Today, we have a new guest on our Forex broker review list – Oanda. Let’s see what they have on offer for traders!
Country of residence, physical address: 140 Broadway, 46th Floor New York, NY 10005 USA
Broker Dealing Type: NDD (No Dealing Desk)
Forex Peace Army Rating: 3/5 stars
Core Account Types:
Minimum Deposit – $1
Minimum Contract – $100 (0.001 nano lots) (100 units for FXTrade accounts)
Maximum Leverage – 1:50
Flexible spreads beginning at 1.2 pips
Average Spreads: Spreads begin at 1.2 pips across all accounts
Supported Trading Platforms: Meta Trader 4, Oanda FXTrade, Meta Trader 4 Mobile.
VPS service: No.
Deposit options: All major credit/debit cards, Wire Transfer, Paypal.
Withdrawal Options: Wire Transfer, credit/debit cards, Paypal.
Oanda was founded in 1995 in the US, and currently provides trading services across the globe. They have offices located in an impressive number of countries, which include the UK, Canda, UAE, Singapore, USA, Switzerland, Sweden, Japan. The company is licensed in all of these countries, and most notably, regulated by CFTC/NFA in the US, FSA in Great Britain, And the FSA of Japan.
Oanda also has an impressive number of renown partners and clients: Deloitte, RBS, PWHC, The Times British Airways, United Continental, ArcelorMittal, Fedex.
Featuring a home grown technology and platform called FXTrade, the broker also offers more traditional MT4 accounts. What’s interesting, this broker does not distinguish between account types, and offers a unified account type to all traders, regardless of platform. There are no such limitations as minimum deposit (you can begin with as little as 1$), and there are no limitations on minimum or maximum lot size that is allowed for your trades. Execution is quite good, but spreads can be a little high with Oanda – beginning at 1.2 pips, they can reach 30ish on some exotic pairs.
Also worth noting for those who like to run backtests – Oanda has a very accurate quote archive available to customers who use EAs. While not having a VPS service may be a bummer, backtests are certainly covered for.
Overall, very well regulated and with an impressive account type policy, Oanda definitely scores a solid place on our broker rating!