OANDA

OANDA is regulated by some of the top, if not the best, license issuers in the world. They all work under one domain- www.oanda.com – save for OANDA Japan Corporation Limited. The website is extremely approachable and is designed with one thing in mind: to be helpful but not overwhelming.

OANDA Corporation is a member of the National Futures Association (NFA), and is a registered Futures Commission Merchant (FCM) and Retail Foreign Exchange Dealer (RFED) with the Commodity Futures Trading Commission (CFTC) in the United States. In order to be eligible for providing Forex trading, a net capital of $20 million minimum is required; the main reason only a handful of brokers remain in operations in the USA. Furthermore, the leverage in the US has been limited to 1:50.

The CFTC is an independent U.S. federal agency, with a head global markets commissioner appointed by the president and approved by the senate. The main duties of this entity is to protect investors against fraud and manipulation. The NFA is the self-regulatory organization for the U.S. derivatives industry. It’s main duty is to safeguard traders interests and to oversee that all members (including OANDA) fulfill their lawful obligations. These two entities are considered to be the most austere regulatory agencies in the world.

OANDA (Canada) Corporation ULC offers its services to anyone with a Canadian bank account. This entity is regulated by the Investment Industry Regulatory Organization of Canada (IIROC). This agency’s main duties are to protect investors/traders interests while also endeavoring to build and maintain a strong and efficient markets. Unlike its southern neighbor, Canada has no restrictions on leverages. Canadian accounts with securities/commodity/futures contracts are secured with the Canadian Investor Protection Fund (CIPF) by covering up to CAD $1 million in the case of the firm’s insolvency.

OANDA Europe Limited is registered in the UK and as such is regulated by the FCA. The FCA’s main task is to enforce the laws that concern the financial market in the UK. The clients have the right to a compensation of up to £85 000 if the broker is unable to pay its debts. The leverage in Europe and the UK is limited to 1:30 by ESMA.

OANDA Asia Pacific Pte Ltd is regulated by the Monetary Authority of Singapore. As such it is tasked with the guidance of proper and legal financial practices. It does not offer a refund plan. It’s leverage goes as high as 1:50.

OANDA Australia Pty Ltd has its license issued by ASIC. This body preoccupies itself with enforcing the law against fraudulent activity, and promoting confident trader participation through tight controls over the financial market in Australia. Yet, with all that it does not offer a compensation fund. However, it can offer substantial leverages, in this case up to 1:100.

The average EUR/USD spread is 1.2-1.3 pips. The highest available leverage is 1:100. The leverage is limited in the US and Asia Pacific to 1:50, and in Europe/UK to 1:30.

The markets categories are as follows: Forex pairs, CFDs on Commodities, Bonds, Index CFDs and Precious Metals. For a global broker, OANDA leaves out some pivotal assets such as Cryptocurrencies and Shares.

The website has the following as available languages: English, Chinese, German, Spanish, French, Italian, Portuguese, Russian.

OANDA LOGIN

The MT4 makes an unsurprising appearance, while the proprietary OANDA Trading Platform is a worthy addition.

METATRADER 4

OANDA has adapted MT4 as its primary platform by offering some great features: micro lots, automated trading bots, 500 individual orders per account, automated trading, customizable trading indicators, and much more.

The normal EUR/USD spread is 1.2-1.3 pips. The leverage goes as high as 1:100 (for AU), while being limited in the US and Asia Pacific to 1:50, and in Europe/UK to 1:30.

MT4 is available on smartphones, on any browser and as a standalone desktop version.

OANDA TRADING PLATFORM

OANDA’s very own platform is a nice touch, because of its user friendly nature and customizability. The terminal offers advanced charts, including the ability to trade directly from the charts themselves. There is also a live news feed, economic calendar, indicators, drawing tools, as well as the ability to set up automated trading strategies, and other features that deem it worthy of trader’s time and investments.

With the demo account we got a spread of 1.2 pips for the EUR/USD pair. The leverage can reach 1:100, but depending on your current location it can drastically change. For example, if you’re based in the US regulation state that no leverage over 1:50 is allowed.

OANDA Trading Platform is available on smartphones, on any browser and as a standalone desktop version.

OANDA MINIMUM DEPOSIT

There is no minimum deposit requirement. We recommend at least $250 if clients are to take trading seriously.

The payment methods depend on which part of the world you are registered.

Europe: Credit/Debit Cards (instant no fees); PayPal (up to 1 day, for UK £0.35+1.4%/ for non-UK £0.30+3.20%); Internet Banking via Faster Payments (1-2 days, no fees); BACS (2-3 days, payment system fees); CHAPS Wire Transfer (1-2 days, payment system fees); Swift Wire Transfer (3-5 days, payment system fees); SEPA Credit Transfer 3-5 days, payment system fees).

United States: Debit Cards (immediate, no fees); Bank Transfer (1-3 domestic, 3-5 international, payment system fees); Checks (up to 7 days, no fees); Automated Clearing House (5-6 days, no fees).

Canada: Bank Transfer (1-3 domestic, 3-5 international, payment system fees); PayPal (5-6 days, no fees).

Asia Pacific (Singapore, Hong Kong): DBS Bill Pay (1-2 days, no fees); Pay Now (1-2 days, no fees), Internet Banking Transfer (1-3 days, no fees); Wire Transfer (1-3 domestic, 3-5 international, payment system fees); PayPal (1 days, payment system fees); Checks (5 days, no fees).

Australia: Credit (immediate, 3% fee)/Debit Cards (immediate, no fees); Internet Banking Transfer (1-3 days, payment system fees); Wire Transfer (1-3 domestic, 3-5 international, payment system fees); Bpay (1-3 days, no fees); China Payment (3 days, no fees).

The base currencies are as follows: AUD, CAD, EUR, GBP, HKD, JPY, SGD, CHF, USD.

OANDA WITHDRAWAL TIME AND FEES

The FCA, NFA and CFTC all guarantee 100% secure withdrawals.

As with the deposits, withdrawals too depend on the regions from which the request has been made.

United States: Debit Card (1-5 days, no fees), Bank Transfer (1-2 domestic, 3-5 international, $20 for first withdrawal within calendar month, $35 for additional withdrawals)

Europe/UK: Credit (1-6 days, $0 for first withdrawal within calendar month, $15 for additional withdrawals)/Debit Card (1-6 days, no fees), PayPal (1 day, no fees), Bank Transfer (1-2 domestic, 3-5 international, $20 for first withdrawal within calendar month, $35 for additional withdrawals)

Asia Pacific (Singapore, Hong Kong): PayPal (1 day, no fees); Check (2-3 days, no fees), Bank Transfer (1-2 domestic, 3-5 international, $20 for first withdrawal within calendar month, $35 for additional withdrawals)

Rest of Asia: Credit (1-6 days, $0 for first withdrawal within calendar month, $15 for additional withdrawals)/ Debit (1-6 days, no fees), Bank Transfer (1-2 domestic, 3-5 international, $20 for first withdrawal within calendar month, $35 for additional withdrawals).

Australia: Credit (1-6 days, $0 for first withdrawal within calendar month, $15 for additional withdrawals)/ Debit (1-6 days, no fees), Bank Transfer (1-2 domestic, 3-5 international, $20 for first withdrawal within calendar month, $35 for additional withdrawals).

Africa: Credit (1-6 days, $0 for first withdrawal within calendar month, $15 for additional withdrawals)/Debit Card (1-6 days, no fees), PayPal (1 day, no fees), Bank Transfer (1-2 domestic, 3-5 international, $20 for first withdrawal within calendar month, $35 for additional withdrawals)

Canada: PayPal (1 day, no fees), Bank Transfer (2-5 domestic and international, $20 for first withdrawal within calendar month, $35 for additional withdrawals).

Additional fees can be charged as issued from the payment system themselves.

There is no indication on a minimum withdrawal amount.

An inactivity fee of $10 per month (or corresponding currency) will be charged to sleeper account holders if, for the period of 14 months (12 for US clients), no trades have been detected.

BOTTOM LINE

OANDA is huge. All the regulatory bodies should immediately convey an air of security and safety. There is nothing standing in our way to say that this broker should be traded with.