OANDA serves a wide range of traders by delivering the same powerful tools across several easy-to-use and robust platforms. Forex traders have excellent access to deep historical exchange rate data.
Multiple platforms have everyone covered
The FXtrade platform can be desktop based or web based, and the web version is compatible with most major browsers. OANDA’s Meta Trader MT4 product delivers the same tight spreads and customizability to more professional traders. Both platforms integrate seamlessly with mobile applications for account access on the go.
Versatile mobile platform
The mobile platform is available for iPad, iPhone, and Android. The charting functions within the iPhone app are terrific. The app gives a trader the ability to choose a type of chart, add overlays like a moving average, and draw trendlines. You can set price alerts, access news, and make adjustments to your portfolio from the easy navigation.
Solid educational tools for learning the basics
The forex market can be complex to understand, and OANDA does a great job of explaining the basics from the start, including the history and evolution of the market. OANDA helps you take a deeper dive into conducting fundamental or technical analysis. You can even watch detailed videos to learn how to navigate the platform and place your first trade.
One of the largest currency databases in the world
Traders looking to backtest strategies can access of one of the largest high-frequency currency databases in the world. Exchange rate data is provided free of charge on the currency converter tab. For deeper analysis, you can subscribe to the data feed, which lets you download the most up-to-date currency data in XML or CSV format.
OANDA is a market maker, which means they have the ability to set both the bid and the ask price, thereby controlling the spread. In contrast, an ECN network combines prices from many market participants to present the best spread. Market makers also can have a conflict of interest by trading for their own account. However, OANDA’s mechanism is highly automated, which dispels many of these concerns.
Lacks any access to other U.S. investment product
Many other brokers offer access to other trading products either through separate accounts or within the same account. European clients do have access to several CFD products, which are similar to futures, but usually have smaller contract sizes and are not traded through an organized exchange. Professionals or beginners looking to branch out into other products may want to consider other options such as MB Trading or thinkorswim.
Costs and Fees
- Forex Trade: $12
- Forex Trade Cost Type: Pips
- Futures Trade: N/A
- Minimum Deposit: $0
- Options Trade: N/A
- Stock Trade: N/A
- Clearing Method: Market Maker
- Maximum Leverage (International): 50:01:00
- Maximum Leverage (U.S.): 50:01:00