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Forex Broker Review: Oanda

oanda review
Oanda is one of the most well-known Forex and CFD retail brokers. They profess to have a large client base which includes independent traders to portfolio managers and large financial institutions. Oanda is one of the original Forex and CFD brokers, they have been operating for more than 20 years! They are highly established and have physical offices based in Singapore, Toronto, London, Tokyo, Sydney, New York and San Francisco.

Below is my review of Oanda...

What I like

They are FCA regulated

Oanda is FCA registered and FCA regulated. They are also registered with the Commodity Futures Trading Commission, the IIROC, the Monetary Authority of Singapore, the ASIC and are a member of the National Futures Association. I am unaware of any other retail Forex broker that is so highly regulated.

They offer a wide variety of markets

Oanda offer over 70 currency pairs as well as a wide range of indices and commodities.

Their charting platform is excellent

Their bespoke charting platform (fxTrade) offers quick execution and New York close charts. The charts can be customized to the minutest detail and all commonly used drawing tools and indicators are offered.

Transparency is their motto

Oanda strive for honesty and integrity in all their services. They are the most transparent Forex and CFD broker that I have used to date.

They offer fair financing charges

Very few retail Forex brokers now offer positive swap rate and financing charges. Oanda offers positive interest on a number of it's currency pairs and indices - some of the best financing charges available to retail CFD traders.

What I don't like...

Spreads are variable and wide

Oanda's spreads are beaten by a good handful of other brokers. Their spreads are variable and widen dramatically during news events and times of low volume (overnight).

To open an unlimited demo account with Oanda, please click here


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