Introduction of the broker Oanda
OANDA is a CFD broker that offers traders a wide range of trading instruments, including forex, indices, commodities and bonds. This broker was founded in 1999 and is regulated by the UK regulator FCA. OANDA provides the ability to trade with a minimum trade of 1 contract, making trading accessible to a wide range of traders.
There is no minimum deposit with this broker, allowing traders to start trading with any amount. OANDA also offers a demo account that allows traders to practice without the risk of real funds.
The broker has a mobile app for trading on the go and allows accounts in a variety of currencies, including USD, EUR, CHF and GBP. Fees at OANDA include spread, swap, inactivity and withdrawal fees. The spread at this broker starts from approximately 0.01% (EUR/USD from 1 pip). OANDA allows deposits and withdrawals via credit cards, PayPal and bank transfer.
User Ratings and Reviews of OANDA Broker
OANDA is a highly-rated forex broker with predominantly positive reviews on platforms like Trustpilot and Google. It offers a user-friendly trading platform, competitive spreads, and extensive market analysis tools, earning it an average rating of around 4.0 out of 5 stars from over 700 users on Trustpilot. Users particularly appreciate the ease of use of the platform and the absence of a minimum deposit requirement. However, some complaints concern customer support and the speed of bank transfer withdrawals, which can be slow and costly. Nevertheless, it lacks the necessary licenses.
Is OANDA a scam or a safe broker?
We cannot categorize OANDA as a safe broker because it lacks European regulations and tier 1 licenses. Although it has a good reputation among users on platforms like Trustpilot and Google, the absence of these key regulations increases the risk for European investors. European regulations and tier 1 licenses provide a higher level of investor protection, and their absence can mean a lower level of safety and transparency.
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