OANDA Broker Review

Even as the biggest risk-taker, you need a reliable online trading platform that promises transparency and reliability. While there are numerous forex brokers online, OANDA proves to be one of the best.

OANDA is your leader in currency data, forex and CFD trading. It is also a place where you carry out transactions like corporate fx payments, and you can get exchange rate ratings applicable in the investment market.

RISK WARNING: YOUR CAPITAL MIGHT BE AT RISK

About OANDA

Founded in 1996 by computer scientist Dr. Michael Stumm and economist Dr. Richard Olsen, the company shows that the internet, through the new technological innovations can open up a large market for data and trading which is accessible to all.

OANDA is an innovative digital and a financial, technological company that offers accurate, transparent and reliable access to the world’s biggest financial markets. OANDA believes in developing an open market that works and benefits all. Its main focus is on clients hence the use of cutting-edge technology solutions to meet client needs.

In just over 20 years, this innovative company has grown from a tech-startup and into a leading corporation with eight major financial centers all running with membership from 6 of the leading industry regulators. Clients span over 196 countries and customer support availed in 9 languages.

You also need to note that financial spread betting is only available to OANDA Europe Ltd customers residing in the UK or the Republic of Ireland.

Features of OANDA

To differentiate OANDA from other forex brokers, it important for us to take a look at what they offer. Their features include:

  • Trading

OANDA offers an open trading account which you access after creating a premium account and signing in. There is no minimum to the trade size and no minimum deposit – meaning that anyone can trade with this broker.

You don’t have to worry about the trading being unregulated because OANDA trading system is globally regulated.

You get to trade for six days in a week, and the platform is available 24 hours six days a week.

The features of the forex trading platform include:

  1. Exceptional execution: thanks to the fully automated trading platform, there are no last looks to tasks, requotes and or rejections.
  2. Transparent pricing: other than knowing that you’ll trade on a secure site that offers exceptional execution, it is a relief to know that there will be no shady business running in your account. The pricing model is transparent, and it features very competitive spreads.
  3. Advanced Charting and Tools: when trading on the site, you can expect advanced technological tools, charting, market commentaries, automated technical analysis, and trade sentiments.
  • Available trading options

The engineering of OANDA’s trading platform is the reason why 98 percent of all trades get executed within 0.057 seconds or less (this speed equals 1/5 the blink of an eye).

The main trading platforms for trading include:

  • Web trading options – from your web browser you can trade CFDs† and forex. With OANDA’s advanced charting system you can analyze markets with more than 100 technical indicators and drawing tools.
  • Mobile trading options – OANDA’s trading systems make it possible for you to trade whenever you need to because you can access the platform through mobile apps available on Google Play and the App Store. The mobile chart functionality makes trading easy. There are technical indicators as well as tools for trading and you’ll get to receive mobile notifications from OANDA. The mobile alerts give information on v20 live trading accounts. They also capture spot opportunities, manage trading positions and allow you to trade on the go.
  • Metatrader 4: this is the tool that allows you all the benefits that come with competitive spreads and exceptional execution. Once you open and deposit funds to your Metatrader account, you get to automate your strategies. You can build trading algorithms, and you can back-test your strategies. You will also access the proprietary MT4 plugin for intraday market scanning, pattern quality indicators, and automatic chart pattern recognition. You can also download the MT4 trading mobile app.
  • Trading Accounts

You can open a demo or a live account to trade on.

Hedging accounts – you can open a v20 trading account which lets you open long and short trades on different trades through fxTrade, MT4, and fxTrade Mobile trading platforms†.

  • Solutions for business

You can access FX for business, corporate FX payments, the exchange rates API and the historic currency converter. Money transfers are facilitated to and from individuals and corporate firms.

  • Customer service

Trading CFDs and FX on a margin is a huge risk, and when you make up your mind to involve yourself in this kind of trading, then you need to make sure that you can reach your trading company whenever trading opens. The 24-6 customer service availed by OANDA makes it possible for you to raise all issues you may have promptly. They also offer a wide resource overview.

  • Money transfers

You can withdraw and deposit money though OANDA and the rates applicable are real time. There are no hidden fees. You can save a lot of money compared to trading through the main US, UK and Canadian Banks.

There are standard and expedited money transfers. The money transfer solution allows sending of 130 different currencies. The currencies get delivered to 170 countries and territories.

Pros

  • There are no signup fees, and there is a free demo account meaning you understand all the ropes that relate to trading before money gets to exchange hands.
  • The trading is efficient, and it offers an executive execution thanks to the automated trading strategies which use the FIX and REST APIs.
  • It runs on an award-winning platform and makes use of high-tech innovations that offer transparency and updated tracking.
  • It is suitable for everyone as there are no minimum deposits or trade size. Trading is available on Android and Apple devices.
  • It is globally regulated
  • The website is mobile-friendly and easy to use

Cons

  • No bonuses

Conclusion

If you are looking to trade in CFDs and Forex, then this is one of the best platforms. It is sophisticated and makes use of the most advanced technological systems, but it is easy to use. Being globally regulated and having a transparent trading platform with exceptional execution, it is a good place for risky trading.

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