Ease Of Use 4.
A Brief History
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All prices herein are provided by market makers and not by exchanges. As such prices may not be accurate and they may differ from the actual market price. This detailed review of Oanda will cover everything from fees and trading platforms to accounts and regulation. Before we get bogged down in the facts and figures of this Oanda trader review, it can help to first paint a picture of where the Oanda corporation started and how far they have come.
Then it offered investors access to spot forex and CFDs. Today, however, Oanda is well established in the forex market, offering trading instruments, corporate FX services, currency management solutions, plus data on exchange rates for global enterprises.
Although headquarters are in the US, it has a number of global offices, including Tokyo and London. In fact, Oanda operates across eight global financial centres, with clients in over countries. It has attained licenses from major regulatory jurisdictions, including:. Despite failing to get a mention in many Oanda review forums, the FxTrade platform, launched in , was actually the first fully automated forex trading platform.
You may have seen on Oanda spread betting reviews and forums that the company offers spread betting. Oanda has historically stuck to requiring no minimum initial deposit. It ensures aspiring day traders and those with limited capital do not have to deposit more than they can afford as they find their feet. They do also offer nano lots and a lot size calculator. Whether you are looking for an Oanda Europe Limited, Singapore, the Philippines, or US prices review, Oanda remains highly competitive whatever your location.
To offer traders the best prices, Oanda uses an automated machine to monitor global prices, and spreads will also respond to market liquidity and volatility. High volatility, in particular, can widen spreads. There is an important point to make when comparing Oanda spreads with agency brokers no dealing desk. For those looking to trade on margin, you will find leverage offerings at Oanda. For retail clients,maximum leverage is decided by regulators in your geographic region, however, all Oanda users can further reduce their leverage limit.
It is also worth highlighting, that whilst you could potentially increase earnings, trading on margin can also amplify losses. Therefore, utilising stop loss orders to limit potential losses with leverage is a technique employed by many. However, Oanda introduced an inactivity fee in September Fortunately, this effective tax will only affect those who do not place any trades for at least two years.
Note there is no deposit bonus when you sign up with Oanda. It is worth keeping an eye on the official website for any changes to overnight rollover fees, financing charges.
It is time to move onto the FxTrade part of the review, an essential component of the Oanda offering. Overall, the system is well designed and easy-to-use, offering a multitude of tools and analytics. You can trade directly from the chart. You benefit from complex order types, such as buy, sell, plus trailing stops. Account analytics are at your disposal.
This financial trading software also includes charts from MultiCharts, which allow for advanced and sophisticated studies and display styles. On top of that, you get watch lists, news feeds, plus economic analysis. Accessing historical and live exchange rates is also straightforward. On the downside, the platform lacks an ultra-modern look and some functions are awkward to use. Instead of being able to open the news, forums and economic analysis in the platform, they open as web pages in separate browsers.
This can all prevent a smooth trading experience at times. Speed tests show server times and execution rates are industry standard. The conclusion — the FxTrade platform caters to the needs of traders of all experience levels. You have all the tools needed to trade just a few clicks away, not to mention a whole host of useful additional features.
A subscription to Oanda also means you can explore automated trading. Automated trading allows you to execute far more trades than you ever could manually. OANDA also offers a series of live informative webinars on a number of subjects that are suitable for both new and experienced Forex Traders. There are also intermediate topics as well as more advanced subjects.
An Advanced Look at Trend Formation. Traders can reach customer support via email, Chat during local trading hours and by posting a question online. OANDA is a leading financial service provider. The website is easily navigated and opening an account is straight forward and can be done quickly. The broker offers a full line of products and services and is internationally regulated. I was pleased to see a site plan that included all the topics I was looking forward.
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