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Review of OANDA

In the e forex market, OANDA enjoys a certain level of prestige because of its long history and innovations. Back in 1995, the company was the first to offer currency conversion s free on the internet and the convertor it created, the OANDA Converter, is today used by thousands of organizations globally as it is trusted.

From FXGame to FXTrade
OANDA’s forex platform is called FXTrade. Like most other forex brokers, OANDA gives upstarts in the forex market the opportunity to practice trading through virtual trading. The demo account from OANDA is called FXGame and it has the very exact features of FXTrade. This free account can be used for as long as the trader wants and enables the trader access technical charts and a myriad of analysis tools. While FXGame is the natural starting point for new traders, it is also an ideal program for the seasoned trader who wants to try new trading strategies but does not want to take financial risks.

The FXTrade platform has several features which make it attractive to forex traders. For starters, traders are able to trade with any amount of money and even as little as $1. Additionally, unlike most brokers, OANDA offers very low spreads for all traders. Spreads available from most brokers are normally tied to deposit, trade volume or some form of restriction. OANDA is also a regulated brokerage. In the US, the firm is registered with the Commodity Futures Trading Commission (CFTC). In the Middle East where the company has a huge presence, it is licensed by the Dubai Financial Services Authority (DFSA) while in Canada it is registered with the Investment Industry Regulatory Organization of Canada (IIROC). For its operations in Asia and the Pacific, the broker is also registered with the Monetary Authority of Singapore.

Trades at OANDA are conducted 24/7 throughout the year without any stoppages during the weekends or major international holidays. The broker also does not have minimum deposit requirements. All the major currency pairings are available including some pairings that are not available on most platforms. Some unique pairings that you will find at OANDA include the USD paired with the Indian Rupee, the Chinese Yuan or the Turkish Lira.

Continuous interest rates
At OANDA, interest is calculated every second throughout the day and not just once a day as happens with most brokers. Continuous interest is not only beneficial to the trader but also to the market as it increases liquidity.

FXMessage
OANDA has a forum for its traders and other users known as FXMessage. Through this forum, traders get to discuss the market and the company. Complaints and compliments are raised via this form. OANDA customers also have a vast information base. When a traders logs in, he or she gets access to the latest news on currencies and also the Economic indicators via a link to Economist.com. Other financial information sites that OANDA traders have access to include Financial Times, Business Week and Bloomberg.

While registration for FXGame is easy and fast, registering with FXTrade takes a bit of time and deposits are not allowed until this process is complete. To deposit and start trading, a trader is required to build a profile which includes bank account details. In addition, the broker does not accept deposit from credit cards while customer support is provided via live chat only.

When all is said and done, OANDA offers a complete service and, being regulated and easy to trace, is one broker you can trust your money with. Back to e Forex Reviews

Disclaimer: Please note that forex trading can involve a significant risk of loss and is not suitable for everyone.

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