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 when it comes to offerings and pricing. Although OANDA manages to be a good forex broker in more than one aspect, especially with a traders 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 the state you live.
Commission And Fee
OANDA has no minimum deposit cost and its trading costs are usually steep, with high effective spreads across both core and default pricing. 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
- 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.
- It 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 has done an excellent job 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.
- It also gives you multiple options for algorithmic trading.
- OANDA’s spreads are below average as compared to its peers.
- Although OANDA 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 Inactivity Fee?
It does charge a monthly fee of 10 units of whatever the currency in which your account is denominated. But this happens only when there are no open trades in your account for more than 12 months.