OANDA is a multi-faced financial services Forex and CFD broker and market maker. Founded in 1996, OANDA is based in the New York and is available for traders in the U.S., Canada, Asia,Europe and Australia. The company has been the recipient of several international awards and is regulated in six different countries under ASIC, CFTC/NFA, FCA, IIROC, JFSA, MAS
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 2 account types, standard and premium, and there is no minimum deposit required to open an account. They also offer 2 pricing models: spread-only pricing and core pricing plus commissions (a commission paid per trade). A demo account is available for traders who are learning to trade Forex. 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 build their 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. Leverage starts at 10:1. OANDA offers over 90 currency and precious metal pairs.
There are many 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 Trading Tool
The OANDA Trading Performance portal, powered by Chasing Returns, can provide you with an in-depth view into your trading habits. Utilizing your trading data and drawing on behavioural science, this platform will help you focus on your strengths while identifying areas in your trading that may be improved.
OANDA Market Reports is powered by Autochartist and gives traders a quick overview of the state of the markets delivered to their 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.
Forex Order Book
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. The open order and open position data is one of many insights which are part of OANDA’s suite of decision-making analytical tools.
OANDA is proud of its updated currency converter which can be easily accessed on their 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.
The currency converter is available for mobile devices such as Android and iPhone.
OANDA's Currency Converter
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. Develop your trading strategy and learn how to use trading tools for market analysis and capital management.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 and on-demand online learning with subjects that are suitable for both new and experienced Forex Traders. Subjects such as ‘Core risk management principles’ and ‘Avoiding commonplace trading errors ’ are offered for beginner traders. There are also intermediate topics as well as more advanced subjects. Examples of these include ‘Avoiding False Breakouts’ ,’Pinpointing trading opportunities with Fibonacciand ‘Psychology pitfalls of a trader.’
A well listed economic calendar is also available.
OANDA is regulated in six different countries under the local regulatory boards--ASIC, CFTC/NFA, FCA, IIROC, JFSA, MAS
Traders can reach customer support via email, online chat or phone during local trading hours and OANDA also offers a thorough FAQ section on their website to find answers to common questions quickly.
Deposits can be made into the OANDA account by check, bankwire, or debit card backed by Visa or Mastercard.
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.Back to Top
Most investors choose their brokers based on the features they offer their clients. OANDA has many interesting features and traders are attracted to it for many reasons.
Most important of all the features at OANDA is that it is regulated in six different countries under NFA, CySEC, ASIC, CFTC, MiFID, and FCA. This is very unusual in the Forex industry where some brokers function without even one regulation. This makes trader from the U.S., Canada, Australia, Japan and the Asia Pacific feel secure and assured that they are dealing with a reputable broker.Back to Top
OANDA’s primary trading platform is called fxTrade. The demo version is referred to as fxTrade Practice.
The OANDA fxTrade platform was designed to reduce CFD and Forex trading costs and speed up execution to within 0.077 seconds or less. That's 5 times faster than a blink of an eye. 98% of the trades are executed within this short time span.
OANDA fxTrade can be accessed at work, at home, or on the road. There is no need for a dedicated trade station, and the Java interface requires no software installation.
OANDA's fxTrade Platform
There many features on the OANDA fxTrade platform.
Real-time market orders and limit orders can be made with one click. Stop loss/take profit, trailing stops, or upper and lower bounds can be used to prevent unwanted order execution in the event of a rapid market fluctuation and traders can update stop losses, take profits, and trailing stops by simply clicking on the graph.
The OANDA fxTrade platform allows traders to see their real-time account balance and Net Asset Value (NAV) at a glance and analyze changes in currency exchange rates, review current trades, review past transactions, or issue buy and sell requests while keyboard shortcuts can be used to navigate quickly through charts and open trading windows.
The OANDA trading platform is available in English, Chinese (Simplified and Traditional), French, German, Italian, Japanese, Korean, Portuguese, Russian, Spanish.
Charts and Graphs
When it comes to advanced charting tools, the OANDA fxTrade platform offers several. Traders can zoom in on short-term trends, or zoom out to see macro trends and can adjust graphing increments from seconds to days.
They can also see real-time rates and spreads plotted directly on the graph, in a variety of different styles.
The OANDA fxTrade platform for Mobile devices allows traders to trade anywhere on an intuitive user interface with fast and reliable execution. They can make trading decisions using real-time charting and advanced analysis tools and can keep up with market movements with price alerts and limit order notifications.
OANDA's Mobile Platform
All the other features of the desk version are also available through the mobile app.Back to Top
- Broker's Name : OANDA
- Headquarter : United States
- Regulation : CFTC, FCA, NFA, ASIC, IIROC, JFSA, MAS
- Type of Broker : Market Maker
- U.S. Clients Allowed :
- Minimum Deposit : $1
- Maximum Leverage : 1:48
- Commissions / Spreads : Variable
- Account 1 : Standard
- Demo Account :
- Islamic Account :
- Segregated Account :
- Managed Accounts :
- Institutional Accounts :
- Deposit Options :
- Withdrawal Options :
- ETFs :
- CFDs :
- Commodities :
- Metals :
- Stocks :
- Oil :
- Gold :
- Binary Options :
- Indices :
- Type of Platform : MetaTrader 4, Proprietary platform
- Platform Languages :
- Multiple Languages
- OS Compatibility :
- Trading Signals :
- Charting Package :
- Market Analysis :
- Chart Trading :
- Automated Trading :
- Scalping :
- Hedging :
- Mobile Alerts :
- E-mail Alerts :
- Trailing Stops :
- Guaranteed Stop Loss :
- Guaranteed Limit Orders :
- One-click Execution :
- OCO Orders :
- Interest on Margin :
- Web-based Trading :
- Mobile Trading :
- Website Languages :
- Multiple Languages
- Support Hours : 24/5
- E-mail Support :
- SMS Support :
- Chat :
Pros and Cons
- Extensive Educational Material
- Highly Regulated
- Accepts U.S. Clients
- Slower phone support
In addition to the OANDA fxTrade platform, traders at OANDA can also use the MetaTrader4 trading perform which offers competitive spreads without any commission.
The MetaTrader 4 platform is totally flexible and offers multiple servers. Traders can view five daily candles per week on the GMT+2 servers. Trading thru MetaTrader 4 can be done in 17 languages.
OANDA's MetaTrader 4 Platform
OANDA’s MetaTrader4 platform offers fast execution; advanced charting where traders identify potential trading opportunities with advanced chart-pattern recognition and automated alerts; and test strategies where traders can set up different sub-accounts for each strategy for increased targeted analysis.
Automated traders can also use the Autochartist program which offers customizable MT4 and automated OANDA Technical Analysis indicators.
OANDA's MetaTrader 4 Automated Trading
Expert Advisors (EAs) are the programs that are used for automated analytical and trading processes. Developed in MetaQuotes Language 4 (MQL 4 trading processes, these programs perform immediate technical analysis of price data, and manage trading activities on the basis of pre-programmed trading strategies.
The OANDA MetaTrader4 platform can be used in the demo account.
In addition to its desktop computer software, OANDA also offers a mobile application which can be downloaded for free for use on iPhone, iPad, and Android devices.Back to Top
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