Oanda is one of the largest and most reputable forex brokers who initially entered the market as a technology provider and currently operates via MetaTrader 4 and it is own custom platforms – fxTrade. Established as a company in 1995, Oanda started offering retail forex services in 2001, which makes it one of the oldest brokers on the market. Initially Oanda begun in Switzerland, however now it is headquartered in Toronto. Oanda is notorious for its Market Making approach, however FxCritic does like the transparency about it (as most of the brokers are market makers anyway, at least Oanda doesn’t hide it under ECN camouflage).
What is another great point about Oanda is the quality of the service. As it has Swiss roots, the general work of this brokerage can be compared to a Swiss watch, you can expect the quality to be of the top-notch level.
Oanda Trading Accounts
Oanda doesn’t make account selection difficult for you, if you want to trade, the only thing you need to do is to open an account. There are no account types, VIP statuses or different execution accounts. When trading with Oanda each an every customers gets to enjoy No Dealing Desk Execution, best spreads and all of the platforms accessible via a single account.
Although you need to note that for MetaTrader 4 you would need to create a sub-account and make an internal transfer there.
Oanda Trading Conditions
As Oanda doesn’t charge any commission, maintenance fee and doesn’t have any hidden costs, it has slightly higher spreads than the competition. Still, Oanda’s spreads are acceptable compared to the quality of the service that you get.
Below you can see live spreads from Oanda during the Asian session.
As you can see, the spreads start as low as 1.8 pips, and JPY rates tend to be quite competitive. While you can get better EUR/USD rates with other reputable top forex brokers, you still can be interested in Oanda due to the trading platforms.
Oanda Trading Platforms
Oanda offers you trading via regular MetaTrader 4. As of yet, MetaTrader 5 is not available with this broker. We are not going to jump into details explaining MetaTrader 4, as the platform is known for almost every trader.
fxTrade, Oanda’s proprietary platform, is quite worth taking a look. It is based on Java, which makes it quite fast and what’s the best is that it is available at your browser too. For more information on the fxTrade platform – click here to check out the manual.
Getting started in trading is not too complex with Oanda as it provides guidance for switchers, beginners and even experienced traders. You can get educated for free and you can also access paid courses designed by professional traders.
You can also learn forex by yourself with the help of Oanda’s resources, this way you can master any of the interesting topics without taking the whole course.
Last but not least, you can get latest market updates and helpful market commentary by the best forex analysts from Oanda.
Even though Oanda is not giving you the bonuses and rebates, it provides you with the peace of mind in trading so you can focus on making profits.
Oanda Deposits And Withdrawals
This brokerage let’s you deposit not only via regular Bank Wires, Credit and Debit Cards, but it also provides you with an opportunity to deposit via PayPal and even use checks. Same rules apply for withdrawals.
Oanda Review Conclusion
Choosing Oanda as your forex broker is a solid choice. You will get best of the bread service, good market conditions and stable trading, while you can enjoy trading on MetaTrader 4 and fxTrade browser platform. If you are a US based trader, Oanda is a great brokerage for you, as the range of brokers you can choose from is much more narrow.