OANDA Broker reviews

OANDA is currently the world's largest broker

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2020-05-28 15:39:00

 

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In 2001, OANDA became one of the first companies to offer private traders its own trading terminal, which opened access to trading in all popular instruments. OANDA is currently the world's largest broker, officially operating in five jurisdictions:

- The United States, OANDA Corporation, is regulated by the National Futures Association (NFA № 0325821);

- Canada, OANDA (Canada) Corporation ULC, regulated by the Investment Management Organization of Canada (IIROC);

- Europe, OANDA Europe Limited, licensed and regulated by the UK Financial Supervision Authority (FCA), license № 542574;

- Asia-Pacific, OANDA Asia Pacific Pte. Ltd. regulated by the Singapore Monetary Authority (license № CMS100122-4) and the Singapore International Trade Development Committee (IE Singapore), commercial brokerage license № OAP / CBL / 2012);

- Australia, OANDA Australia Pty Ltd. regulated by the Australian Securities and Investments Commission (ASIC), ABN 26 152 088 349, AFSL № 412981.

 

Registration

To register a personal account in OANDA you need to fill in the registration form. Even at the registration stage, LCs are warned that your data may be transferred to national tax authorities for tax purposes. It is necessary to download documents confirming the identity and address of residence, indicate the source of income and wait for the approval of documents by the company's managers.

 

Deposits and withdrawal

Cash I / O transactions depend on which company you have an account with. OANDA Europe Limited customers can top up their deposit by bank transfer via SWIFT, payment cards, PayPal, online transfer via Faster Payments, BACS and CHAPS. OANDA does not accept payments from third parties. Withdrawal of funds is possible only in the same way in which the deposit was replenished. At OANDA Europe Ltd. cross-border withdrawal of funds is prohibited: funds received by bank transfer from the payer's country must be returned to the same country (country of origin of funds). There is no concept of a minimum deposit in OANDA, you can transfer to the account any amount that allows you to maintain the required level of margin on the selected instrument.

 

Trading conditions

Due to the different requirements of financial regulators, trading conditions are markedly different. The maximum leverage provided to American clients is 1 to 50, clients are prohibited from hedging orders and must comply with the FIFO rule (orders must be closed in the same sequence in which they were opened). The European division provides leverage from 1:30 in major to 1:10 in cross country. More than 90 currency pairs, as well as indices, commodities, bonds and metals are available for trading by the broker's clients. Additional fees are not charged. Spreads are quite competitive. For example, spreads on the EUR / USD and GBP / USD pairs are 1.3 points and 1.9 points, respectively.

 

Trading platforms

OANDA offers its customers trading using its own platform and the popular MT4 terminal. There are web versions of terminals for trading in the browser, as well as versions for mobile operating systems. You can open an order, for example, to buy 37 euros in the currency pair EUR / USD. The OANDA terminal is noticeably different from a metatrader and it takes time to master it.

 

Security

All OANDA brand companies are regulated and non-trading risks are minimized. Customer deposits are insured, the amount of insurance payments depends on the jurisdiction of the company in which the account is opened.

 

Support service

The company's customer can contact the support service in an online chat, by phone (it is possible to order a call back) or via e-mail. Technical support works five days a week. Operators in the online chat respond quickly enough.

 

Conclusion

First of all, the company will be of interest to serious traders who operate large deposits and want to minimize various force majeure. For beginners with small deposits, in our opinion, it makes no sense to go through not the simplest registration process and send expensive international bank transfers. OANDA does not provide no-deposit bonuses, so beloved by novice traders and focuses primarily on customers trading for real money.

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Damian

Damian

Author

I have been trading Forex for more than 5 years, mostly with manual and automatic trading. I set up advisors for round-the-clock automated trading. I'm sure I can help to establish your trading skills....

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