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Oanda Review - A Review of the Oanda Forex Brokerage

About.com Rating 5 Star Rating
User Rating 2 Star Rating (1 Review)

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Best Features

  • No Minimum Opening Deposit
  • Custom Lot Sizes
  • Trade Directly on the charts
  • Custom News Feed
  • Demo Accounts Never Expire
  • Sub Accounts

Least liked features

Demo Accounts

The Oanda demo account is virtually identical to the live account. The price feed is exactly the same as the live account and demo accounts never expire.

Customer Service

Oanda provides customer service by email, chat, and phone. Oanda seems to typically be responsive to request for service via any of the 3 methods. Emails sometimes take up to 24 hours to be returned depending on the issue.

Spreads

Oanda provides variable spreads, which means that spreads can change depending on market conditions. Most of Oanda’s spreads are extremely competitive during normal market conditions. The only time that the spread jumping will usually prove to be a problem is if you are trading directly around a major news release. For example, the EUR/USD typically trades with a spread of 0.9 – 1.9 pips under normal market conditions. During a news release the spread for the EUR/USD can go as high as 10 pips.

Leverage

Oanda only allows 50:1 leverage. Many traders might consider this a disadvantage, but I consider it to be like selling a gun with a safety on it. 50:1 leverage is sufficient for forex trading. Leverage set at 100:1 and higher can be dangerous and cause you to make oversized trades just because you can.

User Reviews

 2 out of 5
Review of Oanda Canada, Member machiavel

I am a Canadian and I have 4 years of experience trading with MetaTrader 4. I have been trading with OANDA Canada for 1 month. I decided to close my account for 2 reasons:Number 1: The margin require…More

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