FOREX.com also offers MetaTrader 5, the newer and more advanced version. As we’ve mentioned in our OANDA review, there isn’t a minimum amount of money you need to deposit to start trading on this platform. Of course, you still need to deposit some cash into your account to initiate any forex trades. Signing up, creating an account, and using OANDA is absolutely free. The platform charges no maintenance fees, nor does it require regular payments. Unlike many similar platforms, OANDA only takes a commission out of successful trades at a rate of $50 per million.

How much are Non Trading Fees with Oanda?

We also dive into each broker’s trading costs, such as VIP rebates, inactivity fees, custody fees, bid/ask spreads, and other fee-based data points. Moreover, it offers APIs for clients developing third-party trading apps. The broker’s stated goal is to differentiate itself with superior trade execution and transparency, and all data points to that being the case. FxTrade, OANDA’s primary user interface, is well designed and provides clients with access to trading instruments, complex order types, and account analytics.

Supported Countries

• Founded in 1999, Forex.com is frequently mentioned as one of the best places for professional traders.
• If that’s a deal-breaker for you, have a look at our best copy trading platforms.
• Signing up, creating an account, and using OANDA is absolutely free.

Joey Shadeck is the Content Strategist and Research Analyst for BrokerNotes.co and ForexBrokers.com. He holds dual degrees in Finance and Marketing from Oakland University, and has been an active trader and investor for close to ten years. An industry veteran, Joey obtains and verifies data, conducts research, and analyzes and validates our content. To open an individual account at OANDA Global Markets Ltd , prospective clients must provide their personal details, citizenship, home address, employment status.

Tight CFD spreads

Furthermore, each elite trader gets a dedicated relationship manager, exclusive discounts on third-party platforms, and VIP access to content and events. Our OANDA review continues with a closer look at the various products and services this trading platform offers. This is evident in its web-based trading platform, which is one of the most user-friendly and intuitive platforms around despite being incredibly advanced.

How much does Oanda charge per trade?

Yes, OANDA provides a variety of exotic currency pairs in addition to major and minor pairs. No, OANDA only accepts withdrawals from accounts in the trader’s name. ✅Specify the amount you want to deposit, ensuring it meets minimum deposit limitations.

It does, however, charge an inactivity fee of USD 10 per month if your account lies dormant for more than one year. Clients can also use the popular MetaTrader 4 (MT4) platform for trading. MT4 includes advanced charting, studies, watchlists, and trade automation through “expert advisor” plugins that many traders appreciate. Because the MT4 platform is such https://forexarena.net/ a well-known industry standard, traders moving to OANDA from other brokers will be familiar with its functionality. On the downside, the look and feel of the application are a little dated, and some functions can be clunky. ForexBrokers.com has been reviewing online forex brokers for over six years, and our reviews are the most cited in the industry.

OANDA Corporation’s version of MT4 also includes some unique features that we enjoyed testing. Even the standard ‘vanilla’ version of the platform offers an enhanced trading experience via OANDA Corporation’s proprietary plugin. We used this to set up automatic price alerts that fed into our automated trading, as well as an automatic chart pattern recognition indicator tailored to our test strategy. In both cases, we spotted opportunities we would’ve otherwise missed using MT4 alone.

In our review of OANDA, we focused on the services provided by OANDA Global Markets Ltd (/bvi-en/), authorized and regulated by the British Virgin Islands Financial Services Commission. We conducted our tests using the MetaTrader 4 and MetaTrader 5 platforms. Some features and services may vary depending on where you reside. Americans interested in trading forex aren’t exactly spoiled for choice, given the restrictions on CFDs and other trading products enacted by US regulators. Based on our test of numerous factors, your trading experience, trading costs and regulatory protections, we found OANDA Corporation to be the best option for US citizens.

Do you prefer a broker with no minimum deposit but has an inactivity fee? If you’re confident you’ll be an active trader anyway, there’s no need to worry about the inactivity fee. OANDA and FOREX.com are similar in that they are both forex/CFD brokers. OANDA’s trading platform has over 65 technical indicators that help you analyze charts. You can also compare multiple currency pairs within a single chart.

You can also see all the details you need on OANDA’s Contact page. Some of its trading tools include customizable watchlist, price alerts, limit orders, and stop loss levels. This enables you to place trades with unmatched speed and precision. The platform has a responsive design that allows for easy zooming in and out of charts. This makes it easy for you to take a closer look at specific data points or get a broader view of market trends. The Elite Trader account also offers you a dedicated relationship manager whom you can directly ask for concerns or inquiries while the Standard account doesn’t.

Oanda is also well-regulated by 6 respected regulatory bodies in different jurisdictions. While the online application takes only a few minutes, Oanda collects more personal data than most brokers. The mandatory account verification, requiring a copy of the trader’s ID and proof of residency document, is part of the process. The educational section for beginner traders remains below average and insufficient. The content lacks depth, and a classroom-style approach with well-structured lessons and courses is not available.

Oanda is a market maker broker ideal for beginners, thanks to its lowest trade sizes, competitive spreads, and no minimum deposit. It does have a limited number of assets and few base currencies, though they support many trading techniques like scalping, hedging, and algo trading but not copy trading. For experienced traders, FOREX.com offers a more comprehensive oanda forex review range of trading platforms and CFD markets, making it the better option. Another interesting service from OANDA is their Elite Trader program, which grants you access to their premium trading tools, market analysis and insights, and much more. The program is ideal for high-volume traders since it offers rebates of up to $17 for every $1 million traded.

I worked for about three months in attempts to withdraw funds from my account, unsuccessfully. I triple checked with my bank’s status, and there were no issues there. I see that there are several who have had similar or the same experience with Oanda. I have attempted to withdraw funds numerous times and they denied and said I needed to verify the account so I did all the stuff they requested. Then requested to withdraw again after they finally verified the account 3 days later. Then they denied the withdrawal again saying I have to use the card I originally used to fund the account.

Whether you’re interested in forex, or even commodities like crude oil, rest assured that you’ll be trading safely through OANDA. OANDA offers a comprehensive suite of tools designed to enhance the trading experience and provide valuable insights to its users. OANDA’s desktop platform has the same strong range of order types as the web platform. Charting has 24 indicators, 9 drawing tools, 9 time frames, and 10 chart types. One of the most useful advantages of the charts is that you can adjust the candlesticks to bid, ask, and mid.