September 20, 2021

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Is Oanda a Scam? Top broker review for 2018

10 min read

Oanda Review
Oanda’s FXTrade platform is very well designed and offers traders all the important features to trade successfully. In addition, it is also suitable for mobile devices, which will be especially appreciated by those who prefer to trade while traveling.

Facts about the provider
Overall Rating: 87.62%
Date: 04/2018
Regulated: 100%
Customer Service: 80%

Oanda is a provider of forex and currency trading services. Companies and traders can use the platform for their payment services or for leverage trading. This company is not a small provider. On the contrary, it is one of the leading providers in the aforementioned areas. Among other things, the popularity of Oanda shows in the companies that use the broker for their purposes. These include, for example, Airbnb, Twitter, and many more.

One question that interests many traders is that of regulation. It is no coincidence that regulated brokers are more popular among traders because they are more trustworthy. This circumstance can have a positive effect, especially in the case of a dispute, since it can be easier to approach the broker. That should not be a problem with Oanda because it the responsibility of Oanda Europe Limited to provide support. This corporation is registered in England and bears the number 7110087. At the same time, it is headquartered in London and regulated by the Financial Conduct Authority (license number 542574.)
So traders can be reassured at Oanda. However, it must also be mentioned that only customers who are domiciled in Ireland or in the UK can use the so-called “financial spread Betting.”

In 2016, it is already 15 years of Oanda in the business of offering forex trading. The fact that the provider could hold on for so long is due to many different factors. First, the low spreads must be mentioned: the higher the market volatility, the wider the spreads become. This is ensured by the pricing engine. On the other hand, the spreads become narrower when volatility decreases.

However, since traders can only benefit from the narrow spreads, if they are executed quickly, it is also about the speed of the transactions. A high speed is guaranteed at this broker, but traders should also rely on the fastest possible internet speed and not depend only on the trading platform of Oanda.

You can also benefit from a pricing model that is very transparent. This circumstance is to be evaluated positively in the Oanda review, since an opaque pricing model often leads to open questions on the part of the trader and in many cases also means frustration.
If you choose to trade with this broker, you will be governed by the guidelines of six supervisory authorities. In other words, trading at Oanda is subject to regular guidelines and can be controlled. But in which markets can traders actually trade?

In total, traders can trade more than 90 pairs. These are distributed across different areas. Thus, precious metals, foreign exchange, and CFDs can be traded, as well as bonds and stock indices. In concrete terms, this means that in the area of foreign exchange pairs 40 major currency pairs can be traded, like EUR/USD and GPB/USD. This trade can take place five days a week, around the clock.

The CFD area gives traders access to six global bonds and 14 indices. Traders should be careful here, because there are no commissions, but there may be costs for the financing.

In the area of raw materials, the popular commodity CFD is natural gas, copper, and crude oil; in the case of precious metals, traders also have the choice between gold and platinum.
So the trade markets leave hardly any wish un-granted. This circumstance certainly also led the broker to win the overall satisfaction Award in 2015 in the United Kingdom and the same year in Austria.

But what about the trading platform? This too must satisfy the high demands of the trader, must not have any technical faults, and must ideally be optimized for mobile devices as well. These are high demands, which are analyzed in the next part of our Oanda test/review.

Regulated broker
Account opening without deposit possible
Over 40 currency pairs can be traded
Very fast trading platform
Traders can continue to learn using the educational material

Website is partly available only in English

The trading platform
According to their website, the provider meets 98% of all trades within 0.057 seconds or is sometimes even faster. This is due to the trading platform created in such a way that executions can happen very quickly and low transaction costs are incurred.

These are good general conditions. But can the trading platform also convince us when it is used? Yes, it did!
The FxTrade account provides access to several sub-accounts and the historical data that traders can use to test their trading strategies, and they also receive market analyses of intelligence services such as the 4cast and analysis. Just like current financial news, but it doesn’t stop there. The trading platform is suitable for many different operating systems. This includes the well-known operating systems Windows, Linux, and Mac OSX. Unfortunately, the trading platform is partly still in English, but only in a few places.

Company data
Company Name: OANDA Europe Limited
Address of the provider: Tower 42, Floor 9a, 25 old Broad St, London EC2N 1HQ
Registration number: 542574
Phone number: 001 212 858 7690
Live Chat: Yes

In addition to the trading platform, there is also the FxTrade trading platform for mobile devices. Users of an Android or iOS device can use it, using more than 40 analysis tools. By the way, not just for trading; users can also define a strategy and determine personal trading parameters. A positive aspect that should be mentioned in the Oanda review, as many trading apps hardly allow strategy development.

Also the working area leaves nothing to be desired. Because it can be customized. For example, you can change the layout of the charts as you like, or browse through a variety of charts that you need for your trading decisions. In addition to charts, the latest news is also important. They also get presented and even in different languages like Russian, among others. The app is rounded off by a customizable alert.

In the Oanda test/review, however, something else was clear. In addition to the FxTrade platform, traders can also use the Meta Trader 4 platform. This trading platform is offered by many brokers and enjoys a great popularity among traders. You can customize it and even connect to the FxTrade platform. MT4 hedging also offers some advantages.
Sometimes, if you offer so many features, you can overwhelm traders. This is especially true of inexperienced traders. For this reason, the provider provides a free demo account.

Oanda deposits
If you want to register with Oanda, you only need to provide a few information. This information includes your name, place of residence, e-mail address, and password. Then click on the “Sign in” button. After that, the broker will need a few more documents and have to check them. This can take few business days.

After the Oanda login has been carried out, money must of course also be deposited into the account of Oanda if traders want to trade. But this is not a condition for opening an account. Because there is no minimum deposit requirement. The money deposit does not show much difference to other brokers. Traders can make a deposit by credit card or bank transfer, among other methods. Traders should note that payment by PayPal will be charged and that this method will have a deposit limit of $100.

The payout is also quite straightforward. It is important to note that the payout method is linked to the deposit method. For example, if you have deposited by credit card, you can only request withdrawal/payment by your credit card. The free demo account will certainly welcome many traders, because forex trading is very complicated and in addition, the Forex market is also very volatile.

Therefore, it is better if inexperienced traders first become acquainted with the trading account and get to know the peculiarities of forex trading. But even experienced traders will certainly be happy to use the demo account. In this way, you have the possibility to test different strategies or even to trade an underlying that you have not previously traded.

After all, the underlying values are hardly comparable. The foreign exchange market is generally very volatile, with the stock market being more stable. After a while, traders will be able to better understand market realities and increase their chances of trading successfully.

Your chances of success can be improved by the use of demo account. Traders have it in their own hands to increase their chances. The key to this is the knowledge of the trader. However, it is too easy to say that you can simply educate yourself because a lot of knowledge is available on the internet nowadays. It is much more important to find the right information. Making the right choice is not an easy task.

Traders have the choice between extensive teaching materials. This includes, for example, free training courses aimed at providing experienced and inexperienced traders with knowledge. Specifically, this involves the video-on-demand library and the expert advice, which provide information on trading with CFDs and forex. In addition, there are training courses which, so to speak, illustrate the ABC of the Forex market. You can compare this to a dictionary in which the most important terms are explained for the forex market.

In addition, training shows how traders can leverage indicators and risk management tools. Thus, the Academy offers valuable information for all inquisitive traders who want to make more of their finances.

Of course, traders may want to further expand their ability in the field of technical trading. To do this, you should use the information from the broker that describes the basics of technical analysis, for example, a function should not be missing from any broker is a simple currency converter.

Finally, the exchange rate is also of great importance when it comes to trading in foreign currencies. The currency converter is located on the home page and can also be integrated into your own screen via source code. You can use comfortably when trading. There is also an iPhone currency converter and a currency converter for BlackBerry devices.

On the website you can find the currency converter in the header. With one click you can open more buttons, for example, when traders click on “Converter,” they get to it. You can then enter the desired amount and have it recalculated. But that’s not all; You can also view historical exchange rates, view live exchange rates, and even send money via the international money transfer feature.

Some of the data can go back to the year 1990. This feature may be for statistics lovers, but it can also show information about long-term trends and trends in certain years. This information shows that Oanda attaches a great deal of importance to the further training of its traders and does not leave it at explaining to its traders the difference between a stop loss order and a limit order.

The extensive teaching materials contribute significantly to the positive Oanda experience and cannot remain unmentioned in this Oanda test/review. In addition, the broker offers its traders a great exchange rate tool with which they can view historical and current exchange rates and even incorporate it into your own website.

Nevertheless, with this extensive range of courses, the customer service is only halfway described because regardless of the experience of the trader or your skills, it can happen again and again that you will have a question. In this case, a competent customer service is indispensable, which can be easily reached and quickly answers the questions.

The Oanda experience has shown that customer service has nothing to reproach itself with in terms of accessibility. It can only be reached five days a week. This is not bad, because after all, the forex trading is only possible in five days. The customer service is easily contacted via the live-chat. You can chat in English and some other languages too.

In addition to the live chat feature, there is also a comprehensive FAQs section that covers the most important topics. Here, answers to the most important questions about the most diverse areas are given. This includes, for example, the trading platform, the trading account, and the teaching materials.

Again, the broker shows why it is so popular. Not only does it offer extensive trading opportunities and a modern trading platform, it also ensures that traders can quickly contact customer service in case of questions or problems. Also, live chat is a delight!

Assessment and opinion on Oanda
The Oanda review is presented on this page without any bias. It shows that the provider is a globally regulated provider of forex trading. This is a very important point for many interested people, because in the financial field it is very much a question of trust in the provider. With these existing frameworks, there should be enough confidence in the provider.

Traders have the choice between more than 40 foreign exchange pairs and also the possibility to trade CFD, commodities, and stocks. Here, you can benefit from the fast execution of a transaction and the low spreads. The transparent pricing model also contributes to the positive Oanda experience.

However, these framework conditions are of no use if the trading platform is difficult to use. But, it is not the case with the existing trading platforms. Because our Oanda test showed that the FxTrade trading platform is very easy to use and that the app was worked out very well. It can even be used to create a strategy.

The deposit and withdrawal is straightforward and should not put trader in any problems. It should be mentioned here that the minimum deposit is $0 and traders can use a demo account for as long as they want! This allows you to test your strategies and skills, which will also delight experienced traders.
Customer service also contribute to the positive Oanda experience. This is available five days a week and can be easily contacted via live chat.

This review has shown that Oanda is a high quality provider in the field of forex trading. If you also plan to trade forex pairs, you can look at this provider without taking any risks by using the unlimited/free demo account!

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