Oanda currency review

OANDA caters to beginners and advanced Forex and CFD traders across its regulated global offices. OANDA delivers comprehensive research and charting tools in its multiple trading platforms.

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Founded in , OANDA has evolved to become a global leader in retail foreign exchange markets, offering forex and CFD trading to self-directed investors, and corporate FX services, currency management solutions, and data on exchange rates for global enterprises.

The OANDA brand operates across eight global financial centers, serving clients in over countries through its entities licensed in six major regulatory jurisdictions, including the US, UK, Canada, Australia, Japan, and Singapore. OANDA caters to Forex and CFD traders through its fxTrade platform, which is available as a desktop, web, and mobile platform, and across several operating systems.

It also offers the popular MetaTrader4 MT4 platform. A key distinction is OANDA combines its risk-management expertise to offer execution as a market-maker, where its ability to deal at a price does not rely entirely on third parties the way an agency broker model does, similar to FOREX.

This is why comparing the spread alone is not sufficient, as the execution model and other characteristics can impact the effective cost of trades over time in some cases. During testing for our Review, we found that while reps were friendly and courteous, lengthy hold times, limited answers, and delayed responses yielded an overall poor experience.

The broker placed 19th out of 20 brokers we tested. Research content includes technical analysis, various macroeconomic news, as well as research from UBS, an economic calendar forecast from 4CAST, and access to AutoChartist for traders to find and research trading opportunities. On the fxTrade desktop platform certain research modules trigger an external browser to open the content in a web page.

OANDA can improve this by keeping the research centralized in the platform so traders are not distracted from their desktop-based trading. This is an area we would like to see fixed to improve the fxTrade desktop experience. In terms of research, OANDA ranks closely with FXCM, FOREX.

OANDA offers several platforms for beginners and advanced traders, starting with access to its fxTrade platform, which is available through the web, mobile devices, as well as desktop versions for Windows, Mac, and Linux operating systems. OANDA combines a number of services into its online account management portal that make it easy to transfer money between accounts and access your statements. After launching the fxTrade advanced charting module, the interface gives traders the opportunity to buy or sell from within the default chart window.

Economic analysis and news from MarketPulse are shown as tabs on the tools row near the top left side of the platform layout. There is also a tab to launch the Application Programming interface API from across the top row of the platform, which redirects to the API section where multiple API types are available via a token access. When you create an order to place a trade, the order interface is very light in the web-based version, offering only a few parameters to choose from, such as the quantity, take profit, and stop-loss fields for market orders.

Meanwhile, when you create a pending order, the dialogue adds an entry price and expiration parameter for both stop and limit orders, in addition to the other fields. It also has a comprehensive suite of at least drawing tools and 57 indicators. The charts are powered by TradingView, a third-party charting developer, and are integrated within the fxTrade advanced charting web module.

A major limitation in the advanced charting module is that open trades and pending orders cannot be managed within the fxTrade advanced charting platform, as a support rep confirmed to me via live chat after I was unable to find any way to manually close a trade. There is, however, a full version of the fxTrade web app accessible under a different url, which enables positions to be managed via the web, yet it is only available to certain legacy clients. While reviewing the fxTrade web app, we found the layout very intuitive to follow and were able to navigate the interface easily.

Certain categories on the side menu redirect to a new tab within the browser. The advanced charting module is not a viable alternative for clients who cannot access the fxTrade web app, since positions cannot be closed or managed from Advanced Charting, and therefore this inconsistency leaves non-legacy clients with no other choice but to download the desktop or mobile app to close or manage trades in their fxTrade.

Moving on to the desktop version of the fxTrade platform from OANDA, we ran both versions of the platform, one for the MAC operating system, and the other on Windows 8 and Windows Overall, we found the platform experience to be consistent across operating systems.

However, all of these features cause a web-browser page to open in order to fetch the resource. Otherwise, the redirecting can distract one from focusing on the trading platform, so this remains an area that could be improved to help centralize the research and news in one place on the desktop version of fxTrade.

One of the most attractive features within the desktop version of the platform is the advanced charting, which is nearly identical to the web-based version.

The order dialogue has additional variables that can be customized , while the lighter version of the web-based platform does not.

Online Trading & FX for Business | OANDA

Other helpful features include an account management section that can be accessed within the platform under the account tab. Here traders can transfer funds and create sub-accounts or switch accounts and generate various reports, as well as change their password. Overall, the desktop version of the fxTrade platform feels like an extension of the web-based advanced charting version of fxTrade, adding a few additional features, while keeping the look and feel consistent.

Oanda Forex Trading Review (Currency Trading)

The fxTrade web app resembles the mobile app layout with a default black background. OANDA also offers the MetaTrader4 MT4 platform, which we tested in both demo and live, and like nearly every MT4 platform, most of the features are native to MT4, with OANDA plugging in its pricing, news, and reporting among other unique features. OANDA also supports trading connectivity to the ProTrader platform, also known as ProTrader Multi-Connect PTMC , developed by PFSOFT. It is common for brokers with open API access, such as FXCM and OANDA, to support a larger number of platforms, as the platform developers will be able to establish connectivity freely, compared to brokers who only selectively connect to trading platforms through partnerships or other synergies.

The charting tools within the mobile app version of fxTrade are packed with nearly the same number of features as the desktop and web-based versions of the platform, and include drawing tools, chart types, and available indicators.

To access account details and margin statistics, users can click on an arrow in the top right corner of the mobile app. The market order and pending order dialogue within the mobile app were rich with advanced features, just as in the desktop version of the platform, and were easy to fill out. Funding via the mobile app using a credit card was very easy and funds were credited to the live account almost immediately after the transaction was successful completed, and the process took barely a minute from start to finish.

We tested the Android version of the mobile app during our review and were very pleased with the experience. In this regard, OANDA ranks highly compared to its peers, as described above. OANDA recently implemented an inactivity fee, but this will only kick in for clients who do not place any trades for at least two years, as per a recent update to clients from OANDA in September The smallest contract size for trading forex that most brokers offer is units or 1 micro lot, whereas, OANDA brings this minimum trade size down by three orders of magnitude to 1 unit or 0.

This ultra-tiny contract size can also be helpful for users who want to test various trading systems while keeping the value of a pip much lower than what would be typical with a micro contract, by trading any number of unit increments on each trade.

This can be particularly useful for money managers who need to allocate odd amounts in order for the trade size to correspond to a specific allocation percentage for investors. OANDA provides forex traders access with a wide range of options, including powerful charting tools, numerous research and news channels, 70 currency pairs, and 52 CFDs, all at competitive prices. International traders seeking to access a larger number of forex pairs and CFDs than what is available at OANDA may instead choose IG Group, Saxo Bank, or Plus, whereas a firm such as FxPro has the same number of forex pairs but a larger range of CFDs.

OANDA ranks near the top in all key categories. For our Forex Broker Review we assessed, rated, and ranked 20 international forex brokers. Each FX broker was graded on variables. There is a very high degree of risk involved in trading securities. With respect to foreign exchange trading, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or currency pair.

It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses.

Reviewed by Steven Hatzakis Steven Hatzakis is the Global Director of Research for ForexBrokers. Steven previously served as an Editor for Finance Magnates, where he authored over 1, published articles about the online finance industry. Over the past 18 years, Steven has held numerous positions within the international forex markets, from writing to consulting to serving as a registered commodity futures representative.

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Popular FX Brokers IG Saxo Bank CMC Markets Dukascopy Forex. Popular MetaTrader Brokers FxPro XTB Pepperstone. ADS Securities Admiral Markets CMC Markets City Index Dukascopy FXCM FXOpen Forex.

Likes Powerful charting tools and open API access. Broad range of currency pairs. Licensed in several major regulatory hubs globally. Easy online account management.

Dislikes Research tools on desktop platform redirect to web. Lack of automated trading tools within fxTrade platform. After v20 upgrade, fxTrade web currently limited to legacy clients. Best in Class 17 Overall. Compare OANDA Find out how OANDA stacks up against other brokers. OANDA vs ADS Securities OANDA vs Admiral Markets OANDA vs CMC Markets OANDA vs City Index OANDA vs Dukascopy OANDA vs FXCM OANDA vs FXOpen OANDA vs Forex.

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