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OANDA CFD Trading: A Must-Have Guide for Traders 2021!

Oct 22, 2021CFD Trading0 comments

Do you know about OANDA CFD trading?

CFD is a complex financial instrument that comes with a high risk of losing money due to leverage. A large percentage of investors lose money when trading with providers. You must ensure that you understand how CFDs work and whether you can afford the risk you’re about to take.

So, we’ll be delving into the subject matter

 

Part 1: What is OANDA?

 

OANDA is a technology-driven financial services corporation founded in 1996 in the United States, believing that the internet would open the markets with fair access to everyone for data and trading.

Indeed what we experience now shows that the approach was right. At the same time, OANDA stood as the first company with comprehensive currency exchange information presented online and supported the development of currency trading in 2001.

The reliability and trust of OANDA are confirmed through the leading brands globally that selected OANDA as their partner, including the world’s most prominent organizations Google, TESLA, KMPG, FedEx, Twitter, and lots more.

OANDA is a financial corporation with an exchange and currencies background. It performs additional features apart from providing trading solutions that diversify the brokers’ businesses and includes OANDA money transfer and forex solutions for business.

Popular financial authorities maintain OANDA like the Commodity Trading Futures Commission (CTFC, US), the National Futures Association (CFTC), and the Financial Conduct Authority (FCA, UK). Because of authorizing under such financial tiers, it is safe. OANDA is not under any stock exchange.

Customer service support of OANDA provides service to its customers through several reliable channels such as phone support, chatbots (virtual assistants), live chat (with an Oanda rep), and email. It provides traders a fast response time. Live chat service and phone options are available only from Sunday to Friday, 24 hours a day.

OANDA offers several trading instruments, including Forex, Indices, Commodities, Metals, and Bitcoin.

You can think about the spread offered on OANDA. The spreads are variable based on the current price of instruments as the price fluctuates. Know about some of the spread of popular products.

 

Instrument Spread Instrument Spread
AUD/CAD 1.8 China A50 11
AUD/CHF 1.6 Copper 25
GBP/AUD 7.3 GBP/CAD 3.3
Hong Kong 50 0.4 USD/SGD 0
AUD/JPY 1.3 EUR/AUD 2.1
AUD/NZD 2.1 EUR/CAD 2.2
GBP/CHF 0.6 USD/ZAR 6
Bitcoin 100 EUR/CHF 1.3
Brent Crude Oil 4 Germany 30 1.9
USD/PLN 20 West Texas Oil 1
CAD/CHF 1.7 Gold 31
CAD/JPY 1.3 ZAR/JPY 0.1

 

Like spreads, margins are also unpredictable. Check out some margin.

 

Instrument Margin from Instrument Margin from Instrument Margin from Instrument Margin from
AUD/CAD 0.67% Bitcoin 10.00% Copper 1.00% Germany 30 0.50%
GBP/CAD 0.67% GBP/CHF 0.67% USD/SGD 4.00% GBP/AUD 0.67%
Hong Kong 50 0.67% USD/PLN 1.33% USD/ZAR 1.33% West Texas Oil 2.00%
AUD/CHF 0.67% CAD/CHF 0.67% EUR/AUD 0.67% Gold 0.50%
AUD/JPY 0.67% CAD/JPY 0.67% EUR/CAD 0.67% ZAR/JPY 1.33%
AUD/NZD 0.67% China A50 0.67% EUR/CHF 0.67% Silver 2.50%

 

Margin reflective of maximum leverage is 200:1.

 

There is no requirement for a base deposit in OANDA. With OANDA, you can deposit up to US$9,000 to your account. ONADA charges no fees account. With a debit/credit card, OANDA provides free of charge to withdraw money. But withdrawals with banks and PayPal are high.

OANDA’s trading platforms include MT5 and MT4 for desktop, web, and mobile. The web trading platforms offered by OANDA are user-friendly. The platform has good customizability. It allows traders to get a two-step login process. The negative side of OANDA is it doesn’t offer a facility to set price alerts.

Take a short view of important facts once more:

OANDA Regulations includes CFTC, NFA, FCA, MAS, ASIC, IIROC

Instruments: Forex and CFD trading with over 100 instruments, including currency pairs, indices, commodities, metals (Gold and Silver), futures trading, commodities futures

Platforms: Oanda trade, MT4

Minimum deposit: none

EUR/USD Spread: 1.2 pips

Customer Support: 24/5 not available on weekends

Oanda  CFD trading

 

PROS:

  • Regulated by top tier financial institutions
  • No minimum deposit
  • Great for beginning traders
  • Low costs and spreads

CON:

  • Customer support is not available 24/7
  • Some withdrawal incurs fees

 

Part 2: All about OANDA CFD trading

 

OANDA provides you with long or short quotes for more than 120 CFD instruments, including more than 70 foreign exchange pairs. Open positions on foreign exchange, indices, commodities, metals, and bonds.

1. MetaTrader 4

 

The MetaTrader 4 platform provides customizable layouts, a series of plug-ins, intuitive interfaces, and more.

For a typical EUR/USD order size, the depth of market pricing allows you to take advantage of spreads starting from 0.6 pips. With the depth of the market, the smaller your transaction size, the smaller the spread we can provide you. Use OANDA MT4 Advanced Upgrade with Mini Terminal to access the depth of market pricing.

Spreads for typical transaction sizes start from 0.6 pips of EUR/USD

 

2. Automated trading strategy

 

The MT4 platform supports Expert Advisors (EA)-automated trading tools developed by third parties. Using our expert advisors, you can:

  • Build trading algorithms
  • Backtest your trading strategy
  • Use existing algorithms to better your trading strategy.

 

3. Proprietary MT4

 

OANDA provides suitable technical analysis packages that can be valuable to connect to your MT4 platform. This connection allows you to:

  • Execute direct trading from the interface.
  • Get access to scanning the intraday market.
  • Easily set up automatic chart pattern recognition and pattern quality indicators.
  • Set up automated alerts for a specific pattern

Access their range of powerful analysis tools to identify potential opportunities and develop a stronger trading strategy.

  • Advanced Charts by TradeViews

Use TradingView’s world-class advanced charting solutions on our OANDA Trade platform. Leading indicators and drawing tools include trading through charts and more than 65 technical indicators. Use drawing tools (such as Pitchforks, Gann Fans, Elliott Waves, etc.) to analyze market trends.

 

4. Technical analysis

 

Use automatic chart pattern recognition and pattern quality indicators to scan and analyze the intraday market. Technical Analysis (supported by AutoChartist) is a web-based charting application accessible on your OANDA Trade platform. Market scanning, performance statistics, market fluctuation analysis, etc., for consecutive days.

 

5. Economic overlay

 

Grasp the pulse of trading. Receive updates on vital economic announcements and events directly from your OANDA Trade platform, like global economic overview, customizable views, reference results, etc. It can also be helpful for OANDA trade practice accounts.

 

6. MT4 open order indicator

 

Use the Open Order Book MT4 indicator to view the aggregated OANDA client open orders and open positions directly on your MT4 chart:

  • Capture market sentiment, the basis of most institutional trading strategies
  • Identify key trends by monitoring our customers’ open orders
  • Gain market awareness through our proprietary technology
  • View a summary of current buy and sell orders placed by our traders
  • Benefit from the support and resistance levels visible on the chart.

 

Part 3: Some FAQs

 

1 – Can you trade CFDs on OANDA?

You can trade CFDs on all OANDA platforms, including trading platforms like Desktop, Mobile apps for Android, iOS, and MT4. This is if your regulatory body allows the trading of CFD.

 

 

2 – Does OANDA offer futures?

OANDA offers futures commission as it is a registered Futures Commission Merchant. It is also a registered Retail Foreign Exchange Dealer with the Commodity Futures Trading Commission and a National Futures Association member.

 

3 – What does OANDA stand for?

OANDA stands for Olsen and Associates

 

Part 4: A Detailed Comparison Chart of Top 5 CFD Trading Platforms

 

Stock Trading Platforms Regulators Minimum Deposit Trading platform Spread

(EUR/USD)

Fees or

Charges

Instruments Account Opening Overall Rating
CMC FCA $200 Web-based, Mobile, Desktop 0.7pips Low Forex, Indices, cryptocurrencies, shares, ETFs, Commodities 1-3days 4.5
OANDA CFTC, NFA, FCA, SIBA, FSA, FSC, MAS,IIROC $0 Oanda Trade, pending orders 1.2pips Low Forex, CFS, Gold &Silver, Commodities 1-3days 4.5
IG ASIC, FCA, CYSEC, MAS $250 MT4, Proprietary, Desktop, Web-based, Copy-trading 0.6pips Low Forex, CFS, Stocks, Indices, Cryptocurrencies, Commodities 1-3days 4.8
eToro FCA, ASIC, CYSEC $50 Mobile Trading, one-click trading 0.7pips Low Forex, CFD, Indices, Stocks, ETFs, Cryptocurrencies, Metal, Commodities 1day 4.0
Plus500 ASIC, CYSEC, FCA, ISA, MAS, $100 Browser-base, Trailing stop, pending orders 0.6pips Average Forex, CFD, Indices, Gold & Silver, Cryptocurrencies, Metals, ETF, Stocks, Options 1day 4.3

 

Conclusion

 

Finally, having completed the discussion regarding OANDA CFD trading, you need to take note of OANDA CFD MT4 and other trading platforms available.

Thus with this simple guide, traders can easily trade CFD on OANDA. With the detailed comparison of different brokers, traders can easily choose a suitable broker to deal with.

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