In the world of online forex trading, OANDA stands out as a leading foreign exchange broker. Launched in 1996, it revolutionised the forex market by making it accessible to ordinary people from the comfort of their own homes. Fast forward to the present, OANDA continues its trajectory as a trusted player in the arena of foreign exchange trading, drawing in tens of thousands of new and experienced traders each year.
With its proprietary fxTrade platform and an app for mobile trading, OANDA removes barriers between the trader and the forex market. This is mainly achieved through the implementation of automatic and algorithmic trading, advanced charting tools, limitless demo accounts, and a veritable suite of educational resources to help traders at all levels.
Trading Instruments
OANDA offers a wide range of trading instruments; chiefly these encompass the major and minor forex pairs, some exotic pairs, as well as Precious Metals, Bonds, Indices, and Commodities. However, its greatest strength lies in foreign exchange – offering a vast selection of currency pairs, unmatched by most competitors in the industry. A trader can choose from a diverse range of more than 70 different currency pairs, providing ample opportunities for profit-making.
The OANDA Trading Platforms
OANDA provides its traders with several platforms to choose from – namely its proprietary fxTrade platform and the popular MetaTrader 4 (MT4). The fxTrade platform, initially released in 2001, was the first fully automated forex trading platform. It was designed to reduce trading costs and speed up the execution process.
With its user-friendly interface, simple navigation and an array of comprehensive trading tools, the fxTrade platform provides traders with essential market information in real time. It allows traders to manage their accounts, make trades, track performance, and analyse market trends from a single, integrated platform.
OANDA Customer Service
One of the key strengths of OANDA is its emphasis on customer service. It provides 24/5 support, available in several different languages. The quality of its customer service is consistently highlighted in customers’ reviews.
OANDA Share Dealing
Despite its impressive offer in currency pairs trading, some traders might be interested in expanding the diversity of their portfolio with shares. In this context, it is important to highlight that share dealing is not currently available on OANDA. Traders who wish to trade forex alongside shares might need to use a separate platform or broker to access such markets.
Conclusion
OANDA is a solid and reliable choice for forex traders, with a long-standing reputation and a vast choice of forex pairs to trade with. Its industry-leading platform, combined with an exhaustive education center and superior customer service, make it an excellent choice for both seasoned traders and beginners.
However, more diverse traders may be disappointed by the absence of share dealing facilities on the platform. All in all, OANDA holds a strong position in the online forex market, but traders looking to branch out into other avenues of trading will need to explore other brokers or platforms.