REVIEW - OANDA CFD Broker

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Oanda is a United States-based forex trader that has gained popularity in recent times owing to its service provision. It was formed in the year 1997 in New York City with the aim of providing exemplary forex trading conditions. Over the two decades that it has been in operation, it has managed to surpass this aim and acquired many clients around the world who appreciate its services. This has prompted Oanda to expand to other territories and states to offer its services in ear proximity to its clients.

Its mode of operation has subsequently earned it superb credence in the forex sector as well as awards pertaining to the same.

Features

• Traders from the USA
• API capabilities
• Web-based platform

Trading Accounts

To be able to execute trades on the various trading instruments that Oanda offers, you will be required to open a trading account. Oanda has two types of trading accounts which have been distinctively designed to meet individual trader needs.

Trading Features:

• Scalping
• Trading with expert advisers
• Trailing stop
• Trading 24 hours a day

These account types are the demo account and the standard trader account.

Demo Account

The demo account is a specially designed trading account, that as its name suggests, is meant for demonstrations and tutorials. It is meant to train inexperienced traders who have no idea of the forex trading concept, more so in execution of the trades.it is free to open and requires no deposits as it will utilize virtual funds to help the trader execute trades in a simulated environment.

Standard Account

The standard account is an account type that is suitable for both novice and experienced traders. It has the following features:

• Base currencies accepted are the United States dollar, the Japanese yen, the Canadian dollar, and the Australian dollar among other units.
• Access to a vast range of trading instruments from CFD's, metals to energy sources. Market type of execution.
• Floating spread type.
• Allows for scalping.

Security of Funds

Oanda as earlier indicated was founded almost two decades ago and it has managed to be a very great name in the forex industry due to its utter resiliency. It has managed to spread its tentacles to other territories. With this, it has also integrated its site to accommodate various languages for its accessibility to all its customers.

It has made great strides mostly due to its great customer service. The services are provided in great trading conditions as well as its great customer service. It has invested in among the best staff who are highly qualified and ensure that the site is up to standards. They are also dedicated to offering the best customer service and are available round the clock to answer the various arising customer queries.

It has set base in many countries around the globe such as the United Kingdom, Canada, Singapore, Japan, and Australia apart from its headquarters in New York City. In these various territories, it has proved its legitimacy and credibility by being compliant by the standards set by the various regulatory authorities in these countries.

Among the licenses that Oanda has received are as follows:

• It has a license from United States’ commodity futures trading commission that allows it to operate in the United States.
• It is licensed to operate in the United Kingdom by the financial conduct authority (FCA).
• Authorized to run its operations in Singapore by the monetary authority of Singapore (MAS).
• It has a license from Australia’s Australian securities and services commission (ASIC).
• It is authorized to operate in Japan by the local financial bureau.
• It is also a member of bodies such as the national futures association (NFA) of the United States.
• It has a license from the Canadian investment industry regulatory organization of Canada that allows it to operate in Canada.
• Among the rules set by these regulatory bodies, is the one which safeguards clients’ funds.
• Oanda is compliant with these laws and has put up the following measures to ensure so.
• Using segregated bank accounts to separate clients’ funds from the company’s funds.
• Keeping the clients’ funds with credible and trusted banks.

Trading Conditions

Minimum Initial Deposit

Oanda does not have a minimum initial deposit.

Spreads

Floating spreads starting from 1.3 pips.

Commissions

No commissions are charged at all.

Trading Platforms

In order to enhance its clients’ trading experience, Oanda has invested in some of the best trading platforms. These trading platforms are advanced technologically and come with very excellent features t boot. The trading platforms include the Meta trader 4 trading platform, the desktop trading platform and the mobile trading platform.

Meta Trader4 Trading Platform

Among the best trading platforms, the Meta trader4 is beloved as a trading platform due to its many features which include:

• Advanced charting and analysis tools
• Good statistical layout
• Customizable indicators
• It has a user-friendly interface

Desktop Trading Platform

The desktop trading platform comes as desktop software that you will download and install to your personal computer. Among its many features include:

• Compatibility with most desktop operating systems
• Comes with advanced charting and analysis tools
• Has a vast range of drawing tools and customizable indicators
• It is lightweight hence it will not take much of your device’s storage space
• It is easy to use courtesy of its user-friendly interface

Mobile Trading Platform

The mobile trading platform is the downloadable application that will allow you to trade from your mobile device. Its features are as follows:

• It is very easy to download and launch from its download site
• It is a lightweight application hence won’t take much of your phone’s storage space
• Has advanced charting and drawing tools
• It is easy to use.

Promotions

Oanda offers promotions and bonuses occasionally but at the moment it doesn’t seem to have any running at the time of writing this article.

Withdrawals and Deposits

Withdrawals and deposits are easy to initiate and Oanda accepts a host of transaction modes for this. Among the accepted modes include Visa, MasterCard, Neteller, Skrill, and maestro. It also accepts bank and wire transfers. A little fee may be charged on these transactions and it takes a very short time for them to be affected.

Summary

As a client signed up with this trader, Oanda assures a superb service and exemplary trading conditions such as the no minimum deposit. This is a highly recommendable site for those who want to enjoy the services of a credible forex trader.

Reprinted from Topbrokers, the copyright all reserved by the original author.