OANDA Review

 

Overall, OANDA can be summarized as a trustworthy and popular Forex Broker with competitive trading fees. OANDA offers an easy-to-use social copy trading platform with excellent customer support.  OANDA has a trust score of 93 out of 99.

 

🔑Order Execution	4/5
💵Commissions and Fees	4/5
📈Range of Markets	5/5
📉Variety of Markets	5/5
💳Withdrawal Speed	4/5
👥Customer Support	4/5
📊Trading Platform	5/5
🎓Education	4/5
📝Research	5/5
🚨Regulation	5/5
📱Mobile Trading	5/5
💯Trust Score	93%

 

 

OANDA Review – Analysis of Brokers’ Main Features

 

1. ☑️ OANDA Overview
2. ☑️ OANDA Detailed Summary
3. ☑️ OANDA Advantages Over Competitors
4. ☑️ Who will Benefit from Trading with OANDA?
5. ☑️ OANDA Safety and Security
6. ☑️ OANDA Bonus Offers and Promotions
7. ☑️ OANDA Affiliate Program Features
8. ☑️ OANDA Minimum Deposit
9. ☑️ OANDA Account Types and Features
10. ☑️ OANDA Base Account Currencies
11. ☑️ How to Open and Close an OANDA Account
12. ☑️ OANDA Trading Platforms
13. ☑️ Which Markets Can You Trade with OANDA?
14. ☑️ OANDA Fees, Spreads, and Commissions
15. ☑️ OANDA Deposits and Withdrawals
16. ☑️ OANDA Education and Research
17. ☑️ OANDA Customer Support
18. ☑️ OANDA VPS Review
19. ☑️ OANDA Cashback Rebates Features and Conditions
20. ☑️ OANDA Web Traffic Report
21. ☑️ OANDA Geographic Reach and Limitations
22. ☑️ Best Countries by Traders
23. ☑️ OANDA vs FXTM vs ACY Securities – A Comparison
24. ☑️ OANDA Alternatives
25. ☑️ OANDA Awards and Recognition
26. ☑️ Our Experience with OANDA
27. ☑️ Recommendations according to our in-depth review of OANDA
28. ☑️ OANDA Customer Reviews
29. ☑️ Pros and Cons of Trading with OANDA
30. ☑️ In Conclusion
31. ☑️ Frequently Asked Questions

 

 

OANDA Overview

 

OANDA is a well-known forex trading platform serving traders worldwide since its inception in 1996. OANDA has become a popular choice for traders in the United Arab Emirates due to its advanced trading technology and wide range of financial instruments.

The platform provides a wide range of currency pairs, commodities, indices, and even cryptocurrencies, allowing Emirati traders to diversify their portfolios based on risk tolerance and market interests.

OANDA’s proprietary trading platform, which includes sophisticated charting tools, technical indicators, and real-time news updates, is one of its key differentiators. The user interface is simple and customizable, making it suitable for novice and experienced traders.

OANDA also offers seamless integration with MetaTrader 4, giving traders access to automated trading strategies for those who prefer third-party platforms.

OANDA is also known for its transparency. The platform is well-known for its low spreads and straightforward pricing model. Unlike some brokers who charge commission fees, OANDA derives its revenue from spreads, removing the need for traders to account for additional costs.

Furthermore, the platform provides flexible leverage options tailored to individual trading needs, making it easier for traders to manage risk effectively.

 

 

OANDA Detailed Summary

 

🔑Broker	🥇OANDA
🏠Headquartered	United States
🌎Global Offices	Singapore, Sidney, Tokyo, London, Germany, Poland, Malta, United States, Canada
🚨Local Market Regulators in Dubai	Dubai Financial Services Authority (DFSA)
🌐Foreign Direct Investment in Dubai	23 billion USD (2022)
💱Foreign Exchange Reserves in Dubai	158 billion USD (July 2024)
📍Local office in Dubai	None
👤Governor of SEC in Dubai	Khaled Mohamed Balama is the Governor of the Central Bank of the UAE
✳️Accepts Dubai Traders	✅Yes
🎉Year Founded	1996
☎️Dubai Office Contact Number	None
💻Social Media Platforms	Facebook X LinkedIn YouTube
🚩Regulation	IIROC, ASIC, CFTC, NFA, FCA, FFAJ, JFSA, MAS, MFSA, BVI FSC
🥇Tier-1 Licenses	Investment Industry Regulatory Organization of Canada (IIROC) The Australian Securities and Investments Commission (ASIC) The Commodity Futures Trading Commission (CFTC) National Futures Association (NFA) Financial Conduct Authority (FCA) Financial Futures Association of Japan (FFAJ) Japanese Financial Services Authority (JFSA) Monetary Authority of Singapore (MAS)
🥈Tier-2 Licenses	None
🥉Tier-3 Licenses	Malta Financial Services Authority (MFSA) British Virgin Islands Financial Services Commission (BVI FSC)
🔢License Number	IIROC Australia – ABN 26 152 088 349, AFSL No. 412981 United States – NFA ID 0325821 United Kingdom – 542574 Japan (FFAJ) – 1571 Japan (JFSA) – FIBO 2137 Singapore – 200704926K Malta – VLT1455 British Virgin Islands – 2026433
🖋️DFSA Regulation	None
✴️Regional Restrictions	None
☪️Islamic Account	✅Yes
🆓Demo Account	✅Yes
🔎Non-expiring Demo	✅Yes
⏰Demo Duration	Unlimited
💸Retail Investor Accounts	5
📈PAMM Accounts	None
💧Liquidity Providers	JP Morgan, Deutsche Bank, Citibank, UBS, Morgan Stanley, Citadel Securities, Jump Trading, Credit Suisse
👥Affiliate Program	✅Yes
📒Order Execution	Market
📝OCO Orders	✅Yes
▶️One-Click Trading	✅Yes
💹Scalping	✅Yes
🧱Hedging	✅Yes
🎓Expert Advisors	✅Yes
🗞️News Trading	✅Yes
🔍Trading API	✅Yes
📉Starting spread	From 0.1 pips
💴Minimum Commission per Trade	From $35
📌Decimal Pricing	5th Decimal after the comma
🗂️Margin Call	100%
⛔Stop-Out	50%
⬇️Minimum Trade Size	0.01 lots
⬆️Maximum Trade Size	1,000 lots
🪙Crypto trading offered	✅Yes
📖Offers an AED Account	None
👤Dedicated Dubai Account Manager	None
➡️Maximum Leverage	1:888
↘️Leverage Restrictions for Dubai	None
💶Minimum Deposit (AED)	0 AED ($0)
💷Deposit Currencies	All, per region
💳AED Deposits Allowed	✅Yes
💵Account Base Currency	USD, EUR, HKD, SGD
📈Active Dubai Trader Stats	49,000+
📍Active Dubai-based OANDA customers	Unknown
🔃Dubai Daily Forex Turnover	13.1 billion USD
🖇️Deposit and Withdrawal Options	Local Transfers Debit Cards Credit Cards Bank Wire Bank Transfers Skrill Neteller Mobile Bank Transfers International e-Wallets
⏰Minimum Withdrawal Time	1 business day
⏱️Maximum Estimated Withdrawal Time	2 – 5 Working Days
⏱️Instant Deposits and Instant Withdrawals	✅Yes, Deposits
🏦Segregated Accounts with Emirati Banks	None
📊Trading Platforms	FxTrade MetaTrader 4 MetaTrader 5 (BVI Website) OANDA Platform
🕰️Trading Platform Time	New York Time
👁️Observe DST Change	NY Time
🌐DST Change Time zone	N/A
💎Tradable Assets	Forex Indices Metals Shares Commodities Cryptocurrencies
💶Offers USD/AED currency pair	None
⌚USD/AED Average Spread	None
🗂️Offers Emirati Stocks and CFDs	None
🌎Languages supported on the Website	English, Chinese (Simplified), Chinese (Traditional), French, Spanish, Portuguese, Vietnamese, Thai, Malay, Indonesian
🔊Customer Support Languages	Multilingual
🤝Copy Trading Support	None
⏲️Customer Service Hours	24/5
📌Dubai-based customer support	None
💰Bonuses and Promotions for Dubai Traders	✅Yes
🎓Education for Emirati beginners	✅Yes
🖥️Proprietary trading software	✅Yes
🎖️Most Successful Trader in Dubai	Several – Yasser R, Ali A, Maaz A, Warren Takunda
🚩Is OANDA a safe broker for Dubai Traders	✅Yes
🏆Rating for OANDA Dubai	8/10
💯Trust score for OANDA Dubai	93%

 

 

OANDA Advantages Over Competitors

 

• ✅OANDA provides a variety of educational resources designed specifically for beginners. From demo accounts and platform tutorials to educational videos, these resources provide novice traders with the information they need to navigate the forex market successfully.
• ✅OANDA offers a wide range of trading instruments. With over 48 forex pairs and various CFDs, traders can diversify their portfolios and explore different trading avenues, distinguishing the platform from more limited options in the market.
• ✅The platform is overseen by several prestigious financial regulators, which adds an extra layer of security and credibility.
• ✅OANDA stands out for its extensive research and analytical tools, including many technical indicators and a versatile API offering.
• ✅OANDA provides negative balance protection to traders in the European Union.
• ✅OANDA distinguishes itself by not having a set minimum deposit requirement. This financial flexibility allows traders with varying budgets to use the platform, making it more accessible than many competitors.
• ✅The platform’s cutting-edge charting and advanced trading features provide a superior trading environment.

 

 

and more!

 

 

Who will Benefit from Trading with OANDA?

 

• ✅API Users: Traders interested in algorithmic or automated trading will appreciate OANDA’s extensive API offerings.
• ✅MetaTrader Enthusiasts: Fans of MetaTrader will be happy to know that their favorite trading platform now works in perfect harmony with the latest version of MetaTrader 4 and MetaTrader 5.
• ✅Analysts: Various sophisticated charting tools and indicators are available for traders who prefer to rely on technical analysis.
• ✅Novice Traders: Traders new to the industry will find the available tutorials and practice accounts helpful.
• ✅Risk-Averse Traders: Negative balance protection for EU traders and robust regulatory oversight provide extra safety for risk-averse investors.
• ✅Budget-Conscious Traders: OANDA’s $0 minimum deposit makes it available to traders of all financial means.
• ✅Diverse Portfolio Builders: Traders who want to diversify their holdings will find OANDA’s selection of assets, which includes forex pairs and CFDs, ideal.

 

 

How does OANDA fare in terms of asset variety?

While OANDA primarily focuses on forex, it also provides a variety of CFDs, providing traders with adequate asset diversification.

 

Does OANDA offer any unique trading tools?

OANDA provides advanced charting tools and various technical indicators to assist traders in their market analysis.

 

 

 

OANDA Safety and Security

 

OANDA Regulation in Dubai

 

OANDA is not currently regulated by the Dubai Financial Services Authority (DFSA). However, OANDA global regulations are listed in the table below.

 

🔑Registered Entity	🌎Country of Registration	🔢Registration Number	🚨Regulatory Entity	🎖️Tier	🖋️License Number/Ref
1️⃣OANDA Corporation	United States	N/A	NFA	1	NFA ID 0325821
2️⃣OANDA (Canada) Corporation ULC	Canada	N/A	IIROC	1	IIROC
3️⃣OANDA Europe Limited	United Kingdom	7110087	FCA	1	542574
4️⃣OANDA Asia Pacific Pte Ltd	Singapore	200704926K	MAS	1	200704926K
5️⃣OANDA Australia Pty Ltd	Australia	ABN 26 152 088 349	ASIC	1	AFSL No. 412981
6️⃣OANDA Japan Co. Ltd	Japan	2137	FFAJ	1	1571 FIBO 2137
7️⃣OANDA Japan, Inc	Japan	40100011229451	JFSA	1	40100011229451
8️⃣OANDA Europe Markets Limited	Malta	C95813	MFSA	3	VLT1455
9️⃣OANDA Global Markets Ltd	British Virgin Islands	BVI 2026433	BFI FSC	3	2026433

 

OANDA Protection of Client Funds

 

🔑Security Measure	ℹ️ Information
🔒Segregated Accounts	✅Yes
🔏Compensation Fund Member	None
🔐Compensation Amount	None
🔓SSL Certificate	✅Yes
🗝️2FA (Where Applicable)	✅Yes
🔒Privacy Policy in Place	✅Yes
🔏Risk Warning Provided	✅Yes
🔐Negative Balance Protection	✅Yes
🔓Guaranteed Stop-Loss Orders	✅Yes, but not for UK or US clients

 

Security while Trading

 

OANDA takes the security of its customer’s personal information and financial transactions very seriously. Advanced encryption and two-factor authentication protect private information from prying eyes.

Money from clients is kept in separate accounts at major financial institutions. The platform complies with stringent financial and operational standards because it is regulated by leading national authorities such as those in the United States and the United Kingdom.

Therefore, these safeguards establish OANDA as a reliable trading platform.

 

Pros and Cons Regulation and Safety of Funds

 

✅Pros	❎Cons
OANDA segregates all client funds	The DFSA does not regulate OANDA

 

 

Does OANDA offer two-factor authentication?

Yes, OANDA offers two-factor authentication, which adds a layer of security to client accounts.

 

What kind of risk management tools does OANDA offer?

OANDA provides various risk management tools, such as stop-loss, trailing stops, and limit orders.

 

 

 

OANDA Bonus Offers and Promotions

 

OANDA offers Emirati traders the following bonuses and promotions:

 

• ✅Welcome Bonus
• ✅Referral Bonus

 

Welcome Bonus

 

OANDA offers a welcome bonus to new clients in exchange for opening an account, making a deposit, and engaging in trading activities. While the bonus amount and eligibility requirements may vary, a typical offer could see traders receive a bonus of up to $5,000.

To qualify, traders typically need to open an account and make an initial deposit, such as $1,000, to earn a $500 bonus. The bonus is typically credited to the user’s account within 45 days of meeting the qualifying conditions.

 

Referral Bonus

 

In addition to the welcome bonus, OANDA offers existing clients the opportunity to earn money through their referral program.

Although the terms and bonus amounts vary, the program rewards existing clients for referring new traders to the platform. Notably, the newly referred client may also be eligible for a welcome bonus, resulting in benefits for both parties.

 

 

Are there any trading volume requirements for OANDA bonuses?

Yes, most bonuses have trading volume requirements that must be met.

 

Can I use OANDA bonuses for all types of trading?

No, bonuses are typically limited to forex trading.

 

 

 

OANDA Affiliate Program Features

 

The OANDA affiliate program provides a variety of benefits for those who refer new traders to their trading platform, including some of the following:

 

• ✅One of the distinguishing characteristics is the competitive commission rates. Affiliates can earn generous commissions for each qualified referral, varying commission rates based on region and account type.
• ✅Specific rewards for emerging markets are an additional significant benefit. Affiliates can earn up to $600 for each qualified trader they refer from these markets, making this program particularly appealing to those with networks in developing regions.
• ✅OANDA’s affiliate program is also notable for its accessibility. Membership is free, with no hidden fees or charges, making it accessible to individuals and businesses.
• ✅Once on board, affiliates can look forward to dedicated support. Affiliates can focus on what they do best — refer new traders — because OANDA’s affiliate team offers comprehensive support, including marketing materials and tracking links.
• ✅OANDA offers flexible payment options for compensation, including wire transfers, Skrill, and others, to accommodate a variety of preferences and needs.
• ✅In addition, OANDA’s affiliate portal provides affiliates with real-time tracking capabilities, making it easy to monitor referrals and earnings as they occur.

 

How to open an Affiliate Account with OANDA

 

If Emiratis are interested in becoming an OANDA affiliate, the process is simple and can be an excellent way to earn additional income by introducing new traders to the platform. Listed below are the steps to opening an affiliate account with OANDA:

 

• ✅Navigate to the Affiliate Program section of the OANDA website.
• ✅Fill out the specific Affiliate Program application form.
• ✅Email the completed application form to the Affiliate Program’s designated email address.

 

 

Finally, after your application has been reviewed and approved, you will be granted access to your Affiliate Account, allowing you to begin earning rewards for referring new traders to OANDA.

 

OANDA provides affiliates with a competitive reward structure. For instance, you can earn up to $600 for each qualified trader from emerging markets that you introduce. This can be a lucrative opportunity, especially if you have a network of potential traders interested in utilizing OANDA’s services.

 

 

Do I need to be a trader to become an OANDA affiliate?

No, you do not have to be a trader to participate in the affiliate program.

 

Can I track my referrals with OANDA?

Yes, OANDA’s affiliate portal lets you track your referrals in real-time.

 

Are there any fees to join the OANDA affiliate program?

No, joining OANDA’s affiliate program is free.

 

Can I promote OANDA on multiple websites?

Yes, you can promote OANDA on various platforms.

 

 

 

OANDA Minimum Deposit

 

🔑Live Account	💴Minimum Dep.
🥇Standard	0 AED / 0 USD
🥈Core	0 AED / 0 USD
🥉Swap-Free	0 AED / 0 USD
🏅Premium	0 AED / 0 USD
🎖️Premium Core	0 AED / 0 USD

 

 

Are there fees for not maintaining the minimum deposit?

No, OANDA does not levy fees for failing to maintain a minimum deposit.

 

Can the minimum deposit be made in multiple currencies?

Yes, OANDA accepts deposits in a variety of currencies.

 

 

 

OANDA Account Types and Features

 

🔑Live Account	💴Minimum Dep.	📈Average Spread	💰Commissions	💵Average Trading Cost
🥇Standard	$0	0.6 pips	$0	6 USD
🥈Core	$0	0.1 pips	$40 per million	10 USD
🥉Swap-Free	$0	1.6 pips	$0	16 USD
🏅Premium	$0	0.7 pips	$0	7 USD
🎖️Premium Core	$0	0.1 pips	$35 per million	8 USD

 

OANDA Standard Account

 

The OANDA Standard Account is customized to cater to the trading demands of traders seeking an all-inclusive experience. This account guarantees entry into various financial instruments and advanced tools, prioritizing adaptability.

Traders from the UAE can make use of competitive spreads, dependable execution, and an intuitive interface, making it ideal for both beginners as well as experts in trading.

 

🔑Account Feature	ℹ️ Value
🔒Is full Account Verification Needed	None, not for account deposits under $9,000
📈Average Spreads	From 0.6 pips
💰Commissions (Per 1 mil traded)	None; only the spread is charged
💹Maximum Leverage	Accounts opened before Oct 2022 – 1:200 Accounts opened after October 2022 – 1:888
⬇️Minimum lot size	0.01 lots
🖥️Instruments	200+
⛔Stop-Out	50%
▶️One-Click Trading offered	✅Yes
📝Strategies allowed	✅Yes
💵Base Account Currency	USD, EUR, HKD, SGD
📉Available Platforms on this account	MetaTrader 4 MetaTrader 5 FxTrade
🖋️Acceptance Criteria	All traders are welcome

 

 

OANDA Core Account

 

The OANDA Core Account aims to provide traders with a solid foundation for their trading endeavors. It is best suited for those who value ease of use and efficiency as it offers essential features and resources to achieve this objective.

Furthermore, access to crucial trading tools is available under the Core Account, simplifying users’ market participation.

 

🔑Account Feature	ℹ️ Value
🔓Is full Account Verification Needed	None, not for account deposits under $9,000
📈Average Spreads	From 0.1 pips
💰Commissions (Per 1 mil traded)	$40
💹Maximum Leverage	Accounts opened before Oct 2022 – 1:200 Accounts opened after October 2022 – 1:888
⬇️Minimum lot size	0.01 lots
💻Instruments	200+
⛔Stop-Out	50%
▶️One-Click Trading offered	✅Yes
📌Strategies allowed	✅Yes
💴Base Account Currency	USD, EUR, HKD, SGD
📉Available Platforms on this account	MetaTrader 4 MetaTrader 5 FxTrade
📝Acceptance Criteria	All traders are welcome
🎖️Additional Benefits on this account	MT4 and MT5 Premium App Signal Centre (Acuity)

 

 

OANDA Swap-Free Account

 

The Swap-Free Account from OANDA is available to traders who adhere strictly to Islamic financial principles. This account has been carefully designed to eliminate interest fees and fully comply with Sharia laws, providing devout individuals with complete confidence in their religious beliefs while trading.

With access to a wide range of trading instruments, clients can explore multiple market opportunities without compromising on the faith values that they actively practice.

 

🔑Account Feature	ℹ️ Value
🖋️Is full Account Verification Needed	None, not for account deposits under $9,000
💹Average Spreads	From 1.6 pips
💰Commissions (Per 1 mil traded)	None; only the spread is charged
⬆️Maximum Leverage	Accounts opened before Oct 2022 – 1:200 Accounts opened after October 2022 – 1:888
⬇️Minimum lot size	0.01 lots
💻Instruments	26 halal instruments
⛔Stop-Out	50%
▶️One-Click Trading offered	✅Yes
📝Strategies allowed	✅Yes
💶Base Account Currency	USD
📈Available Platforms on this account	MetaTrader 4
🗂️Acceptance Criteria	Available at the discretion of OANDA
🎖️Additional Benefits on this account	MT4 and MT5 Premium App Signal Centre (Acuity)

 

 

OANDA Premium Account

 

The OANDA Premium Account is ideal for traders who desire an unparalleled trading experience. It offers a range of advanced trading tools, competitive spreads, and top-quality customer service. Moreover, it comes with exclusive privileges and premium features and advantages.

Premium Account holders can explore markets more deeply while improving their strategy execution precision by taking advantage of OANDA’s state-of-the-art technology alongside personalized support.

 

🔑Account Feature	ℹ️ Value
📝Is full Account Verification Needed	✅Yes
💹Average Spreads	From 0.7 pips
💰Commissions (Per 1 mil traded)	None; only the spread is charged
⬆️Maximum Leverage	Accounts opened before Oct 2022 – 1:200 Accounts opened after October 2022 – 1:888
⬇️Minimum lot size	0.01 lots
🖥️Instruments	200+
⛔Stop-Out	50%
▶️One-Click Trading offered	✅Yes
🖋️Strategies allowed	Yes✅Yes
💵Base Account Currency	USD, EUR, HKD, SGD
📉Available Platforms on this account	MetaTrader 5 FxTrade
📉Acceptance Criteria	Traders require a 20,000 USD minimum balance with trading volumes of 10 million USD notional (or an equivalent) monthly
🗂️Additional Benefits on this account	MT4 and MT5 Premium App Signal Centre (Acuity) Account Manager Zero Deposit Fees Reimbursement of Banking Fees Free Withdrawals Priority Support Free VPN

 

 

OANDA Premium Core Account

 

Traders can enjoy a comprehensive yet simplified trading experience with the OANDA Premium Core Account. This exceptional account type grants access to various trading tools and instruments while ensuring that it remains user-friendly and effective, just like the standard Core Account option.

 

🔑Account Feature	ℹ️ Value
📝Is full Account Verification Needed	✅Yes
📈Average Spreads	From 0.1 pips
💰Commissions (Per 1 mil traded)	$35
⬆️Maximum Leverage	Accounts opened before Oct 2022 – 1:200 Accounts opened after October 2022 – 1:888
💹Maximum Leverage
⬇️Minimum lot size	0.01 lots
🖥️Instruments	200+
⛔Stop-Out	50%
▶️One-Click Trading offered	✅Yes
🖋️Strategies allowed	✅Yes
💷Base Account Currency	USD, EUR, HKD, SGD
📉Available Platforms on this account	MetaTrader 5 FxTrade
🗂️Acceptance Criteria	Traders require a 20,000 USD minimum balance with trading volumes of 10 million USD notional (or an equivalent) monthly
🎖️Additional Benefits on this account	MT4 and MT5 Premium App Signal Centre (Acuity) Account Manager Zero Deposit Fees Reimbursement of Banking Fees Free Withdrawals Priority Support Free VPN

 

 

OANDA Demo Account

 

The OANDA demo account is an excellent resource for traders looking for a risk-free environment to test their strategies. It is available on various platforms, including OANDA, MT4, MT5, and TradingView, and can be accessed via web browsers, desktop apps, or mobile devices.

The demo account features advanced charting, technical analysis, and over 100 technical indicators for in-depth market analysis. It supports five-second chart intervals and provides real-time market data for a realistic trading experience.

Notably, the demo account’s versatility enables users to seamlessly switch between platforms and devices, making it ideal for on-the-go practice.

Furthermore, it provides diverse trading instruments, including 48+ forex pairs and popular cryptocurrencies. It is an all-in-one platform for skill development and testing trading strategies before moving on to live trading.

 

 

OANDA Islamic Account

 

OANDA offers an Islamic account for traders who follow Islamic principles, which forbid the payment or receipt of interest. This account adheres to Sharia law and is similar to OANDA’s standard account. It distinguishes itself by not charging overnight or swap fees on leveraged positions, enabling halal trading.

The Islamic account is available on various platforms, and users can open one by selecting any account type (except MetaTrader 5) and activating the swap-free option in the account overview. This option, however, may be restricted to residents of specific countries.

The OANDA Islamic account is functionally robust, with features such as advanced charting, technical analysis, and over 100 technical indicators.

Furthermore, traders can analyze price trends with five-second intervals. It provides real-time market data for an accurate trading simulation, just like standard and demo accounts.

 

 

OANDA Professional Account

 

OANDA provides a specialized Professional Trading Account for experienced traders who meet certain eligibility requirements. This account type allows traders to trade forex and CFDs with increased leverage ratios up to 200:1.

The account is intended for traders with extensive experience in trading, financial instrument portfolios, or professional experience in the financial sector. Specifically, to be eligible, traders must meet at least two of the OANDA criteria.

Furthermore, the OANDA Professional Account is not a one-size-fits-all solution; it is best suited for traders who understand market dynamics and their associated risks. It is expressly not intended for novice traders or those who do not meet OANDA’s specific eligibility criteria.

 

 

Pros and Cons of OANDA Account Types and Features

 

✅Pros	❎Cons
OANDA has an unlimited demo account	There are restrictions on leverage according to when traders register an account
OANDA offers a dedicated account to Muslim traders	The spreads are wide, even on accounts subject to commission fees

 

 

Can beginners open an OANDA account?

Yes, OANDA’s standard account is appropriate for beginners, as it offers a variety of tools to aid those new to forex and CFD trading.

 

Are there any geographical restrictions for OANDA accounts?

No, OANDA offers regionally tailored accounts with distinct features and benefits, such as those for the United States and the British Virgin Islands.

 

 

OANDA Base Account Currencies

 

The base account currencies available to Emiratis include the following:

 

• ✅EUR
• ✅USD
• ✅SGD
• ✅HKD

 

OANDA Basic Order Types

 

• ✅Market Order – A market order can be either a buy or a sell order that executes at the current market price. This is the current price displayed on your price chart. If you place a market order, you will be immediately entered at the best available price.
• ✅Market orders are most effective when a trading opportunity requires prompt action. Click buy/sell at the market to enter the trade immediately.
• ✅Stop Order – A stop order can be either a buy or sell stop, depending on whether you wish to purchase above or below the market.
• ✅This is useful for trading breakouts or trend continuation strategies when you want the market to continue moving in the same direction.

 

 

Alternatively, if you believe the price will reverse when it reaches a certain price, you can place a limit order. Limit orders can be either buy or sell limits, depending on the market’s direction before your anticipated reversal. A sell limit is used to sell above the market, while a buy limit is used to purchase below the market.

 

 

How to Open and Close an OANDA Account

 

How to open an OANDA Account

 

To open an account with OANDA, Emiratis can follow these steps:

 

• ✅Go to the OANDA website and select the “Open an Account” option.
• ✅Fill in your personal information on the application form, such as your name, email address, and phone number.
• ✅Select the type of account you want to open, such as a standard or professional account.
• ✅To verify your identity, provide a copy of your ID or passport and proof of residency, such as a bank statement or utility bill.

 

 

Finally, transfer money from your bank account or use a credit/debit card to fund your account.

 

 

Is there a waiting period after I apply?

No, if all required documents are properly submitted, OANDA typically verifies accounts almost immediately.

 

Do I need a VPN to access OANDA from restricted countries?

No, using a VPN to circumvent regional restrictions is against OANDA’s terms of service.

 

 

How to Close an OANDA Account

 

To close a live trading account with OANDA, Emirati traders can follow these steps:

 

• ✅Log in to your OANDA account with your account information.
• ✅To access your “My Funds” page, select “Manage Funds.”
• ✅Check to see if you have any remaining funds in your trading account. You can withdraw money using your debit card or a bank wire transfer.
• ✅Close any open positions or transfer them to another account if necessary.
• ✅Contact OANDA’s customer service to request that your account be closed. You may be required to provide additional information for verification.

 

 

Finally, OANDA will notify you when your account closure request has been processed.

 

 

Are there penalties for closing an OANDA account early?

No, OANDA does not impose penalties for closing an account at any time.

 

What are the steps to close an OANDA account?

In most cases, closing an account entails contacting customer service and following their specific instructions.

 

 

 

OANDA Trading Platforms

 

OANDA provides a diverse suite of trading platforms that cater to different trading styles and requirements, including MetaTrader 4, MetaTrader 5 (as per their BVI website), the OANDA Platform, and FxTrade.

While each platform includes standard features such as charting tools and an easy-to-use interface, they also have some less-discussed features that set them apart.

 

OANDA MetaTrader 4

 

Starting with MetaTrader 4, one feature frequently overlooked is its customizability to automated trading scripts. While most traders appreciate the platform’s powerful technical indicators, fewer use the MQL4 programming language to create highly customized trading algorithms that go beyond what is typically possible with built-in tools.

This feature is useful for traders who want to implement specific trading strategies that the default settings may not cover.

 

 

OANDA MetaTrader 5 (BVI Website)

 

The MetaTrader 5, particularly as seen on OANDA’s BVI website, adds a rarely discussed dimension of market depth. While most people talk about MT5’s multi-asset trading capabilities, the platform also has a “Level II” pricing feature.

This allows traders to see the entire bid range and offer prices from other market participants rather than just the best bid and offer. This is extremely useful for traders who use more complex strategies that rely on understanding market sentiment at various price levels.

 

 

OANDA Platform

 

The OANDA Platform is well-known for its ease of use and design, but many people are unaware of its expertise in risk management tools. It includes features such as “Trailing Stops,” which can be set up in more complex conditional scenarios, allowing traders to manage risk far more nuanced than simply setting a standard stop loss or take-profit.

Furthermore, this is critical for those looking to maximize profits while minimizing risk in a volatile market.

 

 

OANDA FxTrade

 

FxTrade, often regarded as a simpler platform, has an often-overlooked feature related to historical data. Traders can access and overlay historical trading data on current charts using the platform.

This feature, rarely mentioned, is a gold mine for those relying heavily on historical data and patterns to guide their current trading decisions.

 

 

Pros and Cons of OANDA Trading Platforms

 

✅Pros	❎Cons
Emirati traders can expect feature-rich trading platforms on mobile, the web, and desktop	MetaTrader 5 is only available to those registering through the BVI FSC regulatory entity

 

 

Can I use custom indicators on OANDA’s platform?

Yes, custom indicators can be imported into the platform for personalized trading.

 

Is social trading available on OANDA’s platform?

No, OANDA does not currently provide social trading capabilities.

 

 

 

Which Markets Can You Trade with OANDA?

 

Emirati traders can expect the following range of markets from OANDA:

 

• ✅Forex
• ✅Indices
• ✅Metals
• ✅Shares
• ✅Commodities
• ✅Cryptocurrencies

 

Financial Instruments and Leverage offered by OANDA

 

🔑Instrument	🅰️Number of Assets Offered	🅱️Max Leverage Offered
📈Forex	48	1:888
📉Indices	18	1:200
💎Metals	2	1:200
📊Shares	1,200+	1:20
🍎Commodities	10	1:200
🪙Cryptocurrencies	18	1:4

 

Broker Comparison for a Range of Markets

 

🔑Broker	🥇OANDA	🥈FXTM	🥉ACY Securities
📈Forex	✅Yes	✅Yes	✅Yes
💎Precious Metals	✅Yes	✅Yes	✅Yes
💹ETFs	None	None	✅Yes
🚩CFDs	✅Yes	✅Yes	✅Yes
📍Indices	✅Yes	✅Yes	✅Yes
📊Stocks	✅Yes	✅Yes	✅Yes
🪙Cryptocurrency	✅Yes	✅Yes	✅Yes
📉Options	None	None	None
💡Energies	✅Yes	✅Yes	✅Yes
📝Bonds	None	None	None

 

Pros and Cons of OANDA Range of Markets

 

✅Pros	❎Cons
There are over 1,200 CFDs on stocks that Emiratis can trade	High leverage can still clear a trader’s account if used irresponsibly or incorrectly
Traders can use high leverage to open larger positions	OANDA has a limited product portfolio compared to other brokers

 

 

Is forex the main market offered by OANDA?

Yes, it is. However, though forex is the primary market, OANDA also provides CFDs, commodities, and indices.

 

Does OANDA offer options trading?

No, OANDA does not currently offer option trading.

 

 

 

OANDA Fees, Spreads, and Commissions

 

OANDA Spreads

 

OANDA provides two pricing options to traders: spread-only pricing with a fee and spread pricing. In the case of spread-only pricing, the usual charge is incorporated into the overall spread, which becomes the trader’s sole trading cost.

Traders who use spread-only accounts can benefit from lower spreads. They will only be charged a transaction fee for their total trading cost, including an appropriate commission and a spread. Typical spreads that traders can anticipate are as follows:

 

• ✅Standard Account – 0.6 pips
• ✅Core Account – 0.1 pips
• ✅Swap Free Account – 1.6 pips
• ✅Premium Account – 0.7 pips
• ✅Premium Core Account – 0.1 pips

 

OANDA Commissions

 

OANDA charges the following commissions on Core and Premium Core Accounts:

 

• ✅Core Account – $40 per million USD traded or $8 per standard lot or $4 per side (200,000 currency units).
• ✅Premium Core Account – $35 per million USD traded or $7 per standard lot ($3.50 per side).

 

OANDA Overnight Fees

 

The typical overnight cost for well-known products such as EUR/USD is -2.03% for long-term interest and -0.03% for short-term interest rates.

This equates to a charge of $6.36 for holding onto long positions and only $0.09 for short position roles along those lines.

Traders using the Swap-free account can access 26 popular products, except for the Japan 225 Index. Trading this index costs between $4 and $7 per 100 lots traded. These fees are paid by Muslim traders who have open positions for more than five days.

 

OANDA Deposit and Withdrawal Fees

 

OANDA does not charge deposit fees; bank wire withdrawals cost 20 EUR, USD, or 150 HKD.

 

OANDA Inactivity Fees

 

If an active trading account is inactive for one year, the remaining balance is subject to a $10 monthly inactivity fee.

 

OANDA Currency Conversion Fees

 

Currency conversion fees apply when traders deposit or withdraw in currencies other than the base currency of their account (EUR, HKD, SGD, USD).

 

Pros and Cons of OANDA Trading and Non-Trading Fees

 

✅Pros	❎Cons
OANDA’s spreads are competitively low	Inactivity fees apply to dormant accounts
The commissions charged by OANDA are competitive	OANDA does not have an AED-denominated account, subjecting Emiratis to currency conversion fees
Muslim traders who choose a Swap-Free account are exempted from overnight fees	OANDA’s trading fees are not the lowest
OANDA offers commission-free trading	Bank Wire withdrawals are subject to fees

 

 

 

Are there inactivity fees with OANDA?

Yes, an inactivity fee is assessed after a certain period of inactivity.

 

Does OANDA charge deposit or withdrawal fees?

OANDA does not charge deposit fees, but withdrawal fees may apply depending on the payment method.

 

 

 

OANDA Deposits and Withdrawals

 

OANDA offers Emirati traders the following deposit and withdrawal methods:

 

• ✅Local Transfers
• ✅Debit Card
• ✅Credit Card
• ✅Bank Wire
• ✅Bank Transfers
• ✅Skrill
• ✅Neteller
• ✅Mobile Bank Transfers

 

 

and more!

 

How to make a Deposit with OANDA

 

To deposit funds to an account with OANDA, Emirati traders can follow these steps:

 

• ✅Log in to your OANDA account with your account information.
• ✅To access the funding page, select “Manage Funds” or “My Funds.”
• ✅To begin the deposit process, click the “Deposit” button.
• ✅Select a deposit method from the list, such as debit cards, bank wire transfers, or other supported methods.

 

 

To complete the transaction, enter the amount you wish to deposit and follow the on-screen instructions.

 

How long do OANDA Deposits take?

The time it takes to process the deposit varies depending on the chosen method. Debit card deposits are usually processed immediately, whereas bank wire transfers can take up to 3 – 5 business days.

 

Can I set up recurring deposits with OANDA?

No, OANDA does not allow for recurring deposits.

 

Is there a maximum deposit limit?

Yes, maximum deposit limits may apply depending on your account type and deposit method.

 

 

 

How to Withdraw from OANDA

 

To withdraw funds from an account with OANDA, Emirati traders can follow these steps:

 

• ✅Log in to your OANDA account with your account information.
• ✅Go to the “Manage Funds” or “My Funds” section to access the funding page.
• ✅From the main menu, select “Withdraw” or “Withdraw Funds.”
• ✅Choose your preferred withdrawal method from the available options, which include bank transfer, credit/debit cards, Skrill, and Neteller.
• ✅Enter the amount you want to withdraw and, if applicable, a brief explanation.

 

 

Submit your withdrawal request and await its processing.

 

How long do OANDA Withdrawals take?

The processing time for withdrawals varies depending on the method used. While withdrawals are processed once received, Emiratis might wait up to 5 working days to receive their funds from OANDA.

 

How do I initiate a withdrawal with OANDA?

Withdrawals can be initiated from your OANDA account’s user dashboard.

 

Are promotional bonuses included in withdrawals?

Promotional bonuses may have additional requirements that must be met before withdrawal.

 

 

 

OANDA Deposit Currencies, Deposit and Withdrawal Processing Times

 

🔑Payment Method	💴Deposit Processing	🪙Withdrawal Processing
📍Local Transfers	3 – 5 Working Days	1 – 3 Working Days
💳Debit Card	Instant	1 – 3 Working Days
💶Credit Card	Instant	1 – 3 Working Days
🖥️Bank Wire	3 – 5 Working Days	2 – 5 Working Days
🏦Bank Transfers	3 – 5 Working Days	2 – 5 Working Days
⏩Skrill	1 Working Day	1 Working Day
💻Neteller	1 Working Day	1 Working Day
📱Mobile Bank Transfers	3 – 5 Working Days	1 Working Day
💷International e-Wallets	3 – 5 Working Days	1 Working Day

 

Broker Comparison – Deposit and Withdrawals

 

🔑Broker	🥇OANDA	🥈FXTM	🥉ACY Securities
⏰Minimum Withdrawal Time	1 business day	Instant	24 to 48 hours
⏱️Maximum Estimated Withdrawal Time	2 – 5 Working Days	Up to 5 working days	5 to 7 working days
⌚Instant Deposits and Instant Withdrawals	✅Yes, Deposits	✅Yes, instant deposits	✅Yes

 

Pros and Cons of OANDA Deposits and Withdrawals

 

✅Pros	❎Cons
OANDA does not charge fees on deposits	OANDA charges withdrawal fees
Debit/Credit deposits are typically instant	Instant withdrawals are not available
Client funds are safe with OANDA	There are no local electronic gateways offered to Emirati traders

 

 

Are there fees for making a deposit?

No, OANDA does not charge any deposit fees.

 

Is there a minimum withdrawal amount?

Yes, the minimum withdrawal amount may vary depending on the withdrawal method.

 

 

 

OANDA Education and Research

 

Education

 

OANDA offers the following Educational Materials to Emirati traders:

 

• ✅Introduction to Leverage Trading
• ✅Fundamental Analysis
• ✅Technical Analysis
• ✅Indicators and Oscillators

 

 

and more!

 

OANDA also offers Emirati traders the following additional Research and Trading Tools:

 

• ✅MetaTrader Premium Tools
• ✅Technical analysis offered by AutoChartist
• ✅VPS

 

 

and more!

 

Research and Trading Tool Comparison

 

🔑Broker	🥇OANDA	🥈FXTM	🥉ACY Securities
🔢Economic Calendar	✅Yes	✅Yes	✅Yes
🔒VPS	✅Yes	✅Yes	None
💹AutoChartist	✅Yes	None	None
👁️Trading View	✅Yes	None	None
📍Trading Central	None	None	None
📊Market Analysis	✅Yes	✅Yes	✅Yes
🗞️News Feed	✅Yes	✅Yes	✅Yes
💻Blog	✅Yes	✅Yes	✅Yes

 

Pros and Cons of OANDA Education and Research

 

✅Pros	❎Cons
Eligible traders can access VPS	OANDA’s educational materials and trading tools are limited compared to other brokers

 

 

Is the educational content accessible to all OANDA account types?

Yes, all OANDA account holders have access to educational resources.

 

Does OANDA provide trade ideas or signals?

OANDA provides market analysis but does not provide trade signals.

 

 

 

OANDA Customer Support

 

🤝Customer Support	🥇OANDA Customer Support
⏰Operating Hours	24/5
🌎Support Languages	Multilingual
🔊Live Chat	Yes
🖥️Email Address	Yes
☎️Telephonic Support	No
🏆The overall quality of OANDA Support	4/5

 

Pros and Cons of OANDA Customer Support

 

✅Pros	❎Cons
Users often praise OANDA’s customer support	OANDA does not offer 24/7 customer support

 

 

Is there a dedicated account manager with OANDA?

Yes, some account types include a personal account manager.

 

Is customer support responsive?

Yes, the responsiveness of OANDA’s customer support has generally received positive feedback.

 

 

 

OANDA VPS Review

 

In collaboration with its partner VPS providers, BeeksFX and Liquidity Connect, OANDA offers a Virtual Private Server (VPS) service. This service, which aims to facilitate continuous and efficient automated trading, minimizes latency and ensures accurate execution of trade orders.

Furthermore, the VPS enables traders to run their trading strategies 24 hours a day, five days a week, by improving operating system performance and market monitoring capabilities.

Access to the VPS service is contingent on meeting certain client requirements, such as a minimum account balance and trading volume.

Surprisingly, the VPS service is available to clients who use third-party trading platforms such as MultiCharts, CQG FX, and TradingView, all of which have partnerships with OANDA. However, It is worth noting that the service is unavailable to OANDA Trade platform users.

In terms of technical infrastructure, BeeksFX provides VPS services from data centers in London, New York, and Tokyo. This ensures low latency and fast access to critical forex markets.

Liquidity Connect’s VPS service is also strategically located in data centers in London, New York, and Hong Kong, allowing quick and dependable access to forex markets throughout Europe, North America, and Asia.

Overall, OANDA’s VPS service provides a solid and dependable platform for serious traders, improving their trading capabilities and market reach.

 

 

Is the OANDA VPS service free?

No, there may be fees depending on your trading volume and account balance.

 

Where are the OANDA VPS data centers located?

Data centers are located in major financial centers such as London, New York, and Tokyo.

 

 

 

OANDA Cashback Rebates Features and Conditions

 

As part of its commitment to rewarding traders for their trading activity and loyalty, OANDA offers Cashback Rebates.

The Advanced Trader program is designed specifically for Emirati traders with Standard and Core Accounts and offers cashback of up to $15 per million traded in forex. The Elite Trader program, which targets high-volume traders, offers rebates ranging from $5 to $17 per million traded.

These rebates return a portion of the transaction cost to traders, reducing spreads and contributing to a higher win ratio. This improves the trading environment and aligns with OANDA’s focus on providing value-added services.

The Elite Trader and Advanced Trader programs are part of OANDA’s larger effort to make trading more affordable and rewarding for its clients.

The rebate structures are based on deposits and monthly trading volumes to encourage increased trading activity while lowering overall trading costs. OANDA emphasizes its commitment to providing enhanced value to its trading community through these rebate initiatives.

 

 

How much can I earn per million traded with OANDA’s rebates?

Through the Advanced Trader program, you can earn up to $15 per million traded in forex cashback.

 

Is the OANDA Elite Trader program different from the Advanced Trader program?

Yes, the Elite Trader program is designed for high-volume traders and provides up to $17 per million traded.

 

 

 

OANDA Web Traffic Report

 

🌎Global Rank	8,123
🌐Country Rank	9,268
📊Category Rank	83
📌Total Visits	7 million
📈Bounce Rate	46.44%
📖Pages per Visit	4.8
⏰Average Duration of Visit	00:02:27
🔢Total Visits in the last three months	June – 6.6 million July – 7.4 million August –7 million

 

 

OANDA Geographic Reach and Limitations

 

OANDA Current Expansion Focus

 

OANDA is currently expanding across Asia, Europe, and North America.

 

Countries not accepted by OANDA

 

There are currently no restrictions as OANDA has offices around the globe with multiple regulations in each district.

 

Popularity among Emirati traders who choose OANDA

 

OANDA is ranked among the top 15 forex brokers for Emirati traders.

 

 

Can traders from the Middle East use OANDA?

Yes, OANDA is available in several Middle Eastern countries, though it is important to check for country-specific restrictions.

 

Which countries are restricted from using OANDA?

Countries subject to international sanctions, such as North Korea and Iran, cannot use OANDA’s services.

 

 

 

Best Countries by Traders

 

🌎Country	📈Market Share
🥇United States	78.8%
🥈United Kingdom	16.8%
🥉Switzerland	1.92%
🏅Singapore	1.12%
🎖️Canada	0.83%

 

 

OANDA vs FXTM vs ACY Securities – A Comparison

 

🔑Broker	🥇OANDA	🥈FXTM	🥉ACY Securities
🚨Regulation	IIROC, ASIC, CFTC, NFA, FCA, FFAJ, JFSA, MAS, MFSA, BVI FSC	CySEC, FSCA, FCA, CMA, FSC Mauritius	ASIC, VFSC
📈Trading Platform	MetaTrader 4 MetaTrader 5 OANDA Platform FxTrade	MetaTrader 4 MetaTrader 5 FXTM Trader	MetaTrader 4 MetaTrader 5
💴Withdrawal Fee	✅Yes, bank wire	✅Yes	✅Yes
🆓Demo Account	✅Yes	✅Yes	✅Yes
⬇️Min Deposit	0 AED	37 AED	184 AED
💹Leverage	1:888	1:2000	1:500
📉Spread	From 0.1 pips	0.0 pips, Variable	Variable, 0.0 pips
💰Commissions	From $35	From $0.4 to $2	From $5
⛔Margin Call/Stop-Out	100%/ 50%	40% to 50% (M) 60% to 80% (S/O)	100%/50%
📝Order Execution	Market	Market, Instant	STP
💵No-Deposit Bonus	None	None	None
🪙Cent Accounts	None	None	None
🗂️Account Types	Standard Account Core Account Swap-Free Account Premium Account Premium Core Account	Micro Account Advantage Account Advantage Plus Account	Standard Account ProZero Account Bespoke Account
🖋️DFSA Regulation	No	None	None
💳AED Deposits	✅Yes	✅Yes	✅Yes
📌AED Account	None	None	No
⏰Customer Service Hours	24/5	24/5	24/5
💍Retail Investor Accounts	3	3	3
☪️Islamic Account	✅Yes	✅Yes	✅Yes
⬇️Minimum Trade Size	0.01 lots	0.01 lots	0.01 lots
⬆️Maximum Trade Size	1,000 lots	100 lots	Depends on region and trading instrument
⏱️Minimum Withdrawal Time	1 business day	Instant up to 24 hours	24 to 48 hours
⌚Maximum Estimated Withdrawal Time	2 – 5 Working Days	Up to 5 working days	5 to 7 working days
➡️Instant Deposits and Instant Withdrawals	✅Yes, Deposits	✅Yes, instant deposits	✅Yes

 

 

OANDA Alternatives

 

• 🥇 FXCM is distinguished by its assortment of trading platforms, educational materials, and innovative trading tools. This broker provides not only MetaTrader 4 but also its highly customizable and user-friendly Trading Station platform.

 

 

• 🥈 Admirals, formerly known as Admiral Markets, differentiates itself with its incredibly broad range of financial instruments. One of its most notable features is the MetaTrader Supreme Edition, a customized version of the popular MetaTrader platform with added features such as a mini terminal, tick charts, and a trading simulator for testing trading strategies.

 

 

• 🥉 Trade Nation is notable for its emphasis on simplicity and openness. Trade Nation offers fixed spreads, so there are no hidden fees or unpleasant surprises for traders. Smart News, a feature that integrates market news directly into the trading platform and enables traders to make more informed decisions, is one of Trade Nation’s distinctive offerings.

 

 

OANDA Awards and Recognition

 

OANDA received the following recent awards and recognition:

 

• ✅In 2022, OANDA was again named TradingView’s “Most Popular Broker,” making it the third year OANDA has received this honor.
• ✅OANDA received 2022 “Best in Class” honors from ForexBrokers.com for Research and Ease of Use.
• ✅ForexBrokers.com OANDA received an award in the 2024 Annual Awards from ForexBrokers.com, though the search results did not specify which awards OANDA had received.

 

 

and many more!

 

 

Our Experience with OANDA

 

While researching various trading platforms, we came across OANDA and found it one of the most complete and trustworthy options for traders of all experience levels.

Furthermore, we were impressed by the variety of trading instruments, including everything from foreign exchange to cryptocurrency. The risk management features were also noteworthy, providing traders with an extra safety net.

 

OANDA Trading Platform

 

In our experience, many traders have found OANDA’s trading platforms, which include MetaTrader 4, MetaTrader 5, and the OANDA Platform, to be straightforward. Not many people seem to talk about it, but we like being able to change the layout of the trading platform to suit our needs.

In addition, traders have access to various technical indicators and analytical tools, thanks to the advanced charting features. The platforms also allow for a smooth transition between devices, such as desktops and mobile phones, without sacrificing functionality.

 

Quality of Customer Service

 

We have found a variety of opinions regarding the quality of customer service. While some have lauded OANDA’s customer service, others have complained about slow response times, especially during high trading volumes.

The quality of service, however, appears to be satisfactory, with agents typically going the extra mile to address concerns and address questions. Traders in different time zones will appreciate the convenience the 24/7 customer service provides.

 

OANDA Response Time

 

🔑Support Channel	⏰Average Response Time	⏱️User-based Response Time
☎️Phone	5 minutes	2 – 6 minutes
🖥️Email	1 working day	Same-day
🔊Live Chat	5 minutes	2 – 3 minutes
📱Social Media	1 hour	5 minutes
👥Affiliate	1 working day	Same-day

 

 

Recommendations according to our in-depth review of OANDA

 

• ✅While OANDA provides a variety of platforms, adding more customization options could improve the trading experience.
• ✅Frequent and detailed market analyses would give traders insights, allowing them to make more informed decisions.
• ✅Our investigation revealed that the time for deposits and withdrawals could differ. Streamlining these processes could significantly improve user experience.
• ✅Adding more customer service channels or extending operating hours could help clients receive better service.
• ✅OANDA could consider offering more competitive spreads, particularly to traders who trade in larger volumes. While their rebate programs are a step in the right direction, there is still room for improvement.
• ✅In comparison to other brokers, OANDA’s asset portfolio is somewhat limited. A broader range of financial instruments, such as stocks, ETFs, and more cryptocurrencies, would likely appeal to a broader range of traders.
• ✅Although OANDA provides a sufficient amount of educational content, more advanced content, and tools, such as webinars, interactive courses, and quizzes, could be added to benefit traders of all levels.
• ✅OANDA’s VPS is currently unavailable to clients who use the OANDA Trade platform. Extending this service to all trading platforms would provide a more consistent trading experience.
• ✅While OANDA provides some bonuses, such as welcome and referral bonuses, expanding this area could attract more traders while retaining existing ones.
• ✅Given the growing demand for these services, social trading or copy-trading features could be an interesting addition.
• ✅Although OANDA’s mobile application is functional, user interface improvements and adding features currently available on the desktop platform could be made.

 

 

Finally, while OANDA takes pride in its transparency, traders would benefit from a detailed breakdown of all potential fees, including those for withdrawals and deposits.

 

 

OANDA Customer Reviews

 

 

🥇 Highly recommended.

During my first few weeks at OANDA, Bradley Gilbert has been an incredible resource. So far, I haven’t had too many issues. Based on my current and past experiences, I highly recommend OANDA. – Mariam Muhairi 

 

 

🥈 Dependable.

OANDA is a dependable service that easily connects to TradingView. The platform is open, simple to navigate, and supported by friendly, knowledgeable staff members. – Abdullah Saeed 

 

 

🥉Good assistance.

OANDA’s customer service staff has always been very helpful in answering my questions and reassuring me that they are available to answer any concerns. – Salma Nasser 

 

 

 

Pros and Cons of Trading with OANDA

 

❎Pros	✅Cons
Several reputable financial authorities around the world regulate OANDA	OANDA does not have an office in Dubai
Traders in Dubai can choose from a wide array of assets, including forex pairs and CFDs	There is a lack of access to the full suite of negative balance protection options available to those in the European Union
There is no set minimum deposit, making trading with OANDA possible for people with a wide range of financial resources	OANDA makes money through spreads, and the spread rates are variable, which makes the fee structure less clear
OANDA has an unlimited demo account	High fees might be charged on some international transfers
The platform’s advanced charting and analytical tools are useful for technical analysis-based traders	AED (United Arab Emirates Dirham) accounts are not widely available
OANDA’s seamless integration with the MetaTrader 4 ecosystem enables automated trading strategies for MetaTrader users	There are gaps in localized support due to language barriers or unfamiliarity with regional markets
OANDA provides several educational resources, such as webinars and tutorials	The DFSA does not regulate OANDA in Dubai

 

 

In Conclusion

 

Our final verdict regarding OANDA’s comprehensive evaluation is largely positive. We were especially impressed with the variety of trading platforms they provide, which includes MetaTrader 4, MetaTrader 5, FxTrade, and the OANDA Platform itself. These platforms offer intuitive user interfaces, robust analytical tools, and customization options, making them suitable for novice and seasoned traders.

OANDA’s dedication to transparency and innovation distinguishes them as a forward-thinking participant in the forex industry. This progressive approach is reflected in their VPS services, designed to improve automated strategies’ trading efficiency. In addition, users have provided positive feedback regarding their customer service, indicating a responsive and helpful support structure.

However, it is important to note that OANDA’s VPS service is not available to users of the OANDA Trade platform, which could be a disadvantage for those seeking a comprehensive solution within the OANDA ecosystem. Additionally, the terms and availability of bonuses and promotions vary, potentially disappointing traders seeking consistent incentive programs.

Financial incentives such as cashback rebates in programs such as Advanced Trader and Elite Trader add value; however, they are subject to conditions such as trading volumes and account types that may not be suitable for all traders.

 

 

Our Review Methodology: For each of our broker evaluations, we investigate, evaluate, analyze, and compare what we feel to be the most crucial criteria to consider when selecting a broker. Based on our findings, this evaluation comprises positives, disadvantages, and an overall score. We want to assist you in locating the ideal broker for your requirements. Our broker review should not be considered financial advice. However, traders are urged to seek professional financial advice before making investment decisions.

 

 

Investor Warning: Foreign currency trading on margin is associated with an elevated risk and may not be appropriate for all Emirati investors.  Before engaging in foreign currency or Contract for Difference (CFD) trading, you must evaluate your investing goals, expertise, appetite for risk, and willingness to be exposed to risk. In addition, you should not start investing capital you cannot afford to lose because you could lose part of your original investment.

 

 

Addendum/Disclosure: No matter how diligently we strive to maintain accuracy, the forex market is volatile and may change anytime, even if the information supplied is correct when going live.

 

 

Frequently Asked Questions

 

How do I withdraw funds from my OANDA account?

To withdraw funds from your OANDA account, log in to your account and navigate to the funding page by selecting “Manage Funds” or “My Funds.”

From the main menu, select “Withdraw” or “Withdraw Funds,” then select the desired withdrawal method, enter the withdrawal amount, and submit your withdrawal request.

 

How long does it take to withdraw from OANDA?

Withdrawals take one to five working days, depending on the method used.

 

Is OANDA Safe or a Scam?

OANDA is a trustworthy, multi-regulated, award-winning broker with a trust score of 93%.

 

Is OANDA a good broker?

Yes, OANDA is a reputable and well-regulated forex broker with over 20 years of experience. OANDA is well-known for its clear fee structure, robust trading platforms, and excellent customer service.

 

Does OANDA have VIX 75?

No, VIX 75 does not form part of OANDA’s product portfolio.

 

Does OANDA offer a mobile app?

Yes, OANDA has a mobile app for iOS and Android. Traders can use the app to access their accounts, view real-time market data, and execute trades while on the go.

 

Is OANDA regulated?

Yes, several Tier-1, 2, and 3 regulators oversee OANDA in its global forex and CFD trading operations, making it a safe option for Emiratis.

 

Is OANDA a good fit for seasoned traders?

Yes, OANDA is well-known for providing a fantastic desktop trading experience and superior research tools, making it an excellent choice for seasoned traders looking for a robust trading platform.

 

Does OANDA have Nasdaq 100?

Yes, OANDA offers NASDAQ as an Indices CFD. Emiratis can also trade CFD shares listed on the Nasdaq 100.