OANDA forex broker review and detailed information

OANDA forex broker review and detailed information

How does OANDA compare with its competitors? Check out also our comprehensive and fully interactive comparison of forex brokers. If you do not know what the terms in the following tables mean, read the tutorial about forex brokers first.

Oanda forex broker logo

Basic information about Oanda

WebsiteVisit Oanda
TypeMarket maker (MM)
Regulated byNFA, CFTC
CountryUSA
Established in2001
Live chatno

Trading terms

Commission (pips)0.00-0.00
Fixed spreadno
Variable spreadyes
Spread on majors (pips)0.9-4.0
Leverage50:1
Minimum deposit (USD)1
Minimum trade size (USD)1
Accepts scalpingyes

Available features

Number of currency pairs60
Precious metals (gold & silver)yes
Oilno
Stocks, Indices, and/or CFDsno
Hedgingyes
Trailing stopyes
Free automated tradingyes
MetaTrader 4yes
Mobile tradingyes

Forex account

Demo accountyes
Interest on unused balanceyes
Islamic swap-free accountsno
Accepts U.S. citizensyes
Payment by Bank wireyes
Payment by Credit cardno
Payment by PayPalyes
Payment by checkyes
Other payment options
Account in USDyes
Account in Euroyes
Account in GBPyes
Account in CHFyes
Account in JPYyes
Account in AUDyes
Account in CADyes
Account in NZDno
Account in CZKno
Account in DKKno
Account in HKDno
Account in ILSno
Account in NOKno
Account in PLNno
Account in RMBno
Account in RURno
Account in SEKno
Account in SGDno
Account in ZARno

Languages

Arabicno
Chineseno
Czechno
Dutchno
Englishyes
Frenchno
Germanno
Greekno
Hebrewno
Indonesianno
Italianno
Japaneseno
Koreanno
Malaysianno
Polishno
Portugueseno
Russianno
Spanishno
Turkishno

See also: OANDA expert review on the Forex Learning Blog.



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OANDA customer reviews

Are you a satisfied customer? Or you want to share a scary story? Tell the world about your real-life experience with this forex broker! While writing your review, please also specify for how long time you have been trading with them and what trading style you use (for example news trading, grid trading, scalping, etc.). Readers with a similar trading strategy will pay more attention to your comment. Only genuine broker reviews will be published; posts promoting a website and generic comments will be removed.



TS
2012-09-29
I registered with Oanda because of the tight spreads. I just need to submit my documentation and fund my account. After realizing that Oanda is a market maker and not an ECN, I think I will just stay with FXCM. I have had nothing but luck with this company...

Thanks ASDF....


Eric
2012-04-20
I'm also using OANDA with a live account using MT4. I also have issues with magic number. Here is a reply from tech support:

OANDA does not have the infrastructure set up to reassign correct magic number if the original one has been deleted due to the fact that MT4 platform is currently a third party platform. However, our technical team is aware of the demand for such features and most likely will be working to improve it in the future. Please note that in normal cases the magic numbers should not be changed and will function correctly. It only happened this time because there was a synchronization issue in our system which caused some trades to be out of sync. This issue has been resolved already, so if you are to place more trades, you shouldn't experience this problem again. We apologize for the inconveniences caused and will do our best to prevent it from happening again.


Chris Perry
2011-09-29
I have used Oanda regularly for six months (demo accounts only). I found their fxTrade platform reliable and fast. I used their Live Help about four times during the six months and they were always efficient and helpful. Their variable spreads are often very good.

The only major problem Ive found with Oanda is that magic numbers aren't fully supported in Oanda MT4. Because of this an EA that uses pending orders to open trades is not able to identify its own trades using magic numbers. This problem is not mentioned in the Oanda MT4 FAQ and I think it should be. At present I would not consider running an EA that uses pending orders on Oanda.


ASDF
2009-12-16
I have been with Oanda for about a year. Oanda is a market maker so they actively trade against there customers. They actively hunt stop losses. Oanda's trading platform freezes often. I have lost my connection to my trading account while trading and they told me that I was having internet connectivity problems even though I could get to other web sites and log in to my email without a problem. They also did not know that I used to be a network administrator before telling me that I was having internet connectivity problems. Oanda is a highly manipulated environment. The correct term for this type of broker is a "Bucket Shop"

ECN brokers are the most free market breed of broker. They do not have a dealing desk that can be manipulated. ECN brokers want you to be successful because they make money when you make money. Oanda makes money when you loose. As time moves forward traders will opt for ECN brokers and market makers will go bust.


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