Last Updated on March 6, 2023 by ahmadaftab
A globally trusted broker, OANDA is known for its reputation and regulatory tracks with top jurisdictions. However, this stable broker has some limitations and restrictions regarding offerings and pricing. Although OANDA manages to be a good forex broker in more than one aspect, especially with a trader review trust score of 92, you still need to consider a few things before trading with OANDA.
List Of Things You Need To Consider Before Choosing OANDA As Your Go-To CFDs And Forex Broker
Offerings and Instruments
It offers investments in 124 symbols and as many as 71 forex pairs with options to trade cryptocurrency through CFDS. However, the available markets at OANDA will vary depending on your state.
Commission And Fee
It has no minimum deposit cost, and its trading costs are usually steep, with high effective spreads across both core and default pricing. The average spread(Standard) is EUR/USD 1.4, and the All-in cost( active) is EUR/ USD 1.4 with the availability of active trader discounts.
Advantages And Disadvantages Of Using OANDA
Pros
- OANDA is one of the safest low-risk brokers for CFDs and forex trading. It is regulated in six tier-one jurisdictions, which further cements its place in the list of top credible brokers.
- OANDA provides excellent support to its users through its podcast titled “Market Insights.”
- One key aspect of our OANDA review was to analyze the research tools offered by the broker. And we concluded that It had done an excellent job of providing some great quality market research articles and tools for market analysis.
- You get an easy-to-use mobile application that strikes the right balance between different features. Furthermore, Social copy trading is also available via ZuluTrade.
- OANDA also gives you multiple options for algorithmic trading.
Cons
- OANDA’s spreads are below average as compared to its peers.
- Although It offers great educational content, the problem users face with the broker is the availability of limited video content.
- It has a decent fxTrade desktop and web trading platform, but in comparison to web trading platforms of market leaders like Saxo Bank and IG, it falls short.
What Do You Need To Open An OANDA Account?
To start with, you must be over 18 years of age and need to be a resident of the United States. Then you will require to submit some identity proof and answer a few questions. Once you have completed the verification, you are all set to start trading.
What Is The Minimum Deposit To Start Trading On OANDA?
Remember, there are no charges whatsoever to open or maintain your OANDA account. Also, you don’t have to pay any minimum deposit fee, and the only cost this online trading broker takes is on spreads.
What Amount Does OANDA charge As an Inactivity Fee?
It does charge a monthly fee of 10 units of whatever currency in which your account is denominated. But this happens only when there are no open trades in your account for over 12 months.
Quick Overview
OANDA is a well-known forex broker that provides trading services for traders worldwide. The broker has been operating since 1996 and has built a reputation as a reliable and trustworthy platform for forex traders. In this article, we will discuss OANDA’s reviews and account opening terms.
Reviews of OANDA
OANDA has generally received positive reviews from traders. The broker is highly regarded for its transparent and fair pricing, low spreads, and excellent customer support. Traders have also praised the broker for its easy-to-use trading platform, advanced charting tools, and reliable execution.
However, some traders have raised concerns about OANDA’s limited product offerings. The broker only offers forex and CFD trading, and some traders feel that this is not enough. Additionally, some traders have reported issues with the broker’s customer service, although this appears to be a minority of cases.
Account Opening Terms
Opening an account with OANDA is a straightforward process. Traders can choose between a live trading account and a demo account. To open a live account, traders must provide their personal information, including their name, address, and contact details. Traders will also need to provide proof of identity and proof of address.
The minimum deposit to open a live account with OANDA is $1. The broker charges no deposit fees, and traders can fund their accounts via a range of payment methods, including credit/debit cards, bank transfers, and e-wallets.
Regarding account types, OANDA offers two main options: a standard account and a premium account. The standard account has no minimum deposit requirement and offers competitive spreads. The premium account requires a minimum deposit of $20,000 and offers lower spreads and additional features such as a dedicated account manager.
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