Oanda Review

July 23, 2015

Oanda is one of the biggest Forex and CFD brokers in the industry. They have a strong global presence and have offices in England, Canada, Australia, Singapore, Japan, and the US. Oanda is highly regulated (registered with 7 regulatory bodies) including the FCA.
 

 

The Platform

 

Oanda has the option of their own bespoke trading platform as well as MetaTrader. Their own platform, fxtrade, is available as a web-based platform and on mobile devices. Oanda's trading platforms offer New York close charts and the option of 2 other chart closing times, something I have never seen with any other retail brokers.


FxTrade is highly versatile and customisable. I would go as far as saying that it is the best trading platforms for CFD trading that I have used. Execution is quick, I have never been re-quoted and the charts are great for price action and other technical analysis. All charts are detachable, which is ideal for computers with multiple monitors.

 

Spreads & Instruments

 

Another reason why I love Oanda is that spreads are variable and very competitive on all financial instruments. Many brokers offer tight spreads on specific currency pairs or other instruments but have astronomical spreads on some of their other products. Oanda offers a tight spread on every instrument, no matter how exotic. Spreads are low but do raise significantly during news events and overnight, this can put some traders off swing trading as spreads can raise by 3-4 times during night hours.


From the single platform you can have access to an 'endless' list of currency pairs (great for traders that like to trade currencies such as HKD, TRY, SAR, SGD, etc.), a wide range of indices (including SMI Futures, EuroStoxx, and a handful of Asian markets), commodities, and treasuries. Equities are currently not offered by Oanda.

 

Summary

 

Oanda was one of the original brokers I opened an account with and I highly recommend them and their fxtrade platform. They are ideal for traders looking to day trade, overnight spread widening may put off some swing traders.

 

Click here to open an account with Oanda

 

 

 


 

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