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Oanda Review

OANDA Review

OANDA can be summarised as a trustworthy broker that offers 0% deposit and withdrawal fees, low spreads, and a sign-up bonus of up to $25 / KES (2, 881) offered to first-time traders. OANDA offers three retail accounts and has a Trust Score of 91%/100. OANDA is currently not regulated by the CMA of Kenya

Updated : September 14, 2022

Jump to:

Regulation and Safety of Funds

Account Types and Features

Account Registration

Range of Markets

Fees

Deposits and Withdrawals

Education and Research

Affiliate Program

Final Verdict

Pros and Cons

FAQ

Overall Rating

Min Deposit

USD 0 / 0 KES

Regulators

ASIC, BVI, CFTC, FCA, FFAJ, FSC, IIROC, MAS, NFA

Trading Desk

Metatrader 4 and Metatrader 5

Crypto

Yes

Total Pairs

45

Islamic Account

No

Trading Fees

Low

Account Activation Time

24 Hours

OANDA Overview

OANDA Review Overview 👉 OANDA is considered a low-risk forex and CFD broker for Kenyans with a trust score of 91%. OANDA is an attractive option because of its competitive trading conditions, award-winning proprietary platform, and high-quality trading solutions. 👉 OANDA has regulations and authorization from several reputable entities and even though the Capital Markets Authority (CMA) does not regulate the broker, it is a viable option for Kenyan traders. 👉 OANDA was created in 1996 by Dr Stumm and Dr Olsen. OANDA is a prominent broker and trading platform that claims to handle “all things currency,” including currency conversions, FX data services, and an online brokerage service for retail FX and CFD traders from across the world. 👉 A large variety of indicators and charting tools are available to both professionals and novices on OANDA’s platform, making it ideal for both novices and experts alike. This OANDA review will provide traders with the details that they need to consider whether the broker is suited to their unique trading objectives and needs.

Distribution of Traders

OANDA Review Distribution of Traders 👉 The distribution of traders with OANDA is as follows: ➡️️​ United States – 18.4% ➡️️​ Germany – 8.2% ➡️️​ United Kingdom – 6.9% ➡️️​ Canada – 3.7% ➡️️​ Spain – 3.3%

Popularity among traders who choose OANDA

🥇 OANDA is a leading worldwide broker with a strong presence in the United States and other developed nations. However, OANDA is used by many African traders, placing it among the Top 50 forex brokers for Kenyan traders.

OANDA At a Glance

🏛 HeadquarteredUnited States
🏙 Kenyan Based OfficeNo
✅ Accepts Kenyan Traders?Yes
🗓 Year Founded1996
📞 Kenyan Office Contact NumberNone
🤳 Social Media Platforms• Facebook
• Twitter
• LinkedIn
• YouTube
⚖️ RegulationIIROC, ASIC, CFTC, NFA, FCA, FFAJ, MAS, MFSA
🪪 License Number• IIROC
• Australia – ABN 26 152 088 349, AFSL No. 412981
• United States – NFA ID 0325821
• United Kingdom – 542574
• Japan – 1571
• Singapore – 200704926K
• Malta – VLT1455
⚖️ CMA RegulationNo
🚫 Regional RestrictionsNone indicated
☪️ Islamic AccountYes
💻 Demo AccountYes
🛍 Retail Investor Accounts3
📊 PAMM AccountsNo
🤝 Liquidity ProvidersJP Morgan, Deutsche Bank, Royal Bank of Canada
💸 Affiliate ProgramYes
📲 Order ExecutionMarket
📊 Average spreadFrom 0.1 pips
📞 Margin Call100%
🛑 Stop-Out50%
Crypto trading offered?Yes
💰 Offers a Kenyan shilling Account?No
👨‍💻 Dedicated Kenyan Account Manager?No
📊 Maximum Leverage1:200
🚫 Leverage Restrictions for Kenya?No
💰 Minimum Deposit (KES)0 Kenyan shilling
✅ Kenyan shilling Deposits Allowed?Yes
📊 Active Kenyan Trader Stats70,000+
👥 Active Kenyan-based OANDA customersUnknown
💳 Kenya Daily Forex Turnover$100 million+
💵 Deposit and Withdrawal Options• Local Transfers
• Debit Cards
• Credit Cards
• Bank Wire
• Bank Transfers
• Skrill
• Neteller
• Mobile Bank Transfers
International e-Wallets
⏰ Minimum Withdrawal TimeNo
💵 Instant Deposits and Instant Withdrawals?Yes
🏦 Segregated Accounts with Kenyan Banks?No
🕐 Maximum Estimated Withdrawal TimeUp to 5 Working Days
📊 Trading Platforms• MetaTrader 4
• OANDA Platform
• TradingView
✔️ Tradable Assets• Index CFDs
• Forex
• Metals
• Commodity CFDs
• Bonds CFDs
• Precious Metals
• Real-time Rates
💸 Offers USD/KES currency pair?No
📈 USD/KES Average SpreadN/A
📉 Offers Kenyan Stocks and CFDsNone
🗣 Languages supported on WebsiteEnglish, Chinese (Traditional), Spanish, Portuguese
📞 Customer Support LanguagesMultilingual
⏰ Customer Service Hours24/5
👥 Customer Support LanguagesMultilingual
✅ Bonuses and Promotions for KenyansYes
📚 Education for Kenyan beginnersYes
📱 Proprietary trading softwareYes
💰 Most Successful Kenyan TraderPatrick Mahinge (Net Worth – Private)
✅ Is OANDA a safe broker for Kenyans?Yes
📊 Rating for OANDA Kenya8/10
🤝 Trust score for OANDA Kenya91%
👉 Open an account👉 Open Account

Regulation and Safety of Funds

OANDA Review Regulation And Safety

👉 Multi-jurisdictional OANDA is a worldwide broker. Other respectable regulatory bodies supervise OANDA, even though the Capital Markets Authority (CMA) in Kenya does not control it. OANDA is overseen by the following entities:

➡️ For Canadian traders who possess a bank account in Canada, OANDA (Canada) Corporation ULC is an option. Under its membership in the Investment Industry Regulatory Organization of Canada, OANDA (Canada) Corporation ULC is well-regulated (IIROC). All client accounts are safeguarded by the Canadian Investor Protection Fund under this rule, which includes an online advisor check database.

➡️ The Australian Securities and Investments Commission (ASIC) regulates OANDA Australia Pty Ltd under ASIC registration numbers ABN 26 152 088 349 and AFSL No. 412981.

➡️ OANDA Corporation is a member of the Futures Commission Merchant in the United States. Under license number 0325821, it is also a Commodity Futures Trading Commission (CFTC)-registered retail foreign exchange dealer and a member of the National Futures Association (NFA).

➡️ OANDA Europe Limited is registered in England (7110087) and regulated by the Financial Conduct Authority (FCA) with license number 542574.

➡️ With a Financial Instruments Business Director, OANDA Japan Co., Ltd. is registered with the Kanto Local Financial Bureau (Kin-sho) as a subscriber number 1571.

➡️ The Monetary Authority of Singapore (MAS) regulates OANDA Asia Pacific Pte Ltd (Co. Reg. No 200704926K), which possesses a Capital Markets Services License.

➡️ Malta – OANDA Europe Markets Limited is a Malta-registered company. The Malta Financial Services Authority (MFSA) is also in charge of overseeing it (MFSA).

👉 Law mandates financial transparency for OANDA, as well as a certain level of capital reserves. Accountancy experts from a respected firm outside the United States will conduct an audit of OANDA’s financial records.

👉 It is only in conjunction with clients’ trading activity or withdrawal requests that OANDA is permitted to remove funds held in top-tier banks. As an added benefit, OANDA works with major financial institutions across the globe to get access to and provide liquidity for the world’s currency and CFD markets.

👉 When it comes to managing currency risks, OANDA uses innovative risk management technology to anonymously and automatically net client holdings, and the broker promptly hedges outstanding aggregated positions with partner banks beyond predefined thresholds.

Overall Rating

Min Deposit

USD 0 / 0 KES

Regulators

ASIC, BVI, CFTC, FCA, FFAJ, FSC, IIROC, MAS, NFA

Trading Desk

Metatrader 4 and Metatrader 5

Crypto

Yes

Total Pairs

45

Islamic Account

No

Trading Fees

Low

Account Activation Time

24 Hours

Account Types and Features

OANDA Review Account Types And Features

👉 OANDA has three different kinds of retail investor accounts to choose from, each with its own unique features and benefits. OANDA Market Pulse, negative balance protection, and a host of additional perks are included with these accounts, as well as access to sophisticated instruments.

👉 The account options that OANDA offers Kenyans are:

➡️ Standard Account

➡️ Core Account

➡️ Swap-Free Account

Live Trading Accounts

Standard Account

👉 This account type is a good fit for most traders, regardless of their trading goals or preferences.

Account FeatureValue
💰 Full Account Verification Needed?No, not for account deposits under 1,035,000 KES
📊 Average SpreadsVariable, from 1 pip
💸 Commissions (Per 1 mil traded)None
📈 Maximum Leverage1:200
💳 Minimum lot size0.01 lots
🔧 Instruments81
📞 Margin Call100%
🛑 Stop-Out50%
✔️ One-Click Trading offered?Yes
✔️ Strategies allowedAll
💵 Base Account CurrencyUSD, EUR, HKD, SGD

Core Account

👉 It is ideal for day traders, high-frequency traders, algorithmic traders, and all other short-term traders who need low spreads and more competitive circumstances to trade.

Account FeatureValue
💰 Full Account Verification Needed?No, not for account deposits under 1,035,000 KES
📊 Average SpreadsVariable, from 0.1 pips
💸 Commissions (Per 1 mil traded)40 USD / 4,600 KES
📈 Maximum Leverage1:200
💳 Minimum lot size0.01 lots
🔧 Instruments81
📞 Margin Call100%
🛑 Stop-Out50%
✔️ One-Click Trading offered?Yes
✔️ Strategies allowedAll
💵 Base Account CurrencyUSD, EUR, HKD, SGD

Swap-Free Account

👉 Muslim traders who adhere to Sharia law can benefit from using this account to participate in financial markets, with the advantage that there is no interest earned/charged.

Account FeatureValue
💰 Full Account Verification Needed?No, not for account deposits under 1,035,000 KES
📊 Average SpreadsVariable, from 1.6 pips
💸 Commissions (Per 1 mil traded)None
📈 Maximum Leverage1:200
💳 Minimum lot size0.01 lots
🔧 Instruments26
📞 Margin Call100%
🛑 Stop-Out50%
✔️ One-Click Trading offered?Yes
✔️ Strategies allowedAll
💵 Base Account CurrencyUSD, EUR, HKD, SGD

Demo Account

👉 A demo account is a practice account that offers traders a certain amount of virtual funds that they can use, allowing them to enter the live market without risking their capital. 

👉 There is a certain degree of risk involved when trading financial markets and OANDA offers its clients a risk-free platform where they can test strategies, practice trading, and explore what the broker offers in a safe trading environment with real market conditions.

Islamic Account

👉 Depending on the trading style and the trading strategy of the forex trader, they may keep their trading positions open for longer than 24 hours on a trading day.

👉 This means that the trader could incur an overnight or rollover fee. This is a type of interest that is prohibited by Riba principles of Sharia law, which means that Muslim traders are often restricted in forex trading.

👉 For Muslim traders, OANDA has created a Swap-Free live trading account with a variety of special features and trading conditions.

Account Registration

OANDA Review Account Registration

👉 Kenyan traders can sign up for an OANDA account by visiting the company’s official website and selecting the option to establish an account. Filling out the form is the first step in getting started trading. A deposit of less than or equal to 1,035,000 KES (or $9,000) does not need the submission of evidence verifying the identification of the account holder.

👉 Kenyan traders who want to open an account must be at least eighteen years old. Regulatory requirements necessitate answering the questions in the application since they are relevant exclusively to this procedure.

👉 The OANDA onboarding team will assess and approve the application after it has been submitted. Kenyans can log into their new account to deposit, withdraw, or transfer money once the account application is authorized.

How to Register your OANDA Account 

👉 Step 1 – Go to the Official Website

➡️ Go to the OANDA Website (https://www.oanda.com/us-en/) and click on “Open Trading Account”. 

OANDA Review How to Register your OANDA Account Step 1

👉 Step 2 – Follow The Sign Up Steps

➡️ Firstly, you will be asked what your country of residence is. 

OANDA Review How to Register your OANDA Account Step 2

👉 Step 3 – Follow The Prompts & Questions

➡️ Fill out further details and follow the steps until your account creation is comleted. 

OANDA Review How to Register your OANDA Account Step 3

OANDA Vs Alpri Vs FXTM – Broker Comparison

OANDAAlpariFXTM
⚖️ RegulationIIROC, ASIC, CFTC, NFA, FCA, FFAJ, MAS, MFSAFSCCySEC, FSCA, FCA, FSC Mauritius
📱 Trading Platform• MetaTrader 4
• OANDA Platform
• TradingView
• MetaTrader 4
• MetaTrader 5
• MetaTrader 4
• MetaTrader 5
FXTM Trader
💰 Withdrawal FeeNoneYesYes
📊 Demo AccountYesYesYes
📈 Minimum Deposit0 KES570 KES
1,100 KES

📈 Leverage1:200

Up to 1:10001:2000
📊 SpreadVariable, from 0.1 pipsFrom 0.4 pips0.0 pips
💰 Commissions$40$1.5From $0.4
✴️ Margin Call/Stop-Out100%/ 50%60%/40%• 60%/40%
• 80%/50%
✴️ Order ExecutionMarketInstant and MarketMarket, Instant
💳 No-Deposit BonusNoNoNo
📊 Cent AccountsNoNoNo
📈 Account Types• Standard Account
• Core Account
• Swap-Free Account
• Forex Standard Account (MT4)
• Forex Micro Account (MT4)
• Forex ECN Account (MT4/5)
• Forex Pro Account (MT4)
• Micro Account
• Advantage Account
• Advantage Plus Account
⚖️ CMA RegulationNoNoNo
💳 KES DepositsYesYesYes
📊 Kenyan shilling AccountNoNoNo
👥 Customer Service Hours24/524/524/5
📊 Retail Investor Accounts343
☪️ Islamic AccountYesYesYes
📊 Minimum Trade Size0.01 lots0.01 lots0.01 lots
📈 Maximum Trade Size1,000 lots250Unlimited

Trading Platforms

OANDA Review Trading Platforms

👉 OANDA offers Kenyan traders a choice between these trading platforms:

➡️ MetaTrader 4

➡️ OANDA Platform

➡️ TradingView

 

Desktop Platforms

OANDA Review Desktop Platforms

➡️ MetaTrader 4

➡️ OANDA Platform

 

👉 OANDA’s pricing and execution are combined with MT4’s charting and analysis in a custom-built bridge. An MT4 premium upgrade offers traders access to additional indicators and expert advisors (EAs) such as tiny charts, OCO orders, tick-chart and keyboard trading, chart-ladder order input, five-minute order book, and alert trading.

 

👉 Awarded several times, this is Oanda’s “next generation” platform. Advanced charting and trade management are only a few of the features available. For traders of all levels of experience, the platform provides a straightforward and adaptable trading environment.

 

WebTrader Platforms

OANDA Review WebTrader Platforms

➡️ MetaTrader 4

➡️ OANDA Platform

➡️ TradingView

👉 The MT4 web-based platform is user-friendly, adaptable, customizable, and loaded with a slew of key trading features. In combination with an OANDA account, Kenyan traders can discover a wide range of trading opportunities in addition to taking advantage of:

➡️ Access to the market monitor window that displays real-time price quotations

➡️ Candlestick, bar, and line charts that can be presented across a range of time intervals

➡️ There are over 20 sketching tools and 30 technical indicators integrated right in

➡️ Access is given to Expert Advisor-based trading automation (EAs)

👉 OANDA’s WebTrader has received several awards and the platform is known for helping traders identify ideal trading opportunities. Kenyan traders are given unlimited access to technical analysis tools to validate trade ideas along with strategies, helping them make improved trading decisions.

👉 In addition, Kenyan traders can track and analyze their trade performance statistics through OANDA’s platform, helping them understand their unique trading behavior. Traders can also personalize their platform according to their unique trading needs and preferences.

👉 Kenyans can start trading immediately on TradingView’s industry-leading charts from the platform of their choosing, using either an OANDA real or trial account. OANDA’s partnership with TradingView enables Kenyan traders to take advantage of the best of both worlds.

👉 By integrating an OANDA account with TradingView’s platform, Kenyans receive the benefits of TradingView’s community, sophisticated charting, and analytical tools, as well as OANDA’s transparent pricing, fully automated risk management systems, and market data.

Trading App

OANDA Review Trading App

➡️ MetaTrader 4

➡️ OANDA Platform

👉 Apps for iOS and Android run on the MetaTrader platform. Its features and functionality are identical to those of the desktop programs and include some of the following:

➡️ The most updated prices in real-time across asset classes

➡️ Graphical representations of data for use in doing technical analysis

➡️ An easy-to-use interface that can be tailored to the preferences of the user

➡️ Monitor live trading, charts, and news while on the go

👉 OANDA’s mobile app is an extension of the company’s user-friendly desktop platform. The desktop and mobile platforms of OANDA are identical in terms of trading features, which Kenyan traders can access through the mobile app in addition to:

➡️ A complete set of charting options. OANDA’s mobile app provides traders access to charting tools and capabilities.

➡️ Traders can analyse the results of their trades. OANDA’s performance metrics are a great way to see how trading progresses over time.

➡️ Updates on the market are given to traders in real-time. In addition to all current events, OANDA’s market news stream provides analysis from market analysts.

Range of Markets

OANDA Review Range of Markets

👉 Kenyan traders can expect the following range of markets from OANDA:

➡️ Index CFDs

➡️ Forex

➡️ Metals

➡️ Commodity CFDs

➡️ Bonds CFDs

➡️ Precious Metals

➡️ Real-time Rates

Broker Comparison for Range of Markets

easyMarketsSuperForexXM
➡️️​ ForexYesYesYes
➡️️​ Precious MetalsYesYesYes
➡️️​ ETFsNoNoNo
➡️️​ CFDsYesYesYes
➡️️​ IndicesYesYesYes
➡️️​ StocksYesYesYes
➡️️​ CryptocurrencyNoNoNo
➡️️​ OptionsNoNoNo
➡️️​ EnergiesYesNoYes
➡️️​ BondsYesNoNo

Trading and Non-Trading Fees

Spreads

OANDA Review Spreads

👉 All financial products may be traded with OANDA, which is noted for its low spreads. If there are large international events or geopolitical events taking place, OANDA says that spreads might widen at specific periods of the day.

👉 Spread-only pricing and commission pricing are two of OANDA’s choices for traders. There are no additional costs associated with spread-only pricing since the commission is already included in the spread.

👉 Alternatively, traders with spread-only accounts might take advantage of lower spreads. Trading costs are based on the appropriate spread, plus any additional fees incurred by traders.

👉 The average spreads that Kenyan traders can expect are as follows:

➡️ Standard Account – from 1 pip

➡️ Core Account – from 0.1 pips

➡️ Swap-Free Account – from 1.6 pips

Commissions

OANDA Review Commissions

👉 Only if traders choose for the Core Account do they have to pay $40 every $1 million transacted in commissions.

Overnight Fees, Rollovers, or Swaps

OANDA Review Overnight Fees

👉 There are 26 popular products available to traders using the Swap-free account that are subject to fees between $4 and $7 for each lot traded except the Japan 225 Index, which is charged per 100 lots. A Muslim trader will be charged these charges if they leave their position open for longer than five days.

👉 Fees on forex pairings are computed by averaging the tom-next SWAP rates of the underlying liquidity providers, subtracting the instrument-specific admin charge, and then annualizing the result.

👉 A 2.5% administrative fee and the associated yearly financing rate are included in the indexes. This is represented as a negative rate, and so a charge.

Deposit and Withdrawal Fees

OANDA Review Deposits And Withdrawal Fees

👉 There are no costs for depositing with OANDA, however, $20 is charged for bank wire transactions to and from the trading account.

Other Fees

OANDA Review Other Fees

👉 After 12 months of inactivity, a monthly inactivity fee is applied to trading accounts. A maximum of $10 per month in inactivity fees is taken until the account balance is zero, after which it is immediately closed.

Overall Rating

Min Deposit

USD 0 / 0 KES

Regulators

ASIC, BVI, CFTC, FCA, FFAJ, FSC, IIROC, MAS, NFA

Trading Desk

Metatrader 4 and Metatrader 5

Crypto

Yes

Total Pairs

45

Islamic Account

No

Trading Fees

Low

Account Activation Time

24 Hours

Deposits and Withdrawals

OANDA Review Deposits And Withdrawals

👉 OANDA offers the following deposit and withdrawal methods:

➡️ Local Transfers

➡️ Debit Card

➡️ Credit Card

➡️ Bank Wire

➡️ Bank Transfers

➡️ Skrill

➡️ Neteller

➡️ Mobile Bank Transfers

➡️ International e-Wallets

How to Deposit Funds with OANDA

OANDA Review How To Deposit Funds

👉 To deposit funds to an account with OANDA, Kenyan traders can follow these steps:

➡️ To fund an OANDA landing account for the first time, traders can log into the OANDA portal and click on “Fund Account” on the right-hand side of the screen.

➡️ To add a new bank account to your list of funding options, traders can choose between the available funding methods

➡️ Subsequently, once a trading account has been funded, the account will automatically be created.

How to Withdraw Funds with OANDA

OANDA Review How To Withdraw Funds

👉 To withdraw funds from an account with OANDA, Kenyan traders can follow these steps:

➡️ To withdraw funds from a trading account to a landing account, traders can use debit or credit card payments, bank transfers, or other methods.

➡️ Traders must understand that withdrawals are subject to OANDA’s hierarchical policies. This means that traders must withdraw the complete amount of money deposited by each method in the order they were deposited, for example, debit cards, credit cards, Skrill, Neteller, and finally bank wire transfer.

OANDA Education and Research

OANDA Review Education And Research

👉 OANDA offers the following Educational Materials:

➡️ Introduction to Trading Analysis

➡️ Introduction to the trading platforms

➡️ Introduction to Capital Management

➡️ Live and Recorded Webinars

👉 OANDA offers Kenyan traders the following Research and Trading Tools:

➡️ MetaTrader Premium Tools

➡️ Technical analysis offered by AutoChartist

➡️ VPS

➡️ Economic Calendar

Bonuses and Promotions

OANDA Review Bonuses And Promotions

👉 OANDA offers Kenyan traders the following bonuses and promotions:

➡️ Welcome Bonus

➡️ Referral Bonus

OANDA Affiliate Program

OANDA Review Affiliate Program

👉 Customers of OANDA’s broker affiliate program can earn extra money by bringing in new traders to the platform. Traders could earn between 5% and 15% of the spread of the customers suggested by this referral program.

Verdict on OANDA

👉 Online forex broker OANDA has a comprehensive trading platform for both novice and experienced currency traders. All OANDA’s desktop, web, and mobile platforms provide access to a broad variety of charting tools and indicators.

 

👉 OANDA offers a wide range of trading products to suit the needs of all types of customers, including individuals, corporations, and multinational firms. Anyone can utilize their services, regardless of their trading money or expertise since there is no minimum deposit.

OANDA Current Popularity Trends

👉 According to Google Trends, OANDA has had an upwards number of visitors in Kenya in the past month. 

OANDA Review Google Trends

OANDA Pros and Cons

✔️ Pros❌ Cons
There is a choice between different account typesThere is an inactivity fee that is applied
OANDA is well-regulated in several regions around the globeThere is no KES-denominated account offered to Kenyan traders
There are advanced trading tools that are offeredThere are no local deposit or withdrawal methods for Kenyan traders
There is no specific minimum deposit required
There are trading guides offered to beginners
There are trusted funding methods offered
The spreads offered by OANDA are competitive
There is a range of educational materials and advanced trading tools
There are flexible and powerful trading platforms offered

Frequently Asked Questions

 

Is OANDA regulated and by whom?

Yes, OANDA is regulated by IIROC, ASIC, CFTC, NFA, FCA, FFAJ, MAS, and MFSA.

Which trading platforms are supported by OANDA?

OANDA supports the use of these trading platforms:

  • MetaTrader 4
  • OANDA Platform
  • TradingView

Does OANDA offer leverage and what is the maximum ratio offered?

Yes, OANDA offers maximum leverage up to 1:200.

What is the overall rating for OANDA out of 10?

The overall rating is 8/10.

Is OANDA suitable for beginner and professional traders?

Yes, OANDA is an ideal broker that can be used by beginner and professional traders.

 

9/10 - (2 votes)