This broker which was created in America in 1996. This company is not listed on any beige exchange, since it is owned by private individuals. However, this does not prevent it from being regulated and controlled by famous financial regulators, recognized throughout the financial world. For example, OANDA is controlled by the U.S. Commodity Futures Commission, the British Financial Conduct Authority, better known as the FCA.
Companies that regulate OANDA
For example, there will be at least one regulatory body in your country of residence.
Let’s take a closer look at them:
In North America, the company has a checking organization-the Futures Trading Commission, the company is also registered with a nationalist organization, in Canada, the company also has a regulator, IIROC, including traders who are Canadian citizens, more specifically finances, are protected by the Investor Protection Fund of Canada. Since the company’s activities extend to Europe, there are also regulators there, such as the Office of Regulation and Supervision in the United Kingdom. Funds of British clients are protected up to 85 thousand sterling.OANDA also operates in Asia, where it is controlled by the side of the Singapore Monetary Authority. There the company regulates securities commissions, abbreviated asAFSL.
While many companies avoid cooperating with clients from Japan, OANDA works there as well, and the regulator is the Financial Futures Organization.
Since the company has been operating for quite a long time, and the regulators are well known and trustworthy, clients are assured that their funds are safe and that they work according to the standards of the financial industry.
How to open a trading account?
Company offers only 2 accounts – standard and premium. Before you start working with real money, everyone has the right to try the demo version of the platform. If we are talking about the size of the minimum investment, such a vice is absent in this company.
It is known that a trader gets the highest profit when trading on margin. The level of profit depends on the leverage offered by the company. In turn, leverage depends on the jurisdiction in which the client company is.
For example for UK clients it is possible to open the additional account, which is taxed. You can open a premium account if you have $20,000 or more, this will allow you to get a personal manager and the ability to deposit and withdraw funds without commissions. Otherwise, the two types of account, standard and premium, have virtually no differences and are easy to work with.
OANDA does not have swap-free accounts and the platform itself is comfortable enough to work with.
Even if you are a beginner, the process of opening a trading account with this company will not take more than 5 minutes, as usual complete the basic data, such as name, address, email, phone number. After that you should upload the documents confirming your identity and address of your residence. In some cases you will need information about your income or level of trading experience.
Account replenishment and withdrawal
OANDA is reputable and experienced enough on the financial market. According to the company’s research about 75% of traders around the world incur financial losses, this is due to a number of reasons, in particular emotions faced by insufficiently experienced traders.
Methods of deposit and withdrawal are identical: payment by credit card, bank transfer, the company supports payment through electronic purses and PayPal. The company does not charge any commissions for depositing.
Necessary to comply with a number of anti-money laundering requirements of the company, in particular, your name on the identification document must match the name on the plastic card and bank accounts. In this case, there will be no problems with withdrawal.
What traders should know about working with OANDA
However, any brokerage company receives income from the difference between the buying price and the selling price and the margin trading. Spread is calculated automatically and starts from 0.1 pip; spread will differ for every type of asset.
The company offers a flexible enough trading environment such as if you’re used to working with the world leader MetaTrader his MT4 platform, then OANDA will give you this opportunity, although it will be a basic version without extras. As a result, you will be interested in trying this broker’s own development platform, which is full of various tools and indicators as well as easy to work with.
The platform developed by OANDA brokerage company is considered as one of the most modern and convenient platforms, because it has a high speed of transactions execution and massive options to minimize the risk. However, you can use these platforms MT4 if you are accustomed to work with it, for example, to work in demo mode.
A good trading environment becomes available because the company follows the most information technology to program a lot of handy and useful tools that will surely lead a trader to the expected profit. For charts and market analysis tools, you can use the tools already loaded on the platform or the resources provided by the company partner TradingView, which is easy to integrate into the platform.
All these tools will help you to allocate your risks wisely, help you to analyze the markets and get the maximum profit from trading on financial markets. Every trader is sure to find the most suitable tool for achieving the desired goal.
OANDA customer service
On weekdays you can always contact the support team, they are available 24 hours a day via live chat, by writing an e-mail or you can contact them by phone. The company has a section that provides answers to the most common questions.
The company was one of the first on the financial market it was in 1996, has about 6 regulatory organizations, which are known in the financial market for their trustworthiness.
This broker offers two types of trading accounts is the standard premium account which requires a minimum deposit of $20,000.
The company works with Metatrader partner terminal, but much more tools and functions will be available with the company’s own platform, which is highly valued by the leading traders of the industry.
At the same time, the company provides a good basis for analysis using many indicators that are built into the platform, including partner relationship with TradingView.
As for the educational materials, which will be most in demand among beginners, it is worth noting Market Pulse is a section of educational materials that is integrated into the platform, besides educational materials there will be presented news reports analysis of financial markets as well as some trading ideas. Here you can adopt one of the trading strategies.
In order to comfortably use the deposit and withdrawal of your profits, it is recommended to comply with the anti-money laundering rules of the company. Among the methods of depositing your account, there are classical and electronic payment systems, which is convenient enough for any trader.
The company is working on the quality of services and the client can be sure that the customer service is always ready to help in case of any technical problems or difficulties when making a payment or a withdrawal of profit.
The client can choose the currency of the account besides the euro or pound the following currencies are available: Australian dollar, Canadian dollar, Swiss franc, Japanese yen, Singapore dollar, Hong Kong dollar.
The following languages are not supported: German French English Italian Polish Chinese Russian Japanese
The main trading assets on which the company offers to earn income: contract for difference on shares, commodity group, energy, natural resources, forex precious metals, indices.
Advantages of the company:
- Support 24 hours a day, 5 days a week
- Company accounts are separated from clients accounts
- Cooperation with traders from Japan
- minimum accounts without deposit restrictions
- social trading
- risk minimization tools
- bonus programs
- fixed spreads
Disadvantages of the company:
- absence of Islamic accounts
- the company does not cooperate with clients from Canada
- no obligatory investment insurance
- no variable spreads