OANDA Review 2024

OANDA is one of the leading trading platforms in the world at the moment. Many investors interested in getting exposure to cryptocurrency and forex markets from the comfort of one platform can do so easily through OANDA as it is perfectly suited to beginners and professional traders.

To help users get the best benefits of OANDA, we’ve compiled this review that will cover its main features, its pricing system, and also its main services. We will also compare OANDA to other platforms to give users a good sense of its offerings. Users who want to start using OANDA today will find this guide helpful as we will cover all aspects of using the platform, from registration to trading and profit withdrawal.

OANDA Overview

Below is a quick breakdown of the OANDA platform and all its offerings.

Pros and Cons of OANDA

OANDA Features

OANDA is designed to cater to traders with varying experiences – from beginners to experts. Its trading platform is well-optimized to make trading smooth. It is also packed with high-end trading tools that not only ease the process but help increase the potential yield. OANDA also offers a variety of forex trading. Finally, the platform offers high security.

OANDA Trading Platforms

OANDA is a comprehensive trading environment that uses different trading platforms that each come with special benefits. These platforms are:

OANDA Web Trade Platform

Investors who use OANDA’s web platform will enjoy access to high-end charting tools that will show them real-time market data to help them make the best trades. They will also enjoy access to top-notch technical analysis tools that include an order book, overlay position ratios alongside a news aggregator.

OANDA web trade also offers advanced technical analysis and algorithmic trading from top data firms like Algo Labs and Quant Connect. The OANDA Web Trading platform also makes it easy to manage risk through the use of stop-loss orders. There are also comprehensive tutorials that help teach users how to make the most of risk management strategies.

OANDA MetaTrader 4

Another good trading platform that OANDA users can enjoy is the MetaTrader 4 platform. Users will enjoy a fully customizable interface that can be tailored to their preferred trading styles.

The MetaTrader 4 platform allows users to establish their preferred default parameters for factors such as units traded, risk and profitability for pending orders, bounds in pips, and favorite forex pairs.

The platform also offers mobile chart trading functionality for iOS and Android that allows users to change and close orders quickly. Meta Trader 4 also comes with a host of chart types and drawing tools to help investors visualize market behavior while keeping tabs on the price movements of their orders. Furthermore, users will get real-time prices for exotic foreign currency pairs without the intervention of algorithms.

Thanks to Meta Trader 4’s custom bridge, investors will enjoy the advantages of OANDA’s pricing alongside MT4’s charting and analysis. Users can also automate their trading strategies and build trading algorithms to test their custom strategies. The OANDA MT4 platform can be accessed on mobile devices.

OANDA TradingView

Another great benefit of using OANDA is that users can access TradingView right from their platform. OANDA will grant them access to TradingView’s high-quality charts via a live or demo account.

TradingView is an industry leader in market charting tools, and by combining their services with OANDA’s trading platform, users will get over twelve chart types that are mobile-friendly and highly interactive. They would also get over 100 prebuilt indicators for popular trading techniques and strategies.

Finally, the OANDA TradingView platform comes with 50+ drawing tools which are reinforced by adaptive visuals and customizable settings. This trading platform also allows the use of multiple synchronized charts in a single layout and the application of multiple frame analysis.

As for analytics, this platform provides over 100 fundamental fields, ratios, and valuation analyses. Users can simulate trades on their charts and use historical data to test out different strategies with informative reports. OANDA trading view also allows users to produce educational ideas and research papers. They also get real-time market news from different outlets to ensure they are always up-to-date with the latest economic happenings.

Users can sign up for OANDA’s TradingView offer here to get the cost of TradingView’s monthly subscription credited to their OANDA account, provided they meet the minimum trade volume requirements.

Demo Account

OANDA allows users to have a taste of their services without paying any extra money via the available demo accounts on the platform, which include:

• MetaTrader 4 Demo Account

• OANDA Trade Platform Demo Account

• OANDA Mobile Platform Demo account

• OANDA TradingView Demo Account.

The main benefit of using a Demo account is that users can execute trades without the risk of losing their money. It also means that traders can then test out strategies and trading techniques for free before tying out such trades with a live account. OANDA’s MT4 demo account allows investors to enjoy the benefits of a simulated forex market. It also allows them to use the latest MT4 indicators, add-ons, tools, etc. Finally, they also enjoy the opportunity to practice automatic trading strategies such as Expert Advisors.

MotiveWave

MotiveWave is a professional charting analysis platform that offers advanced charting capabilities for strategy optimization, strategy backtesting, replay mode, and backtesting reporting. Thanks to a collaboration with MotiveWave, OANDA’s users will enjoy advanced analysis techniques like Elliott Wave, Fibonacci, ratio analysis, and Gartley and Gann.

They will also enjoy over 30 built-in trading strategies alongside tools like depth of market, quote sheets, buy/sell boxes, and trade panels. Thanks to the built-in Java SDK, users can create custom studies, indicators, and new strategies. MotiveWave also comes with a host of different products to cater to varying trading styles and budgets.

Educational Resources.

Like all standard trading platforms, OANDA comes with comprehensive educational resources that help users with answers to common problems. It also shows users the best ways to optimize their trading experience. OANDA’s educational resources will provide users with everything they need to understand technical and fundamental analysis and risk management. There is also a special focus on leverage trading and how users can get started. Furthermore, it covers how to work with indicators and oscillators.

MarketPulse

Market Pulse, a separate entity from OANDA corporation, is a high-end market news platform that provides up-to-the-minute analysis on forex, commodities, and indices in several markets around the world. The platform provides macroeconomic analysis for commodities and stock indices around the world. It also provides quality technical analysis that helps users make trades more easily. Market Pulse also features an economic calendar that ensures users stay up to date with the major financial happenings around the world.

How Does OANDA Compare on Features?

OANDA Fees

Below, we will go over a detailed breakdown of OANDA’s fees and how they compare to other platforms. OANDA uses a two-pricing system – a spread-only and a commission-plus core spread system. To be clear, OANDA’s fees are among the most competitive in the trading industry.

Spread

A spread is simply the difference between the ask and bid price of a commodity or currency. In OANDA’s spread-only pricing, commissions are wrapped into the spread on offer, making that the only payment users have to make. The size of the spread offered in this pricing model depends on the asset being traded. For cryptocurrencies, there is no spread. However, the spread for trading forex is obtained from the liquidity providers.

Commission + Core Spread Pricing

A commission is a fixed fee on trades made by investors, and it is calculated based on the trading volume. Usually, the higher the trading volume, the higher the commission paid. In this pricing model, users will get a reduced spread compared to the spread-only pricing model for a fixed commission per trade, meaning the total cost of each trade will be the sum of the core spread + commission. For crypto trades, the commission investors have to pay is 0.25% of the entire trade.

Deposits and Withdrawals

OANDA charges fees for withdrawing via wire transfer, but offers free bank transfers. The size of the fees charged depends on the payment method chosen.

Other fees

Below, we will look at other ancillary fees charged by OANDA;

Financing Costs

Oanda charges financing costs to a trader’s account to keep trading positions open. The size of these fees is calculated based on a per-position basis. Furthermore, it may be a charge or credit depending on whether the trade is a long (buy) position or a short (sell) position.

Inactivity Fees

An inactivity fee is charged each month when an account has been inactive for at least 12 months. OANDA’s inactivity fees stand at 10 units of whatever currency was held in the inactive account. For instance, if an inactive account holds dollars, OANDA will charge $10. Please note that inactive accounts will not be charged if their balance is 0.

How Does OANDA Compare on Fees?

Available Assets and Trading Options

Cryptocurrency

Crypto trading is one of the latest additions to OANDA’s trading platform through its crypto services partner, Paxos Trust Company. The platform allows users to buy cryptocurrencies easily. OANDA offers several types of orders for cryptocurrencies.

Type of Crypto Trades Available:

• Quick buys – These types of orders are similar to market orders, but they are placed on the OANDA exchange as a limit order to reduce price slippage.

• Quick sell – This is similar to a market order

• Buy Limit – Such orders allow investors to place orders at prices lower or higher than the current market value. Buy limit orders are executed at specified prices or lower, and they will execute immediately if the order matches with an existing order on the order book.

• Sell Limit orders – These can be placed at prices higher or lower than the current market valuation, and they will be executed at the specified price or lower.

• Sell stop orders – Such orders can be placed at a price lower than the market price. Please note that sell-stop orders are subject to slippage.

NB: Pending buy limit orders, sell limit or sell stop orders will be executed at all times, including maintenance hours.

At the time of writing, OANDA offers up to 10 cryptocurrencies for trading to individual users:

• Bitcoin

• Ethereum

• Bitcoin Cash

• Litecoin

• Aave

• Chainlink

• Uniswap

• Solana

• Polygon

• PAX Gold

Forex

Trading forex on OANDA comes with a host of services designed to optimize the trading experience. The platform offers all the major and minor currency pairs with attractive margins. It also offers some of the tightest spreads. There are 70 forex pairs available, and the speed of the OANDA platform makes it a reliable place to trade them.

Leverage

This refers to the ratio applied to the margin amount needed to enter larger trades. Traders use the leverage amount to open larger trading positions in a practice known as margin trading. On OANDA, leverage trading is only available for forex. Please note that leverage trading for cryptocurrencies is not available on OANDA.

While leverage trading can increase profit significantly, it can also increase losses so traders using margin trading on OANDA should beware. The maximum leverage available on OANDA is 50:1.

How Does OANDA Compare on Assets?

User Experience

OANDA offers one of the most seamless trading experiences in the entire financial industry. It has comprehensive trading tools to help users optimize trades. It also provides traders with a wide variety of information from the most comprehensive charts in the entire finance industry.

The platform also provides comprehensive learning resources that cater to both beginner and experienced traders. However, one drawback of using OANDA is the limited resources for crypto traders. Investors who would like wide exposure to cryptocurrencies might not enjoy OANDA because of the limited number of cryptocurrencies available. Users might find other options like eToro preferable.

Device Compatibility

OANDA’s services are available on almost all smart devices including laptops, smartphones, and even tablets. All of OANDA’s trading platforms, including OANDA MT4 and OANDA FX are also available for download on Android and iOS phones. Users can also access OANDA’s Web trading services from a mobile device.

Customer Satisfaction

OANDA’s public reviews are decent. Most satisfied customers mentioned the wide array of resources available on the platform as one of its biggest strengths. They also mentioned the ease of finding information and the strong customer support as other major benefits of using the platform.

As for the customers that complained about OANDA’s services, most of them mentioned hidden ancillary fees as some of the main issues they had with OANDA. Many of them also cited OANDA’s difficult-to-read terms and conditions, which makes it hard for them to understand the platform’s full pricing structure.

How Does OANDA Compare on User Experience?

Safety and Regulation

Security Measures

Customer security is one of the main priorities of OANDA and the platform takes stringent measures to ensure that users are kept safe, especially from fraudulent activity.

The platform also uses high-end two-factor authentication to ensure that an investor’s account is not tampered with. OANDA also has a special helpline dedicated to security concerns that may arise. Finally, the platform also has strict disclosure guidelines that ensure that users’ information is kept confidential between investors and the platform at all times.

Regulation

All trusted trading platforms have received quality certifications from respected institutions, and OANDA is no different. OANDA has been regulated by the National Futures Association and the Commodity Futures Trading Commission. However, the CFTC and NFA do not have regulatory oversight over underlying or spot virtual currency products.

Reputation

OANDA is one of the oldest trading platforms in operation today. It was founded in 1996 and it was exclusively focused on forex trading. Oanda was one of the asset exchanges to popularize its services on the internet, and it is widely credited with helping the development of web-based currency trading. In November 2022, OANDA launched its crypto trading services in the U.S.

OANDA experienced some major security breaches in its operating lifetime, with two of the most major attacks happening in 2012 and 2014. However, the platform’s reputation for being highly secure remains intact.

OANDA has also built a solid reputation as a trusted broker. Some of its most recent awards include TradingView’s Most Popular Broker in 2021, TradingView’s Best Forex and CFD Broker 2021, and Most Outstanding Retail-Sector FX Trading Platform in 2020.

How Does OANDA Compare on Security?

Customer Support

OANDA offers top-notch customer support to its users. It caters to all customer complaints by providing different channels for assisting customers. Some of these customer support channels include:

• Email support

• Phone support

• Chat support (English and Spanish)

• Live chat

OANDA’s customer support is backed by a comprehensive FAQ section that caters to all questions most users will have which means most users don’t have to go to other customer support options.

Problems not covered by the FAQ section will be resolved by the main customer support team. How long it takes to contact customer support depends on the method used. For immediate response, live chat is the best option.

However, live chat is quite limited in the kind of support it can provide so users may have to resort to email or phone support, which takes about up to 24 hours for a response.

OANDA’s Customer Support Compared to Other Platforms

Is There An Alternative To OANDA?

eToro – Better for Copy Trading

One good alternative to OANDA is eToro – a trading platform that offers stocks and cryptocurrencies. Some advantages eToro has over OANDA are more cryptocurrencies and improved copy trading – a scenario where traders can copy the trades of others. It also has spreads and margins comparable to OANDA.

Pepperstone – Tighter Spreads

Pepperstone is another good option for investors looking for an alternative to OANDA. Pepperstone offers forex, crypto, and stock trading. It also has the latest tools like MetaTrader 4 and TradingView. One reason why investors might choose Pepperstone over OANDA is the availability of tighter spreads.

Should I Use OANDA?

OANDA is a great trading platform, especially for investors seeking exposure to forex markets and cryptocurrencies. The platform is designed to cater to both amateurs and expert traders. OANDA has a wealth of educational materials alongside the latest trading technology like Meta Trader 4. Furthermore, it offers competitive spreads and efficient risk management tools. Its customer support is also top-notch.