Is Oanda Scam? | Oanda Safety and Reliability

Introduction

Oanda is one of the oldest CFD and forex brokers since 1996. It’s originally founded in America, and regulated by top-tier regulators like FCA and CFTC.

Is Oanda Regulated?

The Oanda broker is regulated by many financial authorities in different countries like:

• FCA: Financial Conduct Authority in the UK
• CFTC: Commodity Trading Futures Commission and National Futures Association in USA
• IIROC: Investment Industry Regulatory Organization of Canada
• ASIC: Australian Securities and Investment Commission
• MAS: Monetary Authority of Singapore
• FAS: Financial Services Agency in Japan

Is Oanda a Scam?

Oanda broker has a long record as a trading platform since 1996 with more than 10,000 users worldwide and passed through different global crises ending with the coronavirus. It’s also regulated by several top-tier financial authorities like FCA and CFTC which is great. Oanda also publishes its financial statements regularly.

Although Oanda is a big trading platform, it’s not listed in the stock exchange or having a banking background.

Oanda Awards

Since its foundation in 1996, Oanda was awards like:

• 2018:
• Highest Overall Client Satisfaction by Investment Trends
• Best Retail FX Platform by FX Week – eFX
• Value for Money by Investment Trends
• Platform Features by Investment Trends
• Mobile Platform/ App by Investment Trends
• Educational Materials/ Programs by Investment Trends
• Customer Service by Investment Trends
• 2017
• No. 1 Forex Broker in Singapore by Investment Trends Singapore CFD & FX Report
• Best Mobile Platform Investment by Trends Singapore CFD & FX Report
• Best Educational Material by Trends Singapore CFD & FX Report
• Highest Overall Client Satisfaction by Investment Trends
• Best Mobile Platform/ App by Investment Trends
• Best Platform Features by Investment Trends
• Value for Money by Investment Trends
• Educational Materials/ Programs by Investment Trends
• Best Forex Trading Technology by UK Forex Awards
• 2016
• No. 1 Forex Broker in Singapore by Investment Trends Singapore CFD & FX Report
• Best Retail FX Platform by FX Week e-FX Awards
• Highest Overall Client Satisfaction by Investment Trends
• Most Prefered Forex Provider by ShareInvestor Awards
• Most Prefered CFD Provider by ShareInvestor Awards
• Value for Money by Investment Trends
• Highest Overall Client Satisfaction by Investment Trends
• Educational Materials/ Programs by Investment Trends
• Best Risk Management by Investment Trends
• 2015
• No. 1 FX Broker for High Value Clients by Investment Trends Singapore CFD & FX Report
• No. 1 Forex Broker in Singapore by Investment Trends Singapore CFD & FX Report
• Most Prefered Forex Provider by ShareInvestor Awards
• Best CFD Broker APAC by Global Banking & Finance Review
• No. 1 Value for Money by Investment Trends
• No. 1 Educational Materials by Investment Trends
• Customer Service by Investment Trends
• Value For Money by Investment Trends
• No. 1 Mobile Platform by Investment Trends

Client Protection

Oanda does have client protection amounts under its top-tier regulators as the following:

Oanda Legal Entities Table

Negative Balance Protection

Oanda does provide a negative balance protection only from residents from the EU on CFDs and forex. Other countries are not covered by any negative balance protection amounts.

Two-step Verification

Oanda has the two-step verification method while logging in.

FAQs

1. How long does it take to verify my account?

• It takes from 1 to 3 days in order to verify your Oanda account.

1. Can I open more than one trading account?

• Yes, Oanda offers you an option to open up-to 19 sub accounts under your main account in case you want to have more than one account with different currencies.

1. Does Oanda allow bot trading?

• Yes, you can develop automated trading strategies with our API from the developer portal of Oanda.

1. Does Oanda give a bonus?

• Unfortunately, you will not find any mention of any such promotion on the OANDA site.

1. Does Oanda allow scalping?

• Yes, Oanda does allow scalping and hedging.

1. When trading forex, will you lose more than your initial deposit?

• Both our MetaTrader 4 and Oanda web trading platforms are set to automatically close your positions when your margin requirement reaches 100% (stop out level).
• Please note that this process is automated and is not a guarantee that your account will not enter into a negative equity situation and you should keep a balance amount in your account above your required margin.

1. Can I login to the same account through different devices?

• Yes, you can login to the MetaTrader 4 platform using the same password and username through different devices.

1. Does Oanda accept payments from third parties?

• No, as you can only deposit money from accounts that are in your name.

1. Can I transfer funds between my OANDA sub-accounts?

• Ytes, you can transfer your money between your main account and any of your sub-accounts.