Hi everyone,

This is my first post here, it’s nice to meet you all.

Does anyone know if Oanda is good for US traders? I’ve read a couple of reviews which are mostly positive but it would be good to hear from day traders that have actually used them if possible.

The other company I’ve been looking at is PLus500, if anyone has used both and can tell me the main differences that would be fab, if not too much to ask haha 😂

I’ve been swing and day trading for the best part of a decade now and based in  San Diego.

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[James BarraModerator DayTrading.com Team]

Hi Lucas,

Thank you for your message and welcome.

We’ve done a specific review of OANDA US and as a result, it came out #5 in our US broker rankings at the time of writing, trailing Forex.com, Interactive Brokers, NinjaTrader and eToro.

Amongst its key strengths are its long history (25+ years), excellent regulatory credentials (CFTC/NFA), and excellent platform offering (including MT4 premium upgrade and charting by MotiveWave). Fees are also competitive, especially if you qualify for its Elite Trader scheme.

However, key considerations are what you want to trade, as OANDA only offers fiat currencies and digital currencies in the US. We were also left wanting in the customer support department.

Using its demo account could be a good way to gauge whether OANDA is the right fit for your needs.

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[Henry]

Oanda is alright, but I would choose Interactive Brokers any day. They cover way more stocks and their margin rates are much lower compared to most platforms out there. Plus since they updated their desktop client the platform runs really smoothly now.

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[Lucas]

Sorry for the delayed response, I didn’t get the notifications about replies for some reason.

It’s good to get some other recommendations. I will take a look at Interactive Brokers and come back here with any questions.

Lucas

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[Sal]

TD Ameritrade and TradeStation are also solid options if want a US registered firm.

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[Author]

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