Oanda Review 2018

Oanda Review 2018

Oanda Review 2018

The world of foreign exchange is the most dynamic of all trading worlds. The number of opportunities this market offers is enormous, and many traders and brokers have already recognized that. Since it can be quite hard to decide what’s the best choice, we are going to conduct an in-depth analysis of one of the most important brokers in the industry – Oanda – to try to help you out.

At the very beginning, we’d like to underline that Oanda is one of the very few forex brokers allowed to do the business in the United States of America. Incredibly, they have never been fined by American regulatory bodies, so we can say they are a completely legit and reliable broker. In this firsthand analysis, you will be able to examine the company right down to the tiniest detail. We’ll present the trading platforms you can use in trading, we’ll show you which account types you can expect and examine many other interesting features.

Indeed, we’ve tried out all the broker’s perks and explored all the options, so read our Oanda review to discover the incredible trading opportunity that trading here represents. Let’s get going.

How to start?

Nowadays everything happens so fast. Time means money, and the more time you save, the more money you can earn. One of the best things about trading forex is that you can start your career from your own room, and with Oanda you can do it in a matter of minutes. There are no complicated forms and applications you have to fill out in order to start trading. All you have to do is to submit your basic information and you can start trading immediately.

The data required for opening an account is: the country you live in, your name, address, contact information. Also, at this point you have to choose an account you’d like to use in trading. As you can see, things are kept nice and simple. The broker provides you with one of the fastest ways to enter the game in the entire industry. But, like we said, you will need to choose an account before you can do that. Examine your choices with us in the next part of this Oanda review.

Oanda Registration Page

Oanda Registration Page

Oanda Account Types

You all probably know that brokers usually have several accounts at disposal and that their features vary depending on the minimum deposit required for each of them. Well, when it comes to Oanda, things are a little bit different.

First of all, we must highlight the fact that there is no Oanda minimum deposit. You have to make sure that you have enough money to open positions of desired or required sizes, but there is no minimum amount you are obligated to deposit. The company’s management has decided to let you customize your account by yourself. Sure, you will have the assistance of the relationship managers who will help you make the best of it. This regular type of Oanda account is called Standard account, but that’s not all. There is also Premium Account you can get if you deposit 50,000 USD or more.

Oanda accounts are really something special in the field of trading forex because of the amount of customization they offer. Moreover, brokers that do not require a specific initial deposit are very rare. Just because of that, we can say that this really is an exceptional trading partner. But Oanda accounts and minimum deposit aren’t the only elements that make it special – this broker offers many trading platforms and features, as well! Stay with our analysis and find out more!

Oanda Accounts

Oanda Accounts

Oanda MetaTrader 4

As already stated, there are various trading platforms offered here, but we decided to start this part of our Oanda review with the most important one – MetaTrader 4. You have probably heard of this platform as it is the most popular trading platform in the entire industry. Although a newer version has been released, most brokers and traders still stick to the good old MT4.

There are many reasons for the platform’s popularity. First of all, its speed of execution. When you’re trading on Oanda MT4, you can be completely sure that all of your requests will be processed almost immediately. We all know time can be crucial in trading, especially if you trade short-term. After testing Oanda’s MT4 platform, we can conclude that there are no bugs or glitches whatsoever – you can just relax and trade away as much as you want. Besides that, the platform’s design is very simple and functional, meaning you will be able to adapt to it in just a few trades. As for the features, there are many charts and graphs you can use, a huge number of analytical tools and even an option for automated trading. Although the most important one, MT4 isn’t the only platform you are provided with. Just read on and check out the other platforms!

Oanda MetaTrader 4

Oanda MetaTrader 4

Other Oanda platforms

In this paragraph of our analysis, we’d like to put an emphasis on two other platform options – desktop and web platform. The first one – desktop platform – is an award-winning platform designed by Oanda’s expert team. Naturally, we had to test it on our own and we are happy to say that it’s quite exceptional. Oanda’s desktop platform gives you an opportunity to analyze trends with many useful indicators and drawing tools. Also, this platform is quite customizable, meaning you will have an opportunity to develop your own trading strategies, which is a splendid option, especially if you already have some experience in trading. Besides that, with Oanda’s desktop platform, you can always stay fully informed about all relevant business news and get access to forex and CFD market sentiment. Both of those features are very useful and can help you a lot in your trading.

As for the web platform, it provides you with access to your accounts from any device you want. It also comes with a large number of analytical tools and charts which you can put to a good use. In fact, what you can do here is quite impressive, especially when you see the selection of assets on this website and the trading conditions offered. Read on, this Oanda review has many more interesting things to show you.

Oanda Platforms

Oanda Platforms

Assets, margins and leverage

If you want a wide selection of assets, this is definitely the place for you. There are more than 100 different instruments you can trade with on any of the aforementioned platforms, so you really should be able to stay on top of the market with ease. Apart from all forex majors, there are 55 OTHER currency pairs you can invest in, which is truly spectacular. Even exotic currencies such as ZAR, TRY and THB are listed! On top of that, CFDs from various sectors are offered, including commodities, indices, bonds and metals. Plenty to choose from, no doubt about that. For each of these groups of assets, Oanda leverage will go up to 1:100, which is quite fair and perfectly acceptable in today’s forex industry.

But apart from the Oanda leverage, there is the matter of Oanda margins. Here things become much more interesting, however, because the margins are different for each of the areas the broker operates in. Australia, Europe, Canada, Asia-Pacific and the United States can all have different margins on the same asset. True, this will usually not be the case, but do check the lists available on the broker’s website just to be sure and to know what you’re investing in. It’s another proof of the attention to detail on this website.

Therefore, you can clearly see that Oanda trading platforms are something really special, but that’s not all – the company also allows you to trade in a more dynamic way. More on that in the next paragraph of our Oanda review!

Oanda Assets

Oanda Assets

Oanda app

Apart from the Oanda trading platforms we have already discussed, there is one extra product that can enhance your trading experience. We’ve already emphasized time as a crucial element in trading: everything should be done promptly – from account creation to fast processing of your trading requests.

The option of mobile trading gives your time a finer value. With Oanda app, you’ll have all the time you need to make the right choice. In other words, you can trade whenever you want, so there won’t be any missed opportunities and trades that you should have done but didn’t because you weren’t sitting in front of your computer. We’d like to highlight that the Oanda app is completely free and can be downloaded very, very quickly.

With this app, you can enjoy all the options as if you were trading on the regular platform. You will have the opportunity to use many charts and graphs on your mobile device, so much so that we can safely say that you will have the entire toolbox with you, wherever you go. Trading via Oanda app can be especially important if you have trades that you have to keep your eye on and if you trade in short-terms, where prices can fluctuate in a matter of seconds.

We sincerely advise you to download the Oanda app immediately if you’re constantly on the moce. Since it’s completely free, you can only benefit from it. It will save you both time and money. Speaking of money, let’s take a look at how you can transfer some to your account, shall we?

Oanda App Features

Oanda App Features

Oanda deposit

Money transfers are among the most important elements of every broker’s offer. When you fund your account, you want to be completely sure that everything goes smoothly and without any difficulties. Money transfers are sensitive tasks, which is why Oanda deposits offer various ways for people to fund their accounts.

First of all, you can use bank wire transfers. That’s the old-fashioned way of funding an account, but it works perfectly. Bank wire transfer may take 1-3 business days for domestic and up to 5 business days for international transfers. Although the broker doesn’t charge any fees, your bank might, so you have to check it out with them. Besides that, you can choose debit cards for your Oanda deposit, as well (MasterCard, Discover and Visa). With debit cards, your funds will be transferred immediately. Also, you can decide to make the deposit via checks, which is available only for USD accounts, or you can try automated clearing house (ACH) if you are from the United States. If you’re from other regions (Europe, for example) you can use different methods, such as PayPal or SEPA Credit Transfer. So, there plenty of ways to make your Oanda deposit whenever you want, many of which don’t really appear that often in this industry. But what happens when you want to get your money back? Stay tuned to learn all about that, too!

Oanda Funds Management

Oanda Funds Management

Oanda withdrawal

Oanda withdrawals don’t pose a problem as long as you follow a very simple rule – the same method used for deposit will be used for withdrawal, too. After several successful attempts, we really can’t say that there are any problems here. Your each request should be processed within one business day, and you will be notified by e-mail once the procedure is complete, which is a very nice touch. After that, it may take several days for the money to reach you, which depends on the method you’re using.

We have to say that some conditions concerning Oanda withdrawal may vary depending on where you are in the world, but usually you will get one completely free withdrawal every month if you’re doing the whole thing via credit cards. Other methods may incur Oanda withdrawal fees, but they will be lower for your first withdrawal. The whole structure of the fees can very easily be examined in the FAQ section on the broker’s website, so we recommend you check that out because all major areas, from Canada to Australia, are very well covered.

In conclusion, Oanda withdrawal lives up to the company’s reputation and is a completely reliable and trustworthy process. Everything is transparent, and the money is always delivered as promised. Therefore, we can more this analysis on. Yes, there is much more to analyze.

Oanda Features

Oanda Features

Oanda demo account

As we’ve written in our Is Oanda a Scam? review, when you’re looking for a broker, you want to be sure that they will provide you with basic features which will help you grow as a trader. On this website, fortunately, you can become a professional quite fast, especially if you utilize the advantages of Oanda demo account.

There are numerous benefits you can get by opening an Oanda demo. First of all, it gives you an opportunity to practice your trading skills and sharpen your tools before investing real money. Additionally, you will get a 100 percent real insight into trading itself. Since Oanda demo is a real simulator, you will handle actual trading assets and real-time fluctuation of prices. This will help you adapt to the trading environment in terms of design. Once you start trading for real, you won’t have to spend too much time thinking where all the buttons and charts are. Also, you will feel the same drive as if you were trading for real.

Trading with Oanda demo account will definitely help you become a better and more competent trader. But that’s not the only way you can learn. if you’re a trading newcomer, you should definitely check out our next paragraph!

Oanda Web Trading Platform

Oanda Web Trading Platform

Learning to Trade

If you’re new to trading, this broker will help you learn both basic and advanced aspects of trading, foreign exchange markets and the trading industry in general in no time at all. This just one of the examples of the meticulous way they treat their clients here. Oanda demo account will provide you with practical, while education section will provide you with the theoretical part of the learning process.

There are many sections included in the educational part. For example, there are ‘Tools and Strategies’, where you can find out all you need to know about basic and most useful tools and about strategies you can apply in trading. Besides that, in ‘Capital Management’ you can learn the ways you can apply risk management tools into your strategy. You can also get a theoretical insight into foreign exchange and CFD markets.

Oanda has even made its own e-classroom where you can enroll in their webinars and explore educational events. Considering this offer, we think you should definitely explore all options and get some practical and theoretical knowledge before you start trading for real. Oanda enables you with best way to practice and learn – exploit this opportunity and become a pro!

Oanda Education

Oanda Education

Oanda Review: Conclusion

As we said at the very beginning of our Oanda review, Oanda is one of the few brokers allowed to operate in the United States. That fact by itself vividly shows that Oanda is a regulated, legit and safe broker. Besides being safe, it’s one of the best brokers you’ll ever have the opportunity to work with.

First of all, it’s quite easy to register and to make an account with Oanda. There is no unnecessary paperwork that needs to be done or complicated forms that need to be filled out. Once you’re done, you will have the option of making your own customized account, which is very rare in the industry. But one of the best things is that there is no Oanda minimum deposit requirement for any of those accounts.

As for the platforms, you can choose between several types. You can trade on the classic MT4 trading platform, but you can also opt for a web platform or the company’s desktop platform. If you’re a dynamic trader, you can always download the Oanda app, too. Beginners don’t have to worry either, since with this company you can become a proficient trader in no time thanks to the fact that they have both practical (demo account) and theoretical approach to your education.

With all of these incredible aspects in mind, we can conclude that Oanda really is an exceptional broker. Open an account and don’t waste a second – you won’t find a better broker than this!

Author's overall rating:
Author: Ben Prescott
Updated:

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