As more and more traders and investors use their smartphones for trading, it is increasingly important that brokers offer easy-to-use apps that can deliver the same services as desktop platforms.
In this article we'll check whether Oanda's mobile app ticks all the boxes.
Overall, we rate the user-friendliness of the app as better than average.
|Mobile app rating (5 is the best)||5.0 stars||3.8 stars||4.5 stars|
We're going to take a closer look at search functions, price alerts and order types, so all the little details that determine whether a trading app is user-friendly or downright cumbersome. If you want to read our full review, including fees, deposit options and other platforms (like web and desktop) then skip to the Oanda review.
Disclaimer: 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you can afford to take the high risk of losing your money.
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Our main checklist for the Oanda app
Let's start with the search functions. Although most brokers do OK in this area, there are some bad apples out there. For example, if you start typing 'Emerging markets', will the software find all the Emerging markets ETFs for you, even if their name doesn't start with 'emerging'? If you only ever traded US stocks and start typing 'Apple', will the AI show you the Apple stock or the obscure Irish stock Applegreen?
Oanda got the green light, meaning its search functions are reasonably good.
|Price alerts in the app||Yes||Yes||Yes|
|Confirmation after successful trade||Yes||No||Yes|
We didn't like that you can't use biometric authentication to log in to the app. Most brokers have this function (e.g. via fingerprints or FaceID) to save you from having to type in your password every time, making it a convenient feature.
Checklist for nice-to-have features
For some people it might be a deal-breaker if you can't set up a trailing stop limit - we totally get that. Others couldn't care less and also don't get excited if the app is available in 25 languages. Anyway, here is our checklist of minor, nice-to-have features:
Oanda has these order types available in its app: Market, Take Profit, Stop loss, Trailing stop, Upper bound.
At Oanda you can use the following order terms & expiry in the app: Good 'til Date (GTD).
The Oanda mobile app currently supports the following languages: Arabic, Chinese, Deutsch, English, Japanese, Russian.
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The BC Award-winning brokers
Still unsure about your broker selection? Click here to see which free stock trading apps are the best.
Or you could take a peek at the best trading platform awards we gave to brokers serving European clients.
If you're not in the US or the EU you'll find this award the most interesting.
Let us know what you think in the comments section.