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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.

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clarizzafernandez
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One of the biggest forex traders in the world, OANDA has multiple forex trading platforms, including MT4, which you can use to trade more than 70 currency pairs 24 hours a day, five days a week.

Currency pairs

OANDA forex allows you to trade more than 70 major and exotic currency pairs.

What trading levels are available with OANDA?

OANDA does not offer account types or levels, and, there’s no minimum or maximum amount you can trade. However, the trading levels on OANDA will depend on the platform you wish to trade with. OANDA provides two main trading platforms: fxTrade and MT4.

PlatformLevels
fxTradeN/A – Trading is performed in units. For example, one unit equals one USD. No minimum or maximum applies.
MT4
  • 1 lot = One standard lot = 100,000 units
  • 0.1 lot = A mini lot = 10,000 units
  • 0.01 lot = A micro lot = 1000 units

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 trade 90 different currency pairs and silver and gold crosses. Users can also create sub accounts. OANDA fxTrade requires the latest version of Java to operate properly.
  • OANDA fxTrade Mobile. Trade from your smartphone or tablet device. OANDA fxTrade Mobile is compatible with iPhones, iPads and Android smartphones and tablets.
  • MetaTrader 4. Available on Windows, MetaTrader 4 supports the use of Expert Advisors (EAs) to automate trades. This trading platform is funded from your fxTrade account.

Features look-up table

FeatureDescription
Trading costUSD 9
Education and resourcesYes
Min spread1.20 pips
Leverage1:50
Is it MetaTrader supported?Yes
Minimum deposit requiredNo
Compatible devicesiOS, Android, Windows
Guaranteed stops–
Deposit & withdrawal methodsBank transfer, credit card and PayPal
Promotional bonusNo
Payout %–
24-hour tradingYes
Demo account available?Yes

What are the benefits of using this OANDA?

OANDA provides in-house live chat, email and telephone support five days a week and 24 hours a day. New traders can benefit from no minimum deposit to start trading, as well as education, training and comprehensive customer support.

Other benefits include forex analytical tools such as position ratios, top 100 statistics and a 24-hour order book summary. OANDA also provides multiple trading platforms.

OANDA is generally considered safe to invest with. It is regulated by agencies like the FCA, ASIC, MAS and IIROC.

What are the pros and cons of using OANDA?

The pros

  • No minimum deposit to start trading
  • Orders are executed instantly and there are no re-quotes or rejections
  • Copy trading, scalping and hedging features are offered

The cons

  • Lack of development features for traders who like to create their own trading strategies
  • Only offers account base currencies in EUR, GBP, CHF, USD, CAD, AUD, JPY, HKD and SGD. You might incur additional charges when converting RM to any of these currencies
  • No Islamic account available

How do I sign up?

OANDA forex trading is available for individual and corporate customers.

OANDA provides a demo trading account you can use to practise trading with virtual funds before opening a live trading account. Enter your personal and contact information so you can download fxTrade Practice or MT4 demo trading accounts. A mobile trading application is also available.

The OANDA practice trading account doesn’t expire, so you can use the demo trading account 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 create a live trading account straight away if you want to skip using the demo account.

Did you have more questions about OANDA?

Disclaimer: This information should not be interpreted as an endorsement of futures, stocks, ETFs, CFDs, 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. Trading CFDs and forex on leverage comes with a higher risk of losing money rapidly. Past performance is not an indication of future results. Consider your own circumstances, and obtain your own advice, before making any trades.

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