OANDA ReviewOANDA Review
OANDA is a multi-faced financial services Forex and CFD broker and market maker. Founded in 1996, OANDA is based in New York and is available for traders in the U.S., Canada, Asia and Europe. The company has been the recipient of several international awards and is regulated in six different countries under NFA, CySEC, ASIC, CFTC, MiFID, and FCA.
Read our description of OandA below, or take our video tour to determine if this top Forex broker is right for you.
OANDA was the first broker in 1995 to offer a broad range of currency exchange-rate information free of charge over the Web. Today, it possesses one of the world's largest and most accurate databases of currency rates, handling more than a million queries a day. The FxTrade trading platform was launched in 2001.
OANDA offers a standard account and there is no minimum deposit required to open it. A demo account is available for traders just wetting their feet in Forex trading. Unlike most other Forex brokers that offer the demo for a limited time, OANDA’s fxTrade Practice is available for as long as it takes a trader to beef up his trading skills before opening a real account.
A 100,000-unit starting balance or profit/loss can be reset at any time, and leverage can be changed to test a trader’s comfort level. Maximum leverage is 50:1. OANDA offers over 70 currency and precious metal pairs.
There are seven excellent trading tools available at OANDA.
MotiveWave is a professional charting, technical analysis and trading platform which enables traders to quickly and easily perform detailed traditional analysis using cycles, trend lines, channels, forks, studies and more.
MotiveWave Trading Tool
FinGraphs is based on a pre-set technical analysis that features straightforward tools to identify possible trends, calculate possible price targets, and highlight levels of risk.
FinGraphs Trading Tool
OANDA Market Reports is powered by Autochartist and a quick overview of the state of the markets is delivered to the trader's inbox before they start their analysis for the day. Automated traders can also use the Autochartist program to customize MT4 and automated OANDA technical analysis indicators. Market Reports offer a technical outlook of the Forex markets for the next 24- to 48-hours.
Also powered by Autochartist as a MetaTrader 4 Plugin, is continuous technical analysis featuring ongoing intraday market scanning, automatic chart pattern recognition, pattern quality indicators, and automated alerts for specified patterns.
Technical traders can also avail themselves of candlestick patterns to try to predict future price movements.
A clear description of each of the above tools is provided on the website accompanied by relevant graphs when applicable.
The Forex Order Book is a 24-hour summary of open orders and positions held by OANDA's clients. This unique feature compares OANDA's clients' open orders and positions for any major currency pair. These two utilities are part of OANDA’s suite of decision-making software tools.
Forex Order Book
OANDA is proud of its updated currency converter which can be easily accessed by a tab at the top of the home page. OANDA's currency calculator tools use OANDA Rates, the touchstone foreign exchange rates compiled from leading market data contributors. These rates are trusted and used by major corporations, tax authorities, auditing firms, and individuals around the world.
OANDA's Currency Converter
In addition to the rates details, traders can create their own personalized ‘travel cheatsheet’ with a chosen currency pair which can be printed out, folded and used anywhere and anytime.
The currency converter is available for mobile devices such as Android, Blackberry and iPhone.
There are several areas of education at OANDA’s Academy. In addition to video training on a number of topics, there is a choice of interesting articles for both beginners and advanced traders. Interviews with top traders in a variety of markets contribute an interesting mix of different methods and strategies within the Forex industry.
Updated news reports from several different media sources are available on OANDA—MarketPulse, 4Cast, and the Dow Jones FX Select which provides Forex trading professionals with real-time breaking news, expert trend analysis, and in-depth policy commentary developed by a global team of Dow Jones business news reporters and editors.
The Commitments of Traders (CoT) is a weekly report published every Friday at 3:30pm and issued by the Commodity Futures Trading Commission that aggregates the holdings of large speculators, mainly hedge funds and banks in the U.S. futures markets where commodities, metals, and currencies are bought and sold.
OANDA also offers a series of live informative webinars on a number of subjects that are suitable for both new and experienced Forex Traders. Subjects such as ‘Basics, ABC’ and ‘Getting Started in Trading’ are offered as beginner webinars. There are also intermediate topics as well as more advanced subjects. Examples of these include ‘Avoiding False Breakouts’ ,’ Risk Management: A Key Component of your Trading Plan’ and ‘Fibonacci Retracements and Clusters: An Advanced Look at Trend Formation.’
A well listed economic calendar is also available.
OANDA is regulated in six different countries under the local regulatory boards--NFA, CySEC, ASIC, CFTC, MiFID, and FCA.
Traders can reach customer support via email, Chat during local trading hours and by posting a question online.
Deposits can be made into the OANDA account by check, PayPal, Bankwire or Credit Card.
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. Not all brokers supply this.