OANDA Forex Trading Review: Start trading online today | finder.com

Trade forex online with OANDA

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Trade on OANDA fxTrader or MT4 with instant execution and no requotes whenever the markets are open.

One of the biggest forex traders in the world, OANDA has multiple forex trading platforms, including MT4, which you can use to trade 90 currency pairs 24 hours a day, 5 days a week. OANDA forex allows you to trade 90 major and exotic currency pairs.

What trading levels are available with OANDA?

OANDA does not offer account types or levels and there’s no minimum or maximum amount you can trade. However the trading levels on OANDA will depend on the platform you wish to trade with. OANDA provides two main trading platforms: fxTrade and MT4.

PlatformLevels
fxTradeN/A – Trading is performed in units. No minimum or maximum applies.
MT4
  • 1 lot = One standard lot = 100,000 units
  • 0.1 lot = A mini lot = 10,000 units
  • 0.01 lot = A micro lot = 1000 units

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 trade 90 different currency pairs and silver and gold crosses. Users can also create sub accounts.
  • OANDA fxTrade Mobile. Trade from your smartphone or tablet device. OANDA fxTrade Mobile is compatible with iPhones, iPads and Android smartphones and tablets.
  • MetaTrader 4. Available on Windows, MetaTrader 4 supports the use of Expert Advisors (EAs) to automate trades. This trading platform is funded from your OANDA fxTrade account.

Features

FeatureDescription
Spread fee – AUD/USD
Education and resourcesYes
Does it offer fixed spreads?
Leverage1:50
Is it MetaTrader supported?Yes
Minimum deposit requiredNo
Compatible devicesiOS, Android, Windows
Guaranteed stops
Payment methodsBank transfer, check and credit card
Promotional bonusNo
Payout %
24-hour tradingYes
Demo account available?Yes

What are the benefits of using this OANDA?

OANDA provides in-house live chat, email and telephone support five days a week and 24 hours a day. New traders can benefit from no minimum deposit to start trading, as well as education, training and comprehensive customer support.

Other benefits of OANDA forex include analytical tools such as position ratios, top 100 statistics and a 24-hour order book summary. OANDA also provides multiple trading platforms.

What are the pros and cons of using OANDA?

The pros

  • No minimum deposit to start trading
  • Orders are executed instantly and there are no re-quotes or rejections

The cons

  • Lack of development features for traders who like to create their own trading strategies

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. Enter your personal and contact information so you can download fxTrade Practice or MT4 demo trading accounts. A mobile trading application is also available.

The OANDA practice trading account doesn’t expire, so you can use the demo trading account 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.

Did you have more questions about OANDA?

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Important Information*
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Transfer up to $500,000 with no minimums and no fees.

WorldRemit International Money Transfers

Use promo code FINDER to send your first transfer with no fee.
Send to 110+ countries for bank-to-bank deposit, cash pickup or mobile top-up.

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No maximum limit, no fees and competitive exchange rates for 100+ currencies.

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Enjoy high maximum transfers into more than 20 currencies while saving up to 90% over local banks.

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