Oanda is a highly respected online Forex broker which was established in 1996. It is known as one of the pioneers in public retail Forex trading. It provides basic rate quote streaming services, head consulting, retail Forex trading and any other Forex related trading services.
It has its headquarter in Toronto, Canada and offices in some major cities around the world. It has bagged awards throughout the years. The awards include Best Customer Service and Best Mobile Platform. It offers more than 60 Forex pairs and a fully automated trading platform.
Generally, Oanda offers two trading platforms for their clients – the Meta Trader 4 and the FXTrade Web Trader.
MT4 is the most used trading platform among traders all over the world. It is equipped with an advanced charting tool and a variety of trading tools. MT4 is the most known and standard trading platform by almost all brokers. It comes with advanced charging package, superb technical indicators and supports automated trading. It also has the capacity to support real-time communication for real-time updates.
The FXTrade Web Trader can be accessed by the client wherever he is as long as he is connected to the internet, but it requires JAVA in order for it to run. With this, clients can access current and historical market data and trading transactions, in as much as it offers risk-free trading, stop loss, take profit or entry orders and trade requests.
Oanda also offers their clients a mobile application which is available for both ios and android phones. Both of the trading platform that Oanda offer is available on mobile version which clients can access at their fingertips.
Oanda only offers one account type for their clients. The good thing is that there is no minimum initial deposit required in order to open an Oanda trading account.
A demo account is available for Oanda clients to practice trading without risking their money. Clients can maximize the demo account as it offers the same feature as the live trading account.
There is no minimum deposit required in order for someone to open a trading account with Oanda. Traders can fully maximize the account that they have.
Oanda offers their clients a variety of payment options to choose from. They can either deposit or withdraw through credit cards, PayPal and wire transfer. All of these payment methods follow the same standard procedure which is in accordance with the international law.
The maximum leverage offered by Oanda is 1:50 which is consisted low compared to the leverage that other online Forex brokers offer. Keep in mind that a low leverage is equal to a low risk and lower income too.
Spread and Commission
Oanda offers a spread which starts at 1 pip. The average spread is 1.1 pips. All in all, it depends on the currency that is traded.
Regulation and License
Oanda is under the regulation of ASIC which is a reputable and sophisticated financial regulatory commission which is known for implementing strict regulations. Oanda requires all regulatory requirements for online Forex brokers in order to ensure that their clients are safe and secured.
Clients can call Oanda representatives for 24 hours, from Sunday at 1 pm EST time to Friday at 6 pm EST time. They can be reached via live chat, fax, email and telephone. The website is also available in different languages in order to cater to the needs of their clients in different languages.
Benefits of Trading with Oanda
Oanda clients have an access to a lot of benefits which include a safe and secured trading in as much as traders can open a Oanda trading account without shedding out anything not unless they start live trading.
- No minimum deposit
- Reputable regulator
- Variety of payment options
- Limited trading account choice
- Limited trading platform choice
With the amazing and advanced features, it is undeniable that Oanda is a must try for traders of all levels. In addition to its long years in the industry, the awards that it has received is a evidence of the quality service that they offer. Clients are ensured that they are trading in a safe and secure environment. All in all, Oanda is worth the trust and is worth the try in all angle.