BrokAIr Reviews

Oanda Review

"Oanda has been able to maintain its position at the top of the online brokerage industry despite challenges from younger and more tech-savvy competitors - but how long will the reign of Oanda last?"

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Overview of Oanda

Oanda is an online broker based in Toronto, Canada, founded in 1996 by Michael Stumm and Richard Olsen and is regulated by multiple regulators including the Financial Conduct Authority (FCA) in the UK and the Commodity Futures Trading Commission (CFTC) in the US.

Pros and Cons

Oanda offers an extensive range of trading instruments, including more than 70 different currency pairs, commodities, CFDs, and indices. They have competitive spreads and offer a range of account types suitable for traders of all levels. They also provide a wealth of educational resources, including webinars and video tutorials. In addition, they offer customer support in several languages.

On the downside, Oanda is not the most cost-effective broker. Their fees are higher than most other brokers. They also do not offer any trading bonuses or promotions.

Public Opinion

Overall, Oanda has a good reputation among traders. The majority of users appreciate their wide range of trading instruments and educational resources. However, some users have complained about their high fees and lack of bonuses.

Newsworthy Events

In 2017, Oanda won two awards from Investment Trends for best forex broker in the US and Canada. In 2020, Oanda received an award from the British Bank Awards for best foreign exchange provider.

In June 2020, Oanda launched its new “Oanda Professional” platform which offers advanced tools for professional traders such as advanced charting, automated trading strategies, and more.

In 2021, Oanda announced a partnership with Refinitiv to provide customers with access to more data sets than ever before.