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OANDA
OANDA
- $0
- Withdrawal Costs
- $30
- Min. Commission Fee
- $0
- Min. Funding
[FLASH DEAL | MoneySmart Exclusive]
Get S$180 UPSIZED Cash via PayNow when you open, fund a min. of S$200 within 1 deposit and execute 1 trade with OANDA. T&Cs apply.
[OANDA Promotion]
Get a welcome bonus of up to S$988 from OANDA
and stand a chance to win return flights to New York (valued at S$5,000) and S$200 CapitalLand vouchers. T&Cs apply.
Are you eligible?
MoneySmart Exclusive: Promotion is valid from 01-October-2024 to 31-October-2024
OANDA Lucky Draw: Promotion is valid from 01-October-2024 to 31-December-2024
Customers need to sign up for a new OANDA account through MoneySmart to be eligible.
The promotion is valid for new clients (residents of Singapore only) who have not previously funded or traded in an OANDA account.
Customers need to submit the MoneySmart Claim Form by 31st October 2024 to be eligible.
What you need to know
[FLASH DEAL | MoneySmart Exclusive]
a. Fund a min. of S$200 in one single initial deposit (maintain funds for 30 days) and execute 1 BUY trade to receive:
i. S$180 UPSIZED Cash via PayNow*Cash Redemption will be sent within 6 to 8 weeks from 31st October 2024.
[OANDA Promotion]
Get a welcome bonus of up to S$988:
Tier 1: Get S$68 when you open 1 trade account (no deposit required)
Tier 2: Get S$288 when you deposit S$1,000 and trade a min. of $1 million trading volume
Tier 3: Get S$988 when you deposit S$1,000 and trade a min. of $5 million trading volume[OANDA's United States Presidential Election Fly to New York Lucky Draw]
Trade a min. notional volume of USD 1 million in US30, SPX500 or NAS100 and stand a chance to win:
- A round-trip for two to New York (valued at S$5,000).
- S$200 CapitalLand vouchers.
T&Cs apply.
All Details
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OANDA Singapore Online Trading Platform Benefits 2024
OANDA, also known as OANDA Asia Pacific Pte. Ltd., is a globally recognised online forex and CFD broker, offering competitive pricing and advanced trading platforms, and is regulated by the Monetary Authority of Singapore.
Best for forex traders and CFD investors seeking competitive spreads, OANDA provides advanced trading tools, and a user-friendly platform which are ideal for both beginners and experienced traders. Moreover, OANDA offers extensive market analysis tools, with flexible account options and no minimum deposit requirements.
If you're considering OANDA, let's take a look at the pros and cons of investing via its platforms, and compare it against some of the popular brokers in Singapore.
Pros & Cons Of OANDA
| Pros | Cons | |
|---|---|---|
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| *Terms and Conditions apply. For detailed terms and conditions and full disclaimer, please refer to OANDA’s website at https://www.oanda.com/sg-en/trading/ |
OANDA’s Trading Products
At the moment, OANDA offers access to a wide range of global markets, including spreads on over 70 forex pairs (data is accurate at the time of writing, last updated on 24 September 2024), cryptocurrencies, indices, metals, commodities and bonds.
By having these trading options, OANDA gives you opportunities to diversify portfolios and capitalize on opportunities across different regions as a trader. While the specific list of exchanges may vary over time, OANDA typically provides access to major exchanges worldwide.
Forex CFDs
OANDA is primarily known for its forex trading services, allowing traders to speculate on currency exchange rates. They offer spreads on over 70 forex pairs and access to a wide range of major and minor currency pairs.
Commodities CFDs
Traders can speculate on the price movements of commodities such as Brent crude oil, corn, copper, natural gas, platinum, gold, silver and more through OANDA's commodity trading offerings. These commodities are often traded on exchanges like the New York Mercantile Exchange (NYMEX) and the Chicago Mercantile Exchange (CME).
Indices CFDs
OANDA offers CFDs on major stock market indices including Australia 200 , China A50, Europe 50, France 40, Germany 30, Hong Kong 33, Japan 225, Netherlands 25, Singapore 30, UK 100, US Nas 100, US Russ 2000, US SPX 500 and more, allowing traders to speculate on the overall performance of specific markets.
Cryptocurrencies CFDs
While the availability of cryptocurrency trading may vary depending on regulatory restrictions, OANDA offers trading on 4 types of popular cryptocurrencies such as Bitcoin, Bitcoin Cash, Litecoin and Ether against the US dollar.
Bonds CFDs
OANDA's Bonds CFDs offer you the ability to trade 6 bonds including the Bunds, UK 10-Y Gilt, US 10-Y T-Note, US 2-Y T-Note, US 5-Y T-Note and US T-Bond.
OANDA’s Trading Platforms
Oanda offers a variety of trading platforms to cater to different preferences and trading styles.
Mobile app
One of the most popular options is the OANDA Mobile app, which provides traders with the flexibility to trade on the go. The app is available for both iOS and Android devices and offers a user-friendly interface with access to key trading features like charting, order placement, and market analysis.
Web platform
Another popular option is the OANDA Web platform, which is accessible through any web browser. The web platform provides a comprehensive set of trading tools and features, including advanced charting capabilities, customisable layouts, and real-time market data. It also features 33 technical indicators, 13 drawing tools, and the ability to select from over a dozen time frames.
MetaTrader4
For traders who are familiar with MetaTrader 4, Oanda also offers this popular trading platform. MT4 is known for its advanced charting tools, customisable indicators, and extensive third-party plugin support. It's a popular choice among experienced traders who require a high level of customisation and control.
TradingView
Oanda has partnered with TradingView, a leading social trading platform. TradingView allows traders to connect with other traders, share ideas, and analyze charts. It integrates charts powered by TradingView, offering more than 80 indicators and a range of features, including the option to overlay multiple currency pairs on a single chart for easy comparison.
3 Types of OANDA Trading Accounts
Oanda caters to a wide range of traders with its three account types: Standard, Premium, and Premium Plus. Each offers distinct advantages depending on your experience and trading volume.
Standard account
The Standard account is a perfect starting point for new traders or those with a lower budget. This entry-level option requires no minimum deposit and offers full account verification only for deposits exceeding USD 9,000 (estimated SGD 12,500). Standard accounts have spreads starting from 0.8 pips and commission fee of USD 50 per million traded, making them cost-effective for beginners learning the ropes.
Premium account
For those seeking tighter spreads and more advanced features, the Premium Account may be more apt. It requires an initial deposit of SGD 20,000 and boasts spreads starting from a competitive 0.1 pips, significantly reducing trading costs compared to the Standard account. Premium accounts come with a commission fee of USD 40 per million traded, but the tighter spreads can potentially outweigh this cost for active traders. Additionally, you'll benefit from full account verification, a necessity for accessing certain trading strategies.
Premium Plus account
The Premium Plus Account is the pinnacle of Oanda's offerings, designed for high-volume traders seeking the ultimate trading experience. It offers the tightest spreads among all Oanda accounts, starting from 0.8 pips, and a commission fee of USD 40 per million traded.
However, qualifying for a Premium Plus account requires an initial deposit of SGD 100,000, but it comes with exclusive perks like priority support, access to advanced trading tools, and 1-to-1 access to OANDA's market analysts or a dedicated relationship manager.
How safe is it to invest via OANDA Singapore?
OANDA has made a decent name for itself in the investment brokerage scene over the years, so investors can rest assured that OANDA is like all other registered investment brokerages in Singapore which comply with regulatory requirements set out by the Monetary Authority of Singapore (MAS).
OANDA Singapore is under OANDA Asia (Co. Reg. No 200704926K) and holds a Capital Markets Services Licence issued by the Monetary Authority of Singapore.
Moreover it is regulated by Tier-1 regulators: Australian Securities and Investment Commission (ASIC), Canadian Investment Regulatory Organization (CIRO), Japanese Financial Services Authority (JFSA), Financial Conduct Authority (FCA), Commodity Futures Trading Commission (CFTC), and regulated in the European Union via the MiFID passporting system.
OANDA has been conferred the ‘Most Popular Broker and Best Forex and CFD Broker' Award at the TradingView Broker Awards 2020, and according to the Investment Trends 2021 Singapore Leverage Trading Report, OANDA has been awarded for the highest client satisfaction for telephone, online chat and email customer service.
Besides the recommendation of the enabling of the 2 Factor Authentication (2FA) on your accounts designed to protect your account and funds from unauthorised access, OANDA also provides round-the-clock monitoring by a security operations centre, and a security system that is enhanced with partnerships with multiple industry-leading security firms.
Compare OANDA vs Saxo vs IBKR
Besides OANDA, Saxo and Interactive Brokers are also among the other popular brokerages in Singapore that offer Forex and CFD trading, plus other investment products. Here’s a comparison between these 3 platforms to help you make a decision on the one that’s most suitable for you.
When comparing the three, OANDA seems to be ideal for Forex and CFD traders seeking simplicity, offering a low commission starting at USD 50 per million traded, no platform fee, and a SGD 10 inactivity fee. Its platforms are user-friendly, but its investment options are limited to Forex and CFDs on cryptocurrencies, indices, metals, commodities, and bonds as compared to Saxo’s and IBKR’s.
Saxo and IBKR target more experienced traders, offering a wider range of products including US and Singaporean stocks, ETFs, REITs, mutual funds, and forex. With a 0.03% CFD commission and no platform or inactivity fees, Saxo is cost-effective for high-volume traders. Moreover, its advanced platforms—SaxoInvestor, SaxoTraderGO, and SaxoTraderPRO—provide sophisticated tools, making it well-suited for professionals needing in-depth market analysis.
As for IBKR, its platform suite, including Trader Workstation and GlobalTrader, is highly customisable and supports trading in stocks, options, futures, currencies, bonds, and funds globally. With its comprehensive tools and global market access, IBKR appeals to professional traders seeking advanced capabilities across multiple asset classes.
| OANDA | Saxo | IBKR |
|---|---|---|
| Commission Fee for CFDs: From USD 50 per million traded (no minimum funding required) | Commission Fee for CFDs: From 0.03% of contract value (minimum €$3, no minimum funding required) | Commission Fee for CFDs: From 0.05% of contract value (no minimum funding required) |
| Platform Fee: None | Platform Fee: None | Platform Fee: None |
| Inactivity Fee: SGD 10 | Inactivity Fee: None | Inactivity Fee: None |
| Trading platforms: OANDA mobile app, OANDA Web, MetaTrader 4, TradingView | Trading platforms: SaxoInvestor, SaxoTraderGO, SaxoTraderPRO | Trading platforms: Trader Workstation, Client Portal, IBKR Mobile/Desktop, IBKR API, GlobalTrader, and IBKR IMPACT |
| Funding modes: PayNow, PayPal, FAST, Wire transfer | Funding modes: PayNow, FAST, MEPS, eDDA, eGIRO | Funding modes: Bank Transfer, Transfer from Wise Balance, |
| Area of focus for investment: Forex and CFDs of cryptocurrencies, indices, metals, commodities and bonds | Area of focus for investment: US stocks, SG stocks, ETFs, REITS, forex, mutual funds | Area of focus for investment: SG stocks, US stocks, options, futures, currencies, bonds and funds |
Frequently Asked Questions About OANDA
How much does it cost to open an OANDA account?
- There is no minimum deposit requirement to open an OANDA account in Singapore and you may start trading with as little as you'd like. However, keep in mind that different account types might have minimum balance requirements for certain features or benefits.
Is OANDA good for new traders?
- OANDA offers a range of trading accounts and platforms for new traders. There's no minimum deposit and no commission fees, making it a good choice for beginners. However, forex trading can be risky, so do your research before starting.