OANDA Review

OANDA Review - InvestGrowRepeat.com

As a forex trader, I was lucky to be referred to OANDA by a friend when I first started trading. Yes, I am an OANDA customer, but I am not an OANDA affiliate, so you will not see any affiliate links on this page. I don’t receive any direct benefits from referring anyone to OANDA. This is an honest OANDA review from an extremely satisfied customer.

So let me explain to you why I love OANDA, and why you will too.

OANDA’s Track Record

OANDA is one of the most reputable forex companies in the industry. They have been around since 1996, and they have the honor of being one of the first forex brokers to bring retail trading to the general public.

They were the first company to provide a fully automated, online forex platform – their famous fxTrade. Forex traders like us have pioneers like OANDA to thank for bringing forex trading to regular people.

Since their beginnings, they have excelled in all areas possible. They have one of the highest percentages of profitable forex traders in the industry, lowest spreads in the industry, and unique features that other brokers lack. Their fxTrade platform has received many awards, including the “Best Mobile Platform” award in 2015 and the “World’s Best Retail FX Platform” in 2016.

They also received an industry award for “Best Customer Service” in 2015 and the “Most Preferred Forex Provider” award in 2016. Even after over 20 years, they are at the top as one of the best of the best.

Let's talk about why.

Related: Stocks vs Forex: Why Trade Forex?

OANDA Review: High Percentage of Profitable Traders

You may have heard that 95% of forex traders are unprofitable overall, with only about 5% being consistently profitable. Compared to this estimate, OANDA’s percentage of profitable accounts is closer to 30% on a regular basis.

In 2015, OANDA hit a record high with 51% of their forex traders being profitable. In 2017, approximately 35% of forex traders were profitable, well above the industry average.

Many forex traders have the misconception that they are trading directly with the forex market, but this is partially incorrect. Technically, all forex retail traders are trading with their broker – their forex broker is always the one taking the other side of their trade.

Forex brokers create the secondary market that allows retail traders to participate in forex. Without these brokers serving as market-makers, it would be impossible for regular people to participate in forex.  However, this is why a broker’s reputation is so important when trading forex.

The fact that OANDA has one of the highest percentages of profitable traders, year after year, says a lot about the company.

OANDA Review: Lowest Spreads in the Industry

Many forex brokers claim to have the lowest spreads in the industry, but just making a claim doesn’t make it true.

OANDA truly does have the lowest spreads in the industry. On the EUR/USD, spreads can be as low as 0.1 pips (1/10th of a pip) for Premium Account Holders (accounts larger than $20,000).

However, even for non-Premium accounts, spreads on all currency pairs are extremely low with spreads on the EUR/USD being as low as 1 pip. Granted, if you know How to Win in Forex, then you likely won’t be a regular account holder for long.

Forget About Standard Lots – Trade However Many Units You Want

Most forex brokers are still living in the old days of trading in standard lots. One lot is 100,000 units, while a mini-lot is 10,000 units, and a micro-lot is 1,000 units.

OANDA is different. Want to trade 171,239 units? With OANDA you can. They take a different approach to forex trading. Since forex brokers are always taking the other side of your trade, there really is no reason to trade in standard lots. So OANDA makes it easy by allowing you to choose exactly how many units you want to trade.

This can be extremely important for smaller accounts who may benefit from being able to trade 1,422 units instead of 1,000.

OANDA Review: Excellent Customer Service

The awards OANDA has received for excellent customer service speak for themselves, but as an OANDA customer I can verify their excellent customer service.

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 Review: Education Materials

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 participate in.

We also have Free Forex Education here at Invest Grow Repeat.

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 Traders.

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 regulations.

Nevertheless, currency trading is all you need access to in order to be successful in forex.

OANDA Review: 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 nature.

EUR/CHF January 15, 2015 Black Thursday -3400 pipsEUR/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.

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