Oanda Review Australia & Test 2021
Is Oanda Safe Or Scam?
Oanda Australia has done an excellent job in putting together a trading platform that not only works seamlessly but that offers you a strong selection of forex and CFD trading markets to use as well.
Our Oanda Australia review will take you through how you can open your account, what payment methods are available, the trading fees, various trading tools and platforms and what trading instruments are available on the site. We leave no stone unturned in our Oanda review Australia as we try to shed some light on this exciting online brokerage firm.
You may very well want to get started with your account sign up process by the end of reading your Oanda review Australia. That is why we want to give you some insight into the process of getting your account set off with the broker. You should have the whole process completed within 4 steps.
First thing’s first, you will need to provide your personal information such as a phone number, username, password, name, surname and email address. Once you have accepted all the terms you can move onto the next step. Here, you will need to inform Oanda Australia about your income estimate and your current employment status. Easy peasy.
You will then need to complete a test that will decide how appropriate it is for you to be trading on the platform. This is essential to assess your level of experience with online trading. You’ll find questions like “what is a margin?” or “what are CFDs?” in the questionnaire. You could of course use the internet to your advantage but the test is there to better serve you and the experience you are going to have on the site, so it’s best to stay truthful.
The last step, as it is with so many other brokers, is to verify your identification. This is done by sending through a copy of your driver’s license, passport or standard I.D. document. You’ll also need to verify your proof of residence with a utility bill or bank statement. Once you have done all of that, you merely need to wait for Oanda to complete the verification process and you can get going with your trading endeavours on the platform.
Our Oanda review took the time to assess how easy it is to actually use the platform. What we found did not disappoint. Navigating around the Oanda Australia site was a breeze. You’ll find all the information you need at the top of the homepage ranging from the available trading instruments and trading platforms to educational pieces and the latest market news.
Not only is the site well designed but it runs efficiently with hardly any delay between pages. We did notice a small delay when navigating to the MT4 platform but hardly anything to write home about. The site is altogether pleasant to use as you skip from page to page without a care in the world. Oanda Australia has certainly spared no effort in their mission to create a seamless trading platform.
Check out our FXCM review and IG review to compare competing brokers’ platform designs.
From what we could gather when conducting our Oanda review, there are currently only two accounts to open on the site. You can choose to make the account a corporate, individual or joint account with two additional unique accounts in Retail and Professional. Oanda Australia also lets you open up to 20 different sub-accounts on the site.
What are sub-accounts you might ask? Well, a sub-account is a useful feature for those looking to conduct their trades with different base currencies. You can’t chop and change currencies usually once you have opened an account with another broker. Oanda Australia gives you the ability to open multiple sub-accounts with different base currencies to use at your leisure. For example, you can have an AUD main account with two sub-accounts that use EUR and GBP as their base currencies. Pretty nifty right?
While there may only be two accounts on the site that you can deposit funds into, you can choose to use the demo account feature first before signing up in earnest. The demo account feature allows you to play around on the platform with fictitious funds so that you can practice trading strategies or just get a feel for the platform before you decide to trade with real capital.
Fees – non-trading fees are non-existent
The fees at Oanda Australia are reasonably priced but can be quite dynamic at times. What we mean by this is that depending on whether you look at a spread as “spread only” vs “core pricing + commission” the pip amount might change. For example, when looking at the EUR/USD the spread only pip amount was 1.3 where the core pricing and commission was 0.4. You can speak to the customer support team at Oanda Australia to clear this up.
From what we could see this was the only slightly confusing element to the fees, as the rest of the spread costs are all neatly found in a detailed table across indices, cryptos and forex pairs. On the whole, we found the forex fees to be quite low while the CFD fees were about average.
Check out our Blueberry Markets review or our TradeStation review to compare the fees at Oanda Australia with a few of their industry competitors.
The trading platforms at Oanda Australia essentially boil down to three quality options including the Oanda trading platform, TradingView and MetaTrader 4. Oanda provides you with their own trading platform software that can be used as the desktop version, mobile version or web trader version. In addition to this, you can make use of the exceptional platforms that are TradingView and MetaTrader 4 as well
The Oanda platform gives users access to a number of useful analytical tools and charting graphs. You can view, place, and close trades all from the charts you are currently viewing. It is all about convenience and efficiency with the Oanda Australia trading platform. You’ll also be able to check out the best market data coverage as well as use the key Trade Performance analytics tool which will help you to better understand your post-trade performance.
What else can really be said about MetaTrader 4 other than it has become an industry standard for a reason? The trading platform allows you to combine the range of trading instruments and pricing of Oanda with MT4’s exceptional analytical tools and charting.
TradingView will offer you something similar as your experience is also a blend between the offerings on Oanda with the industry-leading charts provided by TradingView. TradingView can be used for social trading, to identify and test your trading strategies, as well as provide you with exceptional technical analysis. The quality of the trading platforms on offer greatly influenced our Oanda rating.
Our Oanda review Australia found that you could choose from a decent selection of deposit and withdrawal methods. Oanda accepts deposits via credit/debit card with MasterCard or Visa, BPay, bank wire transfers and online banking. Our Oanda review Australia was pleased to find that there is no minimum deposit amount for you to adhere to when funding your account.
As far as your withdrawals go, you’ll only have two options with a bank wire transfer and credit/debit cards. A credit card withdrawal may take up to 6-days to clear. You also won’t be able to withdraw more than you originally deposited when using a credit/debit card. We’re not sure as to why that stipulation is in place exactly. Your bank wire transfers will take between 1-2 business days to clear and you won’t be subject to the same deposit/withdrawal amount rule that you will be for credit/debit card transactions.
Another factor of our Oanda review Australia that we had to pay close attention to was the overall quality of the customer service on the site. We found the support staff generally patient, understanding and efficient when we asked them a series of simple questions via telephone.
If phoning in is not your style you can use the live chat feature which will see your queries responded to within a matter of minutes. You can even use the chatbot which is a virtual assistant that will help you to locate answers that are already on the site or in the FAQs section. If you need to express yourself in a long-form message, then you can always email Oanda. This mode of contact is probably the slowest of the three as emails can take a couple of hours to be responded to.
Oanda is fully regulated by the Financial Conduct Authority (FCA), Australian Securities and Investments Commission ASIC and a number of different financial regulatory bodies. It’s safe to say that if there was any Oanda scam happening that it would have been picked up on by now. This makes us feel more confident in answering the question “is Oanda safe to use?”
In terms of client financial safety, Oanda keeps all users’ capital investments in a separate trust account. This is in accordance with the industry-standard as it is a means of protecting traders from having their funds used by the broker to cover debts or other expenses in the event of insolvency.
Oanda has put the leg work in to create a trading platform that is not only easy to use but that is educational as well. You can find a number of different resources on the site that covers everything from the latest news to market changes. Furthermore, the range of trading instruments, while not extravagant, does enough to cover the major indices, commodities and bonds for CFD trading.
Check out our City Index review and our Vantage FX review to see how these two brokers stack up against our Oanda ranking.