Oanda Pros & Cons | Get Information at a Glance

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.

Disclaimer: CFDs have a high risk of losing money rapidly. About 80% of retail investor accounts lose money due to leverage when trading CFDs with this provider. Please note that CFDs are not complying with the islamic religion. And if you want to trade in CFDs you should consider a swap-free account to follow islamic rules.

Learn more about CFDs for muslims.

In this article we’re addressing the main pros and cons of Oanda in each broker aspect.

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. How do I login using the MT4 mobile platform?
• Steps:

1. Go to ‘Settings’

2. Click on ‘Manage Accounts’ or ‘Settings’

3. Then click on the small plus sign or select ‘New Account’

4. Then select ‘Log in to an existing account’

5. Search for the broker name

6. Select the server your account was set up on

7. Enter your login credentials and password

8. Click on ‘Sign In’

• 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.

If you want more information, please check out Oanda Full Review.