Broker Details
Minimum Trade Size: | 0.001 |
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Maximum Leverage: | 50:1 |
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Minimum to Open Live: | $1 |
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Established: | 1996 |
Address: | 135 West 41st Street New York NY, 10036, United States |
Contact: | frontdesk@oanda.com, +61 2 8046 6258 |
Regional offices: | |
Regulators: | ASIC #412981, IIROC #, FCA #542574 |
Prohibited countries: |
Trading platforms: | MT4, WebTrader |
Web Trading: | Yes |
Mobile Trading: | Yes |
Currencies: | (55+) |
Cryptocurrencies: | |
CFD: | (5+) Gold, Silver, Other Precious Metals, Oil, Other Commodities |
Scalping: | Yes |
PAMM: | Yes |
Deposit Methods: | Bank Wire, VISA, MasterCard, ACH Payments (echeck), BPAY, CHAPS, Check, DBS Bill Payment, Local Bank Deposits, Local Bank Transfers, Payment Asia, PayNow, PayPal, SEPA Credit Transfer (SCT), SWIFT |
Withdrawal Methods: | VISA, MasterCard, Check, Local Bank Transfers, PayPal |
Oanda.com profile provided by MatthewC, Mar 22, 2016
Competitive Spreads
Trade with confidence knowing your OANDA CFD* & retail forex trading account gets competitive spreads with no commissions on your trades, no minimum deposit and no account maintenance fees
Exceptional Execution
Low cost of CFD and forex trading is more than just spreads. It's having your trades executed automatically without requotes or rejections, unless you choose to place upper or lower bounds to protect against price fluctuations.
Award-Winning Online Trading Platform
Experience the power and ease of CFD and forex trading with OANDA across all our trading applications. OANDA puts you in full control of your trade strategy, so you never lose sight of the market.
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Traders Reviews
Cant go lower with the rating!
Service use: Live
Length of use: over 1 Year
They managed to become one of the worst broker around
Service use: Live
Length of use: over 1 Year
I started trading in 2007 and I opened my account with OANDA in 2008.
It's been such a long ride. OANDA used to be a good broker, with a very easy to use platform. A great advantage if you are not familiar with volume and position size in lots, which are fundamental concepts required to trade with a platform like the MT4.
Although it was not anymore my main broker, I still enjoyed used it from time to time and I also suggested it to some of my followers (I share my live trading on YouTube and Twitch).
With the heart full of sadness, I have to say that OANDA is not anymore what it used to be in the past years.
It all started when they introduced the "inactivity fee", which is a fee you have to pay if you don't trade for a period of a month. Since OANDA is not my main broker anymore, I didn't want to face this kind of condition, so I requested to withdraw my money. I attempted to withdraw my money for 3 times, all the requests have been denied after a few days.
I contacted the customer service several times. I had 3 live chats, with the last one that lasted for more than one hour.
I have always deposited with a debit card, linked to my bank account in the UK.
I asked to withdraw my funds and all my requests were always denied because the system wants me to withdraw with an old bank account that I had in Italy, 12 years ago, when I made my first deposit in 2008. I explained that I don't have that bank account anymore and that I don't see where the problem is, since I have deposited with my debit card many times. In addition, I have withdrawn money with the same debit card a few times, in 2015 and 2016. I still have the confirmations in my emails.
For several months I have tried to solve this problem, but without any positive response. The result is that they took more than $100 in "inactivity fees" while I still cannot withdraw money and I still haven't received any answer about how to solve this situation.
What I see, every month, is only the email from OANDA, stating that my account has been charged for inactivity.
I made last attempt exactly one month ago, writing an email to the customer service, explaining my issue and attaching all the previous "live chat" conversations I had before, so they could see that I've been having this problem for nearly a year and no solution has been provided, while they still take my money month after month. I guess I could just open a trade to avoid it, but what difference does it make? If I make money, I still cannot withdraw it and customer service is unable to provide any solution, so why even bother and waste my time?
I'm sorry to say that this is the end of an era. I don't consider the service that OANDA offers up to its previous standards.
I'm sure that my case is kind of unique, but the way the customer service handled it (well, they didn't actually) lets you think. Do you really think your money is safe with them? Well, I don't. Not anymore.
Deposit is nowhere to be found.
Service use: Live
Length of use: Have not used
wide spreads
Service use: Live
Length of use: over 1 Year
Oanda software is Rigged
Service use: Live
Length of use: 0-3 Months
Scammers
Service use: Live
Length of use: 0-3 Months
Ok Broker, for big accounts
Service use: Live
Length of use: over 1 Year
saying that they do have a good charting platform, as they use trading view charts. But again a fault that you cant trade direct off TV you can only monitor positions.
Too many rules and regulations for my liking. But not too bad if you have a big account so average rating
Decent broker
Service use: Live
Length of use: 3-6 Months
Jan 21, 2020 - 3 Stars I used Oanda when I first started trading just over a year ago. I did find the site user friendly and was generally happy. I did however find the bank charges quite high and was disappointed that customer support was not available 24/7 when I had an issue with one of my withdrawals.
A well rounded, excellent broker
Service use: Live
Length of use: over 1 Year
Frequently Asked Questions
Is Oanda a broker and what does it trade?
OANDA is an online forex broker, offers a range of financial instruments like:
- Forex currency pairs,
- Commodities,
- Indices
- Bonds
- Precious Metals
Is Oanda a good broker?
Unbiased traders reviews on ForexPeaceArmy is the best way to answer if Oanda is a good broker. https://www.forexpeacearmy.com/forex-reviews/88/www.oanda.com.
Please come back often as broker services are very dynamic and can improve or deteriorate rapidly.
Additionally, we'd recommend to check recent Oanda community discussions: https://www.forexpeacearmy.com/community/tags/oanda/
Is Oanda free?
Oanda offers free services and charged services.
For trading forex, there is no added commission, the only cost to trade is the spread that Oanda charges.
Does Oanda allow scalping?
Oanda does not restrict scalping. You can scalp as you want.
Length of use: over 1 Year
My story was started in 2018, when Oanda opened my live account after they deeply check my identity. Nothing unusual. It was my 3rd broker.
My first deposit was 2000,- USD and small testing withdrawal was succesfull, I have no any problems with deposit or withdrawal at all, never.
In February 2020 I have got three short positions on DE30EUR(DAX), all of them in deep drawdown, but I was believed in deep correction because of corona pandemic issued (and I was right). At this time, my deposit was 10.000,- USD rouhgly, and about -4.000USD in drawdown.
In this situation, I was issued buy stop command at DE30EUR chart, this command was immediatelly executed by sudden spike, and guess what happend after that ! My 2.580,- USD position, which I held for 12months(!) vanished without a farewell !!!
(Incident happend one day before OANDA migrated my accounts to a new server, where all logs was cleared, very interesting!)
I was shocked, but OANDAs criminals said : is is normal !!! They "really apologize for the inconvenience" and "highly recommend for you to fill out our Trade enquiries form" . I did it. Reaction ? I wondered, is is a newspeak :
"Ticket (9042) was a Market Order which was placed back on the 2nd February 2019 and had a lot of take profit set up and cancelled due to modification, but the last take profit with ticket number (11030) was cancelled because the Buy Stop order you set up on the 21st February 2020, for 13,563.3 with ticket number (13828 - Buy Stop Order) was triggered at the price of (13,563.4) with ticket number (13830) and was tagged as Buy Market Filled."
Me:
your explanation is complicated and confusing for me and i still do not understand why and how my short trade was closed by "buy stop" on account, where hedging is not allowed. Is it really impossible. Normally, every one "buy" command on this kind of account must be refused by the system.
I did not do any manipulation or modification neither with the trade nor with its takeprofit. Only "buy stop" command was issued, nothing else.
There were three trades on the same instrument, why the trade with biggest value was closed ? I did not touch any of them.
I am asking Oanda for revoke the closing, which was faulty due to system malfunction, I suppose.
Oanda:
I apologize if we confuse you. You are right, hedging is not allowed. Your trade was closed because the Buy Stop order of 1 unit that you set up on the February 21, 2020 for 13,563.3 with ticket number (13828 - Buy stop order) was triggered at the price of (13,563.4) and you have an existing sell market of 1 unit at price 11,186.9 way back February 15, 2019. When you have an existing trade, for example a sell market order, you cannot place a buy trade because if you place a buy trade while you have a sell trade, your trade will be closed because hedging is now allowed.
Me:
I am depply disapointed, I was confident about solidity of Oanda untill last friday, now I am not.
Only tergiversations and no responsibility.
One year of keeping the trade and punping dollars to Oanda. Huge amount of fees and commisions.
There were three trades on the same instrument, why the trade with biggest value was closed ?
Oanda:
I understand that you would like to raise a complaint concerning a closed DAX trade back on Feb 21st.
I have investigated your concerns and my findings on this matter are explained below:
Since OANDA's accounts are non-hedging by default, if you place an order or trade in the opposite direction of an open trade with the same instrument, once it executes, it will partially or fully close the open trade. Any unrealized profit or loss will be settled.
Therefore, when your buy stop order #13830 executed, it closed the oldest trade in the same instrument which was a short trade #9042. Thus, causing the unrealized losses to settle at -US$2580.7364
If you would like to trade using hedging, you will need to create a hedging enabled sub-account. You can visit your account at oanda.com to create one.
I offer my sincerest apologies if the service you have received has not met your
expectations. Please be assure that this is not the level of service that we aim to provide and is not reflective of our usual high standards.
I trust that my explanation has resolved this matter. However, should you disagree with my findings
please contact our Compliance Team at disputes@oanda.com who will carry out an impartial,
independent review of your complaint and provide a full written response as per our Complaints
Policy (https://www.oanda.com/resources/legal/europe/legal/complaints-policy).
Me:
I do not need another explanation, the only thing what I would like is, surprisingly, my money.
Nobody has no clue, how much effort and money I spent for keeping The closed trade during whole year, waiting for deep correction.
(Because, as you say, OANDA's accounts are non-hedging by default. I did not know why, until now.)
And one day before the correction was started, my trade is "mistakely" closed ? (Everyone smell the downtrend in the air at this time.)
Please tell me that it is only nightmare. If You know or not, In my country, such amount is a very big amount.
And i am very disapointed, if such deathtraps are embeeded in brokers system of "my friendly broker".
Oanda:
There are 2 ways on how a trade is being closed,(1) is you manually close the open trade, (2) you place another trade of the same instrument and of the same size but in an opposite direction. For example, you place a SELL trade 1 unit of DE30 and then later on you place another trade of 1 unit of DE30 but this time it is a BUY trade, what will happen is that your existing SELL trade will be closed by the BUY trade.What happened to your case was that you have an existing trade which is SELL with 1 unit of DE30, and this was placed on February of 2019. Then you placed another order which is BUY for the same instrument, DE30, and of the same number of unit, 1 on February 22 of this year. The said order was a BUY STOP order which means it is a pending order, - it is not executed yet. When this BUY STOP order became a market order, a BUY trade, it then closed the SELL trade.There is also what we called FIFO in trading. FIFO means first in First Out, meaning if you have multiple trades of the same currency pair or of same instrument, you must close out your oldest trades before you can close out trades that you opened more recently.
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So this is part of my story, there were some another mailing and complaining, but only result was 100,- USD as recompensation.
It hit me very deeply and still I am not able to trade.
It is on your decision, if you wish trade their "FIFO trading"
("Fascist Incorporated Financial Obstruction")
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Good morning,
Please note that the letter sent to you on the 2nd April 2020 was OANDA's final response on this matter.
No further information has been provided that would necessitate a re-evaluation of our decision and as such, we view this matter as concluded.
In line with the Financial Conduct Authority (FCA) regulatory requirements, I hereby advise you that if you are not satisfied with the results of my investigation you may refer your complaint to the Financial Ombudsman Services (FOS). Any referral to the FOS must be made within 6 months of the date of this Final Response.
Kind regards,
Abi Leighton
Compliance Associate
OANDA Europe Limited
Main telephone: +44 207 101 1600
www.oanda.co.uk
World's Best Retail FX Platform
FX-Week e-FX Awards, 2016
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:-D :-D :-D