Oanda was started in 1996 as a forex trading company that now operates in Singapore, Dubai, Canada, United Kingdom, and Japan and U.S. traders are accepted.
Oanda offers trading tools and resources to individuals and companies. They also offer easy, secure, and convenient trading platforms for all types of traders. Oanda also has a knowledgeable support staff is available to help traders navigate through global forex trading. Some of the best features of Oanda include demo accounts that do not expire, customizable lot sizes, individualized news feed, trade on charts directly, and no minimum deposit for account openings. Oanda customer service can always be reached through phone, email, or live chat.
Traders should be aware that it is their responsibility to know and abide by their country’s tax authority. Oanda operates in many different countries and time zones. The North American time zones include Canada and the United States, the European time zones contain France and England and the Asian time zones include China and Japan.
Oanda also offers multiple support and platform languages like Japanese, Spanish, French, Russian, English, Chinese, German, and Korean. Oanda also offers a demo account for users to learn about forex trading. Traders with the demo account will experience real market fluctuations in real time with a fully functional trading platform. Users can test trading strategies using their demo account as well as trading many different currency pairs.
There are many currency pairs available for trade on Oanda which include:
EUR/USD, USD/CHF, GBP/USD, USD/JPY, USD/CAD, AUD/USD, XAU/USD, EUR/JPY, EUR/CHG, USD/CNY, EUR/SEK, XAG/USD, USD/DKK, NZD/USD, CHF/JPY, NZD/JPY, EUR/NZD, GBP/CHF, CAD/JPY, EUR/GBP, and EUR/CAD.
Oanda Trading Platforms
Oanda offers a downloadable trading platform and a mobile trading platform.
A downloadable platform is software that the user downloads to their computer. It is a virtual trading platform with the tools and information needed to trade in real time in the real market. The mobile platform is software that can be downloaded to an Android, iPhone, Blackberry, or iPad.
This software is the similar to the computer platform software and users will also be able to trade in real time using their mobile devices. Phone dealing, or speaking to a representative who talks you through buying and selling, may also be used but for more information users should contact the Oanda customer service.
Oanda also offers automated trading, that is trading that is automatically done. The trader can set the parameters of their trades and the platform will automatically make trades for them. The trader does not need to be at the computer or mobile device for these trades to take place.
The tradable instruments of Oanda include currency, stocks, commodities, and indices. Oanda uses state of the art technology that allows for easy navigation through their site and their platform. Traders will have all the trading tools they need to execute their strategy using Oanda’s platforms.
This site can be used by beginners and professionals as it has a nice mixture of text and graphics. Oanda has minimal clutter and information on all their tools, applications, accounts, services, and additional information about their company. The currency converter is a valuable asset to currency traders. Users can see any current exchange rate between currency pairs as well as historical exchange rates all the way back to 1990.
Oanda also has links to other currency services and foreign exchange analysis. Oanda is required by law to file financial reports, have their files audited and meet certain financial requirements. Their financial information is submitted to the regulatory bodies every day, week, and month to ensure compliance with strict regulations. Oanda uses Tick-by-Tick software for tracking currency rates and API license software. This site offers user guides, videos, a help desk, trader stories, and forums to everyone. Oanda allows users to stay informed with the latest currency trading updates, to learn about currency dynamics, to read about how to avoid beginner’s mistakes, and provides the highest quality of technical analysis tools available.
Oanda uses fxGlobalTransfer for money transfers to and from the United States, the United Kingdom, and Europe. GlobalTransfer is a secure and reliable way to transfer money from foreign accounts and offers low exchanges rates and fees. There are no maintenance fees, minimum or maximum transfer limits, and most transactions can be completed in two business days.
Account and Trading Information
There are two main account types that Oanda offers, demo and trading.
A demo account allows the user to trade in real time with real market conditions but with no money. There is no risk for loss and no opportunity for profit. A trading account is exactly the same as a demo except the trader uses real money to trade with the potential for profits and losses.
Trading accounts are put into three categories including full, mini, and managed. The full trading account is the basic account that allows the user to trade normally and is the same as the demo account except with real money. The mini account is similar to the full account but the trader has to trade with smaller lots. The managed account is the same as the full account except that a money manager is making trading decisions on the client’s behalf.
Swap-free accounts are another category of accounts that are intended for those who do not engaged in swaps because of their beliefs, usually religious beliefs. For information on the all account information, users should contact Oanda’s sales team. Order processing is a policy which dictates how and when trades are evaluated. Every company has their own policy and users need to contact Oanda for more information on their order processing system as well as their policies on the no dealing desk execution. Traders should be aware of all forex definitions and functions before trading.
Some of the most common definitions include guaranteed stop losses, which are setting a trader can specify to exit a trade to prevent further loss. A fixed spread is a spread that does not change overtime and is more expensive to take into account the changes of the market. Oanda’s typical variable spread on EUR/USD is between 0.9 and 1.9 pips. Liquidity is a term used to describe the ease of conversion of an asset to cash compared to the effect on the price. A more liquid asset means there is less movement of the price when large buys and sells take place. Scalping is a term used to describe a trading style where currency pairs are traded very rapidly to accumulate profit.
Some companies will charge interest on a trader’s margin – the margin being the amount of money needed to hold an open position. Hedging means a trader buys a currency pair and at the same time sells the pair and gain profit over time. Oanda does not allow hedging, which is a drawback of this company for some people. For more information on Oanda’s policies on guaranteed stop losses, liquidity of assets, fixed spreads, scalping and interest on margin, users should contact Oanda’s sales team. Oanda may also offer promotions and sign up bonuses for new trading accounts and free trading money so users should speak to an Oanda customer service representative for this information.
Areas of Activity
Oanda keeps its date with regulation and works on the following countries replete with suggestive regulation. It has its wings in Singapore, regulated by Monetary Authority of Singapore. Canadian speculators are helped by the regulation through Investment Industry Regulatory Organization of Canada. It is safe to play in throughout Europe; overseen and approved by Financial Services Authority in UK. In Japan, it has its regulation through Japanese Financial Services Agency. It is a remarkable member of Financial Futures Association in Japan. Thus, if you are a speculator belonging to any of the above-mentioned countries, you know that you are in safe hands and your trades are regulated.