- Large choice of assets
- Small spreads
- Low leverage
- Unlimited practice account
- MetaTrader4 platform not easily available
- Unclear web pages
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Oanda is ranked #5 of 267 Forex Brokers.
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OANDA is a multi-faced financial services Forex broker. The company has been the recipient of several international awards including Best Forex Provider 2012, Highest Client Satisfaction 2012 and more. OANDA is based in the New York and is available for traders in the U.S., Canada, Asia and Europe. No regulation was cited.
Maximum leverage: 20
Minimum deposit: None
Languages available: English, Chinese, German, Japanese, Spanish, Russian, Portuguese, Korean, Italian
OANDA’s primary trading platform is called fxTrade. The demo version is referred to as fxTrade Practice. Unlike most other Forex brokers that offer a demo for a limited time, OANDA’s fxTrade Practice is available for as long as it takes you to beef up your trading skills before opening a real account. You can also reset your 100,000-unit starting balance or your profit/loss at any time, and change your leverage to test your comfort level. Leverage starts at 20:1. OANDA offers over 90 currency and precious metal pairs on this platform.
OANDA’s platform does not offer the MetaTrader 4 platform, but does provide full access to MetaTrader4 tools such as graphs, algorithms, and customization features. An fxtrade account must be set up first before downloading OANDA MetaTrader4 software. Trading thru MetaTrader 4 can be done in 17 languages.
When opening an account, you can choose from seven available currency options. You can also select the leverage you want for your trading. OANDA offers much lower leverage than other platforms, which limits the risk. OANDA recommends a leverage of 1:20, though they offer a maximum of 1:50.
OANDA offers a range of useful trading tools. Their currency converter, which is available in over 10 languages, appears right on the front page and is quick and easy. Once you have registered and opened either a practice or real account, you can make use of OANDA’s Exchange Rate Data Feed which integrates OANDA rate feeds directly into your internal systems or can be used to enhance your website with customizable widgets. In fact, according to OANDA, leading companies depend on OANDA's currency data feeds and web widgets as the authoritative currency source for their back-office operations and websites.
With OANDA’s Trade Leader’s Program (OTLP), powered by Currensee Trade Replication Technology, you can follow the trades of a select group of experienced Forex traders and automatically replicate their trades in your fxTrade sub-account. You can also modify your account by adding, modifying and deleting Trade leaders and can monitor your account in real time.
Traders can use the OANDA fxTrade API libraries to build automated Forex trading into their software systems. Automated Forex trading actions include stop loss, take profit and entry orders as well as access to past trading transactions. OANDA prides itself as offering the lowest spreads in the industry.
OANDA FX Labs
In addition to all the above features, OANDA offers FXLabs, a new tool OANDA has developed which allows users to test the latest developments from OANDA's engineers and send in their comments.
Other tools include live feed information, charts, comparisons and historical data as it relates to different currencies. Their Correlation Table allows you to compare how currency pairs have moved relative to each other and to analyze your portfolio exposure and risk. With their Volatility Graph you can zero in on which currency pairs show the most significant price fluctuations over various time periods.
OANDA offers the gambit of educational tools including videos and webinars. It also makes suggestions of available books to purchase to enhance your Forex knowledge. Customer service is available 24 hours a day, 5 days a week via chat, email and phone.
While doing the OANDA review, I found navigating the pages to be somewhat laborious and I had trouble returning to the landing page from some of the other pages. Despite this, I found that OANDA is a company that offers Forex traders everything they need in a transparent and user-friendly manner.