Oanda

Oanda is a US-based broker with licences and offices across the globe. It is one of the very few brokers that offer services to US residents.
Oanda provides access to the MT4 platform, its proprietary platform, and the TradingView platform.

Oanda is popular in America because it is one of the few brokers offering FX trading with meaningful leverage in the country.

Its proprietary trading platform is particularly suitable for beginners. The platform features large and easy-to-understand trading tickets, which simplify the process for new traders. Additionally, the platform caters well to traders interested in trading individual stocks.

Oanda is a relatively expensive broker. At TraderGuide, we assess broker costs by evaluating the size of their Bid-Ask spreads. For instance, we observed that Oanda occasionally prices the Dow index with a 4-point spread, whereas some of the best brokers offer the same instrument with just a 1-point spread.

As a variable spread broker, Oanda's spreads fluctuate. Upon reviewing Oanda’s documentation, we found examples of the same instrument trading with varying spreads. For instance, the US SPX (the S&P 500 index) sometimes trades with a 0.4-point Bid-Ask spread and at other times with a 0.6-point spread.

Oanda’s “web trader” platform is functional but quite basic. It is unlikely to appeal to more experienced and demanding traders.

While Oanda is not a cost-effective broker, it is an excellent starting point for people new to trading. It is also a logical choice for residents of the USA and Canada, where regulatory restrictions prevent many well-known brokers from operating.

Oanda is particularly well-suited for North American traders. However, it is worth noting that its product portfolio for North American users is more limited compared to other regions.