Let's Talk About: Oanda – Are They A Good Broker?

– I've been receiving a lot of questions about the broker I use and how they work, and whether they are good brokers.

So, I thought I would start a new series on this channel called Let's Talk Brokers.

What's up traders, welcome back to Bangkok.

Today I'm gonna be kickingoff this series on brokers with Oanda which is abroker app I've been using for a long time, since 2013, actually.

And I want to give you mythoughts on what I've observed and what I think works with them, what I think might beimproved in the future, and just a quick overview of what things I've been noticing with that broker.

As I said, this is a broker I love and I'm only going to betalking in this series about regulated brokers, not like most of the crappybrokers you see online.

And if you want to get involved in those I'll also put a link below.

This is an affiliate link.

But as opposed to justsign up with the brokers you can get a rebate off your trades.

So, when you trade you'll getsome money back from those.

And that could be helpful for you.

So, I would recommend you use that if you wanna open an account with Oanda, or any broker I'll talk about.

Today's gonna be focused on Oanda only, but in future episode I'll betalking about other brokers.

So, comment below let me know which broker you want be to talk about.

And also I wanna knowbecause I can outline some things that I notice aboutthe broker, some categories.

But I'm not sure exactlywhat to talk about, what you guys want to know.

So, I wanna hear in thecomments your thoughts on this, what should I cover, what are things that you look for in the broker.

And then we'll be able toexplore these more in the future.

But for now I kind ofwanna break this down into five different points, first one being the platform.

So when I first openedan account with Oanda, their own platform was kind of crappy.

They had what we call inthis, they had FX trade, but back then it wasn'treally the best platform ever.

It was good for the time I guess, but not super, super good.

And since then I thinkthey improved a lot.

They added a functionto the platform called advanced charting whereyou can open a chart.

It's very similar to trading view and you get a bunch ofcool features there, like having multiple chartsstraight from FX trade, from the platform.

But it's just betterto analyze and you can steer your trades there, place online, draw like on tradingview, which is awesome if you're not subscribedright now to a trading view.

The other thing theyadded a little bit later is the integration with trading view so you can now connect youraccount to trading view, place your trades rightthere on the platform.

And that means you don'thave anymore to go back and forth between twoplatforms to place your trades, look at a chart, and just haveeverything at the same place, which is very helpful.

We've been waiting for this a long time and they finally got it, which I'm really happy about.

So their platform, nothing to say about it, I just love it.

They also integrate with MetaTrader 4, which is perfect if you're gonna run algos and things like that.

So the only think to say about this.

The second point I have isleverage and money management.

So in other word, how can youput leverage in your account and how can you manage yourmoney properly in that account.

So it's probably going todepend where you're located at this point because Oandaallow us to open an account in different countries.

Right now, the maximum amountof leverage I can reach in the account is 50 to one, which for serious traders is gonna be enough, if you're gambling and trying to make a lot of money fast, it won't be enough, but in my opinion, that works out pretty well.

They used to have a lot more before, but now that's what they have, so totally find withthat, no problem with it.

I also like how they organizethe online interface, which is, you can kindof create sub-account and most brokers, I think, allow this.

I think Oanda does make it more simple to create different account for different strategies you have.

Some with PENTA Traders, some the PENTA Trader 4 and that for me is pretty big, I kinda like that so you canseparate your strategies easily with different accounts andthey're all in the same brokers, so no need to open multiple accounts.

So that's, I think, a pretty cool feature.

My third category is about withdrawals and I think this is aproblem for a lot of traders that wanna withdraw their profit.

They have a hard time doing it.

And with Oanda, it's beenreally tricky at first because when you depositmoney in your account, you gotta withdraw it the same way.

You gotta withdraw it by credit card which could be tricky sometime.

If you have a lot of profitthat you wanna withdraw, then they're gonna be on your credit card and that's not gonna be the same as having it in your bank balance.

So tricky, a little bit, I hada hard time figuring this out but if you add multipleways to fund your account like with a bank transfer, with your credit card and they used to havePayPal, I think not anymore, depending on where you are located.

But that's so feasible, you still have an option to withdraw in multiple ways and on the way that you prefer.

So a little bit tricky at first, but when you get the hang of it, it's fine and you can get used to it.

But you just have to be able to experiment and try it out and seehow it works for you.

But I'm not sure, again, if it's the same today.

It's been that case in the past because I didn't want otherpeople to withdraw money from your account, I think.

But it's just somethingyou have to go through and try at least once.

Now in regards to thespreads and commissions.

I think this is a bigtopic for a lot of people.

I will say that Oanda for me has not had the best spread ever.

It's not a broker withnecessarily low spreads, although there are reasonablefor the account you have.

So don't expect to havea very tight spread but expect something average for brokers.

And this is gonna work pretty well if you are a swing trader, for me that's no problem but if you are to reallyscalp or day trade on a variable timeframe, then I would not recommend Oanda, I wouldrecommend a different broker because the spread tendto be a little bit high.

They tend to vary, also, like any broker would.

But you won't have acommission from the brokers.

You only have the spread, which means that the spread will always be higher a little bit and you gotta accept that.

So if you swing trade, no problem, it's gonna be a smallthing and not a big deal.

But if you day trade, youmight want to reconsider a different broker, which we might talk about in a future episode of this series also.

The last thing, the fifththing I want to talk about is customer service anduser interface online.

Their customer servicein my opinion is awesome.

It takes only a fewseconds or a few minutes to contact them through the chat online.

You can talk to someone pretty fast whether you're a customer or not.

And that just makes it very fast.

They can answers your question.

I hate, especially when traveling, picking up the phone, calling your broker.

That's just not feasible for me.

I hate this.

It's gonna take time, it's gonna take effort and you're gonna have to wait.

But if you can just chat with someone, it's much faster and it getsyou answers pretty fast.

So I like this.

The interface online, inmy opinion, is pretty good.

It's better than mostbrokers I've seen so far.

Some have really crappy interface and this one looks pretty nice to me.

So nothing to say here, it's all fine for me.

And I've never had an issue where I had a big trouble and I had tocontact customer service and they didn't resolve it.

So that to me works fine.

Now, I wanna hear yourthoughts, of course, on that view in the comment.

If you have any experience with Oanda or any different broker, you can comment below, let me know, I wanna hear your thoughts.

Again, any recommendationyou have on how to kind of break this down toanalyze different brokers, I wanna know down belowfrom you in the comments.

Give a like on that videoif you liked it today.

Here a few comments from past video, I always appreciate you guys for leaving in comments down below, those are great and I read all of them.

The next episode of this series is gonna be published next week, but I'll catch you back herefor another video tomorrow.

Ciao.

(electronic music).