To make money from money, you have to invest it in a lucrative activity. Trading has proven to be one of the best ways for you to invest your money and increase it. However, it rarely occurs to the new traders that the broker they pick for trading matters a lot in deciding their trading career. It is very much possible that you might never pursue trading if you sign up with the wrong broker the first time you start trading. At the same time, you can turn into a professional and seasoned trader with an impressive portfolio if you find the right broker on your first attempt.
Free to use
| 88% Claimed win-rate
$250 Min Deposit
Accepts Debit and Credit Card
In the recent times, traders from around the world have admired the efforts put in by Oanda to bring the best trading experience to them. This online broker is now considered one of the best you can find on the internet. Of course, it must be giving something special to the traders to earn this accolade. Let’s dive deep in this Oanda broker review to know the reasons why so many traders love its services and prefer them over the services of other brokers.
What Makes Oanda Better than So Many Other Brokers?
CFD and Cryptocurrency Trading
The first thing that attracts traders to Oanda is the fact that the can do CFD and cryptocurrency trading when they sign up with Oanda. There are many online brokers that specialize in only one of the two things. You can either trade CFDs with them, forex currency pairs or stocks. Oanda brings you the powerful assets from all around the world in one place so you can trade your favorite ones whenever you want. In cryptocurrency CFD trading, you are not supposed to buy the asset when you make a purchase. It is only a contract that yields profit on an underlying asset if you have made the right predictions and vice versa.
The beauty of cryptocurrency CFD trading is that you have a lot of leverage in there to execute huge trades. That’s something you don’t get with other types of trading methods. At the same time, you are able to trade the best cryptocurrency pairs of the world from the same platform when you join Oanda. There is no doubt about the fact that cryptocurrency CFD trading has emerged as one of the most popular formats of trading in the recent times. If you like the idea of trading cryptocurrency CFDs rather than the cryptocurrencies themselves, you should definitely consider joining Oanda’s trading platform. Let’s get to know about this broker further.
You have to keep in mind here that the company has been around for more than 18 years now. Since 2001, oanda has been providing only the best trading services to traders from all over the world. oanda might not be the oldest broker on the internet but it is definitely one of the most tenured ones today. The broker has polished its system and services during all this time. At the same time, it has understood the changing needs of the new traders with time. Today, it can offer you a trading platform that many other brokers can’t.
Regulation around the World
There are many ways for you to know whether or not a broker is serious with its business. In addition to that, this same method helps you identify the authentic brokers from the fake and fraud ones. This method involves you looking at the regulation information of the broker. Even if your broker is monitored, licensed, and regulated by only one of the world’s renowned regulating entities, you should enjoy the peace of mind while trading. However, things are not so great when your broker is not licensed and regulated by any of the regulating authorities in any of the countries it operates in. This is a red flag that you should not ignore.
Now, things get even better when your broker is regulated by multiple regulating authorities. In the case of Oanda, this company is regulated around the world by six different regulating bodies. Some of the big regulating authorities that monitor Oanda’s financial services include the names like Financial Conduct Authority, Australian Securities and Investments Commission, Investment Industry Regulatory Organization of Canada, etc. With regulation from these bodies, Oanda operates with utmost confidence to provide the best trading services to the residents of these countries and more.
This is for your peace of mind when your broker is regulated by many different regulating bodies around the world. You know that each operational step that the company takes is being monitored by these regulating commissions and organizations. If anything goes wrong, these bodies will take care of the matters. At the same time, they will not let the broker involve in any activities that are against the laws of the industry. If the first thing that matters to you before doing business with a company is trust, you will definitely love signing up with Oanda.
The account that you open with this broker is a premium account. You get all the amazing features in this account that an advanced trader gets. There is nothing that you will miss once you are with this broker. Oanda also works hard to provide the traders with the best and the most lenient trading conditions. You are going to love how free you are as a trader when you sign up with this broker. The first thing you are going to love about trading on this platform is that there are no minimums on your trades. What it means is that you can execute any trade of any size and the company will not interfere.
The biggest problem for new traders arises when they have to sign up on the platform. It does not matter how good the features of a broker sound, if the trader does not like the sign up requirements, he/she will not sign up. The biggest hurdle in the way of the traders, of course, is the initial deposit. You can’t really feel comfortable with an online broker when you have to deposit a huge minimum to start your trading account. You don’t have to force yourself to arrange any money from any sources once you have decided to sign up with Oanda. With this broker, there is no minimum deposit limit, which means you can deposit as much money as you like.
There are many things that brokers do that can ruin the trading experience for the traders. It does not really matter whether you are a new trader or a seasoned one, these factors directly impact your trading. First, spreads can ruin or make the trading experience pleasant. What you expect from the broker is to keep as little as possible. When you look at tight spreads, it means the broker is willing to let you take home most of the money. However, when there are loose spreads to trade with, you are going to leave a lot of money in the hands of the broker. Your profits will shrink tremendously when the spreads are not tight. You are lucky to have you Oanda on your side with some of the tightest spreads available from it.
The other important thing to know is about the commission that many brokers take from you when you start trading on their platforms. Once again, it is the broker who keeps most of the money and lets you take only a little when the commissions are in place. In most cases, you have to pay the commissions in the forms of percentages of the volume of your trade. So, the bigger the trade that you want to execute, the more money you have to pay to the broker. All you have is the peace of mind when you trade with Oanda. This is one of the best online brokers but you are not to pay any type of commission on your trades when you sign up with Oanda.
When there are no commissions, it means the money you make from your trades transfers right into your account. On the other hand, if you sign up with a company that charges you a commission on every trade, you end up losing up to 5% of your profit because of the commissions that have to be paid to the broker.
Assets and Financial Markets
This is another area where you will feel freedom once you sign up with Oanda. There are plenty of assets from five different asset classes available on the platform for you to trade. More importantly, they come from a variety of financial markets from around the world. Yes, you will be able trade them all in one place because of the trading platform that you will get from Oanda. Let’s take a look at the assets that you can trade with Oanda once you have become one of its paid traders.
There are six different bonds that you can trade with this broker. These bonds come from various parts of the world. You can trade the bonds from the US or from the UK. It is highly recommended that you know about bonds and research them before you trade them. The spreads you get when you trade bonds with Oanda can be different based on the bond you pick from the list. You have access to the many tools right on your trading platform to know where the prices of the bonds will move before you enter the trade. It is best that you take a look at these trading tools and pick the ones you think will benefit you the most.
An index is a combination of many different stocks in one place. The movement of the index on the charts depends on the overall movement of the stocks that it covers. If you don’t want to pick one stock at a time, you can go with indices trading. This type of trading is also available with ease from Oanda and can be done right from the same platform. The best thing is that you can enjoy some really tight spreads when you trade indices with Oanda. In some indices, your spread is as small as 0.5. These are the spreads that help you make money on your trades. On the other hand, there are brokers with loose spreads. Trading with them is like emptying your pockets.
With most other brokers, you are not offered any other stock metal than silver and gold. While they happen to be two of the most stable metals in the world, they are not the only ones you can trade when you open your trading account with Oanda. You have access to many other precious metals as well. For example, if you want you can trade palladium and platinum from the same platform. If you are into trading precious, metals, you should not limit your trading portfolio to gold and silver. Adding platinum and palladium will show how big of the risks you can take as a trader. Not to mention, your risks define your rewards in trading.
In the commodities section, you have different types of assets such as soft commodities, energies etc. In the soft commodities, you have corn, sugar, soybean, etc. And if you want to go with energies, you can trade oil and natural gas on the Oanda trading platform.
Forex and Cryptocurrency
This is where you will find the best cryptocurrency and currency pairs of the world available for you to trade on the Oanda trading platform. You can enjoy some of the tightest spreads on your cryptocurrency pairs while trading with Oanda. It is amazing how you can use the same platform to trade all of these different types of assets. With leverage available on your trades, you can increase your profits to extreme levels and reach your financial goals faster than one can imagine.
The Trading Platform
There are many reasons to love the trading platform that you will be trading on once you sign up with this broker. First, you will get access to the Oanda trading platform where you will find all the necessary charts and graphs to help you with successful trades. This is the platform that you can customize according to your needs so you only see in front of your eyes what you want to see. This helps you focus on the things that matter to you as a trader and overlook what’s not important to you. The best thing is that there are hundreds indicators and tools to help you execute your trades with the most accurate predictions.
What you are going to love about this trading platform is how uniform the experience is whether you move from on device to another device or one platform to another platform. It works just as fine on Mac as it does on Windows computers. That’s because the trading platform is web-based. To run the trading platform, you have to start your browser. This experience of trading remains the same no matter which device, operating system, etc. you are using and from where. You can also download the trading platform on your mobile devices. The platform will deliver the same fast performance without glitches whether you are on Android or iOS phone.
In addition to the Oanda’s trading platform, you can also start trading on the MT4 trading platform. If you are new to trading, you should know that MetaTrader 4 is the best trading platform so far. It provides you with a lot of customization options and can be learned within a few minutes. It is also a fast trading platform with all the tools and indicators you need during your trades. Use the platform on your desktop computer, tablets, smartphones, etc.
This is yet another amazing feature that you can enjoy when you are with Oanda. As a trader, you will realize that making huge profits on trades is not something that happens every day. You have to keep growing with small profits. In an attempt to make big profits, you can also end up with a huge loss. That’s the kind of situation you want to avoid at any cost. However, when you try to grow a trader by making small profits, it takes an abnormally large amount of time for you to reach a point where you can say that trading has changed your life. This particular problem is solved by Oanda’s automated trading features.
Yes, you can now automate your trades to make trading a breeze for yourself. What you do is that you set the filters and program the software to execute a trade when certain conditions are meant. It means the platform is trading on your behalf even when you are sleeping, attending an office meeting, or shopping with your family. Automated trading is fast and ensures that your favorite trading strategy is consistently followed throughout your career. Of course, you can always make changes to your automated strategies by changing the values of the filter you have set on automated trading.
Training with Oanda
Just like many other online brokers out there, Oanda is willing to provide you with all the necessary knowledge and education you need before you start trading. Once you have obtained proper training, you can step into the trading world and start making profits right from day one. Of course, you don’t have to get washed away with the flow. You want to keep your cool and your focus should be more on minimizing your losses than it is on increasing your profits.
With Oanda, you can learn all about trading right on the Oanda website. The broker has taken the responsibility of bringing you the best training material so you can equip yourself with the right tools before you step in this market. The most amazing thing about the trading education from Oanda is the webinars. Yes, you will be able to attend webinars where the experts from the industry will be talking about which assets you should be investing your money in and why. They will answer all other questions related to your trading career.
The best thing about the webinars that you will attend after signing up with Oanda is the type of training available. If you are new to trading and want to learn it from the very basics, you have the right material to train you on the basics of trading. At the same time, you can also register yourself for premium webinar series. In these webinars, the experts will be talking about more advanced trading strategies and how you can use them to your advantage. In this course, you will also learn the many different charts, graphs and technical analysis that the professional traders use.
Oanda Customer Service
You will be more than happy to know the customer that you will get from this broker. If you want to reach a representative of the company, you can call them at any hour during the 24 hours from Friday to Monday. It is up to you how you want to contact the company. If you want to send an email, you can send an email about your issue. You can also call the company to talk about your issue. The best thing is the live chat option on the website. This option activates as soon as you land on the website and a representative is there to listen to your questions and answer them. Before you contact the company, you have to choose the category to which your issue belongs so you can be helped by someone who can really solve your issue.
You can see that there are many benefits for the traders if they join the Oanda trading platform. They can trade CFDs, commodities, forex currencies, indices etc. You also have the peace of mind while trading with this broker because of the regulations and licensing it has obtained in many parts of the world. So, if you want to enjoy the best trading conditions on an easy trading platform which is properly regulated, you should definitely consider Oanda as one of the options.
Free to use
| 88% Claimed win-rate
$250 Min Deposit
Accepts Debit and Credit Card
5 thoughts on “Oanda Review: What Makes Oanda a Favorite Pick for Traders around the World?”
Great broker, definitely not a scam and they also have Islamic trading accounts!
I cannot recommend Oanda. I often see spreads being widened randomly (without news events) and over the weekends it’s absurd. Some widening is acceptable but not with a factor of 10-20.
Also, I had a limit order that mysteriously disappeared and wrote support about it. They took two days to answer (then it’s a bit late) and I just got a standard answer about filling out some information, which I already did when send the request in the first place.
I will be closing my account with Oanda asap.
I try trading with Oanda as a regular trader but it is not a suitable trading facility. Standard account is too poor with to high spreads. The platform and services are fine for newbie getting to learn the ropes but not for anyone trading to a high level
If you want to trade here, be prepared for the fact that the withdrawal takes some time. If I’m not mistaken, a week. Why this happens, I do not know. After all, the replenishment is instant. In any case, the money always came to my card, but you have to wait
Thank you for your input Eric