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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.
What trading platforms are available?
OANDA’s trading platforms, fxTrade and MT4, are available across desktop and mobile.
OANDA fxTrade. Available with Windows, Mac and Linux operating systems as a practice or live trading account, fxTrade lets you create sub accounts and trade 70+ different currency pairs and silver and gold crosses.
OANDA fxTrade Mobile. OANDA fxTrade Mobile is compatible with iPhones, iPads and Android smartphones and tablets.
MetaTrader 4. Available on Windows, MT4 supports the use of expert advisers to automate trades. This trading platform is funded from your OANDA fxTrade account.
Features
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
What trading levels are available with OANDA?
OANDA offers two account types: standard and premium. Both account types come with most of the basic features, such as:
70 FX pairs
Multiple platforms
API trading
24/5 support
In addition to all of the features found in the standard account type, premium offers the following:
Minimum account balance of $25,000 CAD
Dedicated relationship manager
Unlimited free wire transfers
Priority service queues
Updates every 5 minutes on the MT4 open order indicator
What are the benefits of using OANDA?
OANDA has developed a good reputation in forex trading, mainly due to these benefits:
Customer service availability. OANDA provides in-house live chat, email and telephone support five days a week.
No minimum deposit. New traders can start with any trading amount.
Strong analytics. OANDA comes with many analytical tools such as position ratios, top 100 statistics, and a 24-hour order book summary, all across multiple trading platforms.
Instant approvals. All orders are executed instantly, without any requotes or rejections.
What to watch out for
OANDA doesn’t have many flaws, but there is one particular drawback:
Lack of development features. Some traders prefer to create their own trading strategies, but OANDA isn’t the best platform for these features.
Is OANDA for me?
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.
Bottom line
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.
Frequently asked questions
After you’ve registered your details and created an OANDA account, you must create a MT4 sub account to download and use the trading platform.
To download a practice MT4 trading account, log in to your OANDA account and navigate to the add currency account – fxTrade Practice section of the OANDA website.
To download MT4 for your OANDA live trading account, enter your account details to the add new account section of the OANDA website and then download the trading platform.
fxTrade Web works with the latest versions of these internet browsers:
Chrome
Firefox
Internet Explorer
Safari
You can also use fxTrade Web with these types of devices:
iOS
Android
Blackberry
Android
Disclaimer: This information should not be interpreted as an endorsement of futures, stocks, ETFs, CFDs, options or any specific provider, service or offering. It should not be relied upon as investment advice or construed as providing recommendations of any kind. Futures, stocks, ETFs and options trading involves substantial risk of loss and therefore are not appropriate for all investors. Trading CFDs and forex on leverage comes with a higher risk of losing money rapidly. Past performance is not an indication of future results. Consider your own circumstances, and obtain your own advice, before making any trades. Read the Product Disclosure Statement (PDS) and Target Market Determination (TMD) for the product on the provider's website.
Adrienne Fuller is the former head of publishing at Finder US. With a decade of experience creating guides in finance and education, she aimed to deliver the accurate and transparent information she wished she had when she made some of life's important financial decisions. Adrienne has a BA from Colorado College and loves to hike with her two Catahoula dogs.
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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.
