OANDA	Basic Information
Registered Country/Region	Australia
Founded in	1996
Regulation	CFTC, FCA, ASIC, IIROC, MAS, NFA, FSA
Min. Deposit	No minimum deposit
Max. Leverage	1:50 (US), 1:30 (EU), 1:200 (other regions)
Min. Spreads	From 0.6 pips (EUR/USD pair)
Trading Instruments	Forex, CFDs, indices, commodities, bonds
Trading Platforms	OANDA Trade, MetaTrader 4, API Trading
Payment Methods	Bank transfer, credit/debit cards, PayPal
Customer Support	7/24 phone, email, live chat

Overview of OANDA

OANDA is a well-known online forex broker that has been operating for over two decades. With a reputation for transparency and reliability, OANDA offers a wide range of trading products and services, including forex, CFDs, commodities, and indices.

Founded in 1996, OANDA is headquartered in New York City and is regulated in multiple jurisdictions, including the US, UK, Canada, Australia, and Japan. This ensures that OANDA operates within strict regulatory frameworks and offers a high level of security and protection to its clients.

OANDA offers a range of trading platforms, including its proprietary platform, as well as the popular MT4 platform. The broker also provides a range of educational resources and tools to help traders improve their trading skills and stay up-to-date with market developments. In terms of customer support, OANDA has a 24/7 customer service team that can be reached via phone, email, or live chat.

Pros & Cons

OANDA is a well-established forex and CFD broker with a range of features and services that may appeal to traders of all levels. As with any broker, there are both pros and cons to consider before deciding whether to open an account. Some of the key advantages of OANDA include its regulatory status, extensive range of instruments, competitive spreads, and variety of trading platforms. However, it is important to note that OANDA also has some potential drawbacks, such as limited deposit and withdrawal options, high non-trading fees, and a lack of negative balance protection. Understanding both the positives and negatives of trading with OANDA can help traders make informed decisions about whether this broker is the right fit for their needs.

Pros	Cons
Regulated by top-tier authorities	Limited product portfolio
Competitive spreads and low trading fees	High inactivity fees
No minimum deposit requirement	Limited research tools
Variety of trading platforms	Negative reviews and complaints on customer support
Educational resources and tools	Limited payment options
Strong financial background	No professional account offered

Is OANDA legit or a scam？

OANDA is a legitimate forex broker that has been in operation for more than 20 years and is regulated by reputable financial authorities, such as the Financial Conduct Authority (FCA) in the UK, the Commodity Futures Trading Commission (CFTC) in the US, and the Australian Securities and Investments Commission (ASIC). OANDA has also won numerous awards for its trading services and technology, including being named the “Best Forex Broker” by the Financial Times and Investors Chronicle for three consecutive years. However, as with any financial service, it is important for traders to conduct their own research and due diligence before deciding to trade with OANDA or any other broker.

Market Instruments

OANDA offers a wide range of trading instruments to its clients, allowing them to diversify their investment portfolio and take advantage of various market opportunities. The market instruments offered by OANDA include:

• Forex: OANDA provides access to a wide range of currency pairs, including major, minor, and exotic pairs. The forex market is the largest and most liquid market in the world, offering traders the potential for high returns.

• Indices: OANDA offers trading in a variety of global indices, such as the US 500, UK 100, and Germany 30. These indices represent the performance of a basket of stocks and provide traders with exposure to a broader market.

• Commodities: OANDA offers trading in commodities such as precious metals, energy, and agricultural products. These markets can be highly volatile, but they offer the potential for significant returns.

• Bonds: OANDA offers trading in government bonds from a variety of countries, providing traders with exposure to the fixed-income market.

• Cryptocurrencies: OANDA offers trading in popular cryptocurrencies such as Bitcoin, Ethereum, and Litecoin. The cryptocurrency market is highly volatile and can offer traders significant opportunities.

• Bonds: OANDA also offers a range of bond CFDs to trade, including US Treasury Bonds, UK Gilts, and Euro Bunds. With bond trading, traders can access a wide range of bond markets and potentially benefit from price movements in global interest rates.

Account Types

OANDA offers two live account types to cater to different trading needs and experience levels of traders. Here are the account types offered by OANDA:

• Standard Account: This account type is suitable for new traders who are just starting in the forex market. The minimum deposit requirement for this account is $0, and it offers access to the core features of OANDA's trading platform, including over 70 currency pairs, commodities, and indices.

• Premium Account: This account is designed for more experienced traders who require additional features and services. The minimum deposit requirement for this account is $20,000, and it offers tighter spreads, lower trading costs, and a dedicated relationship manager.

Apart from two live trading accounts, OANDA also offers a free demo account, which allows traders to practice trading with virtual funds in a risk-free environment. The demo account provides access to all the features and tools of the OANDA platform, allowing traders to test their strategies and trading skills without risking real money.

Pros	Cons
No minimum deposit requirement	Limited leverage offered
Multiple account types to choose	No professional accounts available
Wide range of trading instruments	Inactivity fee charged after 12 months of inactivity
Commission-free trading
Negative balance protection
Free demo account available

How to open an account？

1. Visit the official OANDA website and click on the “Open an Account” button.

1. Choose the type of account you want to open.

2. Fill in your personal information, including your name, address, date of birth, and employment status.

1. Provide some additional information, such as your trading experience, investment goals, and financial status.

2. Agree to the terms and conditions of the account and submit your application.

3. Once your application is approved, you will receive an email with instructions on how to fund your account.

4. Follow the instructions to deposit funds into your account and start trading.

Leverage

OANDA offers leverage up to 50:1 for major currency pairs and up to 20:1 for minor currency pairs, commodities, and indices. However, leverage may vary based on the regulatory requirements of the country where the trader is located. It is important to note that high leverage can increase both profits and losses, and traders should carefully consider their risk tolerance before using leverage.

Spreads & Commissions (Trading Fees)

OANDA charges variable spreads that start from as low as 0.1 pips on major currency pairs. OANDA's spreads can vary depending on market volatility and liquidity, but they tend to be lower than the industry average.

In terms of commissions, OANDA does not charge any commissions on trades. Instead, the broker earns revenue from the spreads on trades. This can be a plus for traders who prefer to avoid paying commissions.

It's worth noting that OANDA also offers a range of order types, including limit, stop-loss, and take-profit orders, which can help traders manage their risk and maximize their profits.

Here is the combined data for EUR/USD, gold, and UK100 spreads from three brokers:

Broker	EUR/USD	Gold	UK100
OANDA	0.9 pips	25 cents	1.4 pips
FP Markets	0.0 pips	35 cents	1.0 pips
Exness	0.3 pips	35 cents	0.5 pips

Non-Trading Fees

OANDA also charges certain non-trading fees, which include:

• Inactivity fee: OANDA charges an inactivity fee of 10 units of the account's base currency per month if there has been no trading activity for a period of 12 months or more. This fee can be avoided by simply placing a trade during this period.

• Financing/rollover fees: If a position is held overnight, OANDA charges a financing/rollover fee. This fee is based on the interest rate differential between the two currencies involved in the trade and is calculated using the following formula: (trade size x interest rate differential x 1/365).

• Deposit/withdrawal fees: OANDA does not charge deposit fees, but some withdrawal methods may incur a fee. For example, bank wire withdrawals within the US incur a $20 fee, while international wire withdrawals incur a $35 fee.

• Conversion fees: If you are depositing or withdrawing funds in a currency other than your account's base currency, OANDA charges a conversion fee. This fee varies depending on the currency and the amount being converted.

Trading Platform

OANDA offers multiple choices of trading platforms, namely MetaTrader 4 (MT4), OANDA Web Trading Platform, and OANDA Trade.

MetaTrader 4 (MT4): This is a widely used trading platform in the forex industry, popular for its advanced charting tools and automated trading capabilities. OANDA offers MT4 to its clients as a downloadable desktop application and mobile app.

OANDA offers a proprietary trading platform called OANDA Trade, which is available in both web-based and mobile versions. The platform is highly customizable and offers a wide range of charting tools, technical indicators, and order types.

OANDA Web Trading Platform: This is a web-based platform accessible from any device with internet connectivity. It offers a user-friendly interface and customizable features for traders to analyze the market and execute trades.

Here is a comparison table of the trading platforms offered by OANDA, Avatrade, and IC Markets:

Broker	Trading Platform	Desktop	Web	Mobile
OANDA	OANDA Platform	✔	✔	✔
	MetaTrader 4	✔	✔	✔
	MetaTrader 5	✔	✔	✔
Avatrade	AvatradeGO	✖	✔	✔
	MT4	✔	✔	✔
	MT5	✔	✔	✔
IC Markets	cTrader	✔	✔	✔
	MetaTrader 4	✔	✔	✔
	MetaTrader 5	✔	✔	✔
	WebTrader	✖	✔	✔

Trading Tools

OANDA provides several trading tools to its clients, including:

Advanced Charting: OANDA's advanced charting tools offer technical analysis and indicators to help traders make informed decisions.

Economic Calendar: OANDA's economic calendar provides real-time updates on important economic events and news releases that can affect the markets.

Partners & VPS: OANDA partners with TradingView, a leading charting platform, to provide its clients with advanced charting and analysis tools. OANDA also partners with MotiveWave, a professional trading platform, to offer advanced technical analysis tools and trading strategies. In addition, OANDA offers a virtual private server (VPS) service to traders who require uninterrupted trading connectivity.

Deposit & Withdrawal

Deposit

OANDA offers several deposit methods, including:

• PayNow/QR Pay: This payment method is available for Singapore residents only. It allows for instant deposits into your trading account. Deposits from the following banks in Singapore: DBS/POSB, Bank of China, Citi, HSBC, Maybank, OCBC, Standard Chartered and UOB, are accepted.

• DBS Bill Pay (SGD only): Another payment method available only for Singapore residents, DBS Bill Pay allows you to make SGD-denominated deposits into your trading account.

• PayPal: PayPal is a popular online payment system that is accepted by OANDA. It allows you to make instant deposits and withdrawals from your trading account.

• FAST: FAST (Fast and Secure Transfers) is a real-time interbank payment and settlement system in Singapore. It allows for instant SGD-denominated deposits into your trading account.

• Bank wire transfer: You can also fund your trading account via bank wire transfer. This method typically takes 1-2 business days to process.

• Cheques: Cheques are accepted for deposits only, and they must be in SGD currency.

Withdrawal

While withdrawals that can be done are limited to three channels: PayPal, Bank Wire Transfer, and Cheque.

• Paypal: This is an online payment system that allows you to send and receive money electronically. To use this method for withdrawal, you will need to have a verified Paypal account that is linked to your OANDA trading account. Withdrawals are typically processed within 1-2 business days.

• Bank Transfer: This method involves transferring funds from your OANDA trading account directly to your bank account. The time it takes to receive your funds will depend on your bank's processing time. OANDA does not charge any fees for bank transfers, but your bank may have its own fees.

• Cheque: You can request to receive your funds via cheque, which will be sent to your registered address. It typically takes around 7-10 business days to receive your cheque. However, there may be additional fees for this method, depending on your location.

Pros	Cons
Multiple deposit methods offered	Limited withdrawal methods
No fees charged on deposits	Withdrawals may take longer to process
Fast processing time for most deposit methods	Minimum withdrawal amount may vary by method
Deposit amounts in multiple currencies	No option to withdraw to credit/debit cards

Customer Support

OANDA offers customer support services through various channels, including email, live chat, phone, and social media. The support team is available 24/7 to assist traders with any issues they may encounter during their trading journey.

One notable feature of OANDA's customer support is its multilingual support, which is available in several languages, including English, Chinese, French, German, Italian, Japanese, Korean, Portuguese, Russian, Spanish, and Turkish.

In addition to its customer support services, OANDA provides a comprehensive FAQ section on its website, which covers various topics, including account management, trading platforms, technical analysis, and more. The FAQ section is a valuable resource for traders who may have common questions and want quick answers without contacting customer support.

Educational Resources

OANDA offers a wealth of educational resources to its clients, enabling them to develop their trading skills and stay up-to-date with the latest market trends. Whether you are a beginner or an experienced trader, OANDA's educational resources cater to your needs.

One of OANDA's important educational resources is the OANDA Academy, which offers a range of educational materials, including videos, tutorials, webinars, and articles, covering a wide range of trading topics, from the basics of forex trading to advanced trading strategies.

Additionally, OANDA provides clients with a variety of market analysis tools and resources, including market news, economic indicators, and trading signals, enabling traders to stay informed about the latest market trends and make informed trading decisions.

Conclusion

OANDA is a well-established online broker that offers a variety of trading instruments, account types, and platforms to its clients. The broker is regulated by multiple reputable authorities and has been operating for more than two decades, which gives it credibility and reliability. Additionally, OANDA provides several trading tools, educational resources.

However, it is important to note that OANDA has received a significant number of complaints regarding its customer support, trading platforms, and pricing policies. While the broker has taken steps to address these issues, they still raise concerns about the overall quality of its services.

Overall, OANDA is a legitimate and reputable broker that offers a range of benefits to its clients. However, potential traders should be aware of the complaints and consider them before making a decision to open an account with OANDA. As with any investment, it is important to conduct thorough research and due diligence to ensure that the broker aligns with your trading needs and preferences.

Frequently Asked Questions (FAQs)

• Q: Is OANDA regulated？

A: Yes, OANDA is regulated by multiple financial regulatory authorities around the world, including the Financial Conduct Authority (FCA) in the UK, the Commodity Futures Trading Commission (CFTC) in the US, the Australian Securities and Investments Commission (ASIC), and the Monetary Authority of Singapore (MAS).

• Q: What is the minimum deposit required to open an account with OANDA？

A: The minimum deposit required to open an account with OANDA varies depending on the account type and the regulatory jurisdiction. In general, it ranges from $0 to $20,000.

• Q: What trading instruments are available on OANDA's platform？

A: OANDA offers a wide range of trading instruments, including forex, CFDs, commodities, bonds, and stock indices.

• Q: Does OANDA charge commissions on trades？

A: OANDA does not charge commissions on trades. Instead, they make money from the spread, which is the difference between the bid and ask price.

Risk Warning

Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.

General Information

Fortrade Review Summary in 10 Points
Founded	2013
Registered Country/Region	Belarus
Regulation	ASIC, FCA, CYSEC, IIROC, NBRB
Market Instruments	Currencies, Stocks, Indices, Precious Metals, Energy Products, Agriculture Products, US Treasury Bonds
Demo Account	Available
Leverage	1:200
EUR/USD Spread	2 pips
Trading Platforms	MT4
Minimum deposit	$100 (with a suggestion of $500 or currency equivalent)
Customer Support	phone, email

What is Fortrade？

Fortrade is an online forex market trading service provider founded in 2013 and currently holds a full license from the Australian Securities and Investments Commission (ASIC), a full license from the UK Financial Conduct Authority (FCA), a full license from the Cyprus Securities and Exchange Commission (CYSEC), a full license from the Investment Industry Regulatory Organization of Canada (IIROC), and a retail forex license from the National Bank of Belarus (NBRB).

In the following article, we will analyze the characteristics of this broker from various aspects, providing you with simple and organized information. If you are interested, please read on. At the end of the article, we will also briefly make a conclusion so that you can understand the broker's characteristics at a glance.

Pros & Cons

Fortrade is a regulated broker that offers a wide range of assets for trading, including forex, indices, commodities, and securities. The broker provides a free demo account with no time restrictions, making it an excellent tool for beginners to practice trading. Fortrade has a powerful MT4 trading platform available on desktop, web, and mobile devices, providing traders with flexibility and convenience.

In terms of fees, Fortrade charges no trading commissions and offers competitive spreads, although overnight rollover fees and inactivity fees may apply. Customer support is available via email and telephone, but the lack of live chat support may be a drawback for some traders. Overall, Fortrade is a solid choice for traders looking for a regulated broker with a user-friendly trading platform and a variety of underlying assets for trading.

Pros	Cons
• Regulated by multiple authorities	• Negative reviews regarding withdrawals
• Wide range of assets for trading	• Limited live account types
• Free demo account with no time restrictions	• Inactivity fee after 6 months
• Powerful MT4 trading platform with mobile, web, and desktop options	• Limited educational resources
• No trading commissions	• Limited payment options

Fortrade Alternative Brokers

There are many alternative brokers to Fortrade depending on the specific needs and preferences of the trader. Some popular options include:

• Hugo's Way - A relatively new broker with competitive spreads, high leverage, and a limited range of trading instruments.

• ICM Capital - A well-regulated broker offering a diverse range of trading instruments, advanced trading platforms, and excellent customer support.

• IFC Markets - An innovative broker with a unique approach to trading, offering a wide range of financial instruments, low minimum deposits, and advanced trading tools.

Ultimately, the best broker for an individual trader will depend on their specific trading style, preferences, and needs.

Is Fortrade Safe or Scam？

Regulation by multiple reputable authorities such as ASIC, FCA, CYSEC, IIROC, and NBRB can provide some level of assurance of safety and reliability for traders. However, negative reviews of Fortrade regarding withdrawal issues are concerning, and potential traders should conduct thorough research and exercise caution before depositing funds with this broker. It is always recommended to carefully read the terms and conditions, including withdrawal policies, before trading with any broker.

Market Instruments

Fortrade provides investors with a range selection of tradable financial instruments, including more than 300 foreign currency, stock index, securities, oil, and precious metals CFD products. This wide range of financial instruments allows traders to have more options to diversify their portfolios and potentially increase their profits.

Accounts

Demo account: A free demo account is available to Fortrade customers. Users can practice their trading strategy with a €10,000 virtual investment, available on either the Fortrader or MetaTrader 4 platforms. Fortrade's demo account seems to be a useful tool for traders to practice their strategies without any pressure, and the lack of time restrictions makes it more convenient for beginners.

Live account: Fortrade only offers a single live account type, where the specific trading conditions vary depending on assets and trading size. The minimum deposit is reasonable at $100, with a suggestion of $500 or currency equivalent.

Leverage

Leverage is up to 1:200 for forex products, 1:20, 1:25, 1:50 for stock indices, 1:10 for EU securities, 1:50 for CFDs on agricultural commodities, 1:100 for gold and silver, 1:33 for corn, cotton, and soybeans. It is important to keep in mind that leverage can magnify profits, but it can also lead to greater losses, so traders should use leverage wisely and carefully manage their risk.

Spreads & Commissions

It seems that Fortrade charges mark-ups on spreads instead of trading commissions, which could be beneficial for traders who want to avoid commission fees. However, it is important to note that the mark-up on spreads may fluctuate, and traders should take this into consideration when planning their trades.

The average spread for EURUSD is 2 pips, and the average spread for USDGBP is 3 pips. Indices spread: Canada 60 average spread is 1 pip, US 2000 average spread is 0.6, US 500 average spread is 0.6. The gold average spread is $0.45, and the silver average spread is $0.04.

Below is a comparison table about spreads and commissions charged by different brokers:

Broker	EUR/USD Spread	Commission
Fortrade	2 pips	None
Hugo's Way	0.0 pips	$5 per lot
ICM Capital	1.6 pips	None
IFC Markets	0.4 pips	None

Note that the commission for Hugo's Way is per lot, and a lot size varies depending on the account type and asset being traded. Additionally, spreads are variable and subject to change, especially during times of high market volatility.

Trading Platforms

Fortrade offers its users a market-leading and powerful MT4 trading platform, including the mobile MT4, web MT4, and desktop MT4. The platform is renowned for its advanced charting tools, technical analysis indicators, and automated trading capabilities, making it suitable for traders of all levels.

The desktop version of MT4 provides traders with access to real-time pricing and trading, advanced charting and analysis tools, and the ability to place orders quickly and easily. The web version of MT4 is accessible from any web browser and offers traders the flexibility to trade from any location, while the mobile version of MT4 enables traders to manage their accounts and access the markets from their smartphones and tablets.

See the trading platform comparison table below:

Broker	Trading Platforms
Fortrade	MT4, WebTrader
Hugo's Way	MT4, MT5
ICM Capital	MT4, cTrader
IFC Markets	MT4, MT5, NetTradeX

Deposits & Withdrawals

Deposits and withdrawals can be made via credit/debit cards, bank wire transfers, and e-wallets such as Skrill and Neteller. The recommended initial deposit requirement is $/€/£500, however, it is possible to deposit as little as $100 or equivalent currency to get started.

Fortrade minimum deposit vs other brokers

	Fortrade	Most other
Minimum Deposit	$100	$100

The broker does not charge any deposit fees, while any bank withdrawal fees incurred by Fortrade are passed on to the customer, which is usually around $40.

Processing times will vary by method. Deposits via bank wire transfers can take up to 7 working days for funds to clear. E-wallets offer faster clearance, often within 1 day. All withdrawal requests are processed by Fortrade within 2 business days of being submitted. However, fund clearance can take up to 5 business days for bank transfers and up to 15 business days for credit/debit cards.

Fees

Apart from spreads, commissions, deposit and withdrawal fees that we have mentioned above, Fortrade also charges an overnight rollover fee and inactivity fee of $/€/£10 on accounts left dormant for 6 months.

Overnight rollover fees are a common practice in the forex and CFD industry, as positions left open overnight incur a cost for the broker. As for the inactivity fee, it is also a common practice among brokers to charge a fee on dormant accounts to cover administrative and maintenance costs.

See the fee comparison table below:

Broker	Deposit Fee	Withdrawal Fee	Inactivity Fee
Fortrade	None	$40	$/€/£10 after 6 months of inactivity
Hugo's Way	None	Free withdrawal up to $150	None
ICM Capital	None	None	None
IFC Markets	varies by payment method	None	None

Please note that the fees listed above are subject to change at the discretion of each broker. It is recommended to check with the broker's official website or customer support for the most up-to-date fee information.

Customer Service

Clients with any inquiries or trading-related issues can get in touch with Fortrade through the email and telephone. Here are some contact details:

• Telephone: +375-17-2240625

• Email: support.by@fortrade.by

• FAQ section is also available.

Pros	Cons
• Email and phone support	• No live chat support
• Comprehensive FAQ section available	• No 24/7 customer support

Note: These pros and cons are subjective and may vary depending on the individual's experience with Fortrade's customer service.

User Exposure on WikiFX

On our website, you can see that some users have reported unable to withdraw. Please be aware and exercise caution when investing. You can check our platform for information before trading. If you find such fraudulent brokers or have been a victim of one, please let us know in the Exposure section, we would appreciate it and our team of experts will do everything possible to solve the problem for you.

Conclusion

All things considered, Fortrade is a reputable broker with multiple regulatory licenses, offering a wide range of assets for trading and a powerful MT4 platform. The broker charges no commissions and has competitive spreads, making it an attractive option for traders. However, there have been some negative user reviews concerning withdrawal issues and the overnight rollover fee, which may cause concern for some traders. Additionally, the lack of alternative trading platforms and the inactivity fee may be a drawback for some traders who prefer more flexibility. Overall, Fortrade is a good option for traders looking for a reliable and regulated broker with a comprehensive trading platform and competitive trading conditions.

Frequently Asked Questions (FAQs)

Q 1:	Is Fortrade legitmate？
A 1:	Yes. Fortrade is legimate. It is regulated by multiple regulatory authorities including ASIC, FCA, CYSEC, IIROC, NBRB.

Q 2:	At Fortrade, are there any regional restrictions for traders？
A 2:	Yes. It does not accept clients from the USA.

Q 3:	Does Fortrade offer demo accounts？
A 3:	Yes.

Q 4:	How does Fortrade make money？
A 4:	Fortrade makes money from spreads, commissions, and swap rates on leveraged overnight positions.

Q 5:	What is the maximum leverage offered by Fortrade？
A 5:	Fortrade offers leverage of of up to 1:200.

Q 6:	Does Fortrade offer the industry-standard MT4 & MT5？
A 6:	Yes. Fortrade supports MT4 Desktop, WebTrader and Mobile APP.

Q 7:	What is the minimum deposit for Fortrade？
A 7:	The minimum initial deposit to open an account is $100 (with a suggestion of $500 or currency equivalent).

Q 8:	Is Fortrade a good broker for beginners？
A 8:	Yes. It is a good choice for beginners because it is regulated well and offers various trading instruments with competitive trading conditions on the leading MT4 platform. Also, it offers demo accounts that allow traders to practice trading without risking any real money.