Oanda Review – Trading With Oanda
Oanda, a market maker broker that I don’t think need a lot of introduction. Oanda’s name is bound to pop up on your computer screen sooner or later if you are looking around for a Forex broker.
They are one of the pioneers of online Forex broker, established since the mid 90s and regulated in the following countries, US, Canada, UK, Japan, Australia and Singapore and with offices in those countries too.
Oanda Trading Accounts
They offer leverage of 20:1 or 50:1 with no minimum trading lot size if using their fxtrade interface. However if you are using Oanda MT4, then you need to trade in lots size ranging from micro to standard. And there will be discrepancies if you are looking at your MT4 interface and have place trades in the fxTrade platform because the MT4 interface is not able to show the proper numbers for any size trdes.
Deposit and withdrawal of funds is very easy and convenient, cheque, credit card, debit card or wire transfer are accepted.
There’s also no minimum deposit amount required but you have to take note that the minimum lot size for trading on MT4 is a micro lot and your leverage if 50:1. So you have to ensure that you deposit enough to fulfil this amount in order to place a trade.
This is great flexibility for one to foraging into the Spot Forex market where you don’t need large capital to start trading.
They also pay interest on positions held by you for all currency pairs. Interest is calculated continuously, second-by-second and this could also work to your advantage.
Oanda offers both web based trader and MT4 trading platforms.
With their fxTrade webtrader, traders can access this trading platform from anywhere in the world thus making trading easily accessible.
They are also committed in helping traders become successful offering very comprehensive educational events and arming them with knowledge to help them trade confidently.
To Trade With Oanda Or Not?
As with every broker, you will find supporters and those who are against them. I have traded with Oanda for 3 years now and don’t have a problem but there’s one thing I would like to point out if you are planning to trade with them or already doing so but not aware of.
Their spreads do open up before and during critical news release. It’s not permanent and only last for awhile and then spread goes back to normal after that. So with that in mind, it would be best if you avoid trading during those time as to avoid unnecessary stress or unhappiness due to pending trades opening or open trades closing due to stop loss hit because of the spread opening.
Please not that I only use Oanda to trade higher time frame, H1 and beyond. H4 and Day works better for me.
To conclude, with a long established history and regulated in many countries with no minimum deposit and trade size, Oanda remain a very popular broker among many traders, me being one of them.
Good luck and safe trade!