OANDA

oanda
Score: 5.9/10 OPEN AN ACCOUNT
Is Oanda safe or scam broker for forex traders? What is account types and its spreads offered by Oanda? How much is minimum deposit and maximum leverage?
5.9/10 (Expert Score)
Product is rated as #40 in category Forex Brokers

Oanda forex broker is one of the leading companies in the forex market. Founded in 1996 in the USA, the broker now has offices in many countries. Toronto, Sydney, Tokyo, Singapore, London, New York are some of these. We see that they also care about the service offered in these countries. Because they are regulated by the watchdogs of these countries.

oanda review, is oanda safe

Oanda is very popular in the US as one of the pioneer of forex brokers. The official website also has about 10 million visitors per month. A large part of this visit is from the USA. Is the Oanda safe? What needs to be known about Oanda account types, licenses, spreads and deposit & wihdrawal methods? In this Oanda review you will find the answer to these questions.

5.9Expert Score
Average

I reviewed OANDA based on the following criteria.

TRUST
8.5
COMMISSIONS AND FEES
5
CUSTOMER SERVICE
5.5
PLATFORM & TOOLS
5.5
PRODUCT PORTFOLIO
5
PROS
  • Strong regulation with 6 different regulator include FCA and ASIC
  • Minimum deposit is $1
CONS
  • Maximum levarege is 1:50
  • Cryptos are not available
  • Account types are limited
  • Payment methods are limited
  • Withdrawal fees are higher

Regulation & Protection in Oanda

Oanda is regulated by 6 major watchdogs. Especially FCA in the UK and ASIC in the Australia are very high reputation among forex investors.

The company is also a member of the National Futures Association in the USA. NFA-registered brokers are expected to comply with strict rules. For example, hedging is not allowed in these brokers. Also, the leverage is not higher than 1.50.

Brokers should keep at least $20 million in capital in their bank account. This guarantees clients funding and provides extra security. The same security prevention is also available on FCA-regulated brokers. However, the net capital requirement on FCA regulated brokers is 730,000 euros.

Oanda Account Types

One of the disadvantages of Oanda compared to competing brokers is the limited number of account types. Oanda offers only two types of accounts: Standard and Premium.

The minimum deposit in the standard account is $ 1. Spreads are veriable and around 1.4 pips on EURUSD. ECN account type not found. So this is a disappointment for scalper investors. However, the leverage is limited to 1.50, which is not suitable for scalpers.

The nano account type is also not available. The nano account is missing, which is a suitable account type for investors who want to try trading strategies or forex robot.

oanda spreads - oanda account types

In premium account type, the minimum deposit is $ 50,000 or equivalent. If you open a premium account, you can trade with tighter spreads than standard account. Oanda also offers dedicated relationship manager and custom trading support for premium clients. But still, I do not see an advantage worth $ 50,000. Competitor brokers offer these premium services for a lower minimum deposit than Oanda FX Broker.

The most important disadvantage of Oanda is leverage rates. Maximum leverage is 1:50 on major fx pairs and 1:20 for all others. This leverage ratio is very low compared to competitors.

Payment Methods

Oanda is not in the way we are accustomed to in terms of payment methods. Deposit and withdrawal methods are very limited. Also, processing time is longer than competitors. Also withdrawal fees are charged by Oanda. If you use a withdrawal method with a credit card or PayPal, the first withdrawal transaction is free every month. You pay a fee for additional transactions in that month.

OANDA
OANDA
Score: 5.9/10
Forex Brokers Lab
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Who Am I?

Hello to everyone. Forexbrokerslab is my personal blog where I compare reliable forex brokers. I’ve been in forex trading since 2009 and I’m still learning. I have traded with the most popular forex brokers, including the most unknown ones in any regulation and many different account types. So I think I have enough knowledge to compare brokers. You can learn about forex brokers by reviewing my blog.

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