Oanda Review | The Oldest American Broker or a SCAM?

One of the oldest American brokers, Oanda, still provides customers with high-quality service and excellent trading conditions. At first glance, this company has no drawbacks. Let’s see if there is a scam waiting for traders here and what problems they describe in the reviews.

Highlights

First Impression of Oanda.com

Oanda website leaves a binary impression. It looks pretty simple. It seems to us that a broker with such a long history should be better suited to its design. There is not enough useful content here. Additionally, you will not find a description of the accounts and trading conditions, or important information about the company. Content translated into several popular languages. However, at least the client is introduced to the team working on this project.

Partnership and Bonuses

The company has an offer called Oanda Affiliate. You can invite new traders to the site and receive rewards for this. Its size will be from 5% to 15% of the trading spread. Conditions are quite standard in the industry. You can earn a lot only if you build a large affiliate network.

Account Opening on Oanda.com

Since the broker is regulated, you will have to fill out a form with full personal details. We can even say that some of the data is redundant. For example, Oanda wants to know how much you are earning and how much you are saving. Besides, you will need to fill out:

• First and last name
• Phone number and email
• Date of birth
• Number of an identity document
• Tax number
• Residential address.

You won’t get into your personal account immediately. The broker’s employees will first check the information you provided and will write or call you if they need any other documents from you.

Verification

Unfortunately, the verification process is not described in detail. However, it’s already clear that Oanda will ask for photos or scans of documents to confirm the information you wrote about yourself in the form. By the way, how quickly the support will contact you is not indicated anywhere.

Trading Software

Without verification, Oanda does not give access to the trading platform. Nevertheless, we know that it provides two types of trading terminals. The first is the broker’s own development. The company even says that it deserved the awards. However, this software is not very popular among traders, so we do not recommend choosing it. It’s good that Oanda offers more standard solutions; for example, MetaTrader. There are no complaints about this terminal. You can install it on your smartphone or PC.

How Can I Trade With Oanda?

Trading conditions differ depending on which branch you open an account in. It is not very convenient, because traders will not be able to choose where they will receive services. For example, a branch that is regulated by the FCA will allow you to get leverage only until 1:30. And if your account is in the British Virgin Islands, then you can count on leverage up to 1:200.

All Info About Accounts

Oanda doesn’t have too many account types either. There are only two of them: Standard and Premium. Moreover, they are not too different in conditions. It is believed that the first account is well suited for beginners, because it can be deposited even for $1. The second one is intended for more experienced traders. Here the minimum deposit is 20 thousand dollars. The only advantage that the Premium account gives, you will be assigned a personal manager. Oh, and your requests will always be a priority for technical support. Neither the spreads nor the size of the commission differ.

Market Analysis and Education With Oanda.com

Oanda promises to help new traders in education. There is a special section on the site where clients can read useful information and get access to webinars. However, there is not enough useful data here. This information cannot be called comprehensive. In any case, the trader will have to look for another data source.

Deposit, Withdrawal, and Fees

There are three ways to fund your account on the site. You can use a credit card, wire transfers, or PayPal. At the same time, the withdrawal of money takes a very long time. Traders complain that this process lasts from three to seven days. Even worse, if you withdraw money once a month, Oanda will not take the commission, as promised. As soon as you want to withdraw money for the second time, you will immediately pay a $15 commission.

How Can I Contact It?

You can contact support by phone, by email, or in a special form on the site. All answers are in English only. Priority response to questions is received only by premium customers. The rest of the traders will have to wait about three days.

Is Oanda Dangerous?

Since the company has licenses from respected regulators, we cannot say that it is a scam. However, there are still some problems here.

How Long Does The Broker Work?

There are no complaints about the term of work to Oanda. The broker was launched in 1996. We checked its domain and it also started working in 1996. Long life is a very good indicator of a reliable broker.

How Is Oanda Regulated?

The management company is registered in several countries. Also, Oanda got several licenses in Canada, UK, and Australia. The broker has an offshore branch in the British Virgin Islands. We do not recommend opening an account there, because you will get poorer trading conditions and weaker supervision of authorities.

Frequently Asked Questions (FAQ)

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Expert Opinion

Well, it’s a pretty old broker with around 6 million monthly traffic. I think they work not half bad, and in general, you have nothing to be afraid of. You just have to carefully watch where you open an account, as the law only works in the “Old World”. In other less popular countries, it can be dangerous. For the rest, keep an eye on commissions and order execution.