OANDA is one of the pioneer online forex brokers. Established back in 1996, It is now a large group with offices in Toronto, San Francisco, New York, London, Singapore, Tokyo, and Sydney. ALL group companies are duly regulated by the relevant authorities in the US, Singapore, Canada, the UK, Japan and Australia. OANDA offers Internet-based forex trading and currency information services to both retail and institutional customers. The broker is a market maker, having one of the largest currency databases in the world. CFDs, as well as precious metals. OANDA Corporation is a registered Futures Commission Merchant and Retail Foreign Exchange Dealer with the Commodity Futures Trading Commission and is a member of the National Futures Association.
Brokers that are registered with the NFA are obliged to comply with an extensive set of rules. Unfortunately, these rules are often limiting from traders’ point of view, but there is no way around them. For instance, hedging is not allowed and leverage is limited to 1:50, while European brokers are free to provide leverages up to 1:1000 or even higher than that. 20 million to guarantee customers’ positions, which makes them super safe to invest with. All OANDA Subsidiaries, including OANDA Asia Pacific Pte. OANDA has no minimum deposit requirements for opening an account.
This makes it attractive for risk averse or inexperienced traders who are not willing to invest a large amount of money. Most brokers require a certain minimum initial deposit in order to cover the costs related to opening a new account. 4 pips, which is on the upper end of average. Clients, however, take advantage of commission-free trading, as OANDA doesn’t charge any commission for their trading services, nor any account maintenance fees. Instead, the broker gets its remuneration through the spread. FSA-regulated broker and market maker, offers average spread of 1. USD and also charges no commission fees.