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Oanda UK Review: Is It Suitable for Novice Traders?

© by Oanda UK

Oanda is an international broker with more than a million clients all over the globe, and it has been successfully operating in the UK for decades now. That’s why there are many British traders who want to know whether they should consider Oanda a viable option in terms of fees, conditions, and regulations. In this article, we’re going to analyze these aspects and help you decide.

Oanda overview

Oanda has been around since 1996. Trusted by several generations of traders, it has very solid reputation both in the UK and in many other countries, including the US, Canada, Germany, and Italy. One of the most attractive features of this broker is that it is regulated by a variety of national regulators, including ASIC (Australia) and IIROC (Canada). In the UK, your relations with this broker are monitored by the FCA (Financial Conduct Authority), and the company is always ready to comply with their decisions no matter what. Just bear in mind that you won’t be able to claim any moral damage, even if a huge sum freezes.

All in all, Oanda is a very secure and transparent broker: all rules and regulations are openly listed on their website, so you won’t have to waste time looking for them. However, the site itself is somewhat outdated, and navigating it may prove inconvenient at best. While the site has a separate section with analytical tools for traders, there are not many materials for novice traders: only technical analysis options, news, and economic calendar — no FAQs, no educational videos or articles, not even a glossary. That means you have to look for this information somewhere else.

Trading conditions

Alright, let’s see what Oanda UK has to offer in terms of trading conditions. First of all, there is no minimum deposit for Standard accounts — the Premium account requires $20,000 to start trading. Leverage is only up to 1:200, which may be insufficient for some experienced traders. Spreads depend on the instrument you’re using, but the minimum for currency pairs is 0 pips, which is also good news. The broker allows you choose from many trading tools, including indices, commodities, even crypto. Anyway, currency pairs seem to be the most popular of them all.

There are no fees for deposits, and almost no fees for withdrawals: you’ll have to pay only for withdrawals to credit cards (from 15 USD). The broker has no hidden fees or commissions, so don’t worry about wasting money without knowing it.