Oanda Solutions is a broker known to provide accurate trading prices to traders or companies who want to trade in international currencies. The broker is more than 20 years old and is a global leader in the market that has a gold standard resource that can be used and trusted easily. Oanda facilities- forex, indices, commodities, CFDs for the traders across the world.
Pros and Cons
Oanda was established in the year 1996, making it one of the oldest online forex brokers. At that time, its services were just for the investors to spot forex and CFDs. However, today, the broker is a well-established firm in the forex marketplace, which is known to offer around 124 trading instruments, High-level Forex services, data exchange rates, and currency management solutions to traders as well as small or big enterprises.
Having its headquarters in the United States, it is also known for its offices in Tokyo and London. Oanda tends to operate around 8 global financial centers with traders from more than 196 countries.
Recently, many day traders have reportedly been victims to fraudulent brokers. This made selecting a licensed and regulated broker, important. However, Oanda’s hostile approach to get legalize their services has bought peace to many traders.
Oanda has also received several international awards and is regulated by the following jurisdictions:
- Commodity Futures Trading Commission (CFTC)- USA
- Investment Industry Regulatory Commission (IIROC)- CANADA
- Financial Conduct Authority (FCA)- UK
- Financial Service Agency (FSA)- Japan
- Monetary Authority of Singapore (MAS)- Singapore
A mentioned above Oanda is providing service to more than 196 countries, with the major countries as follows:
- The United States
- United Kingdom
This flagship falls under Oanda’s flagship and is available for web, desktop, and smartphones. It is powered by Tradingview. This platform has 80+ indicators and various features, like the ability to overlay various currency pairs in a single chart.
This a third-party platform offered by Oanda, which supports algorithmic trading system development. It also includes back and forward testing automated systems. The broker also supports standardized trading connectivity to various charting platforms like NinjaTrader, Motivewave, and more.
You also have an option of the MetaTrader 4 download. MT4 includes advanced charting, watch lists, various timeframes, and plus trade automation using the EA (expert advisor) plugin. As a trader, you will be able to save layouts along with various chart profiles as per your needs. Additionally, you can easily drive the swap rates, along with the live and monthly exchange pricing charts accessible on the platform.
Please note that the broker can also offer some additional platforms. This may include some third-party trading platforms, like Seer Trading Systems and more. Also, it doe not offer MetaTrader 5 (MT5) to the traders.
If you are asking what about this review separates Oanda from the rest, then their extensive range of research and trading tools may just do the job. Their offering surpasses many retail trading platforms. Oanda is known for its extensive range of research and trading tools for your trading career. It also offers the following:
- Webinars: Be a part of live webinars offered by Oanda, you can get access to several online videos cover a host of subjects, from being a beginner in trading to the high-level advanced topics, like Fibonacci Retracements as well as Clusters, and more.
- Articles and Blogs: These are detailed blogs that appeal to traders of all experience levels.
- Tutorials: There is a vast range of topics available which includes how to trade Bitcoin, reading resource feeds along with identifying correlations. Additionally, you can learn the basics of scalping and comparing the live spreads. This may help you with the best intraday trading earnings.
On top of that, Oanda also made access to the historical average exchange rates simple. Viewing open as well as long or short positions ratios are also easy to execute. Furthermore, there are several monthly and yearly averages along with historical interest rates that can be accessed and found.
TRADING INSTRUMENTS/ ACCOUNTS
There is only one type of trading account offered by Oanda. However, you can also open up to 19 sub-accounts using the same. These are the great options for the traders looking for various base currencies under one account, for example, you can ace a USD account along with EUR and GBP Subaccounts.
It is understandable, that with an increasing number of day traders who are looking for easily accessible systems in terms of deposit and withdrawal. You can also make deposits and withdrawals into your account using any of the following methods:
- Bank transfer
- Credit/ Debit cards
The broker’s website guides you through the trading process along with their customer services should be able to help with any withdrawal-related problems. There are many other options available, depending upon location as well. For the traders in China, you can use UnionPay and Bpay.
There can be withdrawal fees involved as well. However, this can be as much a 20 to 35 euros in case you are using bank transfer as an option. Also, you might be given one monthly card for withdrawing your earnings for free.
Contact & Customer Support
While talking about the day trading business, it is understandable that every second is money. This also means that every platform or account-related issue can affect your profit. Therefore, having quick and effective customer support is quite essential for every trader. Luckily, Oanda is known to offer quick and multilingual support to every trader. Time can be restricted depending upon your location.
You can also contact the customer support of the company through email at any point in time. There is also an online chat along with phone support available during the trading hours. You can visit Oanda’s official website for their contact, as it may vary location to location.
Opening an account with Oanda takes less than 10 minutes of your precious time. Talking about account approval, it can take a few days, they may ask to submit some of your verification documents via email, and it is quick is you are active in responding to their email on time. Below are the few steps you can follow to complete your account opening:
- Set your username and Password
- Fill in personal information like your employment and financial status.
- Answer a few test questions like – What are margins? – This is just to test your knowledge in terms of trading.
- Identity verification- upload your ID, bank statement, and bill proof in order to verify the country you belong to.
- Make a deposit to start trading.
Oanda is a strong and regulated broker with a clean track record in the world of trading. It is licensed with the strictest yet major financial jurisdictions that make it the most reliable broker to trade on. However, it also includes a limited list of tradable products along with the pricing trials and is also known as the discount leaders of the industry.
Lastly, Oanda is the best for those who are trading casually along with the professional traders, who want to connect using API. It is also recommended for those who wish to use automated trading platforms like MT4. Recently, Oanda was also declared a the best-in-class in the ease-of-use category, thanks to its simplicity and ease of execution on various web or mobile platforms.