Is OANDA one of the best Australian Forex Brokers? We conducted an in-depth review in November 2018 to find out the answer and bring it to you!


Another complete and unbiased Review from Engine Forex

OANDA is one of the largest and oldest online brokers and has been in the currency business since its launch in 1996. They are also the authoritative source for currency data for leading companies, including tax authorities, accounting firms, and financial institutions.

Headquartered in New York City, USA. They have numerous subsidiaries set in strategic positions around the globe. Their Australian office is located in Sydney. OANDA introduced its first own Forex trading platform in the year 2001 and has since won numerous awards with it. Their clients are corporations, financial institutions, investment/money managers and individual traders.

OANDA pride themselves as being ‘a different kind of broker’ that is ‘founded on the premise that Forex and CFD trading should be accessible to all traders and based on fair and transparent business practices.


OANDA

Our Rating

The overall rating is based on review by our experts

7.5 3.8 1
  • Reliability 9 / 10
  • Spread 7 / 10
  • Customer Service 8 / 10
  • Offers 3 / 10
  • Speed of Execution 9 / 10
  • Uptime 9 / 10

OANDA - Overview

Trading Conditions

  • Max Leverage
    100:1
  • Platform
    MetaTrader4 OANDA_plat
  • Min Deposit
    $0
  • Spread
    From 1 Pips
  • Cuts out Dealing Desk
    No

Methods of deposit and offers

  • Deposit / Withdraw
    VISA , MasterCard PayPal China Union Pay Bank Transfer Wire Transfer BPay
  • Welcome offer
    n/a
  • Rebates Engine Forex
    Coming soon!

Extras

  • Crypto
    n/a
  • Headquarter
    New York with Sydney subsidiary

SECURITY, MARGINS AND TECHNOLOGY

SECURITY AT OANDA

In Summary

  • ASIC regulated
  • Multiple licenses in numerous jurisdictions
  • High-level web security

OANDA Australia Pty Ltd Australia Pty Ltd is licensed in Australia by the Australian Securities and Investment Commission (ASIC).

As a group, OANDA further holds licenses and is regulated in various other countries, such as the US, Canada, Europe and Asia-Pacific (Singapore).

According to OANDA’s values, they keep customer funds in accounts at top tier banks, and it is their policy to only withdraw customer funds as a direct result of their trading-related activities or withdrawal requests.

As a group, OANDA holds licenses and is regulated in various other countries, such as Australia, the US, Canada, Europe and Asia-Pacific (Singapore).

Spreads Comparison

OANDA
60
PEPPERSTONE
100
THINK MARKETS
80
IC MARKETS
100
CMC MARKETS
60
PLUS 500
30

CHARGES AND MARGINS AT OANDA

In Summary

  • Spread mark-up or
  • Up to 100:1 leverage

OANDA doesn’t charge any extra commissions on trades - the spreads are the costs to trade.

OANDA offers variable spreads, usually starting from 1 pip on certain Forex pairs with margin requirements of 1-5%.

Spreads on stock indices are also variable and can already start below the 1 pip mark. Margin requirements from 1-5% apply.

The same counts for commodities CFD spreads which commonly can start at 0.5 pip and minimum margin requirements per contract from 1%.

Bonds and metals usually require larger spreads with OANDA and their margin requirements range between 1 and 5%. All live spreads can be viewed here: https://www.oanda.com/forex-trading/markets/live

TECHNOLOGY

In Summary

  • Excellent trade execution
  • Own proprietary platform & MT4
  • OANDA developer portal

OANDA clients have the choice between two different trading platforms: OANDA’s own proprietary platform, currently ‘v20 Trading Engine’, which is available as desktop, web browser and as mobile apps versions and the popular MetaTrader 4. 

Their own award-winning software is packed with professional tools and features which allows users to gain access to OANDA’s competitive spreads and excellent execution speeds. From advanced charting and drawing options, to OANDA’s ‘Technical Analysis’ technology, this platform can benefit traders at any level.

Not every feature is available for all platform versions, but especially on desktop this platform is jam-packed with tools and special features.

Advanced traders have the option to develop their own automated trading strategies on Forex, metals, CFDs, commodities and indices and implement them into their trading practices. OANDA’s developer portal allows for accessing a myriad of resources, code samples and documentation that help getting started.

OANDA’s MetaTrader 4 version has all classic features that MT4 users enjoy, but it can additionally be linked to OANDA’s proprietary plugin tool ‘Technical Analysis’. It includes intraday market scanning, automatic chart pattern recognition and pattern quality indicators, automated alerts for specific patterns, as well as the option for executing trades directly within the interface. Access to EA (Expert Advisor) programs is also available when MT4 is running on a client’s computer and it is connected to OANDA’s servers. 

Their own award-winning software is packed with professional tools and features which allows users to gain access to OANDA’s competitive spreads and excellent execution speeds. From advanced charting and drawing options, to OANDA’s ‘Technical Analysis’ technology, this platform can benefit traders at any level.

Execution of Speed Comparison

OANDA
80
PEPPERSTONE
100
THINK MARKETS
90
IC MARKETS
100
CMC MARKETS
90
PLUS 500
70

CUSTOMER SERVICE, TRADING OPTIONS AND SPECIAL FEATURES

AN OVERVIEW OF OANDA's CUSTOMER SERVICE AND CLIENTS

In Summary

  • Award-winning 24/6 customer support
  • Global presence with large client base
  • 2 account types to choose from
  • For private & institutional clients

OANDA serves both institutional and private clients all over the globe and offers multi-award-winning customer support 24/6 through Live Chat as well as an online help and FAQ section but you may also contact them via phone hotline or email.

Clients can choose between 2 different account types upon sign-up: a ‘Demo’ or ‘Live’ account. From there one can select various trading platform options such as Web Trading, Desktop Trading and Mobile Trading Apps, which are all OANDA’s own proprietary platforms, plus the industry favourite MetaTrader 4. One befit of OANDA is that there are no differences in trading sizes, minimum deposits (OANDA doesn’t have any minimum deposit requirement), etc. that need to be considered when choosing from these platforms.  

One unique feature of OANDA client account options is that the customer can choose to open a primary account using 1 out of 9 different account currencies but additionally being able to create up to 19 sub-accounts, therefore having the option to open multi-currency accounts with OANDA.

Further, apart from a large selection of currency pairs (90+) and commodities (8) OANDA also offers a decent range of indices (14) from around the globe to choose from, including the Australian S&P 200 Index, UK FTSE 100 Index, US E-mini S&P 500 and US Wall Street 30 Indexes.

The option to trade a selection of international bonds and common metals is also given.

FOREX AND OTHER TRADING OPTIONS AT OANDA

In Summary

  • 90+ currency pairs
  • 8 commodities
  • 4 metals 
  • 14 indices CFDs

OANDA offers trading options of 90+ Currency Pairs, 4 Metals, 8 Commodities 14 Index CFDs in addition to 6 international Bonds.

Traders can choose to trade on the above mentioned options including some of the world’s top markets such as the Australian S&P 200, UK FTSE 100, US E-mini S&P 500, US Wall Street 30, Germany 30 and Hong Kong 50 Indexes.

OANDA Australia offers leverage up to 100:1 (other, usually lower, maximum leverage levels apply to OANDA Asia Pacific, USA and Canada apply), 9 different funding currencies and low spreads commonly starting from 1 pip for Forex and 0.5 pips for other modalities such as Commodities. Clients can start trading with minimum no deposit requirement.

SPECIAL FEATURES OF IC MARKETS

In Summary

  • True ECN broker
  • Top-notch technology
  • Competitive spreads & leverage up to 100:1
  • OANDA ALgo Lab 

Globally regulated through various authorities assuring maximum security and integrity.

Excellent options for both retail and business trading needs.

Option to create multi-currency accounts in any of 9 available account currencies by opening one primary and up to 19 sub-accounts.

Top-notch technology including OANDA’s own proprietary trading platforms for Web, Desktop and as Apps.

OANDA MetaTrader 4 that supports for EAs (Expert Advisors), including those that require hedging capabilities.

Advanced charting with leading edge indicators and drawing tools, plus automatic pattern recognition through OANDA Technical Analysis.

OANDA ALgo Lab which allows clients to code, backtest and deploy their very own Forex and CFD trading strategies directly from the web browser.

OANDA gives the option to create multi-currency accounts in any of 9 available account currencies by opening one primary and up to 19 sub-accounts.

Max Leverage Comparison

OANDA
100:1
PEPPERSTONE
500:1
THINK MARKETS
400:1
IC MARKETS
500:1
CMC MARKETS
500:1
PLUS 500
300:1

IN CONCLUSION

OANDA is one of the largest and oldest online brokers and has been in the currency business since its launch in 1996. Trade execution and the overall trading environment are at a world-class level, however, spreads, max. leverage and the limited options of tradable instruments (no cryptocurrency trading at this point of time either) have to be considered.

For clients focussing on Forex trading, OANDA is an excellent choice, offering a large variety (90+) of currency pairs.