The OANDA broker with its significant experience in the Forex market has managed to earn a reputation as a reliable broker providing its clients with decent trading conditions. The company offers two types of accounts, as well as the ability to open a demo account for novice traders.

OANDA offers a wide range of trading instruments as well as three trading platforms (MetaTrader 4, WebTerminal MT4, MT5).

Founded in 1996, and it is regulated by top-tier authorities such as the U.S. Commodity Trading Futures Commission, the National Futures Association (CFTC), and the U.K.’s Financial Conduct Authority (FCA). The Onda fx has several awards in its portfolio, such as “Best Forex Trading Technologies” from the U.K. Forex Awards, Best Customer Service, and Best Trading Platform from F.X. Week.

Types of Accounts

OANDA has two account categories, standard and premium, and a product catalog that includes a wide range of CFD and spread betting solutions across various asset classes, albeit not all of them are available in every country it serves. To give trading options throughout financial markets, the firm offers indices, metals, commodities, and bonds in addition to forex.

Pros & Cons of Onda fx

OANDA provides clients with access to a wide range of financial products, but it is best suited for experienced traders looking for top-notch desktop trading experience. Some of the pros and cons of Onda are listed below:

Pros

  • Onda is regulated by FCA and NFA
  • It accepts clients from the U.S.
  • It offers a minimum deposit of 1 dollar.
  • It provides a well-designed platform with various relevant tools, resources, and calculators.
  • OANDA provides a unique combination of economic analysis, real-time news feeds, calendars, and complex data analytics in a retail trading platform.

Cons

  • It gives low leverage to the traders.
  • Often traders find the Site inconvenient and do not perform correctly.
  • No bonus programs for traders.
  • Onda does not have cent accounts.
  • In addition to costs for deposits/withdrawals, bank wire transfers, debit cards, and ACH transactions, OANDA levies a monthly inactivity fee.
  • Customer support is not available 24/7.

OANDA’s Trading Conditions

The OANDA broker offers its customers reasonably advantageous terms. Leverage varies for each trading instrument, with a maximum of 1:200. The minimum deposit for a Standard account is 0 dollars, while the minimum deposit for a Core account is $40. The amount of the spread is determined by the trading instrument (for currency pairings, the minimum is 0 pips) (percentage in points). 

OANDA Commission and fees

No commission is charged when money is withdrawn to a debit card. A commission is not paid when money is moved to a credit card once a month; however if money is withdrawn to a credit card more than once a month, a commission of $15 is charged for each withdrawal. Only US dollars, Euros, and British pounds can be withdrawn through the PayPal payment mechanism.

Customer Support Service

Traders can contact support via phone or email, fill out a feedback form, or visit a representative office. One of its disadvantages is its nonavailability 24/7. The platform lacks online charts, and Premium account users receive priority service, while the rest gets service on a general basis.

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