RatingFX: independent rating of Forex brokers
About the company:
OANDA is one of the pioneers of online trading in the world. The company was founded in 1996 by computer engineering professor Michael Stumm and Dr. Richard Olsen, a specialist in econometric research.
OANDA offers two trading platforms MetaTrader4 (MT4) and FXTrade WebTrader.
FXTrade has simple but efficient interface and fast execution speed. According to OANDA, the platform executes deals in less than a second. The platform has the function of charts plotting; traders can test their trading strategies, view financial news and market analysis from leading news providers.
Moreover, OANDA offers the MetaTrader 4 platform, which is very popular as it allows traders to fully automate their
transactions. Tech-savvy traders can build their own automated trading systems with the help of OANDA FXTrade API.
The line of trading assets includes currency pairs, indices, commodities and bonds, CFDs and precious metals.
The good news is that OANDA does not require the minimum deposit to open an account, leaving the decision up to traders. This is especially attractive to those who are not ready to invest a lot of money. The company has one standard account category.
Commission and spreads
The broker offers floating spreads. For the EUR/USD pair, the spread is 1.4 pips on the whole, which is the average in the industry. Spreads for indices start from 0.5 pips.
Clients can make use of commission-free trading as OANDA does not charge commission for its services and for maintenance of accounts. The broker’s earnings come from spreads.
Education and analysis
Traders can learn with the help of video training and webinars. They can monitor up-to-date financial news and experts’ analysis of market trends. In addition to this, traders can take advantage of the economic calendar and articles about Forex, which can be interesting for both newcomers and professional traders.
Client support service
The client support service is available round-the-clock from Sunday (13:00 EST) until Friday (18:00 EST). For more efficient communication, clients are offered to choose the product with which they have difficulties so that they are automatically connected with the right specialist.
Traders can ask their questions by phone, email, fax, chat or by visiting the company’s office in the US, Canada, the UK, Tokyo, Australia, or Singapore.
OANDA is regulated in six countries by local regulatory bodies – NFA, CySEC, ASIC, CFTC, MiFID, and FCA.
The popularity of the broker among traders is due to the option of automated trading, absence of requirements for minimum deposit and trading volume.
Oanda 8/10 (votes 4641)