- March 20, 2016
- By: Forex Reviewer
- 5 Comments
User Rating:Updated on: March 20, 2016
|Min. Deposit||Max. Leverage||Spreads From||Forex Pairs||Platforms||Mobile Trading||Broker Highlights|
55+ Currency Pairs
CFDs carry risk.
OANDA Broker Review
OANDA are a forex and CFD trading intermediary service that has been in operation since the launch of fxTrade in 2001. OANDA had been offering information on currency prices and spreads for four years before offering the option to trade and this proved a winning tactic to secure a large number of customers. With more than one million queries every day, OANDA is one of the busiest and most trusted forex brokers in the market today. OANDA serves both retail and institutional traders. OANDA allows of off-exchange forex, which may not suit every investor.
Trading Markets and Products
OANDA fxTrade seems to offer just thirty currency pairs, which is quite low when compared to other platforms on the market, but it does mean the data is clear and easy to read. In fairness, this is a great system and although the number of markets is extremely limited, there is more than enough to get your feet wet. You also have access to a number of indices, although this is very limited to just seven and there are a small number of commodities available to trade.
OANDA offer a variety of trading platforms to suit most people’s tastes. Those who wish to trade forex can do so through OANDA fxTrade, but you can also set up MetaTrader4 if you prefer to use something more familiar. When compared to more mainstream offerings, the interface on fxTrade is very simple and part of this is because of the limited access to currency pairings, but also because there seems to be much less data to digest although everything required is there included. The use of the charting feature and an interface that is understandable in minutes or sooner make the experience enjoyable and far from overwhelming, but you can’t help feeling as though this is a system for beginners. The easy switching between a panel and list view is good if you are the sort of person who hates clutter and has already set their buy and sell orders for the day.
AONDA Advantages and Disadvantages
You don’t need to install any software because their fxTrade runs straight from the browser, but make sure you are using Firefox for the best results because it doesn’t seem to work with Chrome. Some people will love the interface because of its simplicity and the lack of distractions may be considered a strength for those who enjoy clarity.
What I like about OANDA
There is lots to like about OANDA, but the tight spreads are have to be one of the main reasons anyone would return to the system but even better is the ability to avoid two-day settlements, fixed trade lots and rollover swaps. While these are not problem for most people, there are some definite advantages and it could be something a regular user would come to appreciate. Despite offering different trading practises to many online brokers, OANDA meets the requirements of seven regulation authorities.
If you are learning the ropes, OANDA is one of the better options because it is so simple, but the fact you can use MT4, is a real bonus for those who have been around the block a little. The easy access to historical exchange rate data is a tool that comes in useful and it is a main feature of their website. This is better than some systems that seem to make you dig for data to help you decide on a trade.
Things I didn’t Like
Apart from the limitations, this is a nice platform to use although sitting and waiting for your lots to hit a point where you can take profits can become quite boring if you are an experienced trader. This is a minor fault, but one that will grow into a much larger issue as you become more experienced on the system and trading in general.
Leveraged trading in foreign currency contracts or other off-exchange products on margin carries a high level of risk and may not be suitable for everyone.
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