Oanda Review 2024

Hi, this is Dominic, a forex and indices trader at Forex Trading Journals. I’ve been in forex trading for 6 years now. During my phase of being an independent trader, I’ve traded with many other popular brokers, but somehow I never traded using an Oanda account until now. So this write up is going to be very raw to portray my experience.

Oanda Overview

Faces of Oanda

Oanda has forged a strategic alliance with the renowned global football sensation, Robert Lewandowski, the current striker for FC Barcelona and captain of the Poland national football team. Lewandowski is widely acclaimed for his exceptional professionalism, strategic positioning, impeccable technique, and remarkable finishing skills. Recognized as one of the best strikers of his era, he stands among the most successful players in the history of Bundesliga and Bayern Munich. With a prolific goal-scoring record exceeding 600 goals for both club and country, Lewandowski has garnered a substantial global fan base.

In the forex trading world, where complexities and potential scams can pose significant challenges, the association with someone of Lewandowski’s height brings an assurance of reliability. His endorsement of Oanda not only speaks to the platform’s credibility but also serves as a beacon of trust for traders navigating a landscape filled with hustle and opportunistic scammers. The addition of Lewandowski to the Oanda team effectively dispels any apprehensions, providing traders with a secure and reputable option for their trading endeavours.

Oanda Accounts and Commission

“I found Oanda to be different from the other forex brokers in terms of account offerings. While other brokers are offering multiple accounts, Oanda seems to believe in one size fits all. However, things change if you deposit $50k or more, you’ll get treated as a premium Oanda member. As a premium client, you enjoy personalised services like custom pricing and tighter spreads to meet your specific needs.”

But hold on! It’s not that simple with OANDA. They have different account offerings depending on both the country and region. For example, they offer Core pricing account and Spread-only pricing account in Australia 🇦🇺 and the region associated with it. On the contrary in the US🇺🇸 they offer Standard account and Elite Trader loyalty program. Here in Canada🇨🇦 they are offering totally different account types. 

Nevertheless, I found it fast to open or create an Oanda account. I started trading, depositing $5k, and started trading the regular account.

Leverage

Oanda allows margin-based trading, which gives you the advantage of using your account funds as leverage to take on positions that are larger than your real account balance. The possibility of making more money in relation to the investment is offered by this leverage. Margin trading provides opportunities to take advantage of market moves and increase returns by increasing your trading power.

However, if you’re trading from Canada like me or trading from the United States, you are more likely to get 50:1 from Oanda. In addition to that  If you’re eligible for the Advanced Trader Program the spread for you should come down ranging from 0.1 to 0.3 points.

The leverages of each instrument Oanda offers can be checked here.

Now, further information about Oanda’s Leverage, if you’re not from American or Europe region, you may be eligible to take advantage of leverage up to 200:1

If you’re trading from Europe, the Oanda leverage is determined by the regulatory bodies in the Euro Zone like FCA and ESMA. You can check the live feed of it on Oanda.

Oanda Deposit and Withdrawal

In my experience, depositing money into the Oanda account was swift, and I could pay through my debit card. However, if you want, you can pay through bank wire as well. Oanda also facilitates paying the deposit through PayPal, but the condition for Canadian traders is that it should be a CAD account.

The Oanda withdrawal was no exception in terms of methods. But if you’re seeking a bank wire transfer, you’ll need to pay an extra CAD $20.

Oanda Trading Platforms

Oanda offers a 3D trading solution for its traders. While there has been a lot of talk about how different platforms are creating havoc in the industry, Oanda has kept its offering wide and open for all traders to choose their preferred platform. This includes platforms like MetaTrader 4 and MetaTrader 5, TradingView, and Fx Trading.

Additionally, Oanda’s commitment to providing a versatile trading experience extends beyond platform choices. The 3D trading solution integrates advanced analytical tools, real-time market data, and customizable indicators, empowering traders with comprehensive insights to make informed decisions.

Educational Contents

I found Oanda offering a diverse opportunity to learn and grow in forex trading and the inside edges of becoming successful. Oanda segmented the learning opportunities like learning leverage trading, fundamental analysis, technical analysis, using indicators & oscillators, webinars, and events.

Besides, a trader or anyone interested in learning and growing in the trading industry should read their blogs. The blogs are written on well picked topics, cover a wide horizon on the subject matter, and are written in words that are easily understandable.

Educational content on a forex broker’s website plays a crucial role in empowering traders, fostering trust, equipping beginners with the fundamental knowledge and skills needed to navigate the complexities of the market, while offering experienced traders valuable insights and strategies. This educational support leverages informed decision-making, potentially leading to improved trading performance. By prioritizing education, forex brokers can cultivate a community of responsible and confident traders.

Oanda Trading Tools

Trading tools are vital for informed decision-making and growth. Platforms like advanced charting software empower technical analysis, enabling traders to identify trends and potential trade opportunities. Oanda equips traders with advanced charting software ‘AutoChartist’ for technical analysis.

Fundamental analysis tools like market news and economic calendars keep traders updated on factors influencing currency movements. Oanda, for fundamental analysis, offers tools like research reports and an economic calendar.

Additional tools like margin calculators and copy trading options can help manage risk and learn from successful strategies. Oanda margin calculators help assess position requirements, while the PAMM feature enables copying successful traders’ strategies. For uninterrupted trading, VPS options are available. This diverse suite empowers informed decision-making and caters to various trading styles.

These resources equip traders to navigate the market complexities, potentially leading to improved trading performance and confidence.

Oanda Social Platforms

I believe a forex broker’s social media presence is very important, as it fosters transparency, engagement, and education for traders. It allows for real-time updates on market news and broker announcements, fostering trust and informed decision-making. Although Oanda doesn’t have a community based social platform like Telegram or Discord, they are vastly focused on their X (formerly Twitter), Facebook, and Instagram. 

Educational content shared on these platforms empowers traders, particularly beginners, by providing insights and strategies. Additionally, social media facilitates direct communication, enabling traders to ask questions, receive support, and connect with other market participants, enriching their overall trading experience.

Oanda Customer Support

As a forex trader, having dedicated customer support from my broker serves as a safety net and a valuable source of guidance. It gives me the confidence to navigate potential challenges by offering prompt assistance with technical issues, account-related inquiries, and general trading questions.

My experience with Oanda meets exactly the desires I’ve always had. They offer multilingual support through FAQ pages, email, phone calls, and live chat as well. There was a point where I had to reach out to solve my withdrawal, and Nick, the support representative, helped me a lot in securing and resolving the issue.

Areas for Improvement

My understanding is that the desire to improve services a broker possesses reflects their commitment to growth, innovation, and customer satisfaction. It indicates a proactive approach to addressing potential shortcomings and exceeding expectations. 

This can be seen as a positive sign for several reasons. Firstly, it demonstrates a willingness to adapt and evolve in a dynamic environment, suggesting potential for long-term success. Secondly, it indicates a focus on customer needs and a drive to provide value, potentially leading to increased customer loyalty and positive word-of-mouth.

I believe Oanda, in general, could consider some areas for improvement as well. 

1. Expanding Educational Resources: Expanding educational resources with interactive content, webinars, and personalized guidance would cater to diverse learning styles and experience levels.
2. Enhancing User Experience: Enhancing the user experience by optimizing platform navigation, providing intuitive research tools, and offering mobile-friendly features would contribute to a smoother trading experience.
3. Diversifying Trading Instruments:  Diversifying trading instruments beyond traditional forex pairs to include a wider range of assets could better cater to diverse trader preferences.
4. Competitive Commission Structures: Competitive commission structures with transparent fees or potentially lower spreads would be beneficial.

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