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16 May 2022, 17:54 GMT+10
The OANDA broker with its significant experience in the Forex market has managed to earn a reputation as a reliable broker providing its clients with decent trading conditions. The company offers two types of accounts, as well as the ability to open a demo account for novice traders.
OANDA offers a wide range of trading instruments as well as three trading platforms (MetaTrader 4, WebTerminal MT4, MT5).
Founded in 1996, and it is regulated by top-tier authorities such as the U.S. Commodity Trading Futures Commission, the National Futures Association (CFTC), and the U.K.'s Financial Conduct Authority (FCA). The Onda fx has several awards in its portfolio, such as "Best Forex Trading Technologies" from the U.K. Forex Awards, Best Customer Service, and Best Trading Platform from F.X. Week.
OANDA has two account categories, standard and premium, and a product catalog that includes a wide range of CFD and spread betting solutions across various asset classes, albeit not all of them are available in every country it serves. To give trading options throughout financial markets, the firm offers indices, metals, commodities, and bonds in addition to forex.
OANDA provides clients with access to a wide range of financial products, but it is best suited for experienced traders looking for top-notch desktop trading experience. Some of the pros and cons of Onda are listed below:
The OANDA broker offers its customers reasonably advantageous terms. Leverage varies for each trading instrument, with a maximum of 1:200. The minimum deposit for a Standard account is 0 dollars, while the minimum deposit for a Core account is $40. The amount of the spread is determined by the trading instrument (for currency pairings, the minimum is 0 pips) (percentage in points).
No commission is charged when money is withdrawn to a debit card. A commission is not paid when money is moved to a credit card once a month; however if money is withdrawn to a credit card more than once a month, a commission of $15 is charged for each withdrawal. Only US dollars, Euros, and British pounds can be withdrawn through the PayPal payment mechanism.
Traders can contact support via phone or email, fill out a feedback form, or visit a representative office. One of its disadvantages is its nonavailability 24/7. The platform lacks online charts, and Premium account users receive priority service, while the rest gets service on a general basis.
If you are interested in knowing more about best forex brokers with welcome bonuses, click here
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