Is Oanda Scam? | Oanda Safety and Reliability

Pros

Cons

  • Regulated by top-tier FCA and CFTC
  • Negative balance protection
  • Does provide financial statements regularly
  • Not listed in stock exchange
  • Has no banking license

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

Country

Protection amount

Regulator

Broker’s Legal Entity

USA

No protection

CFTC

OANDA Corporation

Europe

£85,000

FCA

OANDA Europe Limited

Canada

CAD 1,000,000

IIROC

OANDA (Canada) Corporation ULC

Australia

No protection

ASIC

OANDA Australia Pty Ltd

Asia

No protection

MAS

OANDA Asia Pacific Pte Ltd

Japan

No protection

FAS

OANDA japan Inc

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.


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