Have you ever signed up with a broker and made some decent profits only to later realize you can’t even withdraw those profits? It can be very heartbreaking to know that your hard work isn’t even paying off as you can’t even withdraw your profits because the broker doesn’t offer the withdrawal method you’re looking for.
I really like how Oanda gives you a wide variety of funding options to choose from like wire transfers, credit/ debit cards, and e-wallets like PayPal and Skrill.
Oanda is among one of the first brokers who entered the industry in 1996. Ever since then, they’ve been constantly upgrading their services to give their clients only the best experience on their platform. Oanda currently provides its services in a couple of different regions with a key focus on the US market.
It is very specific with its financial offering as they offer only about 126 different financial instruments for trading. These include forex pairs and CFDs. Despite only offering a select few number of financial assets for trading, you only need $1 to open an account with them so this still makes it worth it.
Oanda provides a couple of different account types to choose from. The signup process is a bit longer than other brokers as they’re complying with the Anti-Money Laundering (AML) policies to make sure you’re not taking part in any fraudulent activity through their brokerage services.
It is definitely somewhere at the top of the list when it comes to being one of the most strictly regulated brokers. Oanda is regulated by some of the top-tier bodies in the industry which include, but aren’t limited to, the Financial Conduct Authority UK (FCA), the Monetary Authority of Singapore (MAS), the Australian Securities and Investments Commission (ASIC), the Financial Futures Association of Japan (FFAJ) and more.
Oanda provides you with a wide variety of trading platforms to choose from. If you’re looking for a more personalized experience, you can use their proprietary Next Generation trading platform which is a fully customizable interface. If you’re looking to trade on a generic trading platform, you can also choose between the popular MetaTrader 4 and MetaTrader 5 platforms.
It has an excellent customer support team that is available 24 hours a day, 5 days a week. They speak a couple of different languages such as English, Chinese, Spanish, and Dutch. The support team can help you with any general or technical issue you may be facing. You can rest assured knowing they’ve always got your back.
Oanda is a great broker for beginners. Since Oanda only offers a few financial instruments, this can save a beginner the trouble and confusion of selecting an asset to trade. Oftentimes when given a really big selection, a beginner can get confused and disheartened in their trading journey as they get overwhelmed with all the options.
It is also a great broker for long-term traders who need to perform long-term technical analysis in order to understand the market sentiment. Long-term traders usually keep their trades open for several weeks or months in hopes of turning a big profit by the end of it. Oanda provides a wide selection of trading tools and resources to aid them in this market analysis.
A big worry many traders have is what if the broker becomes insolvent? How will they get their profits? You don’t have to worry about this if you’re trading through Oanda. They have partnered with the Financial Services Compensation Scheme (FSCS) to ensure that if they do ever go insolvent, you can get compensated for up to $85,000 per person.
Although it is great that this broker operates in the US, you should know that it does not operate in the majority of the countries around the world. This is because they wanted to keep a key focus on the US market.
Oanda does not offer a good selection of financial assets for trading. Their offering is in the hundreds while most top brokers offer thousands or tens of thousands of financial assets for trading. This is one of the feedbacks i read onine. But to me, this should not be a concern.
Oanda is a well-established brokerage provider that has been providing trading services for decades. They pride themselves on their innovative platforms and customer-first experience. They are heavily regulated and provide a decent variety of trading tools and educational resources. If you’re looking for a brokerage service, Oanda is among the best in the industry.