OANDA Reviews Read Customer Service Reviews of www oanda.com

OANDA Reviews Read Customer Service Reviews of www oanda.com

This means that clients cannot lose more money than they deposited. OANDA is a strong source of research and educational content for all traders. OANDA does not charge fees on deposits, but the method used may incur bank charges. There seem to only be upper limits on deposits from traders in the US for certain payment methods. Funding seems to be done quickly too and only gets slowed down by bank clearing. It is rare for brokers to offer these types of products (especially futures and options), however where crypto is offered, we believe a selection of just two instruments is disappointing.

OANDA is a reliable and reputable Forex broker suitable for traders seeking a blend of safety, advanced technology, and comprehensive trading services. While it has certain limitations, its strengths in regulation, platform options, and customer service make it a compelling choice for Forex and CFD traders. OANDA, established in 1996, is a well-known Forex broker with a long-standing reputation in the financial trading industry. This detailed review covers every aspect of OANDA’s services, providing traders with essential information to make informed decisions. BrokerNotes.co provides unbiased forex broker reviews and ratings to help traders and investors find the best broker for their needs. All content is researched, fact-checked, and edited by our research team and all ratings and rankings are based on the team’s in-depth product testing.

MetaTrader 4 Desktop

Within the help portal, you’ll find guides for various features, as well as a list of the most frequently asked questions. If you need to contact the support team, you can do so via email, live chat, or even phone. The account opening process at OANDA is fully digital and can be completed within oanda review a short time via the company website.

OANDA Global Markets Ltd offers demo, standard and Islamic accounts. The OANDA Trade web-based platform is well designed and easy to navigate. It is also customizable, allowing you to change the layout to suit your preference.

ForexBrokers.com 2025 Annual Awards

But just like any broker, it has bid/ask spreads, or the fees users pay to trade. This spread is seen in every trade (it’s how the broker makes money). For the most popular currency pair EUR/USD, OANDA charges a 1.0 spread. Jeff Anberg is a Staff Editor at BrokerNotes.co and ForexBrokers.com. Along with years of experience in media distribution at a global newsroom, Jeff has a versatile knowledge base encompassing the technology and financial markets.

• If you are into trading precious metals, then you will be impressed with what OANDA have to offer.
• OANDA has an impressive range of educational offerings, from platform tutorials to live webinars with industry experts.
• The mobile platform also includes charts with price overlays, indicators, and flexible display styles as well as the ability to trade directly from the chart, just like the desktop application.
• Most importantly, having many regulatory licences means that OANDA is a broker that people from all over the world can trade with.
• With headquarters in Times Square, New York City, OANDA now has offices in eight countries around the world.
• Two-factor authentication (2FA) is available to add an extra level of security when you sign in to OANDA’s trading platforms from either your computer or mobile device.

Tradable Instruments

The range of order types on the OANDA Trade web platform is impressive. Standard order types such as market, limit, and stop-loss are available. 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. OANDA Global Markets Ltd charges an inactivity fee of £10 per month for accounts that have been dormant for 12 months. If your queries are not met by the FAQs, then the online chat-bot “OANDA Assistant” is available.

OANDA protects client funds by using account segregation, which keeps client funds separate from the company’s own funds and offers negative balance protection to prevent losses beyond the deposit. No, OANDA has no minimum deposit requirement, making it accessible to traders with any budget. Signing up, creating an account, and using OANDA is absolutely free. The platform charges no maintenance fees, nor does it require regular payments. Unlike many similar platforms, OANDA only takes a commission out of successful trades at a rate of $50 per million.

• This demonstrates the company’s commitment to providing a secure and reliable trading environment.
• We also really like the ability to overlay multiple currency pairs onto a single chart for comparison.
• OANDA is a highly secure broker that prioritizes the safety of its clients.
• FxScouts helps traders across the globe by meticulously testing and reviewing online brokers and providing Forex education and market analysis.
• The Standard account has no minimum trade volume requirement while the Elite Trader account requires a minimum trading volume of $10 million.

It also boasts regulation from seven of the world’s top authorities, including the CFTC of the USA, making it one of the lowest risk brokers around. For a minimum deposit of $20,000 (or another currency equivalent), a premium account is available. The main offered features are a dedicated account manager and more important unlimited free wire transfers. MT4 is the most commonly used trading platform as it is easy to use for beginners.

Is the OANDA mobile app user-friendly?

Our editors independently research and recommend the best products and services. You can learn more about ourindependent review processand partners in ouradvertiser disclosure. We may receive commissions on purchases made from our chosen links. I want to thank your Customer Support team, particularly Louise Anne, for providing me with the needed link. And you can not withdraw in one shot, the allowances are in thousands and in then in few hundreds.

Mobile Trading Platforms

It should be also mentioned that a monthly fee of £10 per month, after twelve months of inactivity, is charged additionally. Being a multi-featured financial organization, OANDA performs additional provides services like OANDA Money Transfer and OANDA’s Forex solutions for business. Both brokers trade currencies and CFDs, but FOREX.com also trades stocks. So if you’re a stocks investor who also wants to trade currencies, FOREX.com would be a better fit for you. Once you’ve submitted your application to open an account, OANDA’s onboarding team will review it and get back to you after about 3 days. Their customer service is highly praised by OANDA’s existing customers.

For example, if the base currency of your account is in UK sterling, and you want to buy the S&P 500 index, then the trade is made in US dollars. Any dollar profits that you make will incur a conversion charge to exchange the currency back into UK pounds. We believe that 12 months is fairly average, six months is short, with 24 months before inactivity fees are charged would be considered generous. At OANDA, inactivity fees begin to be levied after 12 months of no trading activity.

U.S. clients have the option to participate in OANDA’s Elite  Trader program which is a five-tiered reward system and premium account for high-volume traders. Benefits include spread or commission discounts, assignment to a “dedicated relationship manager,” API support, free VPS and wire transfers, and discounted access to third-party platforms. Tier 1 requires that the client trades between $10 million and $49 million of monthly trade volume, Tier 2 is for those  with monthly volumes of between $50 million and $249 million. Tier 3 requires clients to trade between $250 million and $499 million in a month, and Tier 4 is $500 million to $1 billion. Tier 5, the top level of OANDA’s Elite program is for traders with monthly volumes above $1 billion.