When you’re looking for a broker, a few things will jump out at you either way. One way are the good traits: trust, regulated, easy navigating, simple trading tools, informative. The other way are things that jump out at you in a negative light. Things such as: bad customer reviews, no information or education readily available, limited trading options, and such.
Luckily, for you, this review circles around a broker, who has a pristine reputation and over 20 years of innovative ways to engage in Forex trading.
In The Beginning
Oanda has eight major financial centers throughout the world, while its main headquarters is New York City. Launching back in 1996, Oanda was founded by economist, Dr. Michael Strumm and Dr. Richard Olsen.
From what was a startup aggregate for currency trading information that has developed into an online successful currency based trading company, Oanda was one of the first tech companies to help pioneer that economic field.
Widely Acclaimed and Regulated
Winning several international awards for, Oanda has clients in 196 countries and is a member of 6 major regulatory bodies including: CFTC, ASIC, FCA, IIROC, and Monetary Authority of Singapore.
Account Types
Signing up online is quick and easy with Oanda, and is literally a matter of minutes with minor to little information involved. Oanda is limited on account types to erase any kind of confusion to a beginner. So if you don’t like being overwhelmed by different types of accounts, Oanda will make a great fit for you.
Also, aside from the “standard” account Oanda offers, they also option a “Demo Account.” This is free, and allows you to practice or observe for as long as you like until you get the handle of CFD and Forex trading.
With the standard account, there is no deposit required and no minimum on trade amounts. You do have to have at least a dollar, however, in your account to keep it going.
Oanda is compatible with mobile units such as IPad, IPhone, and Android. And with the ability to choose whichever platform you desire, you can either trade using the industry accepted Meta Trader 4 or Oanda’s API trading tool. There’s five platforms in all to choose from, making this a very versatile broker for your Forex trading requirements.
Trading
Since there’s no charged commission (a positive) with Oanda, the standard for Forex and CFD’s is paid by pips. For spreads on Indices, you will pay as low as 0.5 pips, which is below the average of major Forex brokers. The standard is 1.1 pip.
Oanda may have some of the most advanced charting tools you could ask for. Proving why they are highly acclaimed in the industry, Oanda showcased leading indicators and drawing tools that be used on your desktop, web, or mobile platform.
You can also place limits, which is great for disciplinary reasons, and stop orders. Oanda is equipped with all the technological industry tools (65+!) like moving averages, bolling bands, volume, balance of power and more.
Withdraw And Payment Methods
Most withdrawals depending on country, which they have listed into detail, will take about 1-3 business days to complete. This applies to bank wire transfers as well.
For payment methods, you can pay with major credit card, debit, bank transfer and Paypal.
Get Creative
Oanda allows you to custom make your own charts with their drawing tools. You can use pitchfork, Gann fans, or Elliot waves to analyze the market and for your own reference.
Another great feature you can take full advantage of is Oanda’s chart intervals. These charts allow you to analyze history to current trends in prices from one month to five seconds ago. You can also custom make your own time as well.
Live Chat
I think one of the more underrated and yet most appreciated features of any broker’s website is, Live Chat.
Oanda has a wide array of options with their live chat in relation to preference. All you have to do in order to speak with a Forex or CFD specialist is: enter your name, email, put in live account or no account or demo account, select your language and then choose which preferred regional office you would like to chat with. The offices can be North America, Europe, Asia Pacific, and Australia.
This is a great way to obtain knowledge if you are unsure of how something works or just to gain some more insight from someone who has success or is aware. Great tool to utilize.
Currency Converter
Oanda is loaded with knowledge on their site, and they don’t disappoint with their “Currency Converter.”
Put in the currency in which you have, and then put in the currency in which you want. You select the amount and then just like that it will give you the conversion rate.
You can also embed their Currency Converter as a widget, by copying and pasting their code in a box and put it onto your own website. Talk about generous resources. It’s a small plugin and won’t affect the flow of your website.
With the Currency Converter, you’ll get all the details between the currency pairs, a traveler cheat sheet, and an option to print out your findings. This broker truly goes up and beyond for their customers.
So what can you expect from the Converter? Expect to get the results you want to get a true conversion rate. Many travelers and companies utilize Oanda’s Converter for their travel exchange needs. It’s just an added bonus and extra ammo when you need to make a decision on who to go with for a broker.
Instruments
Aside from some of their resourceful tools, you want to know about what they can offer you as far as trading instruments are concerned.
Note: U.S. customers can’t trade with CFD or precious metals, but as a south african, that is no reason for worry, of course 🙂
Oanda has over 90 currency and precious metal pairs to choose from. Trade CFD, bonds, commodities, and indices.
Examples:
Commodities: Natural gas, crude oil, wheat, and corn.
Precious Metals: Gold, silver, and platinum.
Demo Account
If you are like me, you always look for a broker that will throw a bone here and there. That bone is in the form of a Demo Account. Like most accounts, it allows you to observe, train yourself, and learn all the ins and outs before you go live with an actual standard account. It’s take only a few seconds and questions to complete and you’ll be ready for your Demo in no time.
Education
You want a broker, who cares about sharing the expertise with you. Oanda isn’t an exception, and they do a great job keeping everything simplified and out in front. Even when you to a different trade section, they add a “FAQ” section for common questions and answers you may need. That’s extra insightful and appreciated by most investors.
For their education section, you get an intro to currency trading, terminology, history of Forex and currency trading, insight on commodities and precious metals and much more.
Oanda has an extensive video on demand library for those who don’t feel like scouring through page after page of intelligence. This is available for your viewing pleasure day or night, and you can also take advantage of their webinars.
Any experienced trader can benefit from the educational tools they provide for you. They also have language options in English or Mandarin.
On top of that, Oanda’s “Press Room” has a score of information, as well as today’s Forex news. From everything going on in the Industry to press releases, media coverage, video, and commentary. You’ll never be short on info when you click on Oanda’s site.
Pro’s
l Five platforms: web, desktop, mobile, metatrader 4
l Customer service in 9 languages.
l Regulated by 6 of the most prominent regulatory bodies.
l Low pips and spreads.
l Extensive education and resource guides.
l Very simple to use website and mobile platform.
l 24/6 customer service.
l No minimums on trade amounts.
l No deposit required.
l Demo account.
l Mobile phone receives notifications to keep you close to the action whenever you want it.
l 20 plus years of experience.
Con’s
l No option for CFD or Precious Metals in U.S.
l Market Makers: They make the bid and ask the price.
The Final Words
When you look for a broker to invest your money with and need a company to rely on, you want a company that is regulated and follows certain codes of conduct. Oanda not only does that, but they far exceed many brokers in that department being heavily regulated by several prominent bodies and in good standing.
Throw in their competitive pips or spreads, their no minimum deposits and trade amounts, it’s no wonder that Oanda is highly rated in the industry.
With their Live Chat, Press Room, over 100 trading instrument, quick and effective payment process, transparency in their client base, and their five trading platforms…Oanda is a certainly a company, that will continue to separate itself from the others and rise. Finally, Oanda, with all of their goods and very minimal disadvantages, is a broker that you should put your trust and dollar in.