Oanda Honest Review


Oanda is one of the most popular forex brokers. It offers many tools and features to make trading easy for new and experienced traders.

Oanda has a desktop platform called fxTrade, which is easy to use and includes all the latest market data. It is also available in multiple languages.

It is regulated

Oanda is regulated by six top-tier regulators, namely the Australian Securities and Investment Commission (ASIC), the Investment Industry Regulatory Organization of Canada (IIROC), the Japanese Financial Services Authority (JFSA), the Monetary Authority of Singapore (MAS), and the Commodity Futures Trading Commission (CFTC). These regulations entirely protect customers’ funds with reimbursement schemes in case of a crisis.

Moreover, Oanda is one of the safest brokers in the industry because the company uses encrypted transaction processes and secure servers. They also provide multiple account protection features based on the client’s location to protect their accounts from scammers and hackers.

In addition to this, OANDA is also a leading forex broker with unique and advanced analytics and research tools. Their fxTrade desktop and mobile platforms offer access to various instruments, order types, and analytics, including charts, technical indicators, and drawing tools.

It offers a free demo account.

Forex demo accounts offer you a risk-free environment to practice your trading skills. They allow you to backtest strategies, get familiar with the nuances of the market, and make all possible rookie mistakes without losing any real money.

A good Forex demo account will have many tools to help you learn and understand price action, chart figures, support and resistance lines, currency correlations, and more. It will also allow you to test automated strategies and use historical data to optimise your settings.

However, some brokers may charge a minimum deposit or require higher leverage in their demo accounts than they offer on live trading. It is, therefore, essential to check the broker’s terms and conditions before deciding which one to use.

A few pitfalls to consider when using a demo account include deal rejection, free charts and packages, market movements, and overtrading. The latter is a common problem for many traders tempted to trade too much when their money is not on the line.

It offers a trading platform.

Oanda offers a trading platform that includes various tools and analysis features. These include coding languages, visual market data, and news analysis to help traders develop an effective trading strategy.

The broker also offers two pricing models – spread only and commission plus core spread – which can benefit traders who aren’t sure whether they want to commit large amounts of money to trade. Under the core pricing model, the spreads are lower than at other brokers.

However, the fee structure can vary depending on order types, trading instruments, and accounts. In addition, Oanda charges a monthly inactivity fee for accounts that aren’t active for 12 months or more.

Oanda’s mobile platform offers simple, adequate asset view and charting tools. It’s an excellent option for novice traders and provides valuable information.

It offers a mobile app.

Through their mobile app, traders can access Oanda’s trading instruments, analytics, and advanced order types. They can also keep track of their accounts using the portable chart.

The application is available on iOS and Android, and it is a great way to stay up-to-date with market conditions from anywhere in the world. It also offers regular updates on market sentiment and new price signals.

In addition, Oanda offers a wide range of research materials that cover everything from fundamental analysis to technical indicators and APIs. The site is easy to use and has a good customer support team.

It is regulated by six tier-1 jurisdictions and is considered a safe broker to trade forex and CFDs with. They also offer account protection services based on location to protect your funds against hackers and scams.