Important: This broker offers CFDs which are a leveraged product. Using leverage involves greater risk than using cash resources only and your responsibility to repay the borrowed money (and any interest) remains the same even if the value of the underlying asset declines.OANDA is one of the biggest forex traders in the world with multiple trading platforms, including MetaTrader4 (MT4), which you can use to trade 70+ major and exotic currency pairs five days a week. But it doesn’t allow for much freedom in creating your own trading strategies.
OANDA’s trading platforms, fxTrade and MT4, are available across desktop and mobile.
| Feature | Description |
|---|---|
| Spread fee – CAD/USD | – |
| Education and resources | Yes |
| Does it offer fixed spreads? | – |
| Leverage | 50:1 |
| Is it MetaTrader supported? | Yes |
| Minimum deposit required | No |
| Compatible devices | iOS, Android, Windows |
| Guaranteed stops | – |
| Payment methods | Bank transfer, wire transfer, ACH transfer, cheque and credit card |
| Promotional bonus | No |
| Payout % | – |
| 24-hour trading | Yes |
| Demo account available? | Yes |
OANDA offers two account types: standard and premium. Both account types come with most of the basic features, such as:
In addition to all of the features found in the standard account type, premium offers the following:
OANDA has developed a good reputation in forex trading, mainly due to these benefits:
OANDA doesn’t have many flaws, but there is one particular drawback:
OANDA forex trading is available for individual and corporate customers.
OANDA provides a demo trading account you can use to practice trading with virtual funds before opening a live trading account.
The OANDA’s practice trading account doesn’t expire, so you can use it for as long as you like. You can reset the 100,000 virtual currency limit and change your leverage level as many times as you like.
You can create a live trading account right away if you want to skip using the demo account.
OANDA is one of the leading platforms in forex trading that comes with many features that could appeal to many types of traders. Its analytical tools and instant approvals could suit experienced traders, while having no minimum deposit amount and the ability to trade in virtual currency could appeal to newcomers.
But it’s limited to only forex trading and doesn’t allow for much freedom in creating your own strategies. Before deciding on any trading platform, it’s best to compare other options to find one that suits you best.
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