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Oanda - Broker rating, review and comments

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Oanda
8
Rating:

Start year:1995
Country of origin:US
Regulation:CFTC, NFA, MAS, IIROC, FCA, FSA, FFAJ, ASIC
Payment options:bank transfer, checks, PayPal
Minimum account size:$1
Minimum lot size:0.001
Leverage:1:50
Spreads:variable, 1.3 pips on EUR/USD

Oanda is a regulated and long-standing broker. The company is sure to gain favour with experienced traders who are eager to test a new platform in the forex market. Oanda officially operates in the United States which is a big advantage since brokerage companies are strictly regulated in this country. The company's offices are also located in Singapore, Sydney, Tokyo, Toronto, San Francisco, and London. There are no Oanda offices in CIS countries.

The company has a number of awards and is also on the list of brokers recommended for cooperation. Trading conditions are equally comfortable for both experienced and novice traders. However, the company is more suitable for professional traders. Oanda tries to differentiate itself among its competitors with superior execution quality and transparency. The broker offers its clients a wide range of lot sizes. So, this fact can partially cover the existing shortcomings, including the lack of cryptocurrencies.

Traders will have to do some training in order to fully take advantage of all the tools and analytics offered by the company. Educational platforms are available for traders at Oanda. However, sometimes the navigation can be difficult as not all the materials are located in a single place. This is one of the reasons why users often give low rating to the broker.

Pros
  • Accounts can be opened with as little as one dollar
  • The broker is regulated by major regulatory bodies
  • Traders can access 71 currency pairs and a wide variety of other asset classes
  • Traders can use platforms like MetaTrader 4 or Oanda's custom-built web and desktop trading software


Cons
  • Traders do not have access to cryptocurrencies or single-stock CFDs
  • Customer service representatives are slow to respond
  • Accounts do not have a negative-balance or slippage protection
  • Some research and news resources are only available by launching external web pages or applications which is not always convenient


Additional info
Oanda provides traders with economic analysis, real-time news feeds, calendars, and advanced data analytics. The quality of the resources is rather high, but some investors may find it difficult to use and understand the materials without prior training.

The broker offers the leverage of 1:50. On Monday and Friday evening, the ratio decreases to 1:20. This rule is stated in terms and conditions. Investors should also consider the fact that in the platform, quotes are displayed up to the fifth figure.Oanda’s customer support has no Russian language option. All queries must be submitted in English. Otherwise, they will not be answered. 

Despite the trusted name and an overall excellent service, some negative reviews can be found on forums.

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