Online Top Choice helped me choose exactly the right platform that suited me best. As a beginner, that little extra help and information to get started was closer than I thought.
- Sarah C. Chicago IL
Oanda is an American forex brokerage platform founded in 1996 to provide reliable and trustworthy forex brokerage services and 69 currency pairing to traders looking to trade from an upgraded MT4 trading platform. However, today, Oanda has established itself in the forex market, offering 124 trading instruments, currency management solutions, and corporate FX service to a global audience.
Oanda has its headquarters in the US, with a number of global offices, from London to Tokyo. In fact, Oanda has its clients spread across 196 countries. However, the countries where it has attained a license to operate include:
Trades conducted on the Oanda brokerage platform are regulated by government regulatory agencies in the countries where it operates. These regulatory agencies include the National Futures Association (NFA), Monetary Authority of Singapore (MAS), Financial Services Authority (FSA), and the Investment Industry Regulatory Organization of Singapore (IIROC).
When reviewing its offering, Oanda is a lead currency data exchange platform, offering a wide range of advanced instruments including forex, CFD, currency pairs, commodities, indices, futures trading, bonds and metals, commodity futures, etc. Oanda also offers exchange rate services and corporate FX payments to a wide range of investors and corporate organizations. With over 100 instruments to deal with, there's no shortage of investment opportunities in Oanda.
However, it's important to note that futures trading is only available in some regions. The company typically advises verifying what's applicable in your region before you begin trading.
Oanda advertises its platform as a top-level platform built to protect all its customers and their trades. Therefore, it's not surprising to see how well they adhere to tighter spreads and custom platforms that simplify the automation of trading strategies. Oanda understands what execution means to traders, and that's why they've incorporated a new proprietary v20 execution engine to execute trades in milliseconds. The platform exists in different versions to meet the needs of various sections of an international clientele.
Oanda Trade, the proprietary platform used by Oanda, is classified by many users as easy to navigate and versatile. The platform supports web trading, mobile trading apps, desktop trading, and MetaTrader4.
Web trading allows easy access on any browser. On the other hand, desktop trading is only available for desktop and laptop screens. The desktop platform features full suites and robust capabilities for advanced traders that want to access advanced charting techniques, institutional quality backtesting, streams of accurate financial news from reputable providers, etc.
Traders who are always on the go can turn to the mobile trading platform, which has several outstanding functions to make trading easy. A critical feature of the mobile platform is the availability of several languages supported by the specifications for non-English customers that want to access the app in their languages. The mobile platform is available for Android and iOS users.
Finally, users that prefer the MetaTrader4 option can still access it on Oanda. Here, you can install the pattern MT4 plugin to help with technical analysis.
Apart from the demo and corporate account options, Oanda offers only one form of account to all its customers. However, you can open up to 19 sub-accounts, depending on what you want to do on the platform. The possibility of opening more sub-accounts is great for traders that intend to operate different base currencies under one account. For example, you can operate GBP and EUR sub-accounts under your USD account.
If you are a newbie or still trying to grasp how trading works, you can start with a demo account. As usual, the demo account is not very different from a real account except for the availability of virtual demo currencies and unlimited time. It offers you all the time and virtual demo money to learn the intricacies of trading. Once you've practiced enough with the demo account and feel you are ready to trade, you can register for a real trading account and begin trading.
There are several deposit options available to Oanda users. However, we recommend verifying complaint conditions specific to your area before opting for a payment option.
Please note that figures may change from time to time. Please check the Oanda website for the most recent and up-to-date information on fees and commissions before trading.
Oanda advertises its low fees as a comparative advantage to many other platforms. The absence of big fees (hidden or otherwise) makes it a cheaper option than traders are generally used to. You'll usually be requested to pay a small, flat fee + a fixed percentage of the transfer fee. What's fascinating about this is that you'll see your total fees before committing to any trade.
However, please note that some payment methods may attract additional fees, but that's usually very insignificant. Oanda always offers you the real, mid-market exchange rate with zero markups.
Oanda scores highly in customer reviews and ratings, and it's not so hard to see why.
Their setup is pretty easy to understand. They also have a range of product offerings with competitive pricing. Their sophisticated trading platform favours both newbies and advanced traders. Therefore, it's not surprising to see that Oanda consistently impresses when compared to many other popular brokers and FXCM.
However, there are still a few areas where they can do better in. For instance, their customer support response time can do with some improvements because traders who prioritize quick and reliable support may not fancy the present response time.
Overall, we've found that Oanda remains attractive to customers of different trading backgrounds all over the world.
Oanda targets traders that are looking for a platform that offers several trading instruments in one. With Oanda, you can access several currency management solutions and corporate FX services from different locations worldwide. Traders are usually attracted to the many attractive features of the platform, such as pricing transparency, lack of minimum deposit, technological optimization, etc. A significant reason the broker has gained so much trust and popularity among traders is its operation on a solid background of successful and reliable background with global business giants.
★★★★★
Spread bets and CFDS are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.
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We carefully assess each forex broker to strict standards and compare them across a wide range of criteria. Although each forex broker will always have a slightly different set of advantages and disadvantages to their platform, the assessments are based on general performance, reliability, bonuses given, and other factors which are usually found or sought after in all forex broker platforms.
Online Top Choice helped me choose exactly the right platform that suited me best. As a beginner, that little extra help and information to get started was closer than I thought.
- Sarah C. Chicago IL
An excellent service and it came just at the right time. After several unsuccessful attempts at a previous unknown forex platform, this was what I needed. Thank you Online Top Choice!
- Patrick R. Los Angeles CA
Choosing the right platform that I will stay with for a long time made me nervous. And with so few good comparison sites for Forex, I thought I'd never decide... until I stumbled upon Online Top Choice.
- Jennifer D. London UK