Oanda Scam Test

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Oanda.com Review Visit site

Broker Details

Minimum Trade Size: 0.001
Maximum Leverage: 50:1
Minimum to Open Live: $1
Established: 1996
Address: 135 West 41st Street New York NY, 10036, United States
Contact: [email protected], +61 2 8046 6258
Regional offices:
Regulators: ASIC #412981, IIROC #, FCA #542574
Prohibited countries:

Yes

Yes

Trading platforms: MT4, WebTrader
Web Trading:
Mobile Trading:
Currencies: (55+)
Cryptocurrencies:
CFD: (5+) Gold, Silver, Other Precious Metals, Oil, Other Commodities

Yes

Yes

Scalping:
PAMM:
Deposit Methods: Bank Wire, VISA, MasterCard, ACH Payments (echeck), BPAY, CHAPS, Check, DBS Bill Payment, Local Bank Deposits, Local Bank Transfers, Payment Asia, PayNow, PayPal, SEPA Credit Transfer (SCT), SWIFT
Withdrawal Methods: VISA, MasterCard, Check, Local Bank Transfers, PayPal

Live discussion

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Oanda.com profile provided by MatthewC, Mar 22, 2020

Competitive Spreads

Trade with confidence knowing your OANDA CFD* & retail forex trading account gets competitive spreads with no commissions on your trades, no minimum deposit and no account maintenance fees

Exceptional Execution

Low cost of CFD and forex trading is more than just spreads. It’s having your trades executed automatically without requotes or rejections, unless you choose to place upper or lower bounds to protect against price fluctuations.

Award-Winning Online Trading Platform

Experience the power and ease of CFD and forex trading with OANDA across all our trading applications. OANDA puts you in full control of your trade strategy, so you never lose sight of the market.

Video

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Let other traders know if this service is worth checking or should be avoided.

Your feedback matters!

Consumer Reviews

Service use: Live

Length of use: over 1 Year

Initially, I was skeptical like anyone else. However, much to my amazement, Oanda’s performance far supersede’s other brokers performance. What truly matters to me is the Deposit and Withdrawal system, established by Oanda. It’s truly a wonder.

I haven’t experience such a swift withdrawal from any other broker and Oanda truly won the appeal of being the A list broker in my honest opinion. Notwithstanding the fact, their pro account allowed me to trade in tight spreads (Pretty much like an ECN account).

I thought the brokerage world ended in a dark light, however, Oanda surely did proved everyone wrong here. Keep the transparency going!

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Service use: Demo

Length of use: 0-3 Months

Service use: Live

Length of use: 6-12 Months

Service use: Live

Length of use: over 1 Year

I have had my account for around 8 years. Never really had any issues, last week I had 85 trades all executed without a hitch, mostly all limit triggered without any slippage. Customer service is a non-starter mostly and this is my one gripe. Used to be a lot better, and you could actually get somebody on the phone relatively quickly. I suspect this will become better once I trade up to a pro account.

People complain about spreads widening, platforms freezing, financing charges, withdrawal delays, but I think all these matters are present in all or most brokerage operations. All I know is that after many thousands of trades both large and small, I have no reason to suspect that this broker is “out to get me”.

Service use: Live

Length of use: 3-6 Months

Service use: Live

Length of use: 3-6 Months

My experience with them is just frustration. I have lost a lot of money. At first, everything was incredibly good, making a lot of profit. My worse mistake is that I didn’t even try to withdraw money captivate by the idea of making more. Actually, the day the POTUS was giving his speech about Iran on the killing of the general, I made more $5000 in less than 30 minutes. After that day, it was like THEY HAVE SET ME UP FOR FAILURE. At one point, I was asking my self if I was, in the whole world, the only one trader in this platform. The system was after me for anything, but I have already lost so much that I didn’t want to give up. You apply STOP LOSS, you lose. You leave your trade without stop loss, you lose even more with MARGIN CLOSE OUT. Because whatever I did turned to be bad. I really believe that THEIR SYSTEM IS RIG. It is just not fair, and I want to know WHAT CAN I DO TO HAVE THIS SITUATION INVESTIGATED.

You don’t get to lose over $23k, with the impression that you have been rubbed and feel ok with that. I am now thinking about one thing: WHAT TO DO TO HAVE A RIGHT UNDERSTANDING OF WHAT HAS HAPPENED.

Service use: Live

Length of use: over 1 Year

I used a debit card to deposit my funds. After taking a break from trading currency to focus on the US stock market. I returned 30 months later (felt like a much shorter time) to find that Oanda had been withdrawing money out of my account for 6 months – no notification that this was happening!

I decided that, because of this sketchy practice, I would take my money to a different broker. NOW THEY WON’T GIVE ME MY MONEY! My withdrawal was denied because I no longer have the debit card I used to make the initial deposit.

Not a single soul has been able to help me recover my funds. Luckily my lawyer had dealt with them before and will be taking control from here.

Service use: Live

Length of use: over 1 Year

I just hit the 10-year mark with Oanda. (I’m full-time). Every time I get frustrated about something, I do a lot of research and test trial accounts, and then end up deciding to stay put. To be profitable (I am), you really need to learn how all their costs (especially financing) work.

When you meet certain criteria, you get a dedicated account rep. This is helpful for fast responses, but I rarely have issues, so I don’t talk to him much. He was, however, helpful when they were building their mobile app; I was able to make some change requests and they were implemented.

The bottom line is I trust them, even though I wish some things were better. I also really prefer their proprietary trading app over MT4. That’s a big part of the reason I’ve stayed put. I’m a 100% discretionary trader, so I don’t need automation or much backtesting. I doubt I’ll be with them forever, but I can’t find anyone better right now.

Service use: Live

Length of use: 3-6 Months

my experience with Oanda was relatively short live(5 months)but i cannot say too many negatives as i never had issues with my tradesor withdrawals- the result was also positive and resolved HOWEVER there were always delays with my withdrawals and trade queries. i had an occasion where i wanted to double check a slippage issue and it took 5 working days to receive a comprehensive response. for me this was frustrating as it was a large trade and thus a more pressing concern.

Anyway, Oanda overall is very good, but efficiency is not something i would rate them in (FROM MY EXPERIENCE) .

Suitable i would say for the mroe experienced traders, perhaps not newbies as the client area is a little confusing and not too easy at first.

Service use: Live

Length of use: 3-6 Months

Overnight Financing rate for USDCNH on 21 Jan 2020 is -22.75% for long position of 1 lot. Oanda just churn out their financing rate forcing clients to close their position, Oanda always win

Dec 27, 2020 – 1 Star Oanda swop rates for many important pairs keep widening everyday, sudden change of margin/lowering leverage. Huge scam, hope it bankrupt next year

Frequently Asked Questions

Is Oanda a broker and what does it trade?

OANDA is an online forex broker, offers a range of financial instruments like:

  • Forex currency pairs,
  • Commodities,
  • Indices
  • Bonds
  • Precious Metals

Is Oanda a good broker?

Unbiased traders reviews on ForexPeaceArmy is the best way to answer if Oanda is a good broker. https://www.forexpeacearmy.com/forex-reviews/88/www.oanda.com.

Please come back often as broker services are very dynamic and can improve or deteriorate rapidly.

Additionally, we’d recommend to check recent Oanda community discussions: https://www.forexpeacearmy.com/community/tags/oanda/

Is Oanda free?

Oanda offers free services and charged services.

For trading forex, there is no added commission, the only cost to trade is the spread that Oanda charges.

Does Oanda allow scalping?

Oanda does not restrict scalping. You can scalp as you want.

Trade with a globally recognised broker

We have 23 years’ experience in financial trading and offer pricing on a range of global CFD instruments. Trade the UK 100 from 0.8 points, Germany 30 from 0.9 points, EUR/USD from 0.6 and EUR/GBP from 0.8 pips, with depth of market available on all our forex pairs.

Our powerful API technology lets you integrate your strategy with trading applications or build your own custom user interfaces. You can also create and test your own automated trading strategies using our APIs.

We do all things CFDs

CFD trading

We offer prices on a wide range of global CFD instruments, including indices, forex, commodities, metals and bonds.

Currency converter

Access real-time rates for all the major FX pairs, plus up to 25 years’ historical exchange rates across 38,000 forex pairs.

This service is provided by OANDA Corporation, an NFA regulated firm based in the United States.

Solutions for business

Discover OANDA Treasury, Exchange Rates API, Historical Currency Converter and Corporate Payments solutions.

This service is provided by OANDA Corporation, an NFA regulated firm based in the United States.

OANDA Rate ® data currency calculator

Touchstone foreign exchange rates compiled from leading market data contributors. Our rates are trusted and used by major corporations, tax authorities, auditing firms and individuals around the world.

This service is provided by OANDA Corporation, an NFA regulated firm based in the United States.

Currency Converter

Powered by OANDA Corporation

Note: This currency is obsolete. If you wish to find out historical data on this currency please visit our Historical Currency Converter.

Rates are based on a daily average of OANDA Corporation prices, updated at 10pm (GMT) each day. These rates are not available to consumers.

OANDA Corporation is an NFA regulated company based in the United States.

Fully automated trading platforms, mobile and tablet apps

Our OANDA Trade platform can be accessed from your desktop and browser. You can also take a position via MT4. World-class execution. No re-quotes^.

Competitive prices

Our spreads are competitive, starting from just 0.9 points on the DE 30, 0.8 points on the UK 100 and 1 pip on USD/JPY and EUR/USD.

Currency data and analytics

Our Exchange Rates API delivers data on 200+ currencies. Automatically receive daily averages, real-time (spot), tick-level and forward rates into your ERP, TMS, digital product, app or website.

This service is provided by OANDA Corporation, an NFA regulated firm based in the United States.

International payments made simple with OANDA money transfer

We offer 24/7 access to real-time rates for personal and business FX transactions.

This service is provided by OANDA Corporation, an NFA regulated firm based in the United States.

^OANDA does not re-quote orders and only rejects orders for legitimate reasons.

© 1996 – 2020 OANDA Corporation. All rights reserved. “OANDA”, “fxTrade” and OANDA’s “fx” family of trademarks are owned by OANDA Corporation. All other trademarks appearing on this website are the property of their respective owners.

OANDA Europe Limited is a company registered in England number 7110087, and has its registered office at Floor 3, 18 St. Swithin’s Lane, London EC4N 8AD. It is authorised and regulated by the Financial Conduct Authority, No: 542574.

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