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Oanda Review

Oanda is a very well respected forex broker among large and small account holders. Oanda is known for being an innovative company that offers traders some unique features such as hourly swap payments and single unit positions sizing - your positions can be as small as 1 unit, which greatly improves traders' ability to apply sound money management rules correctly without having to round down your position sizes. Oanda also offers a great deal of transparency. You can view a lot of different information about the business, about what other traders are doing (open interest, or "level 2" - though it is not provided in real time), and a lot of other useful tidbits such as an active community forum. Oanda also offers a Java platform which can be run from any browser, and is Mac compatible. Some traders complain about the maximum leverage being 50:1, but realistically, a responsible trader should never come even close to being that highly leveraged anyway, so this is not usually a problem.The only real negative about Oanda is that the trading platform is unstable at times and lacks some features: there are no advanced order types, and the charting is poor. Still though, overall Oanda offers a very competitive product, particularly when you factor in their low spreads. Highly recommended for small to medium size accounts, and particularly those who trade longer than intraday timeframes.

Oanda also does not charge clients for deposits or withdrawals (although your bank may), allows pre-market trading, and offers exotic currencies such as for example USD/CNY (US Dollar vs. Chinese Yuan), USD/INR (US Dollar vs. Indian Rupee) and USD/TWD (US Dollar vs. Taiwan Dollar), as well as spot Gold and Silver. Another unique feature is that Oanda does not have a fixed timezone, so users are free to choose the timezone that best suits them.

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Subjective Ratings

Charting: Two star Charting Rating
Execution: Four star Execution Rating
User-friendliness: Three and Half star User-friendliness Rating
Customer support: Three star Customer Support Rating
Transaction costs (spreads): Four star Transaction Costs (spreads) Rating
Rollover interest rates: Five star Rollover interest rates Rating
Withdrawal processing: Four and Half star Withdrawal processing Rating
Platform Functionality: Four star Platform Functionality Rating
Platform Reliability: Three star Platform Reliability Rating
Average rating: Three and Half star Average Rating

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Business Details

Broker Headquarters: Toronto, Canada
Regulated By: NFA (0325821)
FCM registered with CFTC
Client Account Segregation: No
Collect Taxes on Earnings: No
Accept US traders?:
Main liquidity providers: P Morgan Chase, Citibank, UBS, Deutsche Bank and Royal Bank of Canada
Broker Capital as of 11-2008 $170,799,434
Also has offices in: Virtual offices in New York and Hong Kong
Registered Business Name: Oanda Corporation
In business since year: 2002
Deposit/Withdrawal methods:
MethodDeposit FeeWithdrawal Fee
Check (US clients) $0 $0
PayPal $0 $0
Wire Transfer $0 $0

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Trading Conditions

Browser platform: FXTrade (proprietary) - MAC compatible
Downloadable platform: No
Mobile platform: FXTrade (proprietary) - MAC compatible
Phone dealing: No
No Dealing Desk Execution: Yes
Fixed spreads: No
Guaranteed stop losses? No
Hedging capability: No
Trading Hours:
Timezone User-defined
Scalping allowed: Yes
Account currencies available: USD
Platform languages: Chinese, English, German, Japanese, Spanish
Support languages: English
Demo account: Unlimited
Live chat support: Yes
Swap-free accounts  No swap-free accounts available
Typical spread on EUR/USD: 0.9 pips (0.00009)
Order processing: Market Maker
OCO orders available: Yes
Trailing Stops: Server-side
If/then orders available: Yes
Account Types
Account Maximum
Leverage
Minimum/Maximum
deposit:
Minimum/Maximum
trade size:
Notes
Standard Account 50:1* No mininum or maximum requirem 1/10,000,000
Tradeable Instruments: 39   
Automated Trading: No
Depth of market view (Liquidity): Yes
Interest on Margin: Yes
Pending Orders Away from Market:

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* The high degree of leverage available in foreign exchange trading can work against you as well as for you. Investors should ensure they are fully aware of the benefits and risks before putting any money on the line.

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