If you have been forex trading in the US, then you know OANDA. It’s one of just two brokerages available in the US. It also serves customers in Canada, UK, Singapore, and Australia. In addition, it has the reputation of being the most trusted retail forex platform.
Pros
- Open a trading account with just $1
- Very safe and regulated under FCA, CFTC, IIROC, ASIC, and Monetary Authority of Singapore
- Offers a traditional broker spread and on average a less expensive raw spread
Cons
- Slow support response on average
- Little to no new education resources, very disorganized
- Research and trending news is fragmented
Oanda has been around since the beginning of retail forex. While it was developed within academia, the company has grown and built a reputation for being a trustworthy exchange.
As a forex broker, it has more product offerings, better technology, and a dedicated customer base that spans the globe. Since Oanda has been around since the 1990s, they have the most historical data and offer the latest trading technology for forex traders.
You don’t need to have an account minimum to trade with Oanda. The quality of trade executions is considered high by most traders, and it has clear pricing and fee structures, which make it more trustworthy overall as a forex broker. You can access a variety of apps online and via mobile, including their MetaTrader 4 app.
Many traders find Oanda to be trustworthy, as it is regulated by a number of tier-1 agencies, including the Financial Conduct Authority in the UK.