Oanda Australia - Is It a Good Broker in 2024?

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Online brokerage in Australia reached an all-time high during the pandemic. In 2023, the number of brokers has gone back to pre-covid levels, but the market is still as profitable as ever. Retail investors will maintain their position as the leading drivers of the online market, even though new accounts continue to decrease in 2023.

Online broker markets will continue to remain profitable for a long time to come in Australia, and if you would want to join in on the profits if you have not already, then you need an exceptional broker to be your trusted partner.

Is Oanda Australia a good broker? Is this broker legal in Australia? Is it safe to use? You will find answers to these and many other questions in this article.

Oanda Australia - Is It a Good Broker in 2024?

Oanda Australia is a leading online brokerage platform for investors in Australia. It is regulated by the Australian Securities and Investments Commission ASIC (license number: ABN 26 152 088 349, AFSL No.) and checks every box for legal legitimacy in the industry and with the Australian government.

Having been in the market since 1996, Oanda has made a reputation for itself as a trustworthy well-capitalized forex market maker through its fxTrade trading platforms.

Oanda also provides access to a wide range of markets so you can freely trade any commodity you prefer. From major, and minor to exotic currencies and other assets. And you can do all this on either the Oanda Platform or MetaTrader 4. Both of these platforms are easily accessible to both mobile and desktop apps.

Oanda Australia has all the documentation and brand reputation to back its claim as one of the best places to commit your hard-earned money.

Oanda Australia - General Information

Oanda Australia is a reliable forex trading partner, but will all of its capabilities suit your individual needs? Here is what Australian traders need to know about Oanda Australia before deciding whether or not it suits them:

  • 💰 Account currency:

    USD, EUR, HKD, SGD


  • 🚀 Minimum deposit:

    No minimum


  • ⚖️ Leverage:

    Up to 1:40


  • 💱 Spread:

    From 0 p for currency pairs


  • 🔧 Instruments:

    FX, Indices, CFDs, Bullion, Commodities


  • 💹 Margin Call / Stop Out:

    Stop Out - 50%


Oanda Australia allows you to trade in all currencies, and the 0 minimum deposit makes it more accessible to beginner investors who may not have as much to start with. You also have several options when it comes to trading platforms.

Oanda Australia Pros and Cons

In summary, here are the pros and cons of trading with Oanda Australia.

👍 Pros

0 minimum deposit

Multiple trading platforms

Access to over 60 trading pairs

Wide range of trading instruments

Numerous education and research resources

👎 Cons

Average customer service

Limited research tools

Oanda Australia Review

Oanda Australia is a versatile trading platform that allows investors to access competitive pricing on indices, commodities, cryptocurrencies, bonds, and metals CFDs. All of these can be accessed on MetaTrader 4 and MetaTrader 5, all of which have both mobile and web apps making them extremely convenient for the modern trader. Additionally, these two platforms already have a great reputation among global traders and assure ease of use and unlimited tools.

However, any investor, new and old must be aware that there is never any trading without a level of risk. Risk can never be eliminated, but it can be minimized within reasonable means. These include choosing brokers with government approval, proof of legal compliance, who prioritize doing everything necessary to trade smartly, and who partner with well-established banks and auditors. Oanda Australia is one of those brokers.

Is Oanda Australia Regulated? Is This Сompany Safe?

Oanda Australia is regulated by the Australian Securities and Investments Commission; it is a legitimate, government-approved, and well-documented company that has been around for over 20 years. Oanda Australia is dedicated to providing Australian investors with the best value for their money.

Oanda Australia goes further to ensure the safety of its clients by only keeping investors’ funds in top-tier banks. Oanda also prioritizes being as global as possible to worldwide access, and global forex liquidity.

Funds are only withdrawn when necessary and sophisticated risk management technological tools are employed to net aggregate client positions. In addition to this, Oanda makes use of the services of an international professional accounting firm to make sure that all financial data is submitted to regulators on time and to prove that the specified capital levels required are duly maintained. With Oanda, you do not have to be worried about getting involved in anything illegal.

Oanda Australia - Fees

Oanda Australia employs a spread-only pricing strategy. The fees are built into the spread, 0.9 pips is the average spread cost during peak trading hours.

Commission charges are converted to the account home currency depending on the financial situation at the time. Withdrawal and forex fees are relatively low, but traders have to pay a small inactivity fee.

Oanda fees explained

Summary: Is Oanda Australia a Good Broker?

Oanda Australia is the most secure, trusted, and accountable broker in Australia. A favorite amongst beginners and seasoned traders alike, Oanda Australia has committed itself to reducing risk and making the platform as accessible as possible. Oanda Australia is a great broker to entrust your money.

FAQ

Can I trade Oanda in Australia?

Yes, you can trade Oanda in Australia.

Does Oanda Have an Inactivity Fee?

You will be charged a monthly fee of 10 units of the currency in which your account is denominated when there are no open trades in your account for at least 12 months.

Are There Any Conditions for Oanda’s 0 Minimum Deposit?

There is no minimum deposit, but you can only deposit up to 50% of your net worth.

How Much Leverage Does Oanda Have?

Oanda complies with the recommended leverage limits of 50:1 on major currency pairs and 20:1 for all others.

Team that worked on the article

Mikhail Vnuchkov
Author at Traders Union

Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.

The area of responsibility of Mikhail includes covering the news of currency and stock markets, fact checking, updating and editing the content published on the Traders Union website. He successfully analyzes complex financial issues and explains their meaning in simple and understandable language for ordinary people. Mikhail generates content that provides full contact with the readers.

Mikhail’s motto: Learn something new and share your experience – never stop!

Olga Shendetskaya
Author and editor at Traders Union

Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.

Olga has extensive experience in writing and editing articles about the specifics of working in the Forex market, cryptocurrency market, stock exchanges and also in the segment of financial investment in general. This level of expertise allows Olga to create unique and comprehensive articles, describing complex investment mechanisms in a simple and accessible way for traders of any level.

Olga’s motto: Do well and you’ll be well!