Oanda

Unlike many other top Forex brokers, OANDA is a multi-faced financial services provider that serves not only as a Forex broker, but also as a vehicle for numerous other financial investments and transactions. While company’s expansive offerings may pique the interest of some traders, those who are looking for a straightforward Forex trading experience can quickly be distracted by the mix of services, tools and information that are presented on the site. General Information Maximum leverage: 50:1 Minimum deposit: None Minimum deal size: None Languages available: English, Chinese, German, Japanese, Spanish Trading Platform OANDA’s primary trading platform is called fxTrade. The demo version is aptly dubbed fxTrade Practice, in lieu of its former name, fxGame. Unlike most other Forex brokers that offer a demo for a limited time, OANDA’s fxTrade Practice is available for as long as it takes you to beef up your trading skills before opening a real account. Unfortunately for those who are familiar with other Forex trading platforms, OANDA’s platform does not offer the MetaTrader 4 platform, though users can integrate this popular platform into their OANDA trading platform, by invitation only. 5 Step Registration Process (Click to enlarge) When opening an account, you will be able to choose from seven available currency options. You will also be able to select the leverage you want for your trading. OANDA offers much lower leverage than other platforms, which limits the risk. OANDA recommends a leverage of1:20, though they offer a maximum of 1:50 (whereas most platforms offer 1:200). Once logged in, using the application if fairly simple and intuitive. It is easy to open new positions and then edit them. There is full information on the history of positions, transactions and activities in the account. The desktop can be set according to your personal preferences, to provide you with the tools most valuable to you. So you can decide which pairs you want to see and in what order, and you can set the form of the charts to be the most convenient for you to use. To withdraw funds for the first time you are also required to set up a user profile that includes your bank account details, even if this wasn’t the method you used to deposit. Once the profile is set up, withdrawal process is rather simple. Funds will be returned to the same payment method with which you made the deposit. OANDA claims to “be obsessed” with offering the lowest spreads in the market. They are the first who offered pipettes, meaning that they offer spreads as low as 1.2 for EUR/USD. In addition, the spreads are the same for traders of any size. So even if you decide to trade only $1 – which you can on this platform, you will receive the same spread as someone who is trading $10 million (the maximum size of a single trade). These low costs are made possible by the high liquidity the company has access to thanks to their many members, as well as the banks they are partnered with which include: JP Morgan Chase, Citibank, UBS, Deutsche Bank and Royal Bank of Canada. OANDA prides itself with the accessibility it provides to users discussion forums from anywhere within the site or the trading platforms. The community of users provides powerful information from which users can learn about FOREX and using OANDA’s platform and services. With all its products, resources and forums to browse thru, OANDA offers a complete Forex trading experience. While it definitely takes time to master all these tools, you should have no problem mastering the system with a bit of practice.