OANDA is a leading financial services provider of currency conversion, online retail foreign exchange trading, online foreign currency transfers, and forex information.
OANDA is one of the oldest and most popular Forex brokers. The company was established back in 1995 and since then it has turned into one of the most renowned and most popular Forex brokers.
The company is regulated by the FCA, DFSA, MAS and IIROC and its services are used by thousands of traders around the world. Apart from providing traders with an innovative and reliable way to participate in the Forex market, OANDA also supplies with them with detailed currency data based on their rich financial database.
Platform & Features
Traders who use OANDAs services can use one of the following platforms to execute their trades – FxTrade, FxTrade Mobile and MetaTrader 4. Each one of these platforms provides the user with detailed information about all assets as well as access to the most popular technical tools.
The account registration process is easy and simple and you can choose between seven currencies – USD, AUD, JPY, GBP, CHF, CAD, SGD, EUR and more. The minimum deposit is just $1, so OANDA is the perfect starting point for beginners who dont want to deposit large amounts of money. And if you think that trading with real money isnt the right choice for you, then OANDA offers you the opportunity to use a demo account. Keep in mind that you can also take advantage of the 50:1 leverage that OANDA offer.
Traders using OANDAs services get access to some of the most popular currency pairs as well as some of the less known ones. One of the main advantages of this broker is that it offers very tight spreads for some of the most popular currency pairs. For example, the EUR/USD currency pair has a spread of just 0.9.
Money can be deposited or withdrawn from OANDA via debit/credit card, wire transfer, PayPal or by check. Keep in mind that the PayPal and check options are only available if you your accounts currency is USD. Another thing you should know about OANDA is that depositing and withdrawing money isnt completely free. Every deposit is taxed with a fee of $0.15 + 2.8% of the money transferred. In the meantime, withdrawing money to a credit card will cost you between $0 and $15,
while withdrawing via a wire transfer costs $20. If you have any problems with your account or the trading platform, you can rely on OANDAs support staff that is available 24/7. They can be contacted via the forums, chat, email or phone. Overall, OANDA is known as one of the most reliable and trustworthy Forex brokers on the Internet.
Unfortunately, currently there arent any bonuses or promotions offered by OANDA.