Oanda scores fairly well on the key criteria for a forex broker, and includes some features that are uncommon or nonexistant among other forex brokers.

Oanda has been around since the start of the world wide web. It was founded in and has been providing forex trading services since It operates in many countries around the world. Oanda has a spotless regulatory record. Oanda is one of the only forex brokers operating in the USA that has never been fined by the CFTC or NFA. In the aftermath of the Swiss Franc shock in January , Oanda reported that they were able to use their capital strength to absorb losses and even forgive the negative account balances of their clients that were affected by the event, where permitted by regulations.

Oanda uses the market maker business model. In theory this is detrimental to the client because it puts Oanda in a greater conflict of interest vs other business models like straight through processing. However, Oanda is required to report the profitability of its clients, and Oanda clients consistently score near the top of the list for profitability compared to other US forex brokers.

Oanda spreads are all-in with no additional commissions charged. The spreads float based on market conditions, and can widen briefly during news events or at the end of trading sessions. Oanda spreads score in the middle of the pack compared to the other forex brokers we have seen.

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For traders who scalp the 1 minute charts, this may not be good enough and a broker with tighter spreads would be more desirable. However, for traders who trade the 4 hour or daily charts, these spreads are likely adequate and other factors are more appropriate for choosing a broker.

Oanda is to be commended for publishing their historical spreads in the name of transparency, which most other brokers will not do. The following are some samples of their historical spreads:. US clients of Oanda can open accounts and fund them via wire transfer, Paypal and checks. Oanda also used to allow funding by credit card, but this has subsequently been prohibited by the NFA. There are no deposit limits for qualified accounts.

There are no deposit fees for checks, but this method requires long processing times. It is regrettable that Oanda does not offer the low cost ACH funding option. Withdrawal options are the same as deposit options. Customary services fees are charged by Oanda for outgoing wire transfers, but one free PayPal or check withdrawal is allowed per month.

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Of great significance is that Oanda offers permanent free demo accounts. This is almost unheard of in the retail forex industry. It is of particular importance to new traders who need a lot of practice time before they can establish consistent profitability.

This allows the new trader to ramp up their trading slowly as their skill and confidence increases. Finally, Oanda allows the opening of subaccounts in different currencies.

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A benefit of this is that it allows the trader to deposit funds in one currency, transfer them to a subaccount in a different currency, and withdraw funds in that different currency. This is a useful way to get very low cost currency exchange services if large quantities need to be converted.

In addition to posting historical spreads as noted above, Oanda also publishes a public view of open orders and positions to help you gauge market sentiment. They also maintain an open and public forum which includes any complaints against Oanda which Oanda will respond to publicly. Maintains capital reserves far in excess of regulatory requirements. This decreases the chance that Oanda will run into financial difficulty that will compel them to dip into client accounts for relief, which has been done by other brokers in the past.

Interest is calculated second by second.

This can be an advantage or a disadvantage depending on which pairs you are trading. It is well suited to opening long positions on exotic currency pairs. Note that interest is also earned on your entire account balance. Trading foreign exchange carries a high degree of risk and is not appropriate for all investors.

Using leverage to trade foreign exchange may result in being liable for losses that exceed the initial investment. Any potential investors of foreign exchange products should carefully consider their own circumstances to determine whether foreign exchange is a suitable investment for them. In case of any uncertainty, an appropriate financial advisor should be consulted.

Skip to main content. The following are some samples of their historical spreads: Oanda offers a choice of trading platforms for forex traders including: The popular and feature rich MetaTrader 4 platform.

This platform is intuitive to use, allows for the addition of most popular chart indicators, and allows customizations of many parts of the interface.

The screenshot below shows the typical default setup. This app is available for both Android and iOS operating systems. The web app has an intuitive interface, allows for key mobile customizations, and includes customizable price alerts to your device.

This allows tech savvy traders to develop automated trading strategies using the programming language of their choice. Oanda offers a choice of APIs to develop for. Oanda has the following additional features: