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Trade forex online with OANDA
Trade on OANDA fxTrader or MT4 with instant execution and no requotes whenever the markets are open.
Posted
OANDA is one of the biggest forex traders in the world with multiple trading platforms, including MetaTrader4 (MT4), which you can use to trade 70+ major and exotic currency pairs five days a week. But it doesn’t allow for much freedom in creating your own trading strategies.
What trading platforms are available?
OANDA’s trading platforms, fxTrade and MT4, are available across desktop and mobile.
- OANDA fxTrade. Available with Windows, Mac and Linux operating systems as a practice or live trading account, fxTrade lets you create sub accounts and trade 70+ different currency pairs and silver and gold crosses.
- OANDA fxTrade Mobile. OANDA fxTrade Mobile is compatible with iPhones, iPads and Android smartphones and tablets.
- MetaTrader 4. Available on Windows, MT4 supports the use of expert advisers to automate trades. This trading platform is funded from your OANDA fxTrade account.
Features
| Feature | Description |
|---|---|
| Spread fee – CAD/USD | – |
| Education and resources | Yes |
| Does it offer fixed spreads? | – |
| Leverage | 50:1 |
| Is it MetaTrader supported? | Yes |
| Minimum deposit required | No |
| Compatible devices | iOS, Android, Windows |
| Guaranteed stops | – |
| Payment methods | Bank transfer, wire transfer, ACH transfer, cheque and credit card |
| Promotional bonus | No |
| Payout % | – |
| 24-hour trading | Yes |
| Demo account available? | Yes |
What trading levels are available with OANDA?
OANDA offers two account types: standard and premium. Both account types come with most of the basic features, such as:
- 70 FX pairs
- Multiple platforms
- API trading
- 24/5 support
In addition to all of the features found in the standard account type, premium offers the following:
- Minimum account balance of $25,000 CAD
- Dedicated relationship manager
- Unlimited free wire transfers
- Priority service queues
- Updates every 5 minutes on the MT4 open order indicator
What are the benefits of using OANDA?
OANDA has developed a good reputation in forex trading, mainly due to these benefits:
- Customer service availability. OANDA provides in-house live chat, email and telephone support five days a week.
- No minimum deposit. New traders can start with any trading amount.
- Strong analytics. OANDA comes with many analytical tools such as position ratios, top 100 statistics, and a 24-hour order book summary, all across multiple trading platforms.
- Instant approvals. All orders are executed instantly, without any requotes or rejections.
What to watch out for
OANDA doesn’t have many flaws, but there is one particular drawback:
- Lack of development features. Some traders prefer to create their own trading strategies, but OANDA isn’t the best platform for these features.
Is OANDA for me?
OANDA forex trading is available for individual and corporate customers.
OANDA provides a demo trading account you can use to practice trading with virtual funds before opening a live trading account.
The OANDA’s practice trading account doesn’t expire, so you can use it for as long as you like. You can reset the 100,000 virtual currency limit and change your leverage level as many times as you like.
You can create a live trading account right away if you want to skip using the demo account.
Bottom line
OANDA is one of the leading platforms in forex trading that comes with many features that could appeal to many types of traders. Its analytical tools and instant approvals could suit experienced traders, while having no minimum deposit amount and the ability to trade in virtual currency could appeal to newcomers.
But it’s limited to only forex trading and doesn’t allow for much freedom in creating your own strategies. Before deciding on any trading platform, it’s best to compare other options to find one that suits you best.
Frequently asked questions
Disclaimer: This information should not be interpreted as an endorsement of futures, stocks, ETFs, options or any specific provider, service or offering. It should not be relied upon as investment advice or construed as providing recommendations of any kind. Futures, stocks, ETFs and options trading involves substantial risk of loss and therefore are not appropriate for all investors. Past performance is not an indication of future results. Consider your own circumstances, and obtain your own advice, before making any trades.
