Established in 1996, OANDA is a multi-award winning, international broker. The prestigious broker caters to customers from 196 different countries, providing them with competitive trading accounts.Â
Oanda’s no-minimum-deposit web platform, premium currency products and services, and user-friendly interface have made it a popular choice among both novice and seasoned traders. In addition to the FCA, ASIC, and CIRO, the company has oversight from other respectable regulatory bodies.
If you’re a new trader seeking a reliable broker, OANDA’s user-friendly interface, extensive resources, and ease of creating an account will meet your needs. New traders and those on tighter budgets will appreciate the $0 entry point.
A trustworthy broker: a closer look at Oanda’s regulation and security
According to our Oanda broker review, several divisions of the OANDA Group hold product distribution licences, allowing them to serve customers anywhere in the world. A customer’s choice of OANDA subsidiary is determined by the customer’s country of residence.Â
Negative balance protection and separate client funds are provided for retail investors. In the case of broker insolvency, EU and UK traders can access investor compensation funds. For instance, the UK’s Financial Services Compensation Scheme (FSCS) protects investors up to £85k.
Competitive trading fees: how Oanda stands out
OANDA’s pricing is highly competitive, with the option to trade with either a spread or a tighter spread along with a cheaper commission.
The spread-only option is great for new traders because there is just one price to keep in mind.
Active traders will benefit from the commission-based account. Spreads start at 0.1 pips and there is a $40 charge every $1 million transacted, so the fees are rather minimal.
Razor-sharp market execution
OANDA operates as a trading desk broker or market maker. In exchange for making the market more liquid, market makers apply a tiny premium or discount to the purchase or sale of a security.
The average speed at which orders are executed on the broker’s proprietary platform was a huge selling point for them.
The broker’s own software is a web-based, fully customisable charting solution. There is also app support for mobile devices.
However, MetaTrader 4 (MT4) can be accessed in a variety of ways, including through a mobile app, a web browser, or a download. Because of its user-friendliness and robust set of analytical capabilities, this trading platform is among the most popular in the world.
For ease of use with common web browsers, the OANDA web terminal is a superior option for newcomers. The terminal’s clumsiness is the only real drawback for me. The latest news and other features take a few minutes to load as well.
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Final Thoughts
OANDA is widely regarded as a premier brokerage. Traders who have experience will value the robust trading platforms, extra tools, and low fees.
The brokerage is ideal for novices because of its comprehensive educational resources, limitless demo account, and low minimum deposit.
If you want to learn to trade, OANDA is the place to go. The course covers an introduction to trading with leverage, as well as fundamental and technical analysis, the use of indicators and oscillators, and more.
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