Oanda has been founded back in 1996. Back then, it seemed as if this broker will find its way to the hearts and minds of clients quite easily, but things did not go as smoothly as you would think. Namely, this company has encountered quite a few complaints over the years about their poor customer service, as well as some questionable withdrawing conditions and tactics. Nevertheless, I wanted to cover both of its sides, so that other clients would not have to go through the same thing.
At first, I need to point out that Oanda is regulated by the US Retail Foreign Exchange Dealer (RFED) as well as the UK’s Financial Conduct Authority (FCA). These regulatory bodies absolutely do not mess around when it comes to following strict rules in order to prevent any type of fraud or misuse of customers and their money. Also, Oanda has only recently added the cryptocurrency trading option on its website, which some may say was quite a long time coming.
Platform and Execution SCORE: 52%
The Oanda platform is quite appealing and user-friendly, which is to be expected from such a long-standing name. The sole process of creating an account was pretty enjoyable for me, which I can’t say for many platforms out there. Also, the platform is MT4 so you can easily customize it and use it on both your desktop or your mobile.
Still, I gotta say I was taken aback by the fact that this brand does not provide any price alerts. Rather, you will feel like you are being thrown in the fire before you get the full info, which is a shame.
Withdrawal Speed SCORE: 21%
There are quite a few solid options to choose from on the Oanda website. Also, the time for your request to be processed can differ depending on which one you chose, which is standard. I’ve seen it on a lot of other broker pages, so I’m not surprised by that.
Still, the other, more important thing that comes to mind that I simply have to tell you is that Oanda seems to ignore or delay your requests for bigger transactions. Let me explain - if you wish to deposit half a million dollars on your account, you are welcome to do so! But if you happen to want to treat yourself and take that profit off of it after a while... Good luck with that. You will be met with some pretty uncomfortable demands and not so friendly agents on the other line.
Support and Assistance SCORE: 36%
For me, the most efficient channel to contact the Oanda customer support was the live-chat option. And no, they are not available 24/7, which is quite unfortunate. In addition, the response via e-mail is somewhat slower, so I would definitely recommend the live-chat option, especially if you need immediate assistance.
Education and Tools SCORE: 73%
Oanda has quite a few educational tools for traders that are willing to dig deeper to even try and find them. Namely, the educational section is not that clearly displayed, so a bit of more research is required. Still, when you find it, you will be pleasantly surprised by the variety of tools, charts, and tutorials.
The thing that I found the most reliable and visually appealing is the market news, which is explained in detail but still captures the most attractive key points. For me also the electronic books were a pretty great way to learn on the go since I was able to download them and read whenever I wish.