Oanda

Added on September 19, 2011 01:41 PM
(3.5 / 5)
Spread: 1.2 Min. lot: 0.01 Execution: Market Maker
Leverage: 1:50 Country: United States Regulated by: CFTC, NFA , MAS, FSA, IIROC, DFSA
Min. deposit: $1 Platforms: Metatrader, FxTrade (Java) Payment methods: Bank Wire, Credit card, PayPal
Headquarters: 140 Broadway, 46th Floor, New York, NY 10005

Oanda, as we have found, is one of the multi-faced Forex trading platform that not only plays the role of a broker but also assists in financial services. Aptly put, it is a vehicle for several other financial transactions and investments, unlike many of the top brokers in the Forex market. Whereas the expansive offerings of the company may often intrigue the interest of traders, the ones looking for a steady and straightforward trading experience may be distracted by the blend of tools, services and relevant information presented by this trading website.

Trading Platform

The primary trading platform used by Oanda is known as fxTrade. The demo trader is called fxTrade Practice, using the name fxGame, which was the former name. The best thing about the demo version of Oanda is that it is available for a user till the time he can beef up his trading skills before creating a real trading count – again quite unlike most Forex trading demo versions. On the downside, traders familiar with several trading platforms will not be impressed with Oanda’s platforms since it doesn’t offer the most appropriate MetaTrader 4 platform; however, it allows users to integrate this sought-after platform into their own Oanda trading platform, but only by  invitation.

Oanda offers a modernized Forex trading platform. Therefore, you will find mobile trading opportunities, too. There are several options for mobile trading, which include BlackBerry, Android and iPhone. Generalized mobile trading platforms, called fxTrade Mobile, is included and designed to work with all the other mobile phones.

Honestly, Oanda’s Forex trading platform seemed sufficient to us. However, traders who prefer MetaTrader 4 exclusively may want to consider other better options.

Features

Inspite of the incompatibility with the most popular MetaTrader 4 platform, Oanda offers some really notable features, which augments the experience of Forex trading with this service. One of the most unique features we found is the desktop trading application that essentially helps in creating a shortcut through which a trader can access the Oanda account instantly. This feature, however, needs JAVA enabled platform.

We would like to mention another useful feature – the ability of Oanda to create real time “box options.” To be more precise, Oanda helps the trader to mark his personal indicators on the trading graphs so that it is easy to track the currency pairs and determine the next move. Likewise, the Exchange Rate Ticker Widget of the website also enables users of real time as well as demo versions of Oanda to receive their real-time rate of exchange for up to 20 pairs of currency.

Interestingly, Oanda also offers an astounding range of trading tools. In course of the review we identified the currency converter used by Oanda, which is now available in more than 10 languages, to be useful, although not unique in entirety. Furthermore, Oanda also offers FXLabs, which allows the use of new tools developed by Oanda, thereby enhancing the trading experience of users. Among the mentionable tools of Oanda, charts, live feed information, historical data relating to several currencies. You will also find FXManager platform and FXContest platform, which will allow users to compare their performances with other successful users.

Help and Support

Customer support and help is available for Oanda users. The customer support team operates 24/5. To be specific, support and help is available from Sunday 4pm through Friday 4pm EST. Overall, Oanda’s customer support is more impressive than most of the top Forex brokers, if not better. Their response to email and chat inquiry has been phenomenal; in fact, prompt reply is one of the greatest fortes of Oanda’s customer support team.

Besides their customer support, we were also pleased to find a very well-organized and coordinated help center that includes articles and other helpful videos and how-to explanations. There are write-ups related to forex principles and certain tasks associated with the use of Oanda Forex trading platform. However, as there are several services offered by Oanda, you will have to find out relevant information you are looking for through the search panel.

Summary

Before concluding, here are some points that may be important for users to know. It is critical to note that this trading platform needs you to disable the popup blockers. It is also important to note that the site doesn’t function at its best when used in Chrome; therefore, try other browsers like Firefox or even Internet Explorer.

When you are opening a real time account, you are given the choice of up to 7 currency pairs. You can even select the preferred leverage for trading. Oanda offers lower leverage as compared to other platforms that limits risk.

Oanda boasts its ease of accessibility and provides discussion forums to users from anywhere inside the trading platforms or sites.

With all the services, forums, products and resources, Oanda is a comprehensive Forex trading platform.


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