OANDA is a Forex company that offers currency conversion services, online retail FX trading, online foreign currency transfers and Forex news. Oanda is one of the early pioneers in the world of Forex trading and after all that time the broker is still one of the big names in the business. One of the advantages for the beginners is that at Oanda there is no minimum deposit, which means that you can start with small investments.
Oanda offers over 90 currencies and precious metal pairs, along with CFDs on commodities, bonds, and stock indexes.
The company offers the MT4 platform and the FXTrade Web Trader. The latter product requires JAVA to run, but as it is web based the FXTrade Web Trader allows traders to access the platform anywhere in the world.
Both platforms also have versions for mobile trading. The tech-loving traders can also use Oanda FX Trade API libraries to build their own automated system.
Oanda – Pros (+) and Cons (-)
+ The broker is regulated and trustworthy;
+ The MT4 platform is well known to the experienced traders;
+ The fxTrade platform provided is reliable and has a lot of functionalities.
– Oanda is a market maker and there is a possible conflict of interest between the company and its clients.