- Company: Oanda Europe is a trading name of Oanda Europe Ltd.
- Founded: Oanda was founded in 1995 and has supported online trading since 1997.
- Payment Options: Check, Credit/Debit Cards, PayPal, WireTransfer and BAC for UK Customers.
- Platforms: MetaTrader 4, web based platform and a range of mobile platforms.
- Accounts Available: In numerous major currencies.
- Minimum Deposit: N/A
- Regulation: Regulated in the United Kingdom by the FCA.
- Social Trading Support: N/A
- Support Options: Live chat, Email or Phone.
Oanda Europe offers a range of platforms to their clients. Oanda offer a very functional and professional web based trading platform, which is among the better web based platforms that I have come across. However the majority of traders who opt to deposit with Oanda are likely to favor the trusted MetaTrader 4 platform which functions just as one would expect, allowing you to trade the financial markets with ease. I believe that the US arm of Oanda doesn’t permit the use of Expert Advisors, but it however appears that the European arm does, which will please many traders. Oanda Europe also supports a range of mobile apps for Smartphones and provides support for those who Blackberry, iPad/iPhone and Android devices. It’s an added bonus to see a decent range of mobile devices supported by the platform. With mobile trading on the increase this is a smart move on Oanda’s behalf.
- Leverage: Up to 1:50
- Scalping: Allowed
- Expert Advisors: Allowed
- Hedging: Allowed
- Trailing Stops: Yes
- Spreads Variable: Variable, target EUR/USD spread 1 pip.
Overall, the trading conditions on offer at Oanda Europe are pretty impressive. The European platform allows for a wider range of trading strategies this probably due to the fact that NFA regulations are more stringent in certain respects. The Spreads on offer from Oanda are very competitive with a 1 pip target spread on the EUR/USD. On the day I wrote this article the EUR/USD spread hovered around the 1.2/1.4 pip area. This makes Oanda one of the most competitive non-ECN forex brokerages out ther. Scalping and the use of Expert Advisors are allowed at Oanda Europe giving traders a lot of different opportunities to engage in variety of trading styles. The only thing which might get a few groans is the maximum 1:50 leverage, which is lower than at some of Oanda’s competitors. Such leverage is still high and shouldn’t put people off who want to trade with Oanda.
- Number of Currency Pairings: 60+ Forex pairings, including a number of exotic pairings.
- Other Instruments: Bond, Indice and Commodity CFD’s.
Oanda Europe has a wide range of Forex pairings on offer, including a number of particularly exotic pairings. When it comes to Forex there is pretty much every pairing you are likely to ever want to trade. In addition to the wide range of Forex pairings available, Oanda also offers a number of commodity, indice and Bond CFD’s. While the selection isn’t huge, traders are given the opportunity to trade many of the most commonly traded Indices, Bonds and Commodities. Which gives traders a wider range of trading choice, something that is always positive in my book.
- Contact Methods: Live Chat, Email and Phone.
- Telephone Numbers: UK Mainland line only.
- Support Languages: Not Stated.
Oanda has a very good reputation in regards to customer service and is considered one of the most professional brokerages out there. Those wanting to get into contact with Oanda Europe can do so 24/5 through a number of different channels and I have only heard good things about the customer service experience at Oanda Europe. The only disappointing fact regarding customer service at Oanda is that the only contact number is a UK mainland number, which may be quite pricey for those based in other European countries. No information is listed regarding the the languages in which customer service is provided, so non-English speakers looking to deposit with Oanda Europe may want to inquire about this before depositing.
- Regulated: By the FCA of the UK.
- MiFID Regulated: Yes, can accept clients from throughout the European Union.
- Can accept US Traders: No, but Oanda.com can although trading conditions at US branch differ.
- Regulatory Record: Totally Clean.
Oanda Europe is regulated by the FCA (Financial Conduct Authority) of the UK, considered one of Europe’s better OTC regulators. This also means that Oanda Europe is free to accept clients from throughout the European Union. American readers will not be able to deposit with Oanda Europe, but will be able to look into using the services of their American branch. It should be noted that services at the American branch differ in important ways. Those who live in Europe, will be pleased to hear that Oanda Europe Limited as a completely clean regulatory record and has never had any disciplinary action taken against them. All of this would make me feel safe opening an account with Oanda.
Oanda had a security breach in the best (read more here).
Tight spreads, good execution, huge variety of instruments, and a great trading platform all make Oanda Europe one of the most promising brokerages out there. On the flipside, limited leverage of only up to 1:50, and mixed views about the quality of service (400 reviews in Forex Peace Army; The most recent 20 reviews are negative).
Technically Oanda seems like a perfect candidate to be the absolute best forex broker, but in practice it isn’t.
What did you make of our Oanda review? If you have any experiences with the brokerage or want to ask any questions feel free to comment below.