Oanda Review.
Oanda is a forex broker with over 25 years of history. Regulated in US, UK, Canada, Australia with the offices in North America, Europe, Australia and Asia it offers over 70 currency pairs, commodities, precious metals to trade with MetaTrader 4, Trading View, and Trade Web platforms. Oanda is also known for its currency transfer services as well as MarketPlus trading analytics. Please read Oanda reviews below and share your live trading experiences.
2021-03-30 OANDA completes acquisition of TMSBrokers.com.
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Broker Details.
Minimum Trade Size: 0.01.
Maximum Leverage: 200:1.
Minimum to Open Live: $1.
Established: 1996 Address: 10 Times Square New York, 10018, United States Contact: frontdesk@oanda.com, +1 212 858 7690 Regional offices: Regulators: ASIC #412981, IIROC #, FFAJ #, MFSA #, MAS #, FCA #542574, CFTC #, NFA #0325821, BVI FSC # Prohibited countries:
Trading platforms: MT4, MT5, WebTrader, NinjaTrader, MotiveWave, MultiCharts, TradingView Web Trading: ✅ Yes Mobile Trading: ✅ Yes Currencies:
Trading Instruments.
Trading Conditions.
Managed Accounts & Social Trading.
Deposit Methods: Bank Wire (BankTransfer/SWIFT), VISA, MasterCard, ACH Payments (echeck), BPAY, CHAPS, Check, DBS Bill Payment, Local Bank Deposits, Local Bank Transfers, Neteller, Payment Asia, PayNow, PayPal, SEPA Credit Transfer (SCT), Skrill.
Withdrawal Methods: VISA, MasterCard, Check, Local Bank Transfers, Neteller, PayPal, Skrill.
2.704 • 483 REVIEWS.
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Traders Reviews.
Sydney, Australia,
Dec 7, 2022,
Registered user.
Problematic trading platform.
Service use: Live Length of use: over 1 Year.
In addition to my previous review I discovered more problems with the Oanda platform.
You cannot have separate positions on the same instrument. For example, if you enter a short trad at a certain level, then add another position at lower price the platform averages the entry and consolidates two positions into one. Accordingly, you cannot manually exit one of them and keep the other, you have to kill them both.
You cannot have two positions in opposite direction and therefore hedge. If you are short and place a stop buy order above your initial entry the platform will liquidate the initial position and you will be flat. Again, this limits your ability to manage the trade.
I still keep a small account with Oanda, but it is for experimentation only. The bulk of my trading is done elsewhere now.
Jun 28, 2022 - 3 Stars My only issue with this company is their platform: it is very slow. Impossible to day trade - switching between time frames can sometimes take up to half a minute. If you are using five minute bars this can end up in a loss. While writing this review I timed how long it takes to load the graph. Australia 200 Index CFD, switching from daily to 15 minute chart took 15 seconds, from 15 min to 5 minute chart - 25 seconds, from 5 minute to 1 minute - 45 seconds.
Another, more recent issue - MultiCharts connectivity suddenly disappeared. WHich means I cannot run automated strategies.
Administration side of things has been pretty good. Deposits and withdrawals have been smooth. Help desk is reasonable.
Reply by TonOanda submitted Jun 28, 2022 Hi smalldog, Thanks for your review. Our team is aware of the connectivity issues and it's working on it! We'll also take into consideration your feedback on MultiCharts. Thanks, -TO.
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Reply by TonOanda submitted Dec 19, 2022:
Hi smalldog, Thank you for your review. If your location is correct and you have an account with us from the OANDA Australia division, you could set up a hedge account at a sub-account level. If you need assistance with that, don't hesitate to contact the support team via email or live chat; they will be able to help you. Thanks! -TO.
Not Oanda, USA,
Jul 20, 2022,
Registered user.
Update to 2/17 review, 6/9 update: Oanda denies all, charges $200 per trade.
Service use: Live Length of use: 0-3 Months.
Spreads of 10, 17 and 17 on three different trades are NOT normal ANYWHERE, but bucket shops at 7:30pm eastern with zero news and low volatility trading. The two trades with out of the blue non-transparent 17 pip spreads cost around $200, including the $39.31 ($33 loss + $6.31 profit they erased) loss when closing the trade when the platform showed a $6.31 profit on a 1 standard lot trade. Again, NO NOTICE OF SLIPPAGE.
I'm going to ask the regulatory agencies in the EU and US, etc to set up live trading accounts without Oanda knowing which account it is so they can show that Oanda is CHANGING the spread AFTER the trades are placed. There is NO slippage notice AND the spreads are normal when the trades are entered. Spread on all our other accounts with other brokers were normal. Easy comparisons. can film it all.
Massive class action lawsuit.
Jun 9, 2022 - 1 Star Please understand this: The spread was normal in the order box each time when I pushed the trade button. It was only AFTER the trade had been placed that the spread was shown in the terminal to be larger than agreed to when I pushed the trade button. There was NO slippage warning, no transparency that spread had be increased; the fact only showed up after the fact.
This is bucket shop tactics that the US and EU, etc need to look into and stop from happening. If anyone knows an attorney that focuses on this type of theft, please let me know so I can start a class action lawsuit for these practices.
Oanda's response to ripping me off for 10 pips, 17pips and 17 pips on spreads, where there was zero news and no other reason for sudden spread changes, was to assign a brown shirt to watch me and to post on FPA here that they were sorry and would work to see that this doesn't happen in the future. How does that fix the problem or refund the theft? It doesn't. Just empty words from a broker that will be bankrupt some day.
They never refunded the stolen spread.
But, Oanda, do please post here again after this follow up review that you'll work to assure this doesn't happen again instead of refunding the theft. Your word obviously means nothing.
And, no, I can't tell you the trade id numbers because you've blocked me from being able to get the trading info. It's been wiped from the account.
Feb 17, 2022 - 1 Star A few days ago, with zero news going on, Oanda charged me 10 pips spread. HOWEVER, the spread was NOT 10 pips on the chart, nor on the trade window where you click to open a trade.
This just happened again. not only did they get me for a NON-TRANSPARENT 17 pip spread, but when I closed the trade to get out even, the terminal was showing a profit of $6.31 (one standard lot), but I ended with a $33 loss on that trade. So, they got me for $170 just to open the trade and another $39 difference between what the terminal showed and what the actual was. NO actual spread or trade profit amount can be trusted on Oanda's live system. I understand what "dynamic" spreads are, but dynamic spreads can and should still be transparent. this is real money and we should know what we're paying to enter a trade and how much we're going to make (based on the terminal view where our open trades are tracked) when we close a trade. Otherwise, this current lack of transparency is bucket shop scam level.
When I approached them about the 10 pip spread they didn't even offer to look at it. Traders do NOT matter to them, just the scam matters. Oanda, you need transparency by telling us what the spread actually is on the chart AND on the trade closing window. Obviously, there's no use approaching them about the 17 pips and the loss instead of the gain I saw when closing the trade. Sick. Sad. I've never traded with ANY broker who didn't show the true spread on the platform until I met Oanda.
This is NOT the type of broker anyone wants to trade with.
Reply by TonOanda submitted Mar 31, 2022 Hi Cashbox,
Thank you for the review. We are sorry to hear that you had some difficulties with your OANDA account. As a financial provider, we want always to be as transparent as we can and I've sent this to our trading team to ensure that this situation is not repeated.