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OANDA UK prides itself as one of the best forex and CFD brokers. Established in 1996 and headquartered in New York, the United States, OANDA serves global clients. So far, the broker has earned excellent testimonials from users on Google Play, the App Store, and Trustpilot. The majority of users find it user-friendly and trustworthy, considering that it is licensed and regulated by world-renowned authorities.
Since we strive to make accurate and unbiased broker reviews, we went out of our way to test OANDA. We tested its performance and analysed its services, thus sharing our findings in this OANDA review below. Hopefully, you will gain enough insight to make the best decision on whether to commit to OANDA.
Our Opinion about OANDA
We find OANDA broker to be a credible and reliable broker for various reasons. For instance, it is licensed and regulated by top-tier authorities, including the UK’s Financial Conduct Authority (FCA). We also find this broker to be one of the most affordable with quality resources for all types of traders. However, OANDA falls short in certain categories. You can understand more about this broker’s pros and cons below.
✔No minimum deposit requirement
✔Excellent customer support service
Pros
- A highly regulated broker by multiple authorities, including the UK’s FCA
- Quality learning and research materials on its advanced platforms, including the MT4 and TradingView
- No minimum deposit requirement
- A user-friendly and intuitive design web and mobile platforms
- Excellent customer support service
Cons
- It has a $10 monthly inactivity fee that kicks in after 12 months
- Investing in shares is limited to accounts in Europe
- Lists forex and CFD instruments. There is no buying and taking ownership of the securities physically
Note: 76.6% of retail investor accounts lose money when trading CFDs with this provider.
Security & Regulations
From our analysis, OANDA UK is a legitimate and credible broker. It is dedicated to securing users’ personal data and funds and thus providing them with an exciting experience. For instance, this broker is highly encrypted and backed up by a team of professionals that monitors its operations round the clock. The goal is to ensure no personal account is breached by unauthorised individuals. And when they detect any threats, they quickly mitigate them before users’ accounts are compromised.
Besides being highly encrypted, OANDA encourages its users to enable 2FA on their accounts to protect their accounts and funds from unauthorised access. This is whether you are trading using your desktop or mobile device.
Lastly, OANDA is licensed and regulated in the UK by the Financial Conduct Authority (FCA). This guarantees UK traders’ safety, making them focus more on their activities. We also like that the broker is multi-regulated. Below are other global authorities overseeing OANDA’s services to global traders.
- The Australian Securities and Investments Commission (ASIC), AFSL No. 412981
- The BVI Financial Services Commission (B.V.I FSC), number: SIBA/L/20/1130
- The Canadian Investment Regulatory Organization (CIRO)
- The National Futures Association (NFA), ID 0325821
- The Commodity Futures Trading Commission (CFTC)
- The Financial Services Agency (FSA)
- The Polish Financial Supervision Authority (PFSA)
- The Monetary Authority of Singapore (MAS)
Platforms
We noticed that OANDA’s platform is user-friendly and customisable for desktop and mobile devices. Getting started was seamless, and it took us minutes to set up our trading accounts.
Moreover, OANDA hosts multiple training platforms, allowing every trader to identify what suits their trading requirements. These include:
- OANDA Trade Web – This is OANDA’s award-winning proprietary platform, compatible with desktop and mobile devices. It is user-friendly with a modern design interface, suitable for newbies and professional traders. You will have access to quality resources such as technical analysis tools, trade performance analytics, personalised layouts, risk management orders, and more.
- MT4 – This is a powerful third-party platform with Customisable layouts, a range of plug-ins, an intuitive interface and more. It is mostly sought after by forex traders, but you can also use it to trade other assets like commodities, shares, and indices. The best part is that the MT4 platform hosts quality trading resources, including automated trading, 50+ built-in indicators, a native economic calendar, mobile trading, and more.
- TradingView – You can also access the TradingView third-party platform using your OANDA account. This OANDA trading platform hosts powerful charts, candlestick patterns, drawing tools, analytics tools, fully automated risk management systems, and more.
The best element about OANDA’s platforms is that they feature paper trading accounts. The OANDA demo account allows you to explore the platforms’ offerings and gauge your skill level in a risk-free environment. Moreover, OANDA has a trading app you can easily access from Google Play or the App Store. By installing the broker’s app on your mobile device, you will easily track your positions anytime, especially when you are away from your trading station.
Fees & Commissions for UK Traders
Opening an OANDA trading account is free, and you only need your personal details to set it up. From our experience, there is no minimum deposit requirement. We believe this attracts even low-budget traders as they can easily dive into financial market investment with any amount they can afford.
We also noticed that the OANDA broker doesn’t charge fees for deposits. This is whether you transact using credit/debit cards, e-wallets, or bank transfers. Plus, users can make one free withdrawal every month using their credit/debit cards. Subsequent withdrawals attract a fee, which varies depending on the currency you are transacting with. Bank transfers and e-wallet withdrawals also attract a fee, which from our analysis, is higher than credit/debit card withdrawals.
When it comes to inactivity fees, OANDA charges £10 monthly should your account remain dormant for over 12 months. Financing charges also apply for positions left overnight. Overall, we can confidently state that OANDA has no hidden charges. It allows users to easily plan and budget for their activities without worrying about future surprises.
Product Offerings
OANDA prides itself on being one of the best forex and CFD brokers. We also discovered that it offers spread betting services for UK clients. You can explore over 120 instruments, including indices, forex, commodities, and more.
Note that CFD trading carries inherent risks, and you can incur massive losses without a solid plan and strategy. From our analysis, over 76% of retail traders lose money from CFD assets. Therefore, always conduct thorough market research and be confident in your strategy before opening a CFD position.
OANDA Support Service
We understand the importance of trading with a broker with a reliable support service. You are guaranteed quick and quality assistance whenever you experience any challenges. To ensure OANDA excels in this category, we contacted its team via supported channels, namely email, phone, and live chat.
We received prompt responses via phone and live chat. Although email responses were a bit slower, the solutions we received were satisfactory. We conclude that OANDA’s team is professional and skilful. They ensure you are fully satisfied so you can continue managing your activities. The best part is that you can contact the team in various languages 24/7, including English, Spanish, and Italian.
Additionally, OANDA is backed up by a comprehensive FAQ section. You can visit the page to get answers to some of the common questions traders ask. The broker’s FAQ page helps you save time you would have spent contacting the support team and waiting for their response.
How to Sign up For an Account at OANDA
As mentioned earlier, opening a trading account at OANDA is free. Plus, the process is straightforward based on our experience. We only took minutes to get started with our ventures. If you are looking to trade with OANDA, follow the simple steps we share below to sign up for an account and kickstart your ventures.
Click any of the links we have shared on this page to quickly access OANDA’s official website. On the site, confirm crucial elements like fees, support service, trading tools availability, and more to ensure they suit your requirements. Plus, understand its terms of service to avoid future surprises once you are fully invested. It is also advisable to download its app on your mobile device. This way, it will be easier for you to track your activities whenever you step away from your desktop.
Once ready, click the “Start Trading” button at the top right corner of OANDA’s website. The broker will require you to confirm your jurisdiction to proceed with this procedure. It will be beneficial if you also read the shared documents, including the appropriateness statement, costs and charges, and key Information documents before proceeding.
Once you click “confirm and continue”, a virtual form will pop up for you to fill in with your email address and strong password. You will also share additional personal details, including your name, contact information, address, and more. We advise you to take this step seriously and provide accurate details.
OANDA is one of the brokers that the Financial Conduct Authority regulates. To adhere to this authority’s protocols, it must verify its clients’ details and locations before fully activating their accounts. So do not be surprised if OANDA asks you to verify your identity by sharing a copy of your government-issued ID card, passport or driver’s licence. To verify your location, you will provide a copy of a recent utility bill (up to three months old) or a bank statement.
Note that the verification process at OANDA may take up to two days. Therefore, remain patient and wait for an email notification regarding your account status.
Once OANDA approves your deposit, it will automatically redirect you to its listed instruments to explore. Start by making a deposit using a convenient method from its supported options, including credit/debit cards, e-wallets, and bank transfers. Remember, the OANDA minimum deposit requirement is £0 and does not impose deposit charges. Therefore, deposit any amount you can afford to kickstart your ventures.
Whether you want to trade forex, indices, or commodities, choose an asset you have done enough research on. Select a trade size and open a position. Do not forget to apply risk management controls like stop-loss and take-profit orders. This will help you mitigate massive losses in case a trade does not work out as expected.
For beginners, we advise you to start exploring OANDA’s offerings using its demo account. Plus, trade with a small capital once you transition to live trading. Remember, the financial market is dynamic, and asset prices tend to frequently change. You do not want to risk losing more than you can afford.
Conclusion
After multiple tests and analyses, we find OANDA to be a reliable and credible broker for global traders. Although OANDA doesn’t support buying and taking full ownership of physical assets, we like that it allows traders to explore CFD and spread betting instruments. Its advanced trading platforms and comprehensive learning materials make it suitable for all types of traders.
Note that while OANDA is among the top brokers we like, it doesn’t suit all traders. Therefore, confirm whether its features align with your trading needs before making a commitment. This will enable you to focus more on your activities and enjoy your experience.
InvestingGuide Rating:
✔No minimum deposit requirement
✔Excellent customer support service
72% of retail investor accounts lose money when trading CFDs with OANDA TMS Brokers S.A. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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5
Customer Support
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4
Commissions & Fees
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4
Platforms & Tools
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5
Educational Resources