OANDA does not charge commission fees, maintenance fees or deposit fees. Withdrawals can also be made without charge, initially. OANDA also does not charge fees for currency conversion.
OANDA support margin trading, and provide clients with an online margin calculator, allowing users to determine fees for specific transactions.
OANDA is an online financial services company. In addition to online currency conversion and online foreign currency transfers, the company acts as an FX broker for retail clients.
With offices worldwide in major financial districts, OANDA allows clients to trade on over 60 currencies, and key commodities (ranging from crude oil to wheat) across a number of different stock markets.
OANDA is authorised and regulated by the FCA in the United Kingdom.
Detailed financial information for 2013 has not been made available by OANDA.
OANDA clients can trade on a number of different platforms via the broker’s main interface, allowing for quick switching between the OANDA platform and other third party programs (such as MetaTrader).
The broker’s main interface also affords users access to up to the minute financial news and analysis from key financial publications the world over. International FX data is similarly updated constantly.
OANDA clients can create bespoke reports on their own transactions and activity whenever they choose, and translate downloaded data into graphs using the broker’s dedicated visualisation feature.
OANDA allows clients to conduct both currency conversion and FX trading on the go with dedicated in-house apps, which are tailored to almost every conceivable smartphone platform (e.g. Android, iPhone, Blackberry).
OANDA provide a variety of educational materials to clients. A free demo account, with no fixed usage term, can be used by traders to familiarise themselves with the OANDA interface and FX trading overall. Clients can enrol in online courses, where they are provided with live video lectures and useful reading material, on a number of different topics. Free eBooks can also be downloaded, and online guides to concepts and terms in FX trading are available. The service’s popular online forum can also be used by clients to ask questions and research issues.
OANDA’s interface is easy to use, and makes for rapid execution. Lot sizes as small as £1 are allowed. The broker’s demo account offers members risk free trading on a legitimate, not virtual, market. OANDA clients can easily generate graphic reports, detailing their own positions, or particular aspects of the market. 24 hour customer support is offered in several different languages. OANDA is also one of the few FX brokers that offers a dedicated Blackberry app.
Problems with slippage have been reported by OANDA clients. Whilst withdrawals are advertised as free, fees apply in the event more than one withdrawal is undertaken in a month span.