OANDA Review For US Forex Traders Updated For 2023

The platform is quick, and robust, and is most suited to advanced traders, but all users can probably expect a bit of a learning curve before you can fully utilize it. The firm regularly updates and improves its app and also improved its calendar function; adding a 3-day schedule and therefore allowing traders to see whether markets are open or closed. There are no deposit fees at OANDA, no matter the deposit method, and there are no fees for credit or debit card withdrawals.

One of the major benefits of TradingView is its worldwide community of over 30 million traders – including Justin. He describes it as a social trading resource as much as a platform and has benefitted from exchanging ideas with experienced forex traders with a similar approach to the fx markets. We’re no strangers to MT4 at Compare Forex Brokers – it’s the leading forex trading software on the planet. The platform’s charting highlights include 31 analytical objects, 50 built-in indicators and nine timeframes to improve your trading strategy. You also have the ability to automate your trading with Expert Advisors (EAs), trading robots that perform market transactions automatically. There are hundreds of downloadable EAs available on the platform.

The firm offers excellent research tools and top class insights, along with a good educational section for both beginners and experienced traders, although the information can be a bit scattered. Oanda currently has its place in our list of best forex trading platforms. FXTraders mobile app includes charts, indicators, and the ability to trade straight from the chart. The platform allows users to access the firm’s trading instruments, live prices to trade major, minor and exotic currencies, advanced order types, and account analytics. Oanda is a globally recognised, retail trading platform, currency data and analytics company.

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If you start trading, however, it is important to note that OANDA charges users with an open position on their account at the end of each trading day (i.e., 5 pm Eastern Time). The fee will reflect the cost of position funding in relation to the margin utilized. After submitting your financial details, you’ll need to answer some questions about your trading experience.

  • The downside, however, is that you can also potentially incur significant losses if the trade moves against you.
  • In addition to Bitcoin and Ethereum, you can trade in eight other established tokens.
  • They have tight spreads from 0.0 pips, low commission fees and rapid execution speeds.
  • I think that OANDA can be a great choice of broker for anyone looking to trade in a well-regulated environment with industry leading trading conditions.
  • Unsurprisingly, given its track record for excellent customer service, OANDA ranked within the top three, with an overall score of 12/15.
  • We were also able to access live information on OANDA Corporation’s spreads easily, which made testing much more straightforward!

We may be compensated but this should not be seen as an endorsement or recommendation by, nor shall it bias our broker reviews. Trading Brokers Trading Brokers is dedicated to bringing you unbiased broker reviews, the latest broker news and trading guides to help you along your trading journey. We have over 20 years of experience when it comes to trading online so we know what to look for. REST or Representational State Transfer is an API that involves using HTTP for making requests.

How to Open an Account in OANDA?

Despite the impressive amount of regulatory oversight, the amount of protection for each account in the event of default is limited and may vary depending on where your account is held. For example, OANDA Europe Limited offers ESMA-mandated negative balance protection, while OANDA Asia Pacific Pte. U.S. clients are the exception given that OANDA Corporation does not offer their accounts any such protections. 71% of retail investor accounts lose money when trading CFDs with this provider.

About this app

Many of the charts on our trading platform use the average price, meaning an average between the ‘bid’ and ‘ask’ prices, so they don’t take into consideration the spread. The spread is the difference between the actual buy and sell price of a financial product at any given time. For 2023, OANDA was again Best in Class for Ease of Use in the Annual Awards, thanks to its straightforward web and mobile trading apps.

OANDA Corporation Customer Service

I have always received excellent support from them and wouldn’t hesitate to reach out to them should I need help with anything. Whenever you have questions about your trades and/ or orders, we are happy to assist. With our web platform, you have the choice oanda broker of having your candles drawn by the ‘mid’, ‘ask’ or ‘bid’ price. also recognized brokers that demonstrated excellence and innovation with our exclusive Industry Awards. In the European session, EUR/USD is trading at 1.0940, down 0.27%.

But just like any broker, it has bid/ask spreads, or the fees users pay to trade. This spread is seen in every trade (it’s how the broker makes money). For the most popular currency pair EUR/USD, OANDA charges a 1.0 spread.

Very good customer

They are a very well-established forex broker that continues to implement the latest innovative trading technologies, paving the way for others to follow. This makes sure they can keep up with the latest trends in an ever-evolving market. This is a handy tool for fundamental analysis that lets you keep up to date with what is happening around the global markets. You can receive updates on important economic announcements and events directly from your OANDA Trade platform whether using a real or demo account which is great.

Also there would be a lot more data displayed, it only displays couple months of data on 4H, wish it was at least half to a year. Also would love to see an ability to create custom colors on the charts and drawings instead of just fixed preset colors. Oanda has a good selection of markets including bonds, indexes, commodities, and forex. Oanda’s offer of 52 CFDs is below the number that some of its competitors offer, which could be anywhere from 1,000 to 10,000. The calendars include historical trend graphs, and have just been updated, as we mentioned. Also, more experienced traders will definitely appreciate the pattern matching engines and volatility analysis.

In terms of advanced charting features, OANDATrade has 80 technical tools, including 32 overlay indicators and 50 drawing tools. Our analysis takes into account the key features of any regulated forex broker, as well as unique tools and resources that may make a particular brokerage stand out. We also conduct our own testing to verify individual broker claims.

The broker also affirms that it does not operate an order book where clients’ orders could provide or take liquidity. All orders are executed at best available rates and optimum speeds. On your trade ticket (new order window), you can type in the size of the trade you wish to open in order to see the margin needed to open that trade.

For all of our broker reviews, we research, validate, analyse and compare what we deem to be the most important factors to consider when choosing a broker. This includes pros, cons and an overall rating based on our findings. We aim to help you find the best broker according to your own needs. Accounts can be opened in a good variety of currencies including USD, EUR, HKD, SGD,CAD, AUD, JPY, CHF, GBP.

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