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Score

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.
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0123456789
/10
The WikiFX Score of this broker is reduced because of too many complaints!

OANDA

Australia|Above 20 years|
Regulated in Australia|Market Making(MM)|MT4/5 full license|Global Business|High potential risk|

https://www.oanda.com/sg-en/

Website

Rating Index

MT4/5 Identification

MT4/5

Full License

OANDA-GMT+2 Live

United States
MT4
10

Capital Ratio

Good

Capital

$ 3,604,651 (USD)

Influence

AAA

Influence index NO.1

United States 9.19
The WikiFX Score of this broker is reduced because of too many complaints!

MT4/5 Identification

MT4/5 Identification

Full License

10
Server Name
OANDA-GMT+2 Live MT4
Server Location United States

Capital Ratio

Capital Ratio

Good

Capital

$ 3,604,651 (USD)
Ranking in Japan: 50 /408
336.9%
安全的

Influence

Influence

AAA

Influence index NO.1

United States 9.19

Surpassed 21.89% brokers

Biz AreaSearch StatisticsAdvertisingSocial Media Index

Contact

0120-923-213
frontdesk@oanda.com
https://www.oanda.com/sg-en/
https://www.facebook.com/OANDAfx/

Licenses

VPS Standard
No restriction on the broker account. Support service provided by WikiFX

Single Core

1G

40G

Open Now

Disclosure

FX Clearing Trust
SMBC

Contact number

Japanese

0120-923-213

Broker Information

More

Company Name

OANDA AUSTRALIA PTY LTD

Company Abbreviation

OANDA

Platform registered country and region

Australia

Number of employees

Company website
Twitter
Facebook
Instagram
YouTube

Pyramid scheme complaint

Expose

Check whenever you want

Download App for complete information

WikiFX Risk Alerts 2
Previous Detection : 2024-03-19
  • The number of the complaints received by WikiFX have reached 98 for this broker in the past 3 months. Please be aware of the risk and the potential scam!
  • The number of this brokers's negative field survey reviews has reached 1. Please be aware of the risk and the potential scam!

WikiFX Verification

Risk Management

Updated Time 2024-01

Average margin deposit rate

Average margin deposit rate(%)

Proportion of unsold orders

Ratio of unsold orders(%)

Hedging Trading

  • Date
  • Institution
  • Percentage
  • Rating
  • 2023-09-30
  • 100.00%

  • --

  • 2023-08-31
  • 100.00%

  • --

  • 2023-07-31
  • 100.00%

  • --

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    Sources

    OANDA · Company Summary

    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.

    overview

    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.

    regulation
    regulation
    regulation
    regulation
    regulation
    regulation

    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.

    market-intruments

    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.

    account-types
    account-types

    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.

    account-types
    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.

    open-account
    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.

    open-account
    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.

    leverage
    leverage
    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.

    spreads-commissions
    spreads-commissions
    spreads-commissions

    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.

    Non-Trading Fees
    • 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.

    Non-Trading Fees

    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.

    trading-platform

    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.

    trading-platform
    trading-platform

    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.

    trading-tools
    trading-tools
    trading-tools
    trading-tools

    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.

    deposit-withdrawal
    deposit-withdrawal

    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.

    deposit-withdrawal
    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.

    customer-support
    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.

    educational-resources

    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.

    News

    OANDA Launches Crypto Trading Platform in the UK

    NewsOANDA Launches Crypto Trading Platform in the UK

    2024-02-29 17:09

    OANDA launches OANDA Crypto in the UK, offering over 63 cryptocurrency pairs. The FCA-registered platform marks a strategic expansion in digital currency trading.

    WikiFX
    2024-02-29 17:09
    News
    OANDA Launches Crypto Trading Platform in the UK
    Go & grab OANDA's "Red Packet Bonus"

    NewsGo & grab OANDA's "Red Packet Bonus"

    2024-02-05 13:32

    The well-known regulated broker OANDA is offering a "Red Packet Bonus" offer on the account of the Chinese New Year called Lunar. You can register by 29 February 2024 for this offer.

    WikiFX
    2024-02-05 13:32
    News
    Go & grab OANDA's "Red Packet Bonus"
    OANDA Steps Up Legal Battle Against GAIN Capital Over Patent Issues

    NewsOANDA Steps Up Legal Battle Against GAIN Capital Over Patent Issues

    2024-02-05 12:21

    OANDA refines its legal claims against GAIN Capital in a patent dispute, as both forex giants continue their battle in New Jersey District Court.

    WikiFX
    2024-02-05 12:21
    News
    OANDA Steps Up Legal Battle Against GAIN Capital Over Patent Issues
    OANDA Japan's USD/SEK Margin Requirements Have Changed

    NewsOANDA Japan's USD/SEK Margin Requirements Have Changed

    2022-11-01 10:32

    The Japanese branch of OANDA Corporation, OANDA Securities, will change the margin rates for the USD/SEK currency pair.

    WikiFX
    2022-11-01 10:32
    News
    OANDA Japan's USD/SEK Margin Requirements Have Changed

    User Reviews

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    User comment

    18

    Comments

    Write a review

    Jonas Bell
    3-6months
    I have been cooperating with OANDA for a long time and I like this company very much as a seed.
    2023-10-19 16:23
    Reply
    0
    0
    Jonathan Batista
    6-12months
    Excellent broker
    2023-06-27 11:24
    Reply
    0
    0
    FX1292889623
    more than one year
    I have been trading with OANDA for 5 years. Honestly, I always made some profits in the first two years, but gradually, its customer service was not so good as before. I said goodbye to this broker last year.
    2023-03-01 10:52
    Reply
    0
    1
    吴林燕
    more than one year
    almost a hundred complaints are displayed on the wikifx website... I think it would be very imprudent to invest here knowing so many other people's experiences, right?
    2023-02-14 10:19
    Reply
    0
    0
    56673
    more than one year
    I just can’t understand why they got so many good reviews, don’t it be to pay someone to brush the good reviews?! Only deposit is normal but not withdrawal... I will never trust them any more!!!
    2023-02-13 14:23
    Reply
    0
    1
    樊尚
    more than one year
    I don’t know what’s going on. Before, deposits and withdrawals were quite normal. Although the speed was very slow, the final result was good anyway. Why is it so bad now? It’s been almost a week, and the withdrawal has not yet arrived, and the customer service cannot be contacted. . . .
    2022-12-15 10:50
    Reply
    0
    0
    Phoenix8431
    more than one year
    This is great broker they are reliable I will recommend it to you
    2022-12-13 14:32
    Reply
    0
    0
    思雨成线
    more than one year
    Anda's copy post is very good! I am a novice in trading, copy trading is very useful to me, I can copy the transactions of many successful traders, and I can also learn some useful trading strategies. I have traded old brands for many years, and I am very relieved.
    2022-12-13 10:03
    Reply
    0
    0
    Yunus
    more than one year
    OANDA is a very good broker, I am so much interested in.
    2022-12-08 16:28
    Reply
    0
    0
    MustaphaJr
    more than one year
    trading with oanda is very secured and easy withdrwal
    2022-12-07 16:35
    Reply
    0
    0
    maryam6719
    more than one year
    OANDA are very good broker I know them trading on this platform is easy and making profit sure withdrawal process and deposit it is good
    2022-12-07 16:15
    Reply
    0
    0
    abk2025
    more than one year
    OANDA is Normal Broker and has low value
    2022-12-06 04:52
    Reply
    0
    0
    Abdulkarim Suleiman
    more than one year
    I like to work on fxcm
    2022-12-05 23:43
    Reply
    0
    0
    Fuljo
    more than one year
    oanda is one of the most regulated and best broker in forex market,I am really appreciate
    2022-12-05 14:59
    Reply
    0
    0
    #T -
    more than one year
    Account creation sucks. The way they ask for proof and evidence for your financial situation and bank statement is too complicated and not professional at all. I will never use this platform again! Very bad broker that I have ever met.
    2022-11-25 14:19
    Reply
    0
    0
    FX1028855272
    more than one year
    I’ve traded with this platform when I just started out in the forex industry. They provide excellent trading platform, professional customer support, rich educational resources to learn, haven’t used this platform for a long time, I can never imagine this platform has received so many complaints…
    2022-11-24 19:21
    Reply
    0
    0
    real seyha
    more than one year
    of
    2022-11-23 03:12
    Reply
    0
    0
    金鑫23788
    more than one year
    TOTAL SCAM! PLEASE FRIENDS stay away from this so called best broker... If you don't want to lose all your money.
    2022-11-15 18:56
    Reply
    1
    0
    99+
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    You are visiting the WikiFX website. WikiFX Internet and its mobile products are an enterprise information searching tool for global users. When using WikiFX products, users should consciously abide by the relevant laws and regulations of the country and region where they are located.
    consumer hotline:006531290538
    Official Email:support@wikifx.com;
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