Oanda Trading Platform – Onda is a US based forex broker founded in 1996. It is a private company and therefore not listed on any stock exchange.
Oanda operates through several organizations worldwide and is regulated by high-level authorities such as the US Commodity Trading Futures Commission, the National Futures Association (CFTC) and the UK’s Financial Conduct Authority (FCA).
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Disclaimer: CFDs are complex instruments and come with a high risk of losing money quickly due to leverage. 78.3% of retail investors’ accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can take the high risk of losing your money.
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The services offered by different entities of Oanda are slightly different. In this review, we focus mainly on the UK.
If you live in Singapore, you can open an account with Oanda. See the best option available in your country.
Oanda offers a high-quality and easy-to-use trading platform, and its research tools are also powerful, with numerous technical indicators and a great API offering. The account opening process is user friendly and fast.
On the downside, Oanda has a limited product portfolio, as you can only trade Forex and CFDs. It is not listed on a stock exchange and does not have a banking background, two factors that may increase its safety suitability. Additionally, customer support is only available 24/5.
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Fees 4.2 Account Opening 4.2 Deposits and Withdrawals 4.2 Trading Platform 4.8 Markets and Products 1.8 Research 4.5 Customer Service 4.5 Education 4.8
Oanda has low forex fees but average CFD fees. Withdrawal fees are low but not in all cases, while there are also small inactivity fees.
Fees are built into the spread, 0.9 pips is the average spread cost during peak trading hours.
Fees are built into the spread, 1.2 pips is the average spread cost during peak trading hours.
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Fees are built into the spread, 0.3 points being the average spread cost during peak trading hours.
We’ve ranked Onda’s fee levels as low, average or high based on how they compare to the reviewed brokers.
To kick things off, let’s go over some language regarding broker fees. You need to keep track of trading fees and non-trading fees.
In the sections below, you will find Oanda’s most relevant fees for each asset class. For example, in the case of forex and stock index trading, the most important fees are spreads, commissions and financing rates.
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We also compared Oanda’s fees with two similar brokers we selected, Pepperstone and FXCM. This selection is based on objective factors like products offered, client profile, fee structure etc. See a more detailed list of egg options.
Oanda’s trading fees are low. Generally, Onda charges a spread cost rather than a commission per trade. Customers are charged a monthly inactivity fee if they do not use their account for more than one year.
We know it is difficult to compare trading fees for Forex brokers. So we compare brokers by calculating all common trading fees for selected products.
A typical trade is to buy an instrument, hold it for a week and then sell it. For volume, we chose a $20,000 position for forex and a $2,000 position for stock index CFDs.
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Available leverage depends on your country of residence. For example, the maximum leverage for US customers is 50:1. On the other hand, 30:1 is the maximum for EU customers.
For positions held overnight, you have to pay interest. These are called lending rates. The value of the rate depends on various factors, including daily rates, position size, product selected, funding rates, etc.
Overnight fees on Oanda from -5% to 2%. However, this varies daily and some may fall outside the above range. Finally, we factor these rates into our fee calculations.
Some brokers provide pip calculators to help you assess and manage your risks. With a pip calculator, you can calculate the value of a pip in the currency you are trading.
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Unfortunately Onda does not have such tools. However, they provide a spread cost calculator that you can use to calculate your total spread cost on an annual basis. There is also a currency pair units calculator that helps you calculate the maximum number of units you can trade with your available margin.
At Onda, the smallest available lot size is a micro lot, which is 1,000 units of a given currency. This trading size is available on MetaTrader 4.
There are no account or deposit fees. Oanda charges a reasonable $14 (£10) monthly inactivity fee if you do not use your account for trading for more than a year.
The first debit/credit card withdrawal in each calendar month is free, but subsequent withdrawals are charged. Withdrawal fees are higher for bank transfers and PayPal (GBP, EUR, USD only). For details, see our table on withdrawal fees here.
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Onda lies deep within the North American continent. The broker was founded in Canada and is headquartered in New York. Both US and Canadian citizens can open an account at Onda.
There is only one type of trading account at Oanda (besides demo and corporate accounts). However, you can open up to 19 sub-accounts. This is best if you want to hold different base currencies under one account. E.g. You can have a USD account with EUR and GBP sub-accounts.
Oanda also offers an API possibility for exchanges – this can come in handy if you want to develop your own platform.
From start to finish, you can open an account in less than 10 minutes. Account approval, however, may take several days, as we were asked to email some of our verification documents; But it’s still fast if you reply to their emails on time.
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To delete your account, you must “cancel your subscription” to Oanda. You need to submit a separate form to request the removal of your account.
There is only one type of trading account at Oanda (besides demo and corporate accounts). However, you can open up to 19 sub-accounts. This is best if you want to hold different base currencies under one main account. For example, you might have a USD account with EUR and GBP sub-accounts.
Oanda offers a demo account. It can be opened in minutes and you can try and learn Oanda’s desktop platform without risking your money.
Take your time and compare at your own pace. Sign up to receive bite-sized emails on specific account opening procedures, fee calculations, brokerage comparisons and more.
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Oanda does not charge any deposit and account fees. You can withdraw your money on a debit/credit card for free, but bank transfer withdrawals are very expensive.
At Oanda, you can choose from 9 base currencies, a selection that compares well with the company’s closest competitors.
Why does this matter? For two reasons. If you fund your account in the same currency as your bank account or if you trade assets in the same currency as your account base currency, you do not need to pay a conversion fee.
A convenient way to save on currency conversion fees is to open a multi-currency bank account with a digital bank. Digital banks offer bank accounts in multiple currencies with great currency exchange rates as well as free or cheap international bank transfers. Opening an account on your phone takes just a few minutes.
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Electronic wallets supported by Oanda include PayPal (UK, Canada) as well as Neteller and Skrill (most of Asia and other emerging markets).
You can deposit money only from the account in your name. Bank transfer can take several working days, while payment by credit/debit card is instant. For more information, visit Oanda’s website.
Withdrawal options and fees vary depending on your residence and your account base currency. The main withdrawal options are similar to deposits.
As for fees, credit/debit card withdrawals are generally free, as are withdrawals to PayPal or other electronic wallets.
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However, withdrawal by bank transfer is very expensive in most cases. For example, a withdrawal from a USD or EUR account costs $/€20; While in many regions, subsequent withdrawals in the same calendar month cost more, typically $/€35.
How long does it take to withdraw money from Onda? Oanda says it can take one to six business days, depending on the withdrawal method and your location. In our tests, using a debit card took one business day.
Onda’s web trading platform is user friendly and secure with good customizability. On the downside, you can’t set price alerts.
At Oanda, you can choose from two web trading platforms: Oanda’s own platform or MetaTrader 4. In this review, we tested Oanda’s own platform.
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Onda’s own trading platform is user-friendly and well-designed. It is also customizable, allowing you to change the position and size of the tabs.
Oanda offers two-step login, which is more secure than just using a username and password. For two-step login to work, you have to install the Google Authenticator app, which is a compromise that’s easy to live with for security’s sake.
Click the Sign In button on the Oanda CFD + Forex page to log into your account.
The search function of the platform is good, however its location
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