In the year of 1996, OANDA has co-created by Dr. Stumm & Dr. Olsen. They advertise by saying that it does “all things currency,” starting from the conversion of currency to providing the FX data services to different businesses. They provide an online established global brokerage service to various individuals that find to trade the CFD markets & retail FX.
OANDA forex provides varying levels of account protection for different clients depending on the region. For example, OANDA Europe Ltd provides ESMA-mandated negative balance protection; OANDA Asia Pacific Pte Limited provides guaranteed stop-loss orders. Oanda U.S. clients are the exception because OANDA Corporation does not offer their accounts protections.
A well-managed website emphasizing education & research of clients, transparency, various user interfaces, & global regulatory oversight makes OANDA the top-tier online forex broker.
Range Of Offerings:
In addition to FX, the broker also provides metals, indices, commodities, & bonds that provide opportunities for trading across financial markets. OANDA’s main target is forex, which makes sense as it is compatible with what they advertise: it does “all things currency.”
The type of the offerings includes:
- Precious metals
Although OANDA forex has the required range to compete in the online broker landscape 2020 effectively, it is still lacking in some categories. Such as, the broker does not provide ETFs, individual stocks, cryptocurrencies, or industry sectors that restrict the total CFD offering to 55, which is far below its competitors.
Types Of Accounts:
OANDA forex provides two types of accounts, standard & premium, and a product catalog consisting of a wide variety of CFD & spread betting offerings that spread over various asset classes. However, they are not available in every region.
An account has a $1 minimum deposit, a floating spread type with a minimum of 1.1 pips spread for currency pairs called a standard account. It also has Leverage up to 1:5 with a 50% Margin call level. Such accounts are suitable for newcomers.
An account with a $20,000 minimum deposit. It also has a floating spread with a minimum of 1.1 pips currency pairs. Leverage up to 1:50 with a 50% Margin call level. Also, a separate specialist is designated for the premium type of account owners. Premium customers’ account has priority while resolving the technical support issues.
OANDA is famous among the experienced traders of the forex market. Its fxTrade platform provides an exceptional desktop trading experience that, coupled with a superior feature of research & analysis, is compatible with traders who already know what trading with the retail foreign exchange market requires. The broker’s primary goal is to differentiate with superior trade execution & transparency and relevant data points.
OANDA provides 24/7 customer support via email. The broker started its business timings as being from Sunday-1 PM EST to Friday-6 PM EST, but “live chat” & phone support may not be available for the whole duration. The support website also comes up with a good knowledge base & searchable archive. It answers most questions about the trading platforms & order types.