Oanda – what we know and have as facts about it; Oanda was founded in 1996 and is a trade name of the group of companies that includes OANDA Corporation, which is a registered Futures Commission Merchant and Retail Foreign Exchange Dealer with the Commodity Futures Trading Commission and is a member of the National Futures Association (NFA) with number 0325821; OANDA (Canada) Corporation ULC is regulated by the Investment Industry Regulatory Organization of Canada (IIROC); OANDA Europe Limited, which is authorized and regulated by the Financial Conduct Authority (FCA) under reference number 542574; OANDA Asia Pacific Pte Ltd with a Capital Markets Services License issued by the Monetary Authority of Singapore; OANDA Australia Pty Ltd, which is regulated by the Australian Securities and Investments Commission (ASIC) under license number 412981; OANDA Japan Co., Ltd. licensed and regulated by the Financial Futures Association of Japan (FFAJ). These licenses allow it to conduct various financial services, including receiving, transmitting, and executing customer orders.
We have found in the Order Execution Policy text that Oanda will act as principal and not as an agent when executing client trades and therefore it acts as a sole execution venue for those trades. This means that Oanda is a market maker. In general, dealing with market makers involves a conflict of interest because they do not transmit every customer deal and hope that customers will lose. Every loss of customers is their profit.
We also found that there are some posts in forums about poor customer support, extremely wide spreads at times and problems with withdrawals.
So far, we have not received any complaints from customers of Oanda. If you have any criticism to share with us or feel annoyed by Oanda, please fill in the form below, detailing your case. Once we have made your case public, we may attempt to mediate between you and Oanda if you wish.