PricewaterhouseCoopers reviews the records and the report is sent to the relevant regulatory authorities.

Oanda UK and European customers are insured through the Financial Services Compensation Scheme (FSCS). The program reimburses Eligible Customers up to £ 85,000 per person if the Agent becomes insolvent. Canadian customers are insured up to one million Canadian dollars through the Canadian Investor Protection Fund (CIPF). MAS-regulated jurisdictions are eligible for insurance up to S $ 50,000.

Oanda protects its trading platform and website with Secure Socket Layer (SSL) encryption to ensure adequate user protection against identity thieves and cyber hackers.

country
Oanda accepts customers from all over the world but does not accept residents of Korea, India, Pakistan, Iran, New Zealand, Cambodia, Nigeria, Ghana and some other countries with certain restrictions. Some of the Oanda broker’s features and products mentioned in this Oanda review may not be available to investors from certain countries due to legal restrictions.

If you are looking for a broker in a specific country please check out our best broker USA, Best UK Broker, Australia Best Broker, South Africa Best Broker, Canada Best Broker or our best broker for all other countries.

Oanda’s next generation trading platform
It’s Oanda’s award-winning next-generation platform. It has a range of tools for performing market analysis, advanced charts, and trade management. The platform offers a flexible and convenient trading environment for investors of all skill levels. It is available in 3 versions; Web, desktop and mobile. The web version runs directly in the browser and therefore works on every operating system in most modern web browsers. The desktop version can be installed on Windows and offers a fully customizable user interface. The mobile version was de designed for Android / iOS devices and is useful for those who need to access and trade accounts on the go.

 

Below are some of the key features of the platform:

 

Powerful technical analysis tools with 10+ chart layouts.

More than 50 drawing tools and technical indicators for performing chart analysis.

News aggregator with search function.

Access to algorithmic trading with Algo Labs

Risk management functions including stop loss.

Trading performance analysis tool.

Customizable layout and user interface.

Powerful charting from the trading view.

Market news and analysis, economic calendar available on the platform.

MetaTrader 4 (MT4) platforms

This platform is probably the most popular in the world of forex trading and has become the standard with many brokers and millions of investors around the world. The MT4 platform is intuitive, versatile, fully customizable, and packed with essential tools that will be useful for investors. Oanda presents MT4 as a downloadable desktop application and as a mobile application.

 

Below are some of the main features of the MT4 platform:

 

Real-time quotes in the market watch window.

Different types of charts (candlestick, bar, line) that can be displayed for 9 time frames.

30 built-in technical indicators and more than 20 drawing tools.

Automated trading with Expert Advisors (EAs).

Strategy tester for historical testing of EA.

MQL editor for programming custom indicators, EAs and scripts.

Trade directly from the chart.

One click trading.

Order management tools and risk control tools such as stop loss and take profit.

Alerts via platform, email and SMS.

Online community and marketplace for additional tools.

Mobile trading

Both the Oanda trading platform and the MT4 platform support mobile trading via iOS and Android apps. These mobile apps can be downloaded and installed from the respective app stores. They can be seamlessly integrated into desktop applications and retain similar functions and functions.

 

Here are some of the app’s features:

 

Real-time price quotes.

Technical analysis support through charts, indicators and drawing tools.

Simple and user-friendly interface that can be customized according to the user’s choice.

Monitor live trades, charts and news on the go.

Used to open, change or close a trading position.

Analysis and history of trading performance.

Announcements.

Advanced charting

Oanda offers advanced charting packages on its Oanda Trade platform. The charting package consists of more than 65 indicators and drawing tools. Customers can trade directly from the chart. There are roughly 11 customizable charts including Heikin-Ashin, Renko, etc.

 

The charting package is provided by TradingView; a leading web-based charting and social networking site package. Oanda has easily integrated the TradingView chart package into the ‘Oanda Trade’ platform.

 

Lab something

This module provides access to historical background testing, coding and implementation of automated trading strategies. It is operated by QuantConnect; free algorithmic trading platform for forex and CFD trading. Algo Lab allows customers to retest Oanda tick data from 2004. This data is available in various programming languages ​​such as C #, Python, and F #. Clients can apply their strategies directly from Algo Lab to the Oanda trading server and trade Forex and CFDs. It should be noted that historical performance is in no way a guarantee of future performance.

 

Pattern recognition and price forecasts

Pattern recognition is a tool that is built into the next generation trading platform. It scans charts and detects technical patterns like triangles and wedges, etc. When the pattern is complete, it creates a price projection box that highlights areas where price movement is forecast.

 

Connection module

This tool allows you to group diagrams for comparison purposes. This tool is useful for checking the same asset across multiple charts, timeframes, indicators, etc. at the same time.

 

Oanda Chart Forum Community

Here investors can discuss strategies, exchange ideas and analyze stock charts. It is part of the next generation trading platform. Investors can copy analyzes, save contributions and comment on them.

 

Customer sentiment

This tool shows the percentage of investors who bought a particular instrument, as well as the percentage who sold the same instrument. Sentiment analysis is usually used as part of a contrary trading strategy.

 

Market calendar

It shows the scheduled dates and times for various global events and their expected impact on the market. This calendar is provided by Reuters and streamed on the Next Generation platform.

 

Market knowledge

It consists of daily commentary and video analysis as presented by Oanda analysts. Access is via the trading platform. Its purpose is to give investors an idea of ​​how to proceed based on analysis and price movements around various assets.

 

Market news and analysis

The topics covered are market commentary, chart analysis, weekly outlook, technical and fundamental analysis. It was also created and presented by Oanda’s team of analysts.

 

education

The Oanda website has a “Learn” section that provides a variety of educational materials for investors. There are several training videos covering a variety of different trading topics including fundamental analysis, technical indicators, Forex / CFD trading, etc. Videos are grouped for beginners, intermediate and advanced investors. There are trading guides that cover different types of trading. In addition, there are articles that explain basic concepts that beginners may find useful when they are just starting out to trade online.

 

Trading instruments

Oanda offers around 70 forex assets, including major, minor, and exotic currency pairs. The only assets available to US clients are currency pairs. CFDs are not available for trading in the US.

 

The following pairs are available for customers from other regions:

 

70 currency pairs

16 index

8 raw materials

6 bonds

23 metal

Accounts and Trading Fees

Oanda operates in 5 regions: Europe, USA, Canada, Asia-Pacific and Australia. Each of these areas is administered by a different authority. The account types and leverage offered to clients depend on the region. Spreads vary depending on liquidity with an average EURUSD spread of around 1.2 pips, which is relatively high compared to other online brokers.

 

For the USA, Asia-Pacific and Canada regions; the maximum leverage for all accounts is 1:50. The maximum leverage for Australian clients is 1: 100 while it is 1:30 for European clients, except for professional accounts which have a leverage of 1: 100.

 

Here are the different types of Oanda accounts:

 

Standard account: There is no minimum deposit on this account and it is available to all customers.

Premium Account: Minimum deposit is $ 20,000 for US customers, CAD 50,000 for Canadian customers, and US $ 50,000 for European customers and Asia Pacific customers. Australian customers can open this account with A $ 50,000.

IRA: This account is only available to US customers. These accounts are backed by IRA custodians like Midland IRA, Real Trust IRA, Pensco Trusts, etc.

Professional Account: This account is only available to European customers. The maximum leverage is 1: 100.

Joint account: Available for European and Canadian customers with a maximum leverage of 1:30 and 1:50 respectively.

Business Unit Account: This is for Europeans and Canadians doing business.

Eligible Contractors (ECP): This is available to U.S. residents who own more than $ 10 million.

Corporate Account: This account is for Asia Pacific and Australia customers only.

Because brokerage fees vary and are subject to change, additional fees may apply that are not listed in this Oanda review. It is very important to make sure that you review and understand all the current information before opening an Oanda broker account to trade online.

 

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Customer service

Oanda’s support desk is available 5 days a week via phone, email and live chat. Oanda Chat is a virtual assistant that starts a chat first. It speaks English, Chinese, Spanish and Dutch. The support page on the website includes a Frequently Asked Questions (FAQ) section that provides instant answers to some of the most frequently asked questions. Facebook, Twitter, LinkedIn and YouTube are available as social media channels.

 

Deposits and withdrawals

The payment options available to you depend on your country of residence. Oanda does not accept third party payments.

 

The following payment options are available:

 

Automatic Clearing House (ACH): This payment method is only available for USD accounts. The maximum limit is $ 50,000 and lasts up to 6 days.

Credit / Debit Cards: Mastercard and Visa cards are accepted. There is a limit of $ 20,000 per month.

Bank Transfer: It takes 1-3 business days to deposit money using this method. International About Instructions can take up to 5 working days. There is no limit to bank transfers.

Checks: These are only accepted for deposits in the United States. There are no deposit fees and it takes 4-6 days for the check to be lost.

Online Payments: Payments accepted are PayPal, BACS, CHAPS, Swift, SEPA and BPay.

Accounts can be opened in USD, GBP, EUR, CHF, JPY, CAD, SGD and HKD. Choosing a different currency is advantageous as there are no currency conversion fees when using an account in your own currency.

 

Account opening

To create a new trading account, visit the Oanda website and click the “Open Live Account” button at the top of each webpage. The new account opening page opens. Enter your country in the text field. If Oanda accepts residents of your country, the form will load and open, but otherwise registration cannot proceed.

 

There are forms to fill out including account information, personal information, and identity verification. If everything is done correctly, the account will be approved and an email with further instructions will be sent from Oanda to the new customer.

 

diploma

Oanda is an established broker that is constantly using the latest innovative trading technologies. Brokers have a lot of rules from different authorities, so they must carefully adhere to strict regulatory requirements.

 

They have an impressive asset list of around 10,000 instruments and can accommodate private, corporate and international investors. There is no minimum deposit, which means that anyone can use their trading services regardless of capital or trading experience. However, the spreads are quite high compared to other online brokers.

 

The next generation proprietary trading platform is a multi-award winning platform. It has a variety of innovative tools to help investors. Sentiment analysis, social forums, Reuters news, and analyst insights are welcome additions that make this platform an acceptable choice for all levels of investor. A variety of training videos and other educational resources are also available on the Oanda website and platform.

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