Is OANDA Platform is Safe Or Not: Things you need to know
When it comes to trust, OANDA has a ranking of 92 out of 99. OANDA is not on the stock market and doesn’t run a bank. It is licensed by six tier-1 regulators (high trust), zero tier-2 regulators (average trust), and one tier-3 regulator (low trust).
However, OANDA forex is licensed by the tier-1 authorities listed below: Australian Securities & Investment Commission (ASIC), Financial Conduct Authority (FCA), Japanese Financial Services Authority (JFSA), and Commodity Futures Trading Commission (CFTC).
Moreover, the Monetary Authority of Singapore (MAS) and the Investment Industry Regulatory Organization of Canada (IIROC) also supported the OANDA platform.
In OANDA, the selection of available markets varies slightly based on which of the company’s businesses controls your account. CFDs are not available in the USA. However, OANDA provides 124 symbols with 71 currency pairs in Australia and the British Virgin Islands and the possibility to trade Bitcoin, Ethereum, and Litecoin as CFDs.
Apps for mobile trading
The top mobile app from OANDA, fxTrade, is easy to use and offers good market research or rather good charting tools. In 2022, it will be one of the best brokers in this group.
Overview of the Apps: Including its own unique fxTrade mobile app, OANDA provides the widely used MetaTrader 4 (MT4) mobile app, created by MetaQuotes Software Corporation.
User-friendliness: This software has an easy-to-use charting feature that you can use with just a simple swipe of your finger. I liked the entire style to be simple and easy to use, whether I was setting up the trade or creating a price alert. Charting using the fxTrade app is matched with tools such as Autochartist research and news headlines and its simple design.
What is the OANDA minimum deposit?
OANDA does not require a minimum balance or deposit to open a live account. While other brokers require you to trade at least 1,000 units of currency in order to trade, the OANDA trading platform has as little as one unit of currency. As a result, OANDA is an excellent choice for people who wish to try a trading method with a little deposit and aren’t limited by minimum trade size.
Is OANDA a suitable broker for newbies?
In comparison to other brokers’ most difficult trading platforms, OANDA’s fxTrade system and customer dashboard are more user-friendly for new traders. OANDA also has a good research section and does a good job of educating customers.
OANDA has an advantage because it has a good track record with regulators and has licenses in the most strict major financial centers. It also has a great mobile app but a lot of market research content. OANDA is restricted by its small number of tradable items (only 124) and pricing that can’t keep up with the leading low-cost brokers.
As a result of its user-friendly web and mobile trading tools, OANDA was awarded Best in Class for Ease of Use in 2022 for the second time. Overall, OANDA provides to both casual investors and expert traders who choose to connect through API or utilize MT4-based automated forex trading systems.