OANDA Reviews
OANDA Customer Reviews (6)
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OANDA Features and Benefits
OANDA offers a range of key features and benefits for traders:
- Minimum deposit from 1 dollar: This makes it accessible for traders with different budget levels.
- Large selection of trading instruments: This provides traders with a variety of options to diversify their portfolio.
- Regulated by several reliable and reputable financial regulators: This gives traders confidence in the security and integrity of the platform.
- Popular trading terminals: These provide a user-friendly interface for executing trades.
- Cheap trading fees: This makes trading more affordable and potentially more profitable.
- 24-hour support: This ensures that help is available whenever traders need it.
- Easy deposit and withdrawal: This makes the process of funding and withdrawing from the trading account straightforward and hassle-free.
- Educational resources: These help traders to improve their knowledge and skills.
- Two account types - Standard and Elite Trader: These cater to different types of traders with varying trading volumes and requirements.
- Cash rebates on trading volume for Elite Trader accounts: This can result in significant savings for high volume traders.
- Transparent pricing sourced from a global network of premier banks: This ensures fair and competitive pricing for traders.
- Around-the-clock support: This ensures that help is available whenever traders need it.
- Variable contract sizes (as low as 1 unit): This provides flexibility for traders in terms of the size of their trades.
- API trading: This allows for automated trading strategies.
- MT4 open order indicator: This provides valuable market insights for traders.
- Priority service queues for Elite Trader accounts: This ensures faster service for high volume traders.
These features and benefits make OANDA a popular choice among traders around the world. It's worth noting that the availability of certain features and benefits may vary depending on the region. Always check the specific details for your region before opening an account.
OANDA Pricing
OANDA offers two pricing models: Spread-only pricing and Elite Trader program.
In the Spread-only pricing, the commission is included in the spread offered, making the spread the only cost paid.
The Elite Trader program is designed for high volume traders, offering cash rebates from US$5 to US$17 per million. The more one trades, the more they can earn.
Here are some of the spreads offered on popular FX pairs:
- AUD/USD: 1.4
- EUR/GBP: 1.7
- EUR/JPY: 1.8
- EUR/USD: 1.4
- GBP/JPY: 3.1
- GBP/USD: 2.0
- NZD/USD: 1.7
- USD/CAD: 2.2
- USD/CHF: 1.8
- USD/JPY: 1.4
The rebates and savings for the Elite Trader program are as follows:
- Tier 1 (10M-49M volume): $5.00 rebate, 10% savings
- Tier 2 (50M-249M volume): $7.00 rebate, 14% savings
- Tier 3 (250M-499M volume): $10.00 rebate, 20% savings
- Tier 4 (500M-1B volume): $15.00 rebate, 30% savings
- Tier 5 (1B+ volume): $17.00 rebate, 34% savings
OANDA's pricing is sourced from a global network of premier banks. There are no "dark pools" or internal liquidity creating a price. No one at OANDA has the ability to target positions, hunt stops, or change pricing.
Please note, at certain times and in certain market conditions, spreads could be wider than usual. This includes the opening and closing of markets and major international or geopolitical events which have an impact on the relevant market.
In the event of no open trades in an account for a period of at least 24 months (12 months in the United States), a monthly fee of 10 units of the currency in which the account is denominated will be withdrawn.
Payment Method
OANDA offers several methods for depositing and withdrawing funds.
Deposits can be made using a debit card (backed by MasterCard, Visa or Discover), wire transfer, and ACH bank transfer. Debit card deposits are virtually instant, while wire transfers take one to three business days for domestic transfers and up to five business days for international transfers. ACH deposits have a maximum limit of $50,000 per transaction and can take up to six days to process into your account.
Withdrawals can be made with the same method used for the deposit. If multiple deposit methods were used, withdrawals must exhaust the total original deposit amounts in the following order: Debit card, then wire transfer.
For debit card withdrawals, it takes up to three business days for funds to be processed into your account. The total amount you can withdraw into your debit card(s) cannot be more than the amount you originally deposited using your debit card(s). Any funds remaining in your account after the original amount has been withdrawn can be taken out using an alternative method, such as a bank wire transfer.
Please note that OANDA does not accept payments from third parties. The name on the originating account must match the name on your OANDA account.
OANDA FAQs
OANDA Alternatives
Here are the top 10 alternatives to oanda.com:
These platforms offer similar services and are highly rated by users. Each has its own unique features and benefits, so it's worth exploring each one to find the best fit for your needs. Remember to consider factors such as fees, customer service, and the range of products offered when choosing a platform. Happy trading!
How To Open A OANDA Account?
To open an account on oanda.com, follow these steps:
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Apply for an account: Must be over 18 years old, and a legal resident of the United States. Be prepared to upload proof of identity and address, such as your driver’s license.
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Verify your identity and proof of address: May need to send some documentation to verify your identity. You can scan the below documents or use your smartphone to take a picture of the documents and submit them through the secure portal.
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Fund and trade: To deposit funds, log in to ‘manage funds’ using your OANDA account details and click on the ‘deposit’ button. You can fund your trading account using a number of methods, including debit cards, bank wire transfer and Automated Clearing House (ACH). There is no minimum deposit amount.
Please note that the application requirements to open an account with OANDA vary based on the region in which you reside. The process is fully online and takes 1-3 days.
OANDA Return Policy?
OANDA Coinpass Limited (Coinpass) acknowledges its Users’ statutory right for a refund, in the case of a User not being fully satisfied with the quality of the Services provided by Coinpass. Coinpass also acknowledges that its Users have the right to change their mind in the case of a User funding their Account and to request their Funds be returned. Every Refund and Return will be treated by Coinpass with due care and consideration.
Please note that Section 75 of the Consumer Credit Act 1974 protects cardholders if they have used their credit card(s) to buy something costing over £100 and up to £30,000, but there are exceptions. This Refund Policy concerns exclusively Transaction fees and Users’ Funds. It does not cover any transactions between the Users related to purchase-sale of crypto-currencies and it does not refer to any refunds of purchased crypto-currencies.
Refunds and/or Returns in excess of the original amount purchased will not be considered. The User who has paid for COINPASS’ Services, i.e., paid a transaction fee, or has funded their account, may request a Refund or Return in accordance with the Eligibility Criteria set in Section 4 of this Policy. Refund/Return will only be considered where the User complies with the Eligibility Criteria in full.
It takes between one and three business days for you to get your money back (USD only).
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