Oanda is one of the long-running forex brokers online with many currencies to choose from, including the most exotic ones, such as Indian Rupee. This broker suits all traders around the world, providing its services to all. Oanda works as a dealing desk brokerage.
There are several platforms to choose from, including MetaTrader4, their in-house platform FXTrade, web-based platform and mobile interface.
FXTrade has been in use for years and deserves its title of reliable platform. It is Java based and is accessible anywhere with internet access. The demo account simulates FXTrade platform and is available for unlimited time, allowing you to practice and earn some skills before opening a real account.
The mobile version of the platform runs on iPhone, Android, BlackBerry and other smartphones and tablets.
One of the notable features of OANDA is the ability to make your own ‘box options’ in real time. This way the broker allows you to mark your indicators on the charts so you can track the currency pairs to find the next move. Exchange rate widget shows both real and demo traders real-time exchange rates for up to 20 currency pairs.
Oanda reviews its competitive low spreads on major currency pairs. Keep in mind that during market volatility, spreads widen considerably, especially during the important news press releases. Overall, you can see spreads as low as 0.9 pips on currency pairs such as EUR/USD and USD/JPY.
The flexibility of the broker allows traders to take advantage of trades with as little as 1 unit of the base currency. Weekend trading is possible and US traders are acceptable.
Maximum available leverage only goes up to 50:1. This is relatively low compared to other brokers, such as AvaTrade, FXCM and Instaforex. There isn’t any limit on minimum dealing size. The supported languages include English, Chinese, German, Japanese and Spanish.
The registration is unusually long and detailed with five step process. There is a very sensitive fill-in questionnaire which requires the answers to questions such as by whom you are employed and what your job title is. Documents such as ID and proof of residence needs to be uploaded during the sign up, which is a big turn off compared to most online forex brokers today with couple of seconds registration and ready-to-trade policy.
Deposits and withdrawals are processed via check, Credit cards, PayPal or Wire transfer. There is no minimum deposit requirement, so you can start with as little as $1.
Promotions and Bonuses
One minor disadvantage of the broker is that the lack of promotions and competitions. Oanda traders say that sometimes there are small deposit bonuses, but currently there aren’t any special offers.
During the course of the following OANDA review, we have found and tested Oanda support via live chat, email phone and fax, available from Sunday until the end of the trading hours on Friday. Several languages are supported and there are representative offices in Singapore, New York and Dubai.