OANDA is this a scam? Review and Customers Reviews

The largest Forex broker OANDA is the leader of the US financial trading market. It was registered in 1996 and today it keeps successfully providing brokerage services around the world. Leading offices are located in the UK, Canada, Singapore, Japan, the United States, etc. Among the company’s clients there are the largest brands (Deloitte, The Times, British Airways, United Continental, ArcelorMittal, Fedex, etc.), trusting its experience and professionalism.

Certainly, you would like to know whether OANDA is another scam or not. We’ll answer this question in the broker’s detailed review here below.

The creators of the brand believed that it is the Internet and new technologies that will open wide access to the markets for all customers. For more than 20 years, the company has been holding leadership positions, from a start-up to a global corporation, with offices and customers in over 196 countries. Being one of the oldest and most professional brokers, it still acts as a guarantor of reliability, stability and quality. The company grants access to nearly all world liquid markets, trade in currency pairs, stock indices, cfd for futures (oil, sugar, wheat, etc.), etc. Clients can also count on specialized tools: calculators, currency volatility charts, order book, indicators and much more.

To trade a variety of assets the Forex broker offers a rich choice, such as a reliable terminal MetaTrader 4, a browser platform Web Trading, as well as its own high-quality development of FXTrade. FXTrade is the first platform that provides data in a graphical form in real time. The unique program has a simple interface and fast execution speed. It’s equipped with graphing functions, and you can check trading strategies, study financial news. All platforms are convenient; they allow you to work comfortably, while mobile trading is available too.

For traders, there is a 24-hour service support, a free demo account that allows to test the system. The website has a Russian version that enables to get the necessary information about the work of the broker. However, analytics, news and reviews, all the teaching material, webinars, lessons are presented in English, which makes the trade more difficult.

Replenishment and withdrawal of earnings

OANDA offers a minimum of opportunities for withdrawal and replenishment of funds. To replenish the deposit, you need to register and get verification from the broker, deposit the amount by choosing a convenient way to transfer funds from the available options:

• Bank transfer;
• Credit card;
• PayPal.

Pay attention, withdrawal of funds is possible only in the way the trader’s funds were replenished.  The time for processing an application depends on the currency of the transfer and the method of withdrawal; the broker does not impose a transfer fee for the first application, but then all transactions are made with a commission. On the Internet, there are enough complaints from traders on problems with withdrawal of funds, so be careful and discuss the features of capital operations with a personal manager.

Complaints against OANDA

OANDA has different reviews on the Internet, but there are not so many. It means that Russian traders have not appreciated the company yet. Some traders highly praise the reliability of the company, favorable conditions, the set of services that help to make their trading strikingly profitable, to say nothing of an informative website.

Nevertheless, negative feedback is enough: users of the company complain about the problems in the withdrawal of funds (including the commission for withdrawal, there are few ways to withdraw), problems with the terminal, the inconvenient site, minimum information in Russian (including a large part of the necessary material: training, analytics, reviews, news – all of this is presented in English).

Despite the fact that OANDA has been in the financial services market for a long time, today its unique and worthy service is difficult to assess by Russian market players. As regards this issue, the broker still has to work hard if it plans to seriously cooperate with our traders.

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Is OANDA a scam?

Today OANDA is one of the most experienced and successful brokers, known throughout the world. It has been providing high quality service for trade for more than 20 years. The work takes place in several platforms. It’s a reliable and well-known terminal Metatrade and its own platform, which has many advantages as well as positive feedback from Russian traders. Having a terminal of its own that many brokers in our country are deprived of, is a serious step, which indicates that the company plans to occupy strong positions in the market, investing substantial funds in creating a unique service.

OANDA has a license that guarantees the safety of work with it. Reviews about the broker are diverse and there are not so many of them, they mostly indicate a number of serious problems that prevent the company from fully entering the Russian market and showing itself in full force (problems with withdrawing money, commission fees, a complex site, represented for the most part in English, etc.).

The company publishes analytics, training materials, but Russian traders find it difficult to use. Let’s hope that the situation will change for the better and this worthy broker will successfully work with the Russian audience (it is necessary to provide high-quality material on the website, ensure timely support, resolve problems with withdrawal of funds).

Do you still consider OANDA to be a scam, don’t you? We guess it has nothing common with an average scam. For more than 20 years of successful cooperation with traders around the world, the company has proved its reputation by providing high quality service as well as excellent trading conditions.

The broker’s regulator

Today, OANDA has a number of authoritative licenses, its activities are regulated:

• The Investment Regulatory Organization of Canada IIROC,
• The UK Financial Supervision Authority (License No. 542574),
• The Monetary Authority of Singapore MAS (license No. 200704926K),
• The Australian Securities and Investments Commission ASIC (registration number ABN 26 152 088 349, registration number AFSL 412981),
• The Association of Financial Futures (registration No. 1571).

Check the OANDA license on the IIROC website
Check the OANDA license on FCA.org (UK)
Check the OANDA license on the MAS website
Check OANDA ASIC license

Bonuses in OANDA

Each trader of the company can receive a bonus of «50% on the deposit when replenishing the account.»

To receive a bonus, you need to replenish your account for at least 200 € and place the first deal. To the amount of 200€ an additional bonus amount of 100€ will be added. Please note, before using the promotion, it is necessary to clarify its terms with the personal manager.

Conclusion

The Forex broker OANDA has been successfully operating in the field of online trading for more than 20 years, occupying a leading position. Having a large database of users around the world and providing a reliable high quality product, the company does not stand still and it’s constantly evolving. An essential positive factor is the availability of our own platform and high quality service, licenses. However, according to negative feedback on the Internet the broker still has to work hard to offer a really high-quality service to Russian traders. Let’s hope, in this part the company plans to improve the service.

Should we consider OANDA to be a fraudster? This assumption has nothing to do with reality because for a long time the company has been demonstrating the high quality of services as well as reliability of cooperation with users around the globe. We ask traders for real feedback about OANDA, which will affect its ratings on our web portal, and also warn against problems in its work.