OANDA Review Is it a Scam or Legit Broker 2024

is oanda legit

Our Desktop PCs run Windows 11, and we use MacBook Pro laptops running the latest version of macOS to test trading on the go. We test mobile apps and products using iPhones running iOS 17 and Samsung devices running Android OS 14. There are no deposit fees at OANDA, no matter the deposit method, and there are no fees for credit or debit card withdrawals.

Oanda’s Web Trading Platform

Awarded highest client satisfaction for mobile platform/app (Investment Trends 2021 US Leverage Trading Report, Margin Forex). Awarded highest overall client satisfaction (Investment Trends 2021 US Leverage Trading Report, Margin Forex). Through our partnership with Paxos, you can trade the big names in crypto like Bitcoin and Ethereum with our user-friendly app.

Oanda’s Account Types

The fact that they are still going strong today is a testament to the top-class brokerage services that they continue to provide to traders worldwide. Self-confessed Forex Geek spending my days researching and testing everything forex related. I have many years of experience in the forex industry having reviewed thousands of forex robots, brokers, strategies, courses and more. I share my knowledge with you for free to help you learn more about the crazy world of forex trading!

  1. In addition, you’ll have to submit proof of citizenship, confirm your address, supply employment information, and go through a proof of identity process.
  2. A premium account will give you access to discounted spreads, a partner platform subscription, and free wire transfers, plus commission accounts.
  3. With Oanda’s analysis tools traders can create complex strategies that involve coding languages, visual market data, and analyze how economic news affects the market on charts.
  4. When selecting a broker such as Oanda, one of the most critical factors to consider is the broker’s regulatory body and regulatory status.
  5. Click here for a full list of our partners and an in-depth explanation on how we get paid.
  6. This wide range of trading options allows traders to diversify their portfolios and capitalize on market opportunities across different financial markets.

Oanda Commission Fees

I think that OANDA can be a great choice of broker for anyone looking to trade in a well-regulated environment with industry leading trading conditions. OANDA offers a diverse range of trading opportunities, encompassing over 126+ instruments across major financial asset classes. In addition to forex trading, the broker provides access to Contracts for Difference (CFDs), allowing traders to participate in the price movements of various financial instruments. 74-89% of retail investor accounts lose money when trading CFDs. Just because a broker offers a trading experience that caters well to beginner forex traders does not mean that it is easier to make money trading forex on their platform.

Oanda’s Mobile Trading Platform

The charting package consists of over 65 indicators and drawing tools. There are about 11 customisable charts including the Heikin-Ashin, Renko, etc. The charting package is provided by TradingView; a leading web-based charting package and social networking site.

is oanda legit

The broker lists its business hours for phone and live chat support as Sunday 4 p.m. OANDA’s representatives were courteous and knowledgeable when they were accessible. It has built a solid reputation over the years, and it is regulated by a number of regulatory bodies, including the Commodity Futures Trading Commission (CFTC) and the oanda review National Futures Association (NFA). OANDA is one of the oldest platforms in the sector, with almost three decades of online presence. During this period, the company has managed to build a solid brand and amass a user base of tens of thousands of people, even winning the Most Popular Broker award at the 2022 TradingView Broker Awards.

Oanda Fees Explained

Oanda offers a welcome bonus of up to $5,000 depending on a customer’s initial deposit. If a client deposits a minimum of $1,000 then the bonus will be of $500. On the other hand, if you’re feeling lucky and you’re able to, a $50,000 deposit will get you the incredible amount of $5,000 as a bonus. OANDA does rank highly for its ease-of-use factor, making its Trade platform and client dashboard good for beginners, especially when compared to the complex trading software available from other brokers. In addition, OANDA has a decent offering of client education, alongside excellent research.

While not a discount broker, OANDA’s main advantage is its automated execution across its account offering. When I try to withdraw money from oanda into my “verified bank account” they deny it. If and when I get my money out of this platform, I will use another Forex trading platform that doesn’t try to hold on to people’s money. Despite entering all the correct settings, I was unable to log in to my new trading account. Much to my satisfaction, Oanda customer support spent the time to patiently identify and correct the issue. In addition, the MT4 charts which were slow and often froze using my previous Forex broker now function smoothly without interruption with Oanda.

is oanda legit

This may include sharing copies of your ID number, passport or driver’s licence and a utility bill or bank statement, respectively. OANDA may also ask you some basic questions about your employment status. On the OANDA homepage, look for the “Sign Up” button and click on it to initiate the account setup process.

While OANDA may not have the strongest emphasis on security, they do what is necessary to secure the platform and customer data. The company provides a safe environment for trading and complies with regulations, but does not go too far beyond that. Two-factor authentication (2FA) is available for OANDA customers as is biometric login for https://forexbroker-listing.com/ the mobile app. OANDA also offers clients “a powerful and more dynamic trading experience” by partnering with third-party providers MultiCharts, CQG FX, and TradingView. Furthermore, they offer VPS capability through third-party providers BeeksFX and Liquidity Connect. Jeff Anberg is a Staff Editor at BrokerNotes.co and ForexBrokers.com.


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