OANDA Review: Excellent
The awards OANDA has received for excellent customer service
speak for themselves, but as an OANDA customer I can verify their excellent
Whether it be by phone, email, or live chat, they have one of
the most responsive customer service teams. It appears to be standard for a
representative to be assigned to your account, so you have a direct line via
email for customer service requests. However, you can also call their primary
phone number to speak with someone on the phone, or visit their website in
order to chat live with a representative.
OANDA has a massive amount of learning material for forex
traders to learn about any trading style they want. Want to become an expert in
technical analysis? OANDA has tons of education on the subject. They also have tools that identify technical trade setups.
Want to have a
better understanding of fundamentals? They have that too. They also have ongoing premium webinars for forex traders to
OANDA Review: Transparency
OANDA is also one of the most transparent forex brokers in the
industry. They have multiple tools that show how their traders are performing. Here
are a few:
Top 100 Forex Trader Statistics
Note: These statistics display Realized Profit per Unit, not total pips.
OANDA’s Forex Order Book
OANDA’s Forex Order Book is especially interesting because it
reveals some interesting characteristics about forex traders. Read more about
The Number 1 Mistake made by Forex Traders.
Current Open Position Ratios – Trader Sentiments
Historical Positions – Trader Sentiments
OANDA's Historical Positions of trader sentiments also offers some extremely interesting insight into trader behavior. If
you didn’t already check it out, then read about The Number 1 Mistake made by Forex
OANDA Review: Stats
OANDA offers 50:1 leverage on major currency pairs and 20:1
leverage on minor pairs. If you know How to Win in Forex, then you will never
need anything close to 50:1 leverage in order to be a successful forex trader.
They currently offer 70 currency pairs, including major,
minor, and exotic currency pairs. They also offer CDF’s (Contracts for
Difference) for precious metals, stock indices, commodities, and bonds,
although CDF’s are not available to forex traders in the United States due to
Nevertheless, currency trading is all you need access to in order
to be successful in forex.
Deposits and Withdrawals
OANDA makes funding your account easy with several options
available, including: debit card, credit card, checks, and wire transfers from
your bank account.
Due to international law, all withdrawals must occur the
same way deposits occurred. Thus, if you deposited $1,000 using your debit
card, then OANDA must credit your debit card in order for you to withdrawal your
money. However, if you are profitable then any profit that exceeds your initial
deposits can be wire transferred to your bank account.
OANDA Review: Why
They Are The Best
One of the primary characteristics that makes OANDA
different is that they truly care for their customers.
How do I know?
When disaster strikes, how a company reacts shows their true
EUR/CHF January 15, 2015
And disaster did strike for some on January 15, 2015. Called Black
Thursday, the Swiss Franc (CHF) had been pegged to the Euro at 1.20 EUR/CHF
since September 2011 in order to prevent the Swiss Franc from significantly
appreciating against the Euro during the eurozone debt crisis.
The Swiss Franc did appreciate against the Euro up to the 1.20 floor, and then the
EUR/CHF pair hovered around 1.20 for 3 years. Then unexpectedly on
January 15, 2015 the restriction was lifted and the EUR/CHF fell by 3,400 pips
in about 30 minutes as the Swiss Franc appreciated by 34 cents against the
Euro. Not only was the EUR/CHF affected, but most other pairs involving the
Swiss Franc experienced unheard of volatility.
Many forex traders using other brokers, who were involved in Swiss Franc (CHF) pairs, woke up to find
their trading accounts completely wiped out. However, as a market-maker OANDA’s
system respected traders’ stop-losses, and while some slippage did occur, many
accounts were saved while forex traders elsewhere were ruined.
Needless to say, this type of event is more rare than some
of the most destructive natural disasters. However, knowing that your forex
broker has your back is an important and rare characteristic in the forex
industry. (Granted, another important lesson is to never trade without a stop-loss.)
Check out our Free Forex Education.