Oanda is an excellent trading platform with more than 120 instruments. Traders can get started with no minimum deposit and experience powerful trading tools.
- Brilliant trading platforms.
- No verification documents needed for deposits below US$ 9,000.
- Demo account available.
- Only Forex and CFD products available.
- There is an inactivity charge which kicks in after 12 months.
Oanda has a trading platform that is accessible on PC and mobile through the Oanda app. Beginners can get started on Oanda’s user-friendly trading platform with no minimum deposit needed. The broker also hosts a demo account to test drive it before taking a plunge.
There are more than 38 forex pairs to choose from. In addition, the mobile trading platform offers at least 50 technical tools, 11 drawing tools, 32 overlay indicators, and 9 chart types.
By actively trading on this platform, we are going to share results based on our firsthand experience. Here are our findings.
Oanda – Who Are They?
Oanda is an award-winning global trading business for FX pairs and CFDs. It was co-founded by Michael Stumm and Dr. Richard Olsen in 1996. As of 1997, Oanda was amongst the first platforms to offer shared exchange information at no cost on the internet.
What drives Oanda is the need to transform every aspect of how the world interacts with currencies. For this reason, the features on Oanda focus on trading and using up-to-date currency data and analytics to guide traders.
Safety is vital for Oanda. Therefore, there is a two-step login in the process to access your account to ensure that there is no chance of unauthorized access to your account.
Our Opinion About Oanda
Our expert traders have taken note of several standout features that will help your experience.
One powerful platform that you can trade with on Oanda is Meta Trader 4. Some of its exceptional features include customizable layouts, an intuitive interface, and a range of charts. Furthermore, some tools carry out technical analysis to help guide trade decisions.
The non-trading fees for using Oanda are close to zero. There are no charges for making deposits or withdrawals or even opening an account. The only non-trading fee applicable is an inactivity fee. This applies when your trading account remains dormant for a year. For added convenience, there are various transaction options available. These include debit and credit cards, eWallets, bank transfers, and wire transfers.