All the indicators and drawing tools in the world won’t help your trading strategy if you’re not sure how they work. While most online brokerages offer some form of educational support, we like to dig deeper. https://forexarena.net/ Good educational resources show commitment to account holder success.
Islamic Accounts
OANDA Global Markets has a professional account type available that allows for a higher level of leverage. While OANDA doesn’t offer the most straightforward Account Opening process, most difficulties were smoothed over by the dedicated account manager. Some brokers reserve account management assistance for high-value or professional trader accounts, but OANDA assigns one to oanda forex broker review each and every new client. We found OANDA’s customer service exemplary, with multiple layers of support available at any time, anywhere in the world. We tasked a team member with resolving three ‘issues’ with an OANDA Corporation account and were impressed with the speed with which she came back to us with solutions. We’re no strangers to MT4 at Compare Forex Brokers – it’s the leading forex trading software on the planet.
Non-Trading Fees
Enter a username and password – preferably something you’ll remember. I am new to trading Forex and Frank has helped me set up and navigate so I can trade. He is always available whenever I call and is very patient and understanding. Also, I can use the Tradingview for free due to their campaign that the whole year subscription was credited on my account.
- They understand how hard it is to compare forex brokers and have developed criteria from spreads to leverage traders to find the best forex broker for them.
- Traders should expect a learning curve as they try to find everything.
- When it comes to choosing a forex broker, there are plenty of options available.
- In that time, it managed to establish itself as one of the most popular brokers in the industry, with over 1,000 institutional clients and 110,000 retail clients from 196 countries.
- All financial transactions take place in the secure back office of Oanda.
- It does, however, charge an inactivity fee of USD 10 per month if your account lies dormant for more than one year.
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However, it lacks an extensive range of educational videos (YouTube channel). Expanding its range of videos and further organizing its existing content would elevate OANDA’s educational offering, which does not currently measure up to education leaders such as IG and AvaTrade. Regulation fulfills a central role, but it should not harm the competitive advantage under misguided ideas of trader protection.
Deposits & Withdrawals
Research and educational materials are also better than average and can cater to various experience levels. Reliable customer support rounds out a good overall offering from this broker. US-based FX broker OANDA has been around since 1996, making it one of the more established online brokerages we cover.
Account Types and Terms
There is also a decent range of written educational materials and webinars, including an online course that teaches the basics of fundamental and technical analysis. There are no minimum deposit requirements to open an OANDA account, along with no funding fees, a major benefit of the US broker. For example, our tests found that OANDA Corporation offers an average spread of 1.06 pips for the EUR/USD currency pair – lower than the officially published spread. Likewise, the GBP/USD spread of 2.0 pips only slightly exceeds the result of our tests – 1.86 pips.
OANDA Europe Limited offers ESMA-mandated negative balance protection, while OANDA Asia Pacific Pte. U.S. clients are the exception because OANDA Corporation does not offer their accounts any such protections. Our editors independently research and recommend the best products and services.
This account lacks benefits such as a relationship manager and free wire transfers. Use our country selector tool to view available brokers in your country. All financial transactions take place in the secure back office of Oanda.
I want to caution beginner traders against using a demo account as an educational tool. It creates unrealistic trading expectations, and the absence of trading psychology negates the educational value. The asset selection at Oanda remains focused on Forex, where it delivers an average choice of currency pairs. Oanda expanded into cryptocurrencies by offering CFDs for Bitcoin, Bitcoin Cash, Ethereum, and Litecoin. The overall list of trading instruments is sufficient to allow new traders to learn how to trade. Trading with a regulated broker will limit the potential for fraud and malpractice.
OANDA shines in the area of research, with industry-leading analysis available from the MarketPulse website and news from Dow Jones. A strong flow of frequently updated content is available in written, video, and podcast formats. OANDA also provides analysis from third-party provider Autochartist. The OANDA Trade web-based platform is well designed and easy to navigate.
Also known as pipettes, fractional pips are 1/10 of a pip which means more precise and tighter spreads as there is less rounding. Pipettes allow you to compare pairs out to five decimal places (with the exception of JPY, which can be viewed to three decimal places). Fractional pips make for more precise market analyses and more opportunities for profit – something we like very much in a broker focused so tightly on forex. In all cases, OANDA Corporation acts as a market maker, which means the broker may sit on the opposite side of some trades. While this does guarantee that your order will fill, it can also lead to slightly wider spreads than with brokers offering STP or ECN-style execution.
In addition, we’ll also give you some tips on how to start using the platform and share some of its pros and cons. Read our full explanation and accounting of our research and testing process to learn more about how we test.
Within the help portal, you’ll find guides for various features, as well as a list of the most frequently asked questions. If you need to contact the support team, you can do so via email, live chat, or even phone. The phone line is great for US-based clients as it is toll-free and possibly the fastest way to resolve issues you may have with trading tools. OANDA offers demo accounts that clients can use across all of its platforms. Demo accounts are especially important for beginners as they allow them to practice their strategies and get comfortable with the trading platform without risking any real money. Obviously, OANDA Corporation’s extensive licensing and regulatory compliance contributed to the high score.