OANDA United States Full Review
Is OANDA The Best Forex Broker in the US?
Founded in 1996, OANDA is one of the oldest and trusted US Forex Brokers. The OANDA group also expanded globally, now serving over 196 countries worldwide.
Main Features about OANDA US:
- Fully Regulated in the US (OANDA Corporation is a registered Futures Commission Merchant and Retail Foreign Exchange Dealer with the Commodity Futures Trading Commission and is a member of the National Futures Association. No: 0325821) (CFDs are not available to residents in the United States)
- + than 25 years in the Market
- 68 Forex pairs for trade
- Top Trading Platforms (OANDA Trade, TradingView and MT4)
- Competitive spreads: Forex spreads from 0.1 pips
- Commission-free and low-spread trading accounts options
- Trading Micro Lots (0.01 lots), which allows you to start trading with very low margin (capital)
- Offices in 7 countries (USA, Canada, Great Britain, Poland, Australia, Japan and Singapore)
- Unlimited Demo account without expiration to practice without assuming any risk with real money (link to create a free demo account)
- Quality market research wit MarketPulse
- Available Base Currencies: USD, EUR, HKD, SGD, CAD, AUD, JPY, CHF, GBP
Available Platforms for Trading
- Metatrader 4 (MT4)
- Mobile (FX Trade App)
- TradingView (You can link your account directly with tradingview and trade here)
Regulations
When we analyze Forex Brokers, it is vital to analyze if it is regulated in serious countries such as US, Great Britain, or Australia.
In the case of OANDA, it is regulated by:
- USA
- FCA (Great Britain Regulation)
- Canada
- Australia
- Singapore
- British Virgin Islands
Depending on your country of residence, one or the other regulation will apply to you.
Disclaimers:
OANDA Corporation is regulated by the CFTC/NFA. OANDA is a member Firm of the NFA (Member ID: 0325821). CFDs are not available to residents in the United States.
OANDA CORPORATION IS A MEMBER OF NFA AND IS SUBJECT TO NFA’S REGULATORY OVERSIGHT AND EXAMINATIONS. HOWEVER, YOU SHOULD BE AWARE THAT NFA DOES NOT HAVE REGULATORY OVERSIGHT AUTHORITY OVER UNDERLYING OR SPOT VIRTUAL CURRENCY PRODUCTS OR TRANSACTIONS OR VIRTUAL CURRENCY EXCHANGES, CUSTODIANS OR MARKETS.
Available Assets
- Forex like EUR/USD, USD/JPY, etc*
- Cryptocurrency such as Bitcoin or Ethereum (it is worth clarifying that for cryptocurrency trading, it is better to do it in one of the specialized Cryptocurrency Exchanges)
| ✔️ PROS | ❌ CONS |
|---|---|
| ✔️ Fully Regulated in US | ❌ Only FOREX and Crypto |
| ✔️ Multiple trading platforms | ❌ Deposit Methods (No Credit Card 💳, Skrill, Neteller, Paypal or from other Brokers) |
| ✔️ Rebates for High Volume traders | ❌ No negative balance protection |
| ✔️ Focus on Education | ❌ Only 1 free withdrawal per month |
| ✔️ Automated Trading Tools | ❌ Maximum Leverage: 50:1 |
| ✔️ Nearly 70 Forex Pairs | ❌ No Social Copy Trading Available |
| ✔️ 10 Mayor Cryptos including Bitcoin and Ethereum | |
| ✔️ No Minimum Deposit | |
| ✔️ No Minimum Withdrawal | |
| ✔️ Chat Support Languages available: English/ Spanish/ Portuguese/ Italian/ Chinese | |
| ✔️ Demo Account Available |
*List of all FX Trading Instruments: EUR/USD, USD/JPY, GBP/USD, USD/CHF, EUR/JPY, EUR/CHF, EUR/GBP, GBP/JPY, GBP/CHF, AUD/USD, NZD/USD, USD/CAD, AUD/JPY, CAD/JPY, CHF/JPY, NZD/JPY, AUD/CAD, AUD/CHF, AUD/NZD, EUR/AUD, EUR/CAD, GBP/AUD, GBP/CAD, CAD/CHF, EUR/NOK, EUR/NZD, EUR/SEK, GBP/NZD, NZD/CAD, USD/NOK, USD/SEK, NZD/CHF, USD/MXN, USD/CNH, USD/HKD, USD/SGD, SGD/JPY, USD/TRY, USD/ZAR
Deposit and Withdraw Money
- Debit Cards (Visa and Mastercard)
- Bank transfers
- ACH deposits
Depositing and withdrawing funds using any of these mentioned methods is free of charge.
Deposit / Funding
Remember: withdrawals are subject to our hierarchy rule. If you have deposited funds using multiple methods, you must exhaust the total deposit amounts first by debit card, and then followed by bank wire transfer.
Withdrawals
Trading Cryptocurrencies with OANDA
Available Cryptos: BTC, ETH, LTC, BCH, PAXG, LINK, MATIC, UNI, AAVE, SOL (Only available to individual retail clients)
Bitcoin: With commissions as low as 0.25%, you can trade Bitcoin using the App or from the website
Ethereum: You can trade the second largest Crypto by market cap against the dollar with low commissions
PAX Gold: A coin backed by real gold reserves, gives you the possibility to hedge your portfolio using Gold; that usually perform well in times of crisis, getting better diversification uncorrelated with the stock/crypto market. PAX Gold (PAXG) is a digital asset built on the Ethereum blockchain. When you buy PAXG, you own an asset backed by LBMA-accredited London Good Delivery gold bars, stored in Brink’s vaults in London.
- Fund your crypto account in the same easy way as your forex account
- Manage risk using limit and stop orders
Disclaimer: All digital asset transactions occur on the Paxos Trust Company exchange. Any positions in digital assets are custodied solely with Paxos and held in an account in your name outside of OANDA corporation. Digital assets held with Paxos are not protected by SIPC. Paxos is not an NFA member and is not subject to the NFA’s regulatory oversight and examinations.
Account Types At OANDA Corporation
You have plenty of alternatives to choose between based on your needs and based on your financial planning:
- Individual
- Corporation
- Trust
- Joint
- IRA
Fees
If you have an open position on your OANDA trading account at the end of each trading day (at 5 p.m. ET), the position is considered to be held overnight and will be subject to either a ‘financing cost’ or ‘financing credit’.
The ‘financing cost’ or ‘financing credit’ is calculated on a per position basis and may be a debit or credit, depending on whether it is a buy/long or sell/short position. The cost or credit also takes into account the impact of our admin fee and reflects the interest differential between the currencies involved in this trade.
Standard Account vs Elite Trader Loyalty Account
In the following table you can understand the main benefits of each type of account. You can choose the one that best fit your needs:
Elite Trader Loyalty Program (Trade More, Get More)
If you are a high volume trader, this program could be useful for you. The main benefits are:
- Earn Cash Rebates from US$5 to US$17 per million
- Reduce your trading costs by up to 34% (with cash rebates)
- Dedicated Relationship Manager
- Reduced Rates on TradingView (for example)
- Access to VIP contents and events
Program Tiers and Main Benefits
| Tier 1 (US$) | Tier 2 (US$) | Tier 3 (US$) | Tier 4 (US$) | Tier 5 (US$) | |
|---|---|---|---|---|---|
| Volume traded | 10M to 50M | 50M to 250M | 250M to 500M | 500M to 1B | 1B+ |
| Rebate per Million traded | $5,00 | $7,00 | $10,00 | $15,00 | $17,00 |
| Cost savings | 10% | 14% | 20% | 30% | 34% |
| Dedicated Relationship Manager | ✅ Yes | ✅ Yes | ✅ Yes | ✅ Yes | ✅ Yes |
| Premium Account Services Priority Service Line Free VPS Free wire transfers | ✅ Yes | ✅ Yes | ✅ Yes | ✅ Yes | ✅ Yes |
| Tradingview subscription reimbursement | Pro | Pro+ | Pro+ | Premium | Premium |
| OANDA MT4 Pro Orderbook Open orders Open positions Updates every 5 minutes (standard OB updates every 20) | Premium Order Book | Premium Order Book | Premium Order Book | Premium Order Book | Premium Order Book |
| Discounted third-party platform access | ✅ Yes | ✅ Yes | ✅ Yes | ✅ Yes | ✅ Yes |
| API Support | ✅ Yes | ✅ Yes | ✅ Yes | ✅ Yes | ✅ Yes |
How OANDA Protect their Customers? OANDA Security Practices
- 2 Factor Authentication (2FA)
- Comprehensive cutting-edge security
- Partnerships with multiple industry-leading security firms
- Round-the-clock monitoring by a security operations center
- Alignment with stringent regulatory expectations and industry-standard certifications
- Internal security team
OANDA Customer Service
OANDA’s customer service offers many layers of customer support.
- FAQ section
- OANDA Help Portal via the broker website, that leads you to a virtual caht for more help
- Email Support
- Phone Support (from Sunday 4 p.m. EST to Friday 6 p.m. EST)
OANDA Learn to Trade
Inside the OANDA website you will find plenty of educational resources to learn more about Technical Analysis, Fundamental Analysis, Risk Management, Leverage, indicators, oscillators and more:
Market Research with MarketPulse
The integration between OANDA and Market Pulse gives you plenty of new information about FX and Crypto in regards to news, markets, technical analysis and you will access to the Economic Calendar to have full visibility of future events that could affect volatility, new trends as FED meetings, inflation reports, rates hikes and unemployment data. This information is vital to find trading opportunities.
Metatrader 4
MT4 Main Benefits:
✅ Build trading algorithms
✅ Backtest your trading strategies
✅ Over 50 most useful indicators
✅ Nine time-frames to analysis the same asset from different perspectives
✅ Set up automatic chart pattern recognition and pattern quality indicators with the MT4 plug-in
✅ Capture market sentiment monitoring our client open orders
✅ Use one-cancels-the-other (OCO) for breakouts or reversions (with MT4 premium upgrade)
Integrate TradingView with your OANDA Account
✔️ You do not need to learn a new trading platform if you are used to trade with TradingView
✔️ Join the largest financial community on the web, with over 50 million active investors and thousands of trading ideas and custom indicators
➕ than 100 Indicators for different trading strategies
➕ than 50 drawing tools
✔️ 12 Alert conditions on price, indicators and strategies.
✔️ Measure Supply and Demand with depth-of-market (DOM)
✔️ Define flexible entries, Stop and Profit Targets or apply a Partial position Close
➕ 100 Fundamental Ratios, Financial Statements and Valuation Analysis
✔️ Simulate trading on your chart and use Historical data to test various strategies with detailed reports.
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